We sold our condo in South Florida to a buyer who lived in Michigan. The buyer insisted on using his neighborhood PNC bank in Michigan for the mortgage. PNC was completely flummoxed by this transaction; they had never before financed a condo in Florida. They kept insisting on more and more documents from the condo association, so much so that the closing was delayed by a whole month and resulted in a great deal of frustration for everyone.
I understand that issuing a mortgage on a condo may be more complicated than on a single-family house, but if you use a bank from outside Florida you should know in advance exactly what paperwork is required.
|