Fannie Mae and the Sale of Condominium Units

Buyers, sellers and HOA communities contemplating the sale or purchase of a condominium unit should be aware of Fannie Mae guidelines and the potential negative impact on a timely real estate transaction. Fannie Mae essentially insures and purchases mortgages in the secondary market. They have a form 1076 “Condominium Project Questionnaire” for HOA communities. The form requires certain disclosures about finances, general property information and status of property inspection for the structures including balconies and decks. Fannie Mae keeps a national data base for HOA communities and the status pursuant to the form 1076 Questionnaire. Buyers and sellers should plan ahead and make sure that the HOA has completed their required SB326 inspection so as to avoid delay in the sale or purchase of a unit in a condo development. California Deck Inspection stands ready to provide SB326 compliance inspections.

Click here for: Form-1076-Condo-Project-Questionnaire