Counting Unhatched Chickens

🐣🐣Counting Unhatched Chickens🐣🐣
May 27, 2025

HELLO from Charlotte!!!

Just a quick update today. Remember my flip project on Iverson I spoke about last?

I received a great offer for it within the first 2 weeks on the market: Full price, with some seller credits, NO home inspection and a closing date before Memorial Day.

We quickly hit the two milestones in the contract within the first 10-14 days of the contract:

✅Condo docs received and delivered

✅Appraisal ordered and completed

.. which left us with time to just sit back and watch the days pass on the calendar.

I hate to admit it .. I had enough time to start counting the chickens.

AND then last Tuesday (closing was booked for Friday), the lender shared with me information that had be drop my egg basket.

It took the lender's underwriter longer than expected to get and review the condo certificate from the association and get it thru their system.

They learned the association was NOT on the Fannie Mae approved list.

Even though the buyer was approved and ready to go .. the lender couldn't issue a loan for the property because of the situation with the association itself.

I've been scrambling - no pun intended - to get the information from the association and management company about the issue.

It seems that some number of buildings within the association are having roofs repaired/replaced and until those repairs are completed, Fannie Mae will not issue a loan for ANY unit in the complex.

And just like that ..

So, it's back to the barnyard I go looking for another rooster with all cash so we can avoid the Fannie Mae situation again.