Quote:
Originally Posted by Julio
Sorry WP...I meant that that is the length of the mortgage a lot of people take out, so that's the time frame that CMHC looks at the building still being around.
As far as the reasoning, that was it...financing was in place, the guy even wanted to buy some of our staging furniture. He just didn't have the 25% down in order to not have to deal with CMHC or another mortgage insurance company.
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Post tension is a big issue. It seems odd that they havent fixed it yet, have you looked at the long term projections for the building condo fees. Sounds like there is a big cash call coming for unitholders in that building.
When I was looking I found one amazing place, placed a bid got an inspection done and within 6 years there were going to have to be cash calls totalling $17K. Seller didnt disclose that.
I asked my realator about that and she said it isnt required but is very very shady done - this was durring the crazy 06/07 year so things where going fast and furious at that time.