?..Buying a site condo with no HOA

[Kim VanLandingham]

Hello,

Just a quick question on what your long term thoughts are regarding buying a home under this scenario. The HOA was disbanded so there is no one to answer the appropriate paperwork to obtain mortgage. Even if there was, I don't believe it would meet the guidlelines (quite a few empty lots yet). What are your thoughts regarding the future of communities that are not completely built yet???

Personally, I am considering this cash sale because I need an affordable home (newly divorced with two teenage girls) and I am hoping given the downfall of not being able to obtain a mortgage for ?? years that they would accept considerably less than the asking price. But then again, I don't know if this is wise or what the ultimate ramifications will be say in 5-10 years when I might need/want to sell. Someone told me there could be some legal issues involved with this type of sale also???

The home is in a nice part of Romulus, Mi for those of you who are familiar with the area. Its close to where I use to live (Huron Twsp) and where my girls attend school.

I need to know more info or thoughts about this to determine if the conveniece outways the risks involved.

Any info/opinions would be greatly appreciated.