Non-warrantable condo - Need advice

[Greg Campbell]

BP Community,

My wife and I are in the process of buying an investment property on the beach in the OBX, NC.  We have gone through the entire loan process to find out yesterday that there is some language in the condo association by-laws that allow the condos to be time shared.  We are still trying to uncover why this is still on the by-laws as not one unit is used as a timeshare and the current property management didn't even know it was there.

As we are still uncovering information about this situation, I don't have all the details.  I would like to know what feedback the BP community has on non-warrantable condo as I'm starting to get cold feet but at the same time, if we want to get this done, we need to move fast to find another lender.