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Updated over 11 years ago,
How to Sell a Condo when on person owns more than 10% of units?
I own all 3 Condo units in a Condominium Triplex. Now that I am trying to sell the buyers are getting hit with the Fannie Mae/Freddie Mac/FHA Condo rules about one owner owning more than 10% of units or more than one units in less than 10 units Condominium.
The Portfolio loans that do not follow Fannie Mae/Freddie Mac/FHA condo rule above require a minimum of 20% down which is a challenge for most buyers.
Cash buyers are rare and will pay no more than 60-70% of market value.
LLC and Trust are out of question for me because of the "due on sale clause"
Is there a solution for my problem? Please let me know. Thank you.