Condo Questionnaire + Financing

[Account Closed]

Hi BP!

My apologies for the newbie questions, I'm just starting out. I've found a condo property that I am passionate about and the numbers work out, however, the seller is not interested in speaking with me unless I have a pre-approval from a lender or proof of cash. I'm going through my lender and they're requesting a condo questionnaire, a copy of the current budget, and a master insurance policy. The property is a 1B1B first floor condo in North Fort Lauderdale, FL at $59k with rent in the area of about ~1100/month. 

My questions are, 

How does one complete a condo questionnaire, is it the buyer's responsibility, real estate agent, or seller's responsibility?

Do I need to find an insurance policy before I even secure financing or own the property?

Any advice would be appreciate! Thank you so much.

[Nicholas Covington]

@Eldin Kalac sorry but some of the advice isn’t too good for this question. Not saying your mortgage broker is 100% correct, but you first have to see if it’s even a warrantable condo. A lot of lenders, one, don’t even lend on non warrantable condos.

Two seems people are confusing getting pre-approved with getting pre-qualified. The mortgage broker sounds like they are doing their homework on the condo and noticed that there would be some additional information needed. A pre-approval is and actual underwritten conditional approval. I'm not sure how much work they have done with you, but maybe the underwriter possibly asked for these items. They would be required during the actual process. It would be a waste of time to go through the whole process only to be denied by the lender because the condo itself doesn't meet guidelines. Condos are special and require a little bit more due diligence then normal SFR.