La Jolla Real Estate, Del Mar real estate, Rancho Santa Fe Homes, Carmel Valley Real Estate, University City and
Downtown San Diego real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Search the San Diego MLS
(includes all areas in San Diego County)



 August 10, 2007

Condominium Boards Toughen Up Ownership Standards
Condominium boards around the country have been toughening up their ownership standards. The tightened standards are making it more difficult for existing owners to sell.
In light of recent subprime loan failures, more rigorous screening methods of new buyers are being used by the boards in an attempt to ensure that the new owners will be able to pay their mortgages and home owner fees. When owners default on association fees other members are being forced to pick up the unpaid expenses of maintenance, water, insurance, etc.

Condominium boards have nearly unlimited power to reject potential renters and buyers as long as the board's governing documents allow it and the screening involves no illegal discrimination.

Back to Real Estate News

Search San Diego Real Estate