Source: CNN —
New rules rolled out earlier this year by mortgage giants Fannie Mae and Freddie Mac are creating a bottleneck in the real estate market for those seeking to buy or sell condo or co-op apartments, according to agents and condo associations.
The new rules are intended to address concerns about aging building infrastructure in the wake of the collapse of Champlain Towers South condominium in Surfside, Florida, last year. In order to protect buyers and lenders, the rules ask condo and co-op boards to disclose any known significant deferred maintenance issues that may impact the safety and structural integrity of the building and the financial plans for addressing them, according to Fannie Mae.
