RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Real Estate Q&A: I Have No Debt but a Low Credit Score. How Can I Get Association Approval to Purchase Condo?

Home News Consumer
January 3, 2022
Reading Time: 2 mins read
Real Estate Q&A: I Have No Debt but a Low Credit Score. How Can I Get Association Approval to Purchase Condo?

(TNS)—Q: I am having trouble getting approved to buy a condo due to my lack of credit. I do not use a credit card and have more than enough money saved up to purchase my new home without a mortgage. Because I have no debt, my credit score is low and I am being denied approval by the association. What can I do? — Rose

A: Many community associations have the right to screen prospective buyers. While an association may not discriminate, it can look at income, credit score and other objective factors.

While it is commendable to have no debt and avoid the temptations that come with credit cards, a solid credit score is helpful.

For example, your credit history can be used to determine the price you pay for insurance and, as you have found out, whether you can purchase a new home.
There are reasons why a credit score can indicate whether someone will timely pay their association dues.

Even so, the system is far from perfect, as you know.

Your first step is to speak with the association and explain why your credit score is low. Ask them to look beyond the score at the details.

Another option is offering to prepay a year of association dues to alleviate any concerns. Because you are not a member of the association, it does not have to deal with you, so you should get the seller involved to lobby for your approval.

I have found that most associations will take a deeper look and work with a prospective buyer in situations such as yours.

If this does not work, you may need to look for a condo in a more flexible community. Each association has different standards, and some do not even look at credit scores.
Another option is to build your credit score. Plenty of resources will walk you through establishing credit to raise your score quickly.

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation. Send him questions online at www.sunsentinel.com/askpro or follow him on Twitter @GarySingerLaw.

©2021 South Florida Sun Sentinel
Distributed by Tribune Content Agency, LLC

Tags: CondoConsumer ContentCredit ScoreDebtHOAHomeowners AssociationTribune News Agency
ShareTweetShare

Gary M. Singer

Related Posts

How to Leverage Virtual Staging for Your Listings (and Why It Works)
Best Practices

How to Leverage Virtual Staging for Your Listings (and Why It Works)

January 28, 2023
Inflation May Be Slowing, but so Is Consumer Spending
Agents

Inflation May Be Slowing, but so Is Consumer Spending

January 27, 2023
Pending Home Sales Snap Six-Month Decline With Pre-2023 Rebound
Agents

Pending Home Sales Snap Six-Month Decline With Pre-2023 Rebound

January 27, 2023
Mortgage Mix: Better Times May Be Ahead
Agents

Mortgage Mix: Better Times May Be Ahead

January 27, 2023
Frequency and Severity of E&O Lawsuits Against Real Estate Professionals Have Increased
Agents

Frequency and Severity of E&O Lawsuits Against Real Estate Professionals Have Increased

January 27, 2023
Tips for Property Tech-Tool Adoption
Agents

Tips for Property Tech-Tool Adoption

January 27, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

The Great Housing Market Correction of 2023

For much of the past two-and-a-half years, it has been a housing market free-for-all, with bidding wars, multiple offers over... Read more.

Business Tip of the Day provided by

Recent Posts

  • How to Leverage Virtual Staging for Your Listings (and Why It Works)
  • Inflation May Be Slowing, but so Is Consumer Spending
  • Pending Home Sales Snap Six-Month Decline With Pre-2023 Rebound

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X