The condo curse refers to agents' misunderstanding of the differences between warrantable and non-warrantable condominiums, leading to financing issues that prevent deals from closing.
Warrantable condos are financed more easily than non-warrantable ones, which can result in limited options and higher costs for buyers, regardless of their financial stability.
Many condo buyers utilize cash to avoid financing challenges, with Owen noting that around one in four condo transactions are made in cash.
Agents must partner with knowledgeable loan officers to effectively navigate the complexities of condo financing and support their clients adequately.
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