Nearly 700 condominium complexes in California are on Fannie Mae’s mortgage blacklist, complicating property sales and lowering prices. This blacklist hinders conventional loans, making properties harder to sell, especially for communities like Rossmoor. Real estate agents experienced a drastic decrease in sales when majority units were blacklisted, forcing sellers to seek cash buyers. Recently, alternative lenders have emerged, providing non-qualified mortgages, but Fannie Mae's approval would greatly enhance stability and sales in impacted areas, sparking concern over ongoing property values amid this financial turmoil.
Inclusion on the blacklist can make it nearly impossible for buyers to get a conventional loan, which tends to be cheaper than other mortgages.
With no lenders offering qualified mortgages, the only people selling were those who could find a cash buyer.
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