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Hi Patty - Helping your shareholders by allowing a large number of sublets comes with a price; you're hurting those shareholders who want to sell. One of the key factors most mortgage companies look at is the percentage of units that are in sublets. I've been asked this direct question on many mortgage qualifiying questionnaires. I've been told by multiple sources that if a building has more than 10% of its units in sublet, it counts against a mortgage application being approved for a unit sale in the building.
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Dear Steve,
Trust me, we know full well how bad allowing rentals/sublets can be, but the economy has taken its toll on us. The overall community atmosphere of our building is not the same; we know that we are now at a level where just one company will still approve our mortgages as we have had to help SH who have lost their jobs and could not sell without ruining comp sales for the rest of the building. I appreciate your input!
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