The Condofax report includes a review of:
- Board Members
- Sex Offenders within the Association
- Engineering Reports
- Management Company
- Mortgage eligibility for FNMA, FHLMC, FHA, VA
A background check on the current board members is part of the comprehensive Condofax report, so that the buyer can know if the individuals running the association should be running the association.
In addition, the Condofax report identifies registered sex offenders (where possible) within the association and their location within the HOA.
Included in the report is a review and demand of the all required or available engineering, soil, and retrofitting reports. Many state condominium laws state that an association does not have to provide these reports unless the buyer knows and requests them, further evidence of the game being rigged against the uniformed buyer.
The management company and managers are also reviewed for their size, fees, and online reputation, so that the buyer knows the managing company’s and agents practices, both past and present.
And finally, the Condofax report determines if the association financials and operations meet the underwriting criteria set for by Fannie Mae (FNMA), Freddie Mac (FHLMC), Federal Housing Administration (FHA), and Veterans Administration (VA). These determinations enable a buyer to know what type of financing is available both for their current potential purchase, and regarding a possible refinance of the property in the future. Say the buyer uses a conventional mortgage to purchase but wants to know if they would have the future ability to obtain a reverse mortgage. With this, an FHA mortgage product, the condominium association must meet its underwriting standards before allowing a reverse mortgage to be funded in the association.