Condo Conversions
Looking at a condo conversion project in Florida. Developer wants a 1.75% developer fee for a unit that's 10+ years old and sold "as is" without any interior fix-up. Potential buyers don't even find out about the fee until they sign a contract? The developer/seller says the fee is standard, but I've never heard of such of thing ... is it common?
Also, there seems to be very limited financing options. Developer has a lender on site but the rates aren't great and you have to pay higher closing costs if you don't use his lender. Sounds fishy to me. Any comments? Thx.
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