The Post-August 3 Condo Buyer Checklist: 5 Questions to Ask Before Writing an Offer

If you are buying a condo in Bergen County, Hudson County, or South Florida after August 3, 2026, the rules have changed. Full Review is now in effect for every project with 11 or more units. That means the building you are buying into is being scrutinized more than ever, and you need to ask the right questions before you write an offer.

The condo cliff changes from Fannie Mae and Freddie Mac took full effect on August 3, 2026. Buyers who are not prepared risk losing their deposit, wasting months of time, and starting over when their financing falls through. This checklist is designed to give you a structured approach to evaluating a building's warrantability before you commit.

Whether you are buying your first condo in Fort Lee, downsizing to a luxury building in Edgewater, or relocating to a waterfront project in Boca Raton, these five questions will help you move forward with confidence.

Why This Checklist Matters

Before August 3, buyers could rely on Limited Review or Streamlined Review. These were faster, easier, and more likely to pass. Now, every project with 11 or more units faces Full Review from Fannie Mae and Freddie Mac. This is a fundamental change in how condo financing works.

Full Review looks at the entire building, not just your unit. The underwriter evaluates the building's financial health, insurance coverage, legal standing, and overall risk profile. If the building does not meet warrantability standards, your mortgage may not be approved. That means you could lose your deposit, waste months of time, and have to start your search from scratch.

This checklist gives you five categorical questions to ask before you write an offer. If the answers are satisfactory, you can move forward with confidence. If they are not, you need to know before you commit, not after.

The Under-Covered Angle: 10-Unit-or-Fewer Buildings

Here is something most buyers do not know: if the building has 10 or fewer units, it now qualifies for a full Waiver of Project Review from Fannie Mae.

That means no reserve study requirement, no delinquency scrutiny, and no master policy review. The building is essentially exempt from the condo cliff changes.

This is a significant advantage for buyers looking at boutique buildings in Bergen and Hudson counties. If you are considering a smaller building, a six-unit walk-up in Edgewater, a townhome-style condo in Cliffside Park, or a low-rise in Weehawken, you may have an easier time getting financing than buyers in larger projects.

This is an under-covered angle that most agents and buyers are not aware of. If you are shopping in a boutique building, make sure your agent knows. It could be the difference between getting your offer accepted and losing out.

The Bottom Line

The condo market has changed. Buyers who ask the right questions upfront will avoid costly surprises later. This checklist gives you the framework to make informed decisions.

Full Review is not a reason to avoid condos entirely. It is a reason to do your homework before you commit. The buildings that pass Full Review are well-managed, financially sound, and better investments in the long run. The ones that do not pass are buildings you should avoid anyway.

If you are buying a condo in Bergen County, Hudson County, or anywhere in South Florida, I can help you evaluate the building's warrantability before you write an offer. That is the kind of advisory-level service that protects your time, your money, and your peace of mind.