- Report: #1534682
Complaint Review: Century Village - West Palm Beach FL
Reported By:
Blake -
West Palm Beach, FL, United States
Submitted:
Updated:
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Author Confirmed
Why?
Century Village
5500 Century Blvd West Palm Beach, 33417 FL, United States
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Century Village CV refused to accept my VA Loan to buy a Condo. West Palm Beach FL
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Once upon a time not long ago, I tried to buy a condo inside of Century Village in West Palm Beach. I soon became shocked that my VA Loan was rejected by CV. I did not understand why nor did CV give me an explanation for the rejection. I made offers to several different condos inside CV with different Realtors showing the properties all resulting in rejection.
Being unable to purchase inside CV I conducted a search for other options. I asked my Realtor why I was being rejected by CV when I was approved by the VA for financing. My Realtor did some research and told me the reason behind the financing rejection. She explained that COA's (Condominium Associations) are required by law to maintain a Reserve Fund for Capitol Expenditures and Emergencies, but when they are mismanaged by fraud, corruption or other reasons, they do not have the required reserve funds as collateral in place so banks won't fund the loan. Due to this CV will not accept approved financing. In my situation the VA was going to fund my loan but CV rejected it because they would have to produce proof that they have a Reserve Fund and they CAN'T.
They will gladly accept cash purchases. The worst past of this issue is that every realtor's website showing property inside Century Village says VA financing accepted at the bottom of their page. However once I said I was using VA financing they ended all communication without an explanation. That is known as CONSCIOUS OF GUILT. I am a Veteran but I didn't have $140,000 in my account to pay cash up front.
I served my country and was approved by the VA for $208K but because of Century Village's financial mismanagement and lack of a reserve fund, I was denied in buying a place to live in my price range.
When I posted this info on the Nextdoor App, the post was deleted by the admin. It seems everyone wants to keep Century Villages' secret a secret.
So much for being a Veteran and serving my country.
