CNN BUSINESS | Why this recent change just made it harder to buy or sell an apartment

New rules rolled out earlier this year by mortgage giants Fannie Mae and Freddie Mac are creating a bottleneck in the real estate market for those seeking to buy or sell condo or co-op apartments, according to agents and condo associations.

The new rules are intended to address concerns about aging building infrastructure in the wake of the collapse of Champlain Towers South condominium in Surfside, Florida, last year. In order to protect buyers and lenders, the rules ask condo and co-op boards to disclose any known significant deferred maintenance issues that may impact the safety and structural integrity of the building and the financial plans for addressing them, according to Fannie Mae.

“Freddie Mac’s requirements are designed to help ensure residential buildings with aging infrastructure are safe for its residents and that condos and co-ops needing critical repairs have a plan to do so,” a Freddie Mac spokesperson said.  –read more–