Can I Scream Now or Wait Until Later?
Having listed a condo in a smaller condo complex, it has its challenges so can I scream now or shall I wait until later?
Well to all of you who are waiting in anticipation of my next ‘reveal’ I can tell you it is not as great as Oprah’s big reveal yesterday! But is it enough to unnerve me when the groundwork had been laid out, direction given but follow through does not happen.
Guess what? No FHA approved condo complex here. I had been told it was in the process stage but somehow that follow through got lost in translation!
Why is that important? Because 50% of all current buyers obtain a FHA loan to buy a home or a condo right now. This condo especially will appeal to a lower to moderate income individual who will most likely use a FHA loan. If your condo association has not taken action to ensure they have met the FHA approval guidelines you are missing most of your buyers. Lenders basically insist on this FHA approval for condos because it significantly reduces the risk to the lender if the loan fails. Remember FHA is a guaranteed loan program. If the condo association is not financially managed correctly, the risk to the lender increases. FHA with this process is ensuring that the condo association is financially viable.
Now the condo owner isn’t returning my phone call or e-mail because they mistakenly dropped the ball( update! A call from the seller & he is hearing me to get the approval process going!). Probably the condo association decided not to go forward with the FHA approval process because of the cost (about $600 at the time) because no one else planned to sell in the complex. When my seller decided to sell this year he clearly forgot about following through to get this FHA approval done. I was assured it was to be done and actually the company that was doing it called me last year to say they had started it. So my best interests are the sellers best interest since I want to offer this condo to the widest number of buyers available…I don’t want to miss any buyers in this condo market!
My suggestion: it is worth the money for my condo owner to spend to get this FHA condo complex approved at this time if the the association won’t spend the money. It’s vacant, costing him lost income and there is no time like the present. Do what you need to do. But don’t tell me you have moved ahead with an approval and then forget to do it. Remember I work for you. Can I scream now or wait until later!
Ginny Lacey Gorman is your go to real estate agent for homes for sale in RI and beyond…knowing the geographic area, schools, happenings, important tidbits of local information and businesses well. If you are looking for someone to guide you through the home buying or selling process, Ginny is a licensed RI real estate agent and would be happy to assist you.
Waterfront, oceanfront and coastal RI homes for sale are her specialty but all of RI is her backyard. When you are in need of more information from an internet savvy marketer who sells RI houses in this real estate market, call Ginny at 401.529.7849.
Ginny L. Gorman a purveyor of Fine RI Real Estate
Specializing in waterfront, water view, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich, Westerly RI and beyond … I sell dreams! because there is no place like home
This blog © and its contents is original to Ginny Lacey Gorman
Karen Fiddler says
I miss the old days of spot approval….in our area, most FHA projects have now renewed their approvals, but was a long stretch there when it was very difficult to get FHA financing on Condos.