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 won't return my phone call or e-mail because they 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!
photo credit Matt Williams placed in public domain at sxc.hu
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Ginny Lacey Gorman knows Rhode Island and the geographic area, schools, local happenings, important tidbits of information and businesses well. If you are looking for someone to guide you through the home buying or selling process, Ginny is a licensed Realtor® 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. So feel free to search for RI homes for sale. When you are in need of more information from an internet savvy Realtor® who sells RI houses in this real estate market, call Ginny at 401.529.7849.
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