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I know we have all had those c
imagine that eliminated about 99% of the people that actually wanted to buy these things. Investors had long gone and the first time buyers and students just don't have access to that kind of cash. Inventory grew and sales stopped!
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61 Comments on Career Listing SOLD! The rest of the story!
Hi Gene, Excellent point for sure. I have not burned any bridges with the HOA that I know of, just frustrated at their priorities for the community. The long this goes on the more inventory arrives on market and certainly more foreclosures because the seller cant sell. Thank you for sharing!
Hi #36, As I mentioned to Gene above I hope no bridges have burned just a little toast colored. I have a good relationship with the Manager and hope that remains in tact. Have a great day!
Hi Suzi, You nailed it! The longer this drags on the worse it gets and deeper the hole becomes. I just hope the board get very proactive and quickly. Good to see you here in the Rain. Best Regards from the Q.
Congrats on finally selling this one. Hopefully, things will turn around and you can get the others sold.
Tammie, I sure hope so I need them off the books. Someday things will turn around and I will be glad to have them. Make it a great day!
WE HAD A CONDO IN A SITUATION LIKE THAT...NO FHA APPROVAL. WE FINALLY PRESENTED TO THE BOARD OF DIRECTORS A FACT SHEET SHOWING THE DECLINE IN PROPERTY VALUES SINCE NOTHING HAD BEEN ABLE TO SELL DUE TO NO TERMS BEING AVAILABLE. AFTER THE HOME OWNERS SAW HOW MUCH VALUE THEIR INVESTMENT HAD LOST AND WAS STILL LOSING BASED ON LACK OF SALES AND PRICE REDUCTIONS AND STILL NO SALES.....THEY GOT THE BOARD OFF THEIR A$$ TO GET FHA APPROVAL ASAP. WITHIN 1 WEEK OF BEING APPROVED FOR FHA AND RURAL DEVELOPMENT FINANCING, 8 UNITS SOLD THAT HAD BEEN SETTING FOR MANY, MANY MONTHS. IT TOOK PROVIDING THE OWNERS WITH THE LOSS OF MANY DOLLARS DUE TO A OH HUM ATTITUDE. NO TERMS, NO SALES!
John,
I feel your pain! Our Team has been marketing condos in a small complex in San Leandro, Ca. for over four years. When we started out, FHA would make spot loans on in this complex that was not FHA approved. That option went away.
Buyers with small down payments lost their ability to obtain financing as the PMI companies tightened their criteria.
We have lost sales to potential buyers who have had 40% down payments because they got tired of waiting while their lenders put the HOA through the ringer with endless demands for additional paperwork.
We have the last two units in escrow now. Both are cash sales. I have my fingers crossed.
I agree, with more and more condo's losing their FHA and VA approvals, the market is harder and harder to find. A buyer that is a cash buyer, cuts the buyer pool done quite a bit. Good job on getting this one sold!
John:
Your situation is so common here. We have a glut of condos which are taking longer and longer to sell.
John ~ CONGRATULATIONS on getting this listing $OLD!! It's scary to think of the challenges so many condos are facing in today's changing market. Good luck with the remaining ones too!!
Hi John. Good job. It must feel great to get this one done. We have some that are turning into career listings as well.
Yes, I knew many years ago that condos were a problem ... but bought one anyways, for my husbands parents in Florida. Now we can't sell for less than we paid in 1986. Absolutely insane & nothing wrong with the place.
Condos are so tough! It's sad for the homeowners that are trying to sell that they have one more obstacle to jump to get their homes sold. -Kasey
Hi John, congratulations. We have all had career listings. And when one does finailly sell not sure who is more amazed us or the seller.
We sell condos on a monthly basis and aren't having any problem financing them in NYC. A little less than half of the city's inventory is comprised of condos (with the majority of the rest being co-ops and then of course townhomes). We also have a robust new development sales business represneting condo sponsors and usually have lenders beating down the doors to be named as the preferred lender on our projects. Of course associations have to have their affaris in order. Missing budgets, touble noted in the minutes, reserve funds equal to less than 10% of the operating budget, onging assessments, litigation, a proportion of non-resident owners - of course they things can all cause problems.
It definitely helps to have someone like you to advise the board on how to position themselves to protect the investment of their owners. I might even go as far as to mail the building to let them know what needs to be done to get things in shape!
John,
I experienced that last year with an FHA buyer trying to buy a condo. It was horrible and ironic in that a lot of the problem was the rental rate yet with only accepting cash offers, it is mostly encouraging investors verses home owners! Will keep my fingers crossed for you that it closes!
John, in Wilmington, NC, we feel your pain. There are many units here that can only be purchased with cash! I do love your phraseology "career Listing!" and will definitely be using that myself.
I hope you are giving the board members good advice on all that? I find that most of the new assn obligations are above the management companies pay grade (said nicely). They don't get it & often harm the assn & homeowners with the same pen stroke.
Congratulations on the sale - finally.
I've had listings like this once and awhile, but I call them my "List-for-Life" Program.
Congrats on your cash sale! That's exciting! It's true that condos are harder and harder to finance. It can get trickier if a lot of home owners are behind in their HOA dues or if the majority are rentals and not owner-occupied.