Parks at Piedmont Condo SOLD in Gainesville, VA!!!
Parks at Piedmont is a great place to call home. Three and four story condos with attached one garages are a sight that catch many home buyers' eyes. Especially those that are shopping under the $200,000 price range. Sadly, however, not all buyers have the ability to buy a Parks at Piedmont condo. Increased investor ratios and over 15% delinquency rate has made this a no-go for over a year for FHA financing and even some conventional mortgages.
Luckily, my buyers had a great lender who worked their conventional financing through Chase, who did not require a condo financial statement. They closed on their home this morning!
The property was bank owned and presented no problems at the home inspection. The buyers were also able to get the majority of their closing costs paid by the seller. And having been home shopping with these buyers for nearly one year, I could not be more pleased to see them getting such a great deal on a home in the community that first caught their eye.
We experienced disappointment after disappointment. One short sale that ate up several months of time, only to leave them back in the house hunt. And from there, many rejected offers on bank owned properties, and a feeling of resignation. Thankfully, that feeling was temporary and they ventured back into the market in December 2009, only to find their home on the very first trip back out after their breather.
This sale in Parks at Piedmont also gives buyers who are able to finance with conventional loans a chance to buy in this community. A chance that FHA is simply not able to provide at this point in time.