What Every Condo Owner Should Know Before Selling…Wednesday, July 21st, 2010
Condo Owners Beware! Did you know that your entire condominium complex as a whole must be FHA approved before a buyer with a low down payment can get a home loan to purchase. This has been overlooked for years since the real estate boom gave way to almost anyone getting a loan in many variations. Back 20 years, it was as simple as 1-2-3 to get a condo complex VA or FHA approved. This is not the case in today’s uneasy economy. First, it costs a whole bunch of money to get the complex re-approved and many homeowners don’t want to bother, until it is time to sell. The unfortunate part is that due to lack of knowledge by real estate agents and many mortgage reps themselves, the burden falls on the homeowner when the bank announces that they are pulling the loan commitment right before the closing. Checking to see if all the paper work and documents required to close the loan are in place, usually at the last minute, low and behold they find something is missing. How can this happen? It happens and, guess what, everyone is surprised – from the seller’s attorney, the buyer’s attorney, the title company, the mortgage rep, the mortgage company, the real estate agents and on and on……inefficiency is running havoc in every aspect of the home buying process.