Today's post is to alert anyone who owns a condominium and who is thinking of selling. Please contact a Realtor as soon as possible. The new rules imposed by the FHA, is drastically changing the way condominiums are sold. No more than 10% of the units in a complex can be owned by investors, no more than 15% of unit owners can be delinquent on condo dues just to name two that have a huge impact on how condos are now sold!
Why?
Well, if a condo complex has either one of the two situations noted above, then the only way a condo unit can be SOLD is with a cash investor or a conventional loan. This has the potential to really impact the time it takes to sell your condo and the value. The more cash buyers...could mean the investor ratio's tips to the scale...then what?
Check th FHA Approved Condo list click here . If you condo complex is there, that is great, however not a guarantee that your condo complex meets the new requirements. Call your Condo Management Company and ask to be sure.
Do you need help selling your condo?
Call me 703-851-3085 or contact me by email
To access this weeks FREE lists of Foreclosures, Approved Short Sales and Immediate Delivery Homes just visit Erick and Company.com.
Contact Peggy James or Erick Blackwelder of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place, Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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