FHA and VA are interested in investor ratios and delinquent homeowner ratios in determining whether they will approve a condominium.
Long and Foster
To touch on the FHA condo approvals...if it's not good after Dec. 7..it doesn't fit your profile now. However, the next few months typically are the best season for purchasers.
These are just a few things..a well managed condo will typically prove to be a better investment. I am in Reston and I am familiar with the product offerings. Feel free to contact me.
Erik J. Weisskopf, ABR,CDPE,CRS,GRI
This is just one good reason why hiring a competent agent is important in today's ultra-competitive condo market, and something that should be a part of the initial Buyer Consultation.
An end-to-end strategy that starts with your needs and ends with keys in your hand (not to mention someone who is always there for you after) is a critical part of the agent/client relationship. Settle for nothing less!
All my best,
Lisa Moroniak | REALTORÂ® | Service360Â°
Keller Williams Realty
Licensed in VA
Your agent will find this out for you, if you want to do it yourself many associations have their own web page with these things on them. Also, if you don't have an agent, don't want an agent, the association does not have a website, and you cannot get a name and number of someone on the board, you can check out the tax records.
REALTOR serving DC, VA, & MD
Long & Foster Realtors
(202) 547-9200 (office)
721 D Street SE
Washington, DC 20003
As mentioned by previous agents, if you are seeking this information yourself, you could call the condo association but if you are working with an agent, the agent could get a fairly good idea with access to searchable tax record information.
Have you interviewed agents yet? It is a good idea to meet with a few and see which one you feel will be the best fit to work with you and the most competent.
I specialize in Reston and have worked extensively on the buyer side in the condo communities. I hope you'll consider me when you start looking for an agent.
Your question is a very good one. The first place we should start is the homeowner association or tax records. However, tax records are not always up to date but between the two we would have a good idea if a particular community you are interested in would work for you.
Also, as noted in previous post it is very true that if you are financing with FHA an important deadline is approaching on December 7, 2010, the project approvals for condos will be expiring. Some have already been reapproved and others should be completed by the deadline. . If the project is not approved for FHA financing â€“ you cannot get FHA financing.
Once we find you the right condo we can get you closed in 30 days. Please feel free to call me or send me an email at the information listed below. Happy Halloween and I hope to hear from you soon.
The Realty Group, Virginia
703-309-8062 direct line
Also, IF you are financing with FHA please note that an important deadline is approaching. On December 7, 2010, the project approvals for condos are expiring. Some have already been reapproved; many have not. If the project is not approved for FHA financing â€“ you cannot get FHA financing.
Cindy is correct, the condo association is the best way and certainly the most reliable way to ascertain this. The tax records will inaccurate. An agent can look at the mailing address as compared to the property address to see what owners are no longer living there, but this is not reliable information. The county doesn't require an owner to report that they rent out their condo, or that they've moved, but the aondo association does require copies of the lease when a unit is rented.
I'm in Reston, so if you have any questions about any of the condos there, please feel free to contact me.
Good luck to you.
Andy Krumholz, ABR, GRI, CDPE
Keller Williams Realty