Home Selling in Denver>Question Details

John Keene, Real Estate Pro in Denver, CO

Expired HUD Certifications

Asked by John Keene, Denver, CO Sun Jan 13, 2013

Any agents out there list a property that has an expired HUD certification? Did this seriously limit the pool of qualified buyers and/or negatively impact the value of the home?

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Answers

4
Karen Hermelink’s answer
John Romero of BVVA Compass Bank can do loans on non-certifiable houses. You can contact him at 303-252-5709. I had a property prior to meeting him that we couldn't get sold due to lack of certification and most buyers needing an FHA loan.
0 votes Thank Flag Link Mon Jan 14, 2013
BEST ANSWER
I have not listed one, but have been working with buyers who need to get an FHA loan and it's dreadfully difficult to find qualifying properties - to the point where we end up only looking at HUD homes. There are a few lenders out there who can do a similar program (low down, easier qualification) but they still need the project to meet certain qualifications on owner occupancy, financials and low delinquencies.

If you are listing a property, and you can't get the HOA to recertify, try qualifying it with Key Bank Community Loans, so you can offer an option to buyers.
0 votes Thank Flag Link Sun Jan 13, 2013
Hey Susan, how are you? What is Key Bank's position on condos that lost heir certification? Is it on a case by case situation? Whet criteria do they use to qualify the condo for a loan? Do you have an LO to recommend?
Thanks. Robert...
Flag Sun Jan 13, 2013
Susan,

That's a good suggestion. I've had a buyer use a KeyCommunity loan before, but I hadn't thought of that as a solution to this problem.

Thanks,

John
Flag Sun Jan 13, 2013
Great question, thanks for the info Susan and Karen.
0 votes Thank Flag Link Mon Aug 12, 2013
John,

Good question. Yes I have had condo listings that had lost their HUD certification. It absolutely limited the pool of buyers. In most cases limited them to cash buyers who were purchasing in these developments for pennies on the dollar for otherwise really nice units. I have talked to Compass Bank, Key Bank and other local banks in the past without much success. I will check with Susan's LO to see if Key Bank has a current program that will work.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sun Jan 13, 2013
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