Home Selling in 60625>Question Details

Jackie, Home Buyer in Albany Park, Chicago,...

Hi. I am a condo owner in a 7 unit building. We are trying to sell our last 2 units. I read about spot

Asked by Jackie, Albany Park, Chicago, IL Wed Jun 18, 2008

approval, but is there somewhere we can go to have these units FHA approved or is this soley in the hands of the lender?

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FHA spot approval requirements and procedures are detailed in the following:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/96…
1 vote Thank Flag Link Wed Jun 18, 2008
The buyer's will have to go through this process, I would look at factors you can control, price and condition. If you are on North Western, you need to be price competitve, if you are on Seeley you may need to mitigate the south units for sound transmission. The other factor you may be able to control is marketing, its what we do.
0 votes Thank Flag Link Mon Jun 23, 2008
Deborah is correct, there are many factors that go into FHA approvals. However, you can only do a spot approval for 1 unit in your development. If you are looking for it for 2 units, you will need to do a project approval. No worries though, this will help you current owners when they look to refinance. As well as when they look to sell. We have a Project Approval Department that handles all of our FHA project and spot approvals. We have over 20 years experience when it comes to FHA. Currently we have the quickest FHA loan approval times in the state. I would love to help you get your spot approval moving. Give me a call!!
0 votes Thank Flag Link Mon Jun 23, 2008
FHA Spot approvals depend on several requriements related to the length that the association has been established, the % of sales which have already occurred, and the % of owner occupancy, among other things. It's important to work with both a Realtor and a Lender who are familiar with these guidelines, so that you are assured you're not being lead down the wrong path, and holding out hopes for a result that may not be feasible. I'd be happy to try and help...give me a call!
Web Reference: http://www.newchicago.com
0 votes Thank Flag Link Wed Jun 18, 2008
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