Home Selling in 45440>Question Details

dsvirgo7, Home Buyer in Centerville, OH

With the FHA rules that have changed and only conventional loans a reality to purchase a condo, what is the reality of selling in this economy ?

Asked by dsvirgo7, Centerville, OH Sun Jan 6, 2013

I have a 3 bedroom brick ranch condo that I want to sell. My condo was built in 1985 and I have made significant updates. My concern is not that my condo is a great looker and a wonderful value, but that FHA loan approval is not an option for potential buyers. Rather a conventional loan with a down payment, that severely limits the potential buyers market. I found a home that I want to purchase but can not continue to pay for two mortgages for a significant amount of time. I have great credit and have worked hard to get that score high. I don't want to put myself out on a ledge waiting to jump.

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It is possible that your condo will qualify for FHA financing under the new guidelines released in September, 2012 by FHA. When I know the address of a property I can learn whether or not it will meet FHA guidelines for financing. The entire condo association must be FHA approved. If I can do anything to help you to sell your condo please contact me at 937-610-7687, Coldwell Banker Heritage Realtors. Even if it isn't FHA approved, there are some conventional loans which don't require 20% down.

See the following:
"Greater numbers of condominiums now qualify for mortgage financing insured by the Federal Housing Administration. That's because this month the U.S. Department of Housing and Urban Development, which oversees the FHA, loosened its requirements for association approval."
0 votes Thank Flag Link Mon Jan 7, 2013
You may be able to get an FHA buyer if your condo is FHA approved, I can find out if your condo is FHA approved tomorrow. I would not risk purchasing a home withouth having your condo listed and under contract. However, if you list your condo just below market value you will be able to sell it quicker, if you want to chance purchasing the home you found. Depending on the location, and condition of your condo, you just might sell it quick. The sale of your condo depends on what yours has to offer that others don't. It also depends on how much your association dues are, people don't like to pay lots of dues.
Call me and we can discuss in more detail
937-554-5159
Grace Siefer
Coldwell Banker Heritage Realtors
0 votes Thank Flag Link Sun Jan 6, 2013
The registration for FHA approval ran out last year, I did not even know.
Flag Sun Jan 6, 2013
Have your mortgage counselor check to see if your association is approved for FHA financing.
0 votes Thank Flag Link Sun Jan 6, 2013
At this point, there are still a few condo associations that are on the approved FHA list, but the growing trend overall is going towards conventional financing on Condo's. Currently in your zip code there are 21 active condo listings (average of 134 days on market), 4 pending listings (average of 183 days on market) and 21 solds (in last 6 months) with average of 150 days on market. The only other two options, if your condo does not sell, are renting it out or offering a land contract, but you need to check your condo association to see if you can even use either of these options.

The regulations have also changed for residential financing, so check to see if you qualify based on your debt to income ratio, before selling your condo.
0 votes Thank Flag Link Sun Jan 6, 2013
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