To add to the answer already received:
1. Using FHA financing for a short sale is no problem.
2. Using FHA financing to purchase a condo or townhome may be a problem. The complex must be FHA approved and FHA looks at HOA reserves, percent of units that are owner occupied, percent of units that are vacant, HOA monthly assessment delinquencies, etc. Unfortunately, some complexes that used to be FHA approved have lost that designation or are in the process of losing it. Your lender should be able tell you if this is an FHA approved complex, or you can contact me to discuss with my lender (Torrance, Carson, Lomita and PV are my 'stomping grounds').
3. The unit you are look at is NO LONGER on the market. It was cancelled in 02/2009.
4. There is another 3/2.5 short sale unit now on the market in the same complex. It is priced $ 73,000 lower than the unit you were originally look at, however, it is also 190 s.f. smaller. Let me know if you want to see it, as it is available for showing "by appointment only".
5. This complex is NOT IN Torrance, it is in the County Strip. This means it is serviced by LA Unified School District and LA Emergency Services.
6 There are several properties in this size and price range in Torrance. You might want to check them out before making a final decision. Let me know when would be a good time for you.
You are asking great questions. You can be confident that your home is out there. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
The monthly HOA dues are $200. And, yes, you can get FHA financing on a short sale property!
Please contact me for more information on this or any other property.
Keller Williams Realty