Asked by Want To Sell, Lake Ozark, MO Sun May 23, 2010


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Dan Chase, Home Buyer, Texas City, TX
Sun May 23, 2010
Is your condo in a FHA approved building? If not buyers may not be able to obtain financing on YOUR condo and thus stay away from it. Sometimes your price is good, your realtor is doing their job correctly, and the financing problems keep buyers away.

Many condos re not FHA approved for various reasons. Lack of sold units, to many rentals in a building, low HOA reserves, and more if I recall correctly.

If a condo is not FHA approved you may find that it is a cash only buyer who could buy your property.

I would ask your realtor what is wrong with the picture. Run a new CMA and see how your price is. You could be overpriced by $40k even though you are listing at $25k under what you owe. What you owe and need to receive from the sale has nothing to do with what the current value of the place is. Find out what the realtor has done for marketing and if your building is FHA approved. It could be the problem is one you have no control over and any realtor will have a hard time in creating a sale for you. It could be lack of decent marketing exposure. It could be to few buyers and those left are very picky.
1 vote
Dead, , Lake Ozark, MO
Sun May 23, 2010
Hi Sandy,
A professional Realtor will let you out of your listing agreement if you are unhappy with their service. Typically, Memorial Day is the start of season around Lake of the Ozarks; however, poor weather has kept many people from looking at property this spring.
Steeple Ridge condominiums have had three sales this year - http://www.lakeozarksmls.com/loo/maildoc/a007043963.html
Based on those sales, your pricing is correct. Perhaps marketing and Realtor awareness could be improved upon. You could request a Realtor Open House and increased or different marketing techniques be utilized to promote your property.
Please let me know if I can be of further assistance.
Best of luck!
Lora Elliott - 573-280-2953 - http://www.LoraElliott.com
Web Reference:  http://www.LoraElliott.com
1 vote
Christine Ko…, Agent, Anna Maria, FL
Sun Oct 28, 2012
Why did you sign a 9 month listing agreement.. I feel that is way too long. There is an over supply of condos on the market and i might suggest you price it more competitively. Good luck and if i can help please feel free to email me or call .
0 votes
Jason, , San Diego, CA
Fri Jul 30, 2010
If the association is not FHA approved that is going to be tricky in this market. Keep in mind that you can probably get approved unless you have major litigation. However it’s the eligibility criteria that can keep you from getting a loan you would need to pay attention to. Getting approved is only the first part of the battle!

Eligible Projects - Eligible projects are declared condominium projects that exist in full compliance with appropriate state law. Condominium hotels, timeshares, houseboat projects, multi-dwelling unit condominiums and projects not deemed to be residential are not eligible for FHA insurance under the regulations. Eligibility Requirements - All condominium project approvals must meet the following requirements:
Projects must consist of two or more units.
Projects must be covered by hazard and liability insurance and flood and fidelity insurance where applicable.
Right of first refusal is permitted, provided it does not violate the Fair Housing Act regulations found in 24 CFR Part 100. No more than 25 percent of the total floor area can be used for commercial purposes. The commercial portion must also be of a “nature that is homogenous with residential use.”
No more than 10 percent of the units may be owned by one investor. This limitation also applies to developers/builders that subsequently rent out vacant and unsold units.
For projects with 10 or fewer units, no single entity can own more than one unit.
Delinquent Homeowners Association Dues [Assessments]: No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payments.

At least 30 percent of the total units must be sold prior to endorsement of a mortgage in on any unit. After December 31, 2010, the pre-sale requirement will increase to 50 percent. (See Presale section below)

At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units. (Through December 31, 2010, or otherwise provided by FHA, bank-owned properties, vacant, or tenant-occupied real estate-owned properties are excluded from this calculation.)
0 votes
Marty Gum, Agent, Lake Ozark, MO
Sun May 23, 2010
There is a 3 year supply of condos on the market at Lake of the Ozarks. In order to sell, your unit needs to be priced aggessively, show great and be easy to set an appointment for. As I heard the other day, we are in a price war and a beauty contest all at the same time.
When you choose another Broker,get back to the basics, make sure they take great photos, or provide them to them, Virtual Tours are a must, make sure their website shows up on the first page of Google (where 80+% of Buyers start their search) ask them how many units they sold in the last year, are they full time, or is this a retirement supplement? How many websites they put your property on? 1, 10, 20?
We are just getting into our busy season and there should be showings. The last couple of weeks have been wet and nasty, but with hot weather this weekend, there was lots of activity.
Don't be afraid to talk to your Agent, if you don't like the answers, tell them you want to cancel your agreement. Any honorable professional would agree.
Marty Gum
Prudential Lake Ozark Realty
Osage Beach, MO
0 votes
Keith Sorem, Agent, Glendale, CA
Sun May 23, 2010
You can approach other Realtors and ask them to analyze your situation. Other Realtors cannot approach YOU.
I would ask your Realtor for an update, ask them what it will take to get your home sold in four weeks.
Listen to them. Ask for a marketing plan (in writing) that will get your home sold in your time frame.

Note : it they ask you to lower the price, and your cannot, then YOU are the problem. Realtors do not make the market, we simply interpret it for you. If you are unable to lower the price to a price that will sell, then take your property off the market OR as your Realtor to outline your options....short sale, foreclosure, etc.
0 votes
Don Tepper, Agent, Burke, VA
Sun May 23, 2010
Listed for 9 months without 1 showing?

You've got serious problems. And after 9 months, it's time for you to take charge.

First, what are you doing with a listing contract that's 9 or more months long? Next time, keep it to a maximum of 6 months, and try to keep it to 3 months.

Second, your unit is overpriced. Assuming it's on the MLS (if it's listed, it absolutely should be), it's overpriced. Period.

Ask your agent to do a CMA on your unit. That'll tell you about what it's really worth.

If you're not happy with your current agent (that's totally up to you; no showings in 9 months would make me pretty darn dissatisfied), first talk to your agent about your concerns. If that doesn't fully resolve matters, talk to the agent's broker and explain what the problems are. It is possible to terminate a listing agreement so long as both parties (you and your agent's broker) agree.

Finally, be more proactive. You should have gotten some showings in the first week or two it was listed. After 2-3 weeks with no showings, you should have been on the phone to your agent. (If not sooner.) And no more 9 month or 1 year listing agreements.

Good luck.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sun May 23, 2010
If you have been liste dfor that long without a showing there are some serious problems, the 2 most common ones are teh price is too high or lack of attention from teh listing agent.

If you want to be released, you can simply put it in writing asking for a release. they dont have to release you but most are professional enough to do so. Dont go listing with anyone else until you are released, otherwise you could end up owing 2 commissions. Make sure you get a new brokers price opinion on your home to know where you are at on price.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun May 23, 2010
If the property is well marketed to maximize your exposure, and you had very little traffic, it might be time for a price adjustment--review data with your agent regarding recently sold similar units in the immediate area and make a determination as to a fair list price and adjust accordingly--keep in mind that a property is worth what someone is willing to pay for it, not what the seller needs or potential buyer can afford to spend.
0 votes
Dianne Hicks, Agent, Rancho Bernardo, CA
Sun May 23, 2010
Want to Sell
I understand it is listed for more than you owe but the big question is... what are the other condo's like your actually selling for. If it is overpriced, you will not get traffic into the home. Have your Realtor pull an list of recently sold condo's for you and then you may have a better pic of the situation. If it is priced along with the others then have a talk with the Realtor and ask the Realtor pointed questions to get to the bottom of what is going on. You see maybe she is not bringing anyone but other Realtors should be so I feel something else may be wrong with this picture.

Good Luck!!!
0 votes
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