Attention Condo Owners- Now is Good Time to Sell

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Attention:  Condo Owners….  Now is a good time to sell and let me tell you why. In the past, the FHA guidelines for buyers were very restrictive when it came to buying a condo.  Many of the interested buyers out there use FHA for their loans because they either have very little money to put down and/or less than perfect credit.  The agency recently loosened some of the restrictions and that benefits both buyers and sellers in the condo market.

Using FHA financing:

  • Investors can now buy and own up to 50%  of the units in a condo project which is up from the previous 10% level.
  • FHA can now approve loan applications for developments that have as much as 50% of their space used for commercial which is up from 25%.
  • In the past, FHA would not approve loans if 15% of the condo owners were delinquent on their dues/association fees for more than 30 days.  Now, it’s 60 days.
  • Condo representatives are usually volunteers and they did not like having to sign off on paperwork that may or may not hold them legally responsible in the future.  Now the acceptable verbiage reads that those people will make” good faith efforts” to verify condo information so the language is not as threatening and they are more likely to sign off on it.

It’s still a great market to move up in so if you have been on the fence about selling your condo to eliminate monthly fees or to gain more interior/exterior space, now is an opportune time.

If you are thinking of selling your condo or you are interested in buying one, I welcome the opportunity to assist you.

 

 

About susanmorrison

After living in Walpole, MA for many years, our family was transferred to the west coast when I was a senior in high school. In 1983, I graduated from Mission San Jose High School in Fremont, California. I am also a 1987 graduate of Providence College with a major in liberal arts and a minor in business administration. I bring to the table many years of sales experience beginning with thirteen years in Corporate Sales at Delta Air Lines. I'm the mother of three children and I'm very active within the Franklin, MA community. I am also a cancer survivor and support the American Cancer Society Charities.

My husband and I have built five homes and I've lived in a variety of other locations including Toronto Canada, Irving Texas and my current home in Franklin, MA. As a result of all my moving around, I came to the conclusion that I was an expert at moving...why not become an expert on the other side of the table? I earned my real estate license in 2004 and believe that I have found my true niche'. I can empathize with my clients on a variety of levels; whether they are buying or selling. And, like so many other good realtors out there, I believe that possessing good communication skills is one of the many keys to success.

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