Thursday, August 23, 2012

Problems Selling NCC Condos

For 2 1/2 months a potential buyer of a unit in the 5 building got the run around on picking up the short sale. He was twice declined and writes of his problems below. 

The unit he wanted is now back on the MLS listings (MLS: #505794) at a $2,800 lower price than the 67K he would have paid for it. 

"Two Banks have refused loans in Nautilus Cove. 

We were approved for the loans, but FHA has dropped the complex from the approved list of FHA approved Condos, so an FHA loan could not be obtained.
Reason: Financial Status not updated.

Second Conventional Loan not approved because too many rentals, developer owned units, and current financial status of the Association."


I checked the HUD/FHA Approvals listing at https://entp.hud.gov/idapp/html/condlook.cfm and found that the approval for NCC expired 3/31/11.

A local broker says that: "banks are offering limited financing across the board, not just at Nautilus Cove".

So you may have people interested in buying your condo but they are not able to get approval for their loans.

 
 
Also see the www.consumerist.com article on the topic of short sales at:  http://tinyurl.com/9co2tgd