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    Make Sure Condo is approved by HUD before making an offer – or listing for sale

    buy a condo, buy a home
    Buy a condo in Richmond, Henrico, Hanover, Chestefield, Midlothian, Glen Allen

    If you are looking to purchase a Condo – always check first to see if the Condominium Project is approved by HUD. Condo projects must reapply for certification every two years. While keeping a Condo project HUD certified is not expensive, many Condominium Owners Association have let their HUD certification lapse for many reasons. It could be their have too high of a delinquency in COA dues, too many rentals, or it could be that the COA just failed to file the required paperwork because of the cost or hassle factor. Whatever the reason, losing HUD certification can have a dramatic impact on home values in a Condo Project because FHA buyers make up such a large pool of today’s buyers. To see if a project is certified by HUD visiting https://entp.hud.gov/idapp/html/condlook.cfm and look up your COA. If your COA is not approved by HUD, getting HUD certification is not all that difficult. It takes about 60-days and there is a cost of roughly $850. There are many 3rd party firms who will take on this task for a fee or you can usually work with a good lender who can help you through the process. In the end, being HUD certified means a Condo Project will attract more buyers which means higher home values.

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    Gary Duda

    Gary Duda is the Broker and Owner of REMAX Action Real Estate and founder of the Gary Duda Real Estate Skills Workshop. Thousands of Virginia Realtors have benefit from Gary's teaching on topics from real estate technology, working with buyers, working with sellers, to classes to obtain their continuing education credits.

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