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.
Make Sure Condo is approved by HUD before making an offer – or listing for sale
Written by Gary Duda on . Posted in condos, homes for sale in chesterfield, homes for sale in henrico, homes for sale in richmond, real estate
Tags: condos for sale in chestefield, condos for sale in henrico, condos for sale in midlothian, condos for sale in richmond va
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