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Piedmont Real Estate Blog

Blog by Julie Emery
Amissville, Virginia

An ongoing dialog on real estate news, opinion and trends in Northern Virginia and the greater Piedmont area. Julie is an Associate Broker at Century 21 New Millennium, 5451 Old Alexandria Turnpike, Warrenton, VA 20187

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Piedmont Real Estate Blog

Bad or No Info

Apr. 18, 2008
Categorized in: Buyers

OK, I'm annoyed.

Here's my problem. The data on the listings for short sales and bank foreclosures is so often wrong or just missing!

I understand completely that agents are generally making less money on these listings. And, it makes sense that you're not going to spend a lot of money advertising them. But surely some sense of professional pride should demand that you do a complete job of putting the basic listing information in the MLS.

I showed a condo in Culpeper that was listed as "Fee Simple" for form of ownership.

For those of you who don't know, basically condo ownership means that you own from the interior paint, inwards. So, you don't own the walls, roof, yard, etc. That's a big difference from a property where you have maintenance responsibilities for all of the above. It's a pretty big listing mistake.

Now, I'm annoyed because I looked stupid. I searched for condos in that community that were for sale and missed this one because it wasn't listed as a condo. I'm partially mad at myself for not thinking to broaden the search criteria under the assumption it had been listed incorrectly.

And, I hate, hate, hate looking stupid. I really hate being wrong!

There! I feel better now!

 

Condominiums and the FHA

Mar. 26, 2008
Categorized in: Mortgages

We've got a guest blogger today: Vince Tricarico with First Savings. If you have questions you can reach Vince in his office at 703-827-4634 or on his cell at 703-283-7484.

R E M E M B E R
 
Not all Condominiums are FHA Approved or Approvable!

Many of you might have Condominium listings which fit into the FHA mold (great for 1st time buyers / priced under 440K)
Many of you might have Condominium Buyers who need the FHA program - (down payments < 5% or 10%, marginal credit)
 
It is very important that you find out if the condominium is FHA approved.  Please follow the link attached.  You might want to save it on your internet browser.  Getting a "Spot" approval is not easy!  For a SPOT approvals, in addition to a list of requirements, lenders need to verify the Total number of FHA loans in the project - which is very difficult to determine.
 
 
 
IMPORTANT:  YOU MUST ALSO VERIFY THAT THE CONDO IS AT LEAST 51% OWNER OCCUPIED for FHA financing - even if it is on the list - the 51% is still a requirement.