Is your Tulsa condo for sale on the FHA Approved List?
Many are not aware that a condominium complex MUST be on the FHA condo approval list in order for a buyer to purchase a Tulsa condo for sale with FHA financing. If you are preparing to sell your Tulsa condo, find out first if your condo is on the FHA condo approval list. You can call a Tulsa Realtor for this information or call a local Lender or check out this web site.
I recently listed a Tulsa condo for sale for $125,000 and found out that the condo complex’ property management company had allowed the FHA approval to lapse. The paperwork for approval is arduous and lengthy. Selling a condo OR a Tulsa home for sale in this price range absolutely requires that you can sell to an FHA buyer. The Seller and I got very lucky and got an offer from a Buyer with conventional financing, but the other townhome in that complex has been on the market for 158 days.
Be pro-active and make sure you’re on the list. And if you are ready to purchase a Tulsa condo for sale, do the homework before you shop. You don’t want to fall in love with a condo, only to find out that you can’t purchase it with FHA financing.
I have never personally seen the application, but I know that it’s over 100 pages. I’m sure that FHA reviews the condo complex’ financial solvency, percentage of units that are owner-occupied and ensures that the exterior maintenance is adequate.
Also, there is a web site to see if a condominium complex is Fannie Mae approved.
And if you do consider purchasing a Tulsa condo for sale, be sure to thoroughly review the covenants and financial statements. Check to see if there have been any “special assessments” to condo association members and what the process is for voting on those.
Condo or townhome living is ideal for many – but before you sell or shop, make sure the complex is on the FHA approved list. If not, contact the property management company and association leadership and get the process started immediately!
And if you are interested in selling or purchasing a Tulsa condo, please give me a call! 918-852-5036
