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I'm having a challenge finding an FHA-approved condo in DC for a first time homebuyer. I see a listing where the LA has it listed as "fee simple" but in the remarks says its a condo and that "FHA and first time homebuyers welcome!". I call the LA to ask how much the condo fee is (because it's not in the listing.) She tells me that it is $65/mo. That sounds awfully low, so I'm even suspicious of that. I ask if it's FHA approved and she says yes. Her seller told her it was "not conventional", therefore it is FHA approved. After inquiring further she tells me that she knows its FHA approved because her seller bought it (several years ago) with an FHA loan, not a conventional loan. She told me to submit an offer and "we will see" if it's FHA approved. I told her I didn't see it on the list of FHA approved condos and she insists that it's there and it's approved. I send her the link to the HUD site, and she tells me the name of the condo and where it is on the list. I tell her that the name of the condo was not in the listing, just the subdivision (something she denied) but it's all a moot point, because it expired 2 years ago. My head hurts.
So I get the following email from the buyers agent: "Here is the report. The release will be along shortly. Thanks. The radon will be picked up on Sunday." (My clients have their Sabbath on Sat.) I quickly re-list "pending release", and before I break the news, I call her to see why they changed their minds. She says she has no idea what I'm talking about. Apparently "release" to her means the same thing as "contingency removal form". And she's been doing this for 37 years (3rd time she's used this phrase with me), so she should know. Good thing I hadn't called my clients first!
If my showing instructions were right, I'd call the agent up and tear them a new one. That's a huge issue here in DC Metro. Especially in DC and MD. Not as bad in VA. I have a feeling though that the agent was not there to preview. She was there to check it out for comps.
Yes look at website. Many listing agents don't know. But you can also work with YOUR lender to get an expired complex approved again as long as HOA cooperates with the questionnaire and still meets the minimum standards
Cathy Valdiviez Baumbusch- I feel your pain. I know that listing agent, and I have encountered her previously (Not mentioning her name)- and I was blown away! A summary- she called me at least six times yelling because my seller client did not pick her offer. This is not an FHA problem or condo fee problem. This is more of a personality issue.