“CONDO CHAOS”
I have 3 mortgages that can’t close because the condo complexes lost their certification on May 31st. In two of the cases, the attorney for the complexes have been working on the re-certification and the other is being done by the condo association. What a disaster!! This approval process normally takes 3 to 4 weeks, when you have someone doing it, that knows what they are doing. In each one of these cases, they were are already 12 weeks.
The buyers of these unit are going crazy, they don’t know when or if the complexes will get approved. The interest rate locks have long expired, all of which will now be paying a higher rate. Many of the loan documents are expired, so new ones are needed or will be. They can’t move out of their existing properties. What a mess.
Does anybody know, why re-certification is needed? I suppose the minute that the FED/HUD gets involved, they will figure out a way to create “CONDO CHAOS”. This chaos has hurt both buyers and sellers, through no fault of their own.
I refer this business to Eric Boucher for getting condo complexes approved. He does it right and quickly. Here is an article that Eric has done, you should review. http://fhacondoapprovalspecialists.com/post/2425244/fha-condo-approvals-my-company-s-services His contact information:
Eric Boucher
FHA Condo Approval Specialist
404-433-4565Cell Phone
860-647-8940 Fax Phone
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x16
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Joe, I agree with you Eric is the go to guy for FHA condo approvals. We all have our place in the business, Eric is laser focused in what he is an expert at and has the results to show for it.