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My gut instinct will be the "buyer's" move
(agents if not interested in the property will want max. profit for themselves, UNLESS???)...
I was in the "buyer's" position quite a few months back, even if I did not ask what the seller's bottom price line is, we guessed that bottom line & gave an offer that got us our place. It is not an REO, SS or foreclosure but a reg. list.
...Now "if" the agent is also the buyer
(which is quite a popular move for many agents nowadays; when house hunting, I did come across quite a few nice homes that was bought by agents trying to sell it themselves /to flip when the time is right)...
They would only care about max. the most profit most probably from the sale of that property being flipped... in which most cases they will probably profit not 3-6% (commission) of the property, but 10%, 20% or even more from that "sale" of the property (say seller sold property under 20% of asking price, now agent sell 30% or more from what he/she paid for).
Because FHA has certain criteria for condo complexes and some complexes that were FHA approved are no longer. I'd double check to make sure you are still in an approved condo before telling people you are.
If you condo gets approved how long does it last? Yearly? its been about 4yrs ago. We are not on the list but I bought this condo with a FHA loan. Would the website keep previous approvals? Expired?
If you condo gets approved how long does it last? Yearly? its been about 4yrs ago. We are not on the list but I bought this condo with a FHA loan. Would the website keep previous approvals? Expired?
I believe that list is not now, nor ever was up to date. Folks across the street used FHA to buy a new home in our HOA about 4 months ago and we are not on that list. Ask your BOD how they handle it. Usually not as big an issue as some make it out to be.
FHA approval of condos has to do with the ratio of owner-occupied to rental units. It can change from time to time.
Your agent should not be quoting any price other than the list price without your approval. It's in the REALTOR Code of Ethics.
The buyer may be trying to play games, or may just not be qualified above the price their agent floated. The advice to have them write it up and demonstrate qualification is the best you have received so far.
If you condo gets approved how long does it last? Yearly? its been about 4yrs ago. We are not on the list but I bought this condo with a FHA loan. Would the website keep previous approvals? Expired?
As indicated, FHA approval is not done once and good forever. With every loan application, the lender will have to verify that the condo complex still qualifies according to FHA requirements, including owner-occupied to rental ratio among others. The fact that it was approved when you bought it does not mean anything now.
I believe that list is not now, nor ever was up to date. Folks across the street used FHA to buy a new home in our HOA about 4 months ago and we are not on that list. Ask your BOD how they handle it. Usually not as big an issue as some make it out to be.
Are you talking about a single family home or a condo/townhome? That link to check is for condos/townhomes only. Single family homes in an HOA don't have these requirements.
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