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Currently trying to sell my property but having trouble. Legal description is a condo, however, since I have lived here since late 90s we have not had any HOA fees or common areas to maintain. There are no pools, patio tables etc. Each has a lawn in front of house that is taken care of individually. Each has their own small fenced in patio in back. There are 4 units. This has all worked as what you would assume a normal property ownership would be. We all mow our own grass, repaired roofs and regular maintenance, have separate insurance (not aware that it has ever been blanketed, but possibly long ago). In 2014 another owner was trying to sell his property and was having trouble doing so-- he had an attorney draft up a document (property owners agreement) and filed with the county clerk. Each owner of the 4 owners signed that we each agree that each owner is required for their own maintenance, each recognized as individual units w/ limited common areas, and each have their own separate insurance.
We have had several offers on the property but no one is able to put 20% down and it is deemed "unwarrantable" because of what I am assuming is the shared wall. My parents were approved for the condo in late 90s through chase bank, I bought it from them in 2005 from chase bank and refinanced in 2015 from chase bank and it has never been a problem.
All other units in the neighborhood are deemed "townhomes" except for ours and maybe 1 other group of 4 units.
Is there a way to get the legal description updated? These were built in 1974. Any one know of any other ways to get funding without the 20% down required since it is unwarrantable for FHA? We've contacting zoning, appraisal district, and our lender to see what can be done and so far have gotten no where.
I just got an email from Florida Realtors saying that HUD is going to be updating FHA condo rules. Not sure if this will apply to you but it looks like it would:
Quote:
Allow for single-unit mortgage approvals—often known as spot approvals—which will enable FHA insurance of individual condo units, even if the property does not have FHA approval.
Thank you both so much for your replies. I will look into the new HUD FHA condo rules and hope it will apply to us.
I know at one point it was in process for our 4 unit's to be FHA Approved-- I can see it on the HUD Website as "Withdrawn, missing or incomplete documents or packaging." Hopefully we can get with the 4th unit owners lawyer to see if they can let us know what was missing.
If all else fails we're lucky enough to be able to rent it out quickly but was really looking forward to selling it
I know from experience that sometimes there is a story from how things were started way back when. If you can find someone who knew what was going on in your little community in the 70s that could help. A builder, even from another nearby community who would have heard the stories, a sales person when they were started to be built there.
This sounds very similar to a community I used to be near but it was pretty hush hush. There were certain things that were paid for and certain things that weren't and insurance on some but not others carried by a mgr and one section had to get a loan floated by the hoa board. Now you got me thinking about it again. I'd love to know more of the mystery but I don't think I ever will unless I were an owner,which I would never be.
Thanks everyone! We were lucky and got a full price cash offer and are set to close tomorrow. I appreciate all the replies and help! It looks like the new updates to HUD likely would have solved our problem come mid-October anyway but glad to have it hopefully all settled and over with tomorrow.
Thanks again,
Luna
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