Condo Unit Takes Almost a Year to Sell

fotomineCindy Jones is a Real Estate Agent with Integrity Real Estate Group in Northern Virginia.  She is an avid blogger who I follow and consistently read on  Recently, she published an article about a condominium unit listing of hers that took nearly a year to sell, primarily because the association was not approved with FHA.  Below is an excerpt from her article:

Yep, It Took Almost a Year to Sell

But does that tell the entire story of the listing?

Sure when we hit the market the condo was staged and looked cute as could be.  We even got an offer right off the bat but couldn’t get it ratified.  The condo association had let their FHA approval lapse and weren’t sure they were going to renew.  Despite trying to get the buyer to go with another loan option they moved on.

Even with a significant number of showings the lack of FHA financing was the common obstacle for buyers.  As the condo sat there were moments when the owner was going to throw in the towel and put it up for rent.  After multiple calls with the association by my seller, other owners and pressure from multiple listing agents, the FHA approval was reinstated for the condos.

Still we persevered and after 321 days on the market the condo finally received an offer that stuck.  We had to laugh, through the frustration and tears that in the end it sold with a VA loan.  Really all the FHA drama and that’s what happens!

Sure I’d love to say “Listed and Sold at full price in 7 Days” but the reality is not all listings do.  I won’t bury the lead and tell a prospective seller anything but the truth.  Some listings are more of a challenge than others but I’ll still do everything it takes to get your listing sold whether it sells in one day or one year.

It was fortunate that the association was approved with the VA!  Otherwise, that would have further delayed the sale.

In speaking with Cindy, she said that there were 5 or 6 offers from FHA buyers during the marketing time.  This is not uncommon from our experience.  We receive calls on a regular basis from unit owners who are trying to sell and can’t because the project is not FHA-approved.  In doing research, we consistently find that units in FHA-approved projects have a far better chance of selling than those in projects that are not approved.