San Diego Short Sale Blog!

San Diego Short Sale Expert – Have a San Diego short sale buyer who must use FHA financing but your condominiums are not approved for FHA financing?

One of my recent buyers who we will call “Jerry” was looking to purchase a downtown San Diego condo and had to use FHA financing because of the low down payment required to get the loan. He often found properties that I had not sent to him only to be disappointed to hear that the condos were not FHA approved.

We finally located the perfect San Diego short sale condo for him and made an offer that was accepted by the seller. I called the HOA to inquire about some other matters for my client and was told that the condominiums had lost their FHA approval due to an incomplete renewal with HUD. The listing agent had indicated that FHA financing was possible but was unaware that the condos had lost the FHA approval.

The only way I could make this purchase a success for Jerry was to work “fast” and get all of the materials that HUD needs to approve a condo project for FHA financing from the HOA association. This job should really be the loan officer’s job but in this situation I could not risk the entire transaction falling apart because an unknown loan officer was unable to accomplish the task.

Some of the items needed for these downtown San Diego condos were:

• LETTER OF EXPLANATION ON SPECIAL ASSESSMENT AND DURATION;
• LETTER OF EXPLANATION ON LITIGATION EXPENSE SHOWING ON FINANCIALS;
• CONDO SITE PLANS FOR PROJECT;
• PLAT MAP FOR PROJECT;
• FEMA FLOOD MAP;
• SIGNED MGT AGREEMENT;
• CURRENT RESERVE STUDY,
• HOA TAX IDENTIFICATION NUMBER.

In the situation above, your San Diego short sale expert can use the extra time involved to negotiate the short sale approval with the lender, to gather the items needed from the HOA association to get HUD to reapprove the condos for FHA financing.

The most important issue is to have a San Diego short sale company working on your behalf that will facilitate the gathering of the materials above and sending these to HUD. On this particular transaction the HOA association did not have a current reserve study and this had to be completed and approved by their board before I could complete the package for HUD approval. Needless to say it took countless phone calls on my part to the HOA representative to finally get what was needed so my client could get FHA financing and purchase this beautiful condo.

Whether you are buying or selling San Diego short sales be sure to hire an agent with experience and a knack for strategy. Sometime you have to think out of the box to get these deals through.

Owe more on your property than it is worth and want to sell it? I can help you short sale your property and negotiate a full release of the liens and notes. Send me an e-mail at Clay@CityFiedRealty.com. I will contact you for a free consultation.

During the consultation I will explain how short sales work in detail. Call me at (619) 663-9268.

Discover how other sellers successfully completed a short sale and request a free consultation by http://www.SanDiegoShortSale.us

Looking forward to hearing from you, Clay Gosnay.

Phone: (619) 663-9268 begin_of_the_skype_highlighting Clay@CityFiedRealty.com

end_of_the_skype_highlightingView my homes for sale at: http://www.CityFiedRealty.com

Clay Gosnay has lived and worked in San Diego California since 1989.
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