In this entry I wanted to tell you about my experience selling two condos for a client in Monaco Place near I-25 and Hampden. These properties were both 2 bedroom and 2 bath; over 1,000 square feet; and listed for $30,000 and $35,000 respectively. We were able to get them under contract very quickly with cash buyers. I had to do the following research before listing them to see what kind of buyer I had to find:
1) That the complex was FHA approved
2) That the delinquencies in HOA dues didn’t exceed the lenders threshold
3) That there wasn’t any lawsuits against the management company, complex or developer
As it turned out the complex was not FHA approved and buyers that needed FHA loans to pull off the purchase would not be able to do so. Spot approval for FHA financing seemed doubtful too. The HOA delinquency issue didn’t matter and I never did find out what the level was. The management company – Colorado Association Services was totally unhelpful telling me what that level was but we didn’t need it since the buyer was paying with cash and didn’t object during the CIC objection date. I also didn’t know if there was a lawsuit against the complex or management company. However, I did learn from the management company and previous listing agents that there was a policy restricting sales of the units to owner occupants only. Of course they wouldn’t let me read the policy without charging me for it….so I took their word for it.
If you have any questions or comments, just call 720.203.9624 or look us up online at http://www.BevGrothProperties.com