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Updated almost 10 years ago on . Most recent reply

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Chip Chaunamom
  • Dracut, MA
0
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4
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Having trouble getting qualified buyers because of FHA requirements.

Chip Chaunamom
  • Dracut, MA
Posted

I have a 1 bedroom condo listed for sale in my area. It's a beautiful unit and I've been getting several calls from buyer agents but the first thing they ask is "Is the complex FHA certified?" Well, I checked and as it turns out it is not. It has something to do with the ratio of owner occupants to renters.

Is there anyway around this? If not I believe I will have to go back to renting the unit out. I purchased this unit for $45,000 back in 2012 and now the market has went up significantly and I maybe able to get double that in return. This defeats the whole purpose of why I purchased this if I'm unable to sell it unless I find a buyer with conventional financing other than folks with FHA loans.

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