Tip of the Week – FHA Approved Condos
So your buyer found the perfect condo, got approved for an FHA loan and wants to make an offer. But you just noticed a big problem: the listing incorrectly says it is FHA approved. Now you’ve got to break the news to your client. It can be a very frustrating situation for all parties involved.
Whether you’re a listing or selling agent, we encourage you to visit the link below (HUD.gov) and ensure that the condo and/or condo association IS FHA approved. This process takes just a minute or two of your time. It will help save the buyer and seller’s agent time, and client disappointment, if the information is correct in the “Financial Information” section of the listing.
Submit Your Own Tip! Do you have a question that you would like to see featured a Tip of the Week? Or maybe you have your own tip you would like to share with other NorthstarMLS users. Send your question or idea to firstname.lastname@example.org. We will use one submission each month and the winner will receive a $30 Caribou Coffee gift card!
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Do you list Condos? Frustrated at finding what is included with the Association Fee, the name of the management company and its phone number? NorthstarMLS has launched a project to help determine and standardize the values for these fields.
Now when you auto-fill a condo listing from the tax record, we will also auto-fill the fields Association Fee Includes, Association Management Company Name, and Association Management Company Phone Number.
Where does NorthstarMLS get this information? We have reviewed condo listings from the past three years. We applied a formula to each condo building that factors most commonly and most recently reported data to determine what we auto-fill.
This is a work in progress, and we need everyone’s help to make it successful. As with auto-fill from the tax records, the List Agent is still responsible to check the accuracy of all data fields, including the Association information. If you find that anything we are auto-filling for these fields is not correct for a particular development, please report it to our Help Desk at email@example.com, and we will make the change.
Our goal is to ensure that over time, the data for these Association fields is as accurate and consistent as possible for the benefit of all agents and their clients.
Did you know that you can find Twin Homes when searching Style field? The Twin Home (TW) option is located between the Townhouse (TH) and Condo/Coops (CC) option when scrolling through the Style box. Highlight it by clicking on the name, or by checking the check box – as seen below in the screen shot.
What is a Twin Home by definition?
A common confusion is listing a Twin Home as a townhouse. Twin Homes can often look like a townhouse or duplex and do have a shared common wall with your neighbor, but the main difference is ownership. A twin home has an individual owner who has rights and responsibilities for their own side and lot.
NorthstarMLS defines a Twin Home as, zero lot line ownership, double side by side. May have a home owner association. Common wall agreement necessary as part of purchase agreement. Duplex.net says, twin homes are half-homes with a lot line landing between the two homes. In most cases, the homeowner can renovate or repair their half of the twin home however they wish, or there may be some basic restrictions in the deed.
Currently, there are over 250 active Twin Homes listed on the MLS. Consider one for your client the next time you run a search.
Submit Your Own Tip!
Do you have a question that you would like to see featured a Tip of
the Week? Or maybe you have your own tip you would like to share with
other NorthstarMLS users. Send your question or idea to firstname.lastname@example.org. We will use one submission each month and the winner will receive a $30 Caribou Coffee gift card!