Condo Financing Rules Make for Difficult San Mateo Real Estate Closings

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 30, 2009 -- The RayChel Realty Group announced today they will again be hosting their Home Buying Workshop for Condo Buyers in San Mateo County.

New, stricter underwriting rules announced by The Department of Housing and Urban Development (HUD) are scheduled take effect in February 2009 have changed the dynamic of condo buying and selling on the mid-peninsula. The most notable difference is that the entire condominium complex must be approved by HUD to get financing. Spot approvals on individual units will no longer be sufficient for loan approval.

“The new guidelines could essentially freeze sales for “sick” condo Homeowner’s Associations (HOA’s) that are mismanaged, underfunded, poorly maintained or investor dominated where approval is doubtful. No HUD approval, no sale,” says Raymond Stoklosa, Co-Owner and Managing Broker of The RayChel Realty Group in San Mateo and seminar co-host.

“While the new guidelines provide challenges, there are ways to prevent problems” says Chris Williamson, a Mortgage Advisor with Mortgage California in San Mateo and seminar co-host.

“Since condominium financing will be uncertain, it is important to get your lender involved early in the buying process – even before you write your offer. Serious buyers should also look for Mortgage Advisors who are experienced and knowledgeable about the new guidelines. Don’t assume they are – ask,” Chris says.

The seminar will focus on understanding the nuances of the guidelines and give buyers and sellers a roadmap for closing your transaction.

Topics will include:
• What the new guidelines for HUD approval are
• How to evaluate the health of a HOA
• How to spot problems and red flags in your condo purchase
• Where to find condos that meet the new guidelines

The seminar will take place on Thursday, December 15th at 7pm at 1700 S. El Camino Real, San Mateo. Registration is free, but space is limited so sign ups are required. To sign up, please visit http://budurl.com/CondoClass or call (650) 655-2500.

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