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Condo Rule Changes Delayed Again

Good news for Crofton condo buyers and sellers…

Sign - condo for saleHUD just announced another month-long delay in implementing their new condo rules scheduled to begin Nov 2, 2009 (delayed from October 1).  The new date is December 7th.  In the meantime, HUD will augment some portions of the mortgagee letter to provide more information and clarification regarding condo project approvals.

While this change has not been widely reported, even in real estate publications and blogs, it is one with potential to handicap the sale of condos. In today’s troubled real estate market, it seems like a terrible time to even consider such a thing. 

If you own a condo in Crofton, Odenton or Gambrills, and you’re thinking of selling, I would do so sooner rather than later.  Eventually HUD will implement the new rules, which could limit your buyers’ ability to get financing.  

No financing = no sale.

For more information about this change, read the earlier post Why Buying a Crofton Condo Just Got Harder

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Providing community and real estate information about the Greater Crofton Area is my way of attracting new D.C.-Baltimore area home buyers to our community while also keeping current residents informed and earning their real estate business.  Please click on Margaret Woda, Crofton REALTOR or call/text me at 301-346-2923 for help with your next home sale or purchase in the Greater Crofton Area.

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