Gainesville, VA

Parks at Piedmont Condo SOLD in Gainesville, VA!!!

Parks at Piedmont is a great place to call home. Three and four story condos with attached one garages are a sight that catch many home buyers' eyes. Especially those that are shopping under the $200,000 price range. Sadly, however, not all buyers have the ability to buy a Parks at Piedmont condo. Increased investor ratios and over 15% delinquency rate has made this a no-go for over a year for FHA financing and even some conventional mortgages.

Luckily, my buyers had a great lender who worked their conventional financing through Chase, who did not require a condo financial statement. They closed on their home this morning!

The property was bank owned and presented no problems at the home inspection. The buyers were also able to get the majority of their closing costs paid by the seller. And having been home shopping with these buyers for nearly one year, I could not be more pleased to see them getting such a great deal on a home in the community that first caught their eye.

We experienced disappointment after disappointment. One short sale that ate up several months of time, only to leave them back in the house hunt. And from there, many rejected offers on bank owned properties, and a feeling of resignation. Thankfully, that feeling was temporary and they ventured back into the market in December 2009, only to find their home on the very first trip back out after their breather.

This sale in Parks at Piedmont also gives buyers who are able to finance with conventional loans a chance to buy in this community. A chance that FHA is simply not able to provide at this point in time.

It's time to celebrate another military family making a PCS move from Northern Virginia to a new duty station. The good news the home was SOLD with the assistance of the US Army Corps of Engineers-Homeowers Assistance Program (HAP). It is often said that timing is everything and in this case it was even more critical.

The owners needed to get to their new duty station immediately as the husband, an active duty Marine will be deploying to Afghanistan within a few days. Getting the family settled before he leaves was a top priority.

If you are a Northern Virginia military family eligible for the HAP program give me a call at 703-346-2213. If you have upcoming PCS orders for the summer of 2010 now is the time to talk about your options. The current timeframe for HAP benefits with PCS orders expires in September 2010. Let my success in coordinating with the real estate specialists in Savanah and the local attorney's handling funds in our area work for you.

Parks at Piedmont is a Lovely Condo Community in Gainesville, VA. Can YOU Buy There? The answer is anything but obvious.

You see, Parks at Piedmont condos were constructed by Engle Homes. And sadly, the construction hit the tail end of the boom, and languished in the beginning of the bust. Engle Homes declared bankruptcy without finishing two pad sites that would house twenty more condo units.

There are many short sales and foreclosures that hit the market in this community. Here's where a first time buyer runs into problems buying these fantastic condos.

Investor ratios that are allowable for HUD condo certification are thrown out of proportion by the number of absentee owners. At first these were banks that were holding foreclosures. And as a result of this limitation that was a no go for any FHA buyer, cash buyers who were primarily investors, have swooped in and kept these numbers out of whack for HUD to be able to certifiy the development.

That is not the only issue.

With the bankruptcy of the builder leaving the development unfinished, and with fewer condo owners paying dues into the association, AND the increasingly number of delinquent homeowners who are facing foreclosure not paying condo dues, even a conventional loan buyer putting 20% down can run into financing issues. The current condo dues delinquency rate is 19% and increasing at a rate of approximately 1% per week! What is allowable for conventional underwriting guidelines is 15%.

So who is the ideal buyer for Parks at Piedmont condos? Definitely cash buyers but how many first time buyers have just under $200,000 lying around in cash? None that I know. So the problem persists in this neighborhood. An ideal place for a first time buyer, but nearly impossible to purchase.

I am currently representing conventional loan buyers seeking an override from the loan underwriters on ths 15% maximum delinquency rule. If they can get that override, there may be hope fo conventional buyers as one more home owner paying their condo dues will help to offset the delinquerncy rate in the challenged community of Parks at Piedmont. I'm planning to have encouraging news for Parks at Piedmont buyers by week's end.