FHA Condo Approval Specialist: Property Manager Won’t Help With FHA Condo Approval

Property Manager Won’t Help With FHA Condo Approval

fha condo approvalProperty Manager Won’t Help With FHA Condo Approval

...because they offer the same consulting service.

We were contacted by one of our property manager referral partners about obtaining an FHA condominium project approval for the condominium in which he lives.  Over the past 5 years, we have facilitated dozens of approvals for him and the company for which he works.

Of course we told Thomas that we would be happy to handle the approval for his condominium.  As standard procedure, we forwarded a copy of our prequalification questionnaire to him to complete or have completed.  The questionnaire rules out or brings to light the vast majority of reasons why condominiums are rejected by FHA.

Two weeks later, we followed up with him regarding the questionnaire and he told us that we need to contact the property manager for the condominium.  No problem.  We don’t know the manager and she doesn’t work for Thomas’ company so this could potentially be a new source of business.

When we did, we were informed that her management company offers to facilitate FHA approvals as well and the Board has not decided to move forward with the approval.  She said that she would not complete the questionnaire and that we would need to speak with Thomas about it.

Certainly, our goal is not to compete with their management company or to come between them.  We often help managers who try to get condominiums approved with FHA and get stuck during the process.  We told Thomas to please let us know if there is anything that we can do to help.

Fast forward a month and yesterday we check in with Thomas about the status.  Thomas writes that the management company is refusing to provide any assistance in the FHA approval process because they will not be the provider of this service.  The manager wrote to Thomas “It would be up to the board to get the pre-qualification paperwork to this new vendor as this service is above and beyond our regular management contract.

We ran across a similar scenario last year with a 130-unit condominium in Maryland.  The manager provides the same service that we do but the Board wanted to use us because it is our specialty.  The manager said that he would not cooperate.  The end result was the condominium found a new manager. 

Is this manager fulfilling her duties as a property manager if she is not doing what’s in the best interest of the association?  We are very curious to hear from Thomas how he feels about this manager’s stance, seeing as how Thomas is a manager himself.

Top Photo Credit: (c) Can Stock Photo / gstockstudio

The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA.  We have assisted nearly 200 condominiums and we can help your association.

 

ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.

 

Please contact us with any questions regarding FHA or VA condominium project approvals.  You can email me at askeric@readysetloan.com or call me at 404-433-4565. I will be happy to answer any of your questions.

 


FHA/VA Condo Approval Specialist

404-433-4565 Cell Phone

860-644-3772 Fax Phone

eric.boucher@readysetloan.com
ready set loan condo team

 

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Comment balloon 5 commentsReadySetLoan Condo Approval Team • July 17 2015 05:36AM

Comments

Eric, It is amazing how many times a manager will shoot themselves in the foot. What the hell do they think they are getting paid for? If I was on the board of an HOA and the manager had that attitude I would be fast to move for their replacemant.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 3 years ago

Eric Boucher I have run into these situations where the property management company filled the heads of board members with bad information about FHA in order to keep FHA out of the community just so they did not have to do paper work

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 3 years ago

Eric I have a feeling it is not going to end well for this manager, but if it does not she has no one to blame but herself.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 3 years ago

Hi Eric.  You ran into two very ignorant managers.  Wow!

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 3 years ago

Need new management & I disagree. Current mgmt needs to cooperate with whoever needs the paperwork.

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) about 3 years ago

Participate