Having Difficulty Selling Your Condo?

You are not alone. Many Chicagoans are facing difficulty in selling their condos.   It takes more than staging your condo, or pricing it correctly to sell in this market.   Lack of access to financing with reasonable down payments is a major roadblock that prevents many from purchasing.

Smart sellers are paving the way for buyers to obtain financing. Why is this necessary?   Banks and their investors are becoming more and more skittish about making conventional loans for condo purchases, and in many cases are requiring down payments of 10% from buyers with less than perfect credit.

You can attract more buyers and make it easier for them by getting your condo evaluated for FHA financing.   Did you know that 50% of condo buyers today purchase via FHA financing?   FHA financing requires only a 3.5% down payment, as opposed to conventional financing, and permits seller contributions of up to 6% of the purchase price. The cost of mortgage insurance under FHA is considerably lower than with conventional financing.

The first step is to talk with your realtor or lender about evaluating your condo to see if it qualifies for FHA financing. To receive a checklist to determine if your condo will qualify for FHA financing call me at 773-502-1673 or email me at mfinegan@kw.com.

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