In December of 2010, the FHA changed the way that their approval process worked, and as of that date, all condominium approvals either expired or were set to expire within a specific time frame. The FHA approval for Kenthill Townhomes was set to expire on May 31, 2011. As you know, having an FHA approval is very important to the marketability of each individual Unit in our condominium complex, and therefore extremely important to value. Because of all the recent changes made in the lending field, FHA financing is currently being used on close to 40% of all purchase transactions. Without FHA approval, owners at Kenthill Townhomes limit the marketability of their Units and thus decrease the value of all the Units in the condominium complex. Furthermore, in addition to the above mentioned change, individual approvals for a specific owner Units (often referred to as, “spot” approvals) in a condominium complex are no longer available from the FHA. In other words, an individual owner can no longer obtain FHA approval for just their individual Unit. In conclusion, it became imperative for the Board to renew Kenthill Townhome’s FHA approval before it expired. After extensive research, the Board was able to acquire assistance with this endeavor at considerable cost savings. It should be noted that current guidelines now require application for recertification every two years. Part of the purpose of this rule is to ensure that condominium complexes have a low delinquency rate as well as a low “owner-occupied” to “rental/tenant” ratio. More information about this topic will be provided in the coming weeks and months. Please scroll down and review the May 14, 2011 and June 12, 2011 posts on this website for additional links and photos concerning not only FHA approval but also VA approval.
Note to real estate agents who may read this: All parties and any current listings should revise their MLS to include both the FHA and VA approval notice since it may increase the buyer prospects immediately.
Tuesday, June 14, 2011
Sunday, June 12, 2011
Kenthill Townhomes approved for VA
There has been some question as to whether Kenthill Townhomes was approved for VA. We are. Please view the above photo (click on photo to enlarge). This is a valuable piece of information for those seeking financing in today's market. Please also note the post on this website dated 05-14-11. It shows that we are approved for FHA as well.
Monday, June 06, 2011
More asphalt repairs (near Building R)
This is from Easthill Apartments:
June 6, 2011 Re: Parking lot repairs
Dear Resident or Kenthill Bldg. R,
We will be doing asphalt repair in several areas of the parking and roadways on Thursday June 9th. This will include tear out of the old asphalt and replacement with new asphalt up to and including parts of your parking area. To allow clearance for the heavy equipment and avoid possible damage to your vehicle please park elsewhere until the work is completed. Part of the repair does include roadway that is a shared asset for Easthill Apts. and Kenthill Townhomes. Your parking space is in one of the larger repair areas and will need to be removed until the work is completed. Please do not park in this area on Thursday June 9th. Workers will arrive on the property and begin repairs at 7:00 AM. Vehicles must be removed from the repair area before 7:00 AM and not use the area of repair until the work is completed. Please use guest parking for that day. Kenthill residents of Bldg. R may use Easthill Apts. Guest parking (along the roadway) for that day if necessary.Vehicles that are left parked in the area that interfere with the repairs will be relocated by tow truck at the owners expense. If you have questions please feel free to contact me at the Easthill Apts. Office. Thank you in advance for your cooperation.
Darla Goodman Manager
Easthill Apts.
253-854-1820
June 6, 2011 Re: Parking lot repairs
Dear Resident or Kenthill Bldg. R,
We will be doing asphalt repair in several areas of the parking and roadways on Thursday June 9th. This will include tear out of the old asphalt and replacement with new asphalt up to and including parts of your parking area. To allow clearance for the heavy equipment and avoid possible damage to your vehicle please park elsewhere until the work is completed. Part of the repair does include roadway that is a shared asset for Easthill Apts. and Kenthill Townhomes. Your parking space is in one of the larger repair areas and will need to be removed until the work is completed. Please do not park in this area on Thursday June 9th. Workers will arrive on the property and begin repairs at 7:00 AM. Vehicles must be removed from the repair area before 7:00 AM and not use the area of repair until the work is completed. Please use guest parking for that day. Kenthill residents of Bldg. R may use Easthill Apts. Guest parking (along the roadway) for that day if necessary.Vehicles that are left parked in the area that interfere with the repairs will be relocated by tow truck at the owners expense. If you have questions please feel free to contact me at the Easthill Apts. Office. Thank you in advance for your cooperation.
Darla Goodman Manager
Easthill Apts.
253-854-1820