Poplar Estates is now VA Approved: A Philadelphia Condominium Success Story !!
I was thrilled when an offer came in after a few days on the market for a Northern Liberties condo we had listed that was in Poplar Estates. However, when I saw that the mortgage would have to go VA my excitement disappeared quickly. I thought it would be great for this deserved veteran to purchase this fab condo, but could the building possibly get VA approved ?
The more I thought about it, the more I thought that it could work. After all, Poplar Estates met all the Fannie Mae requirements for FHA loans. And I just sold a condo that I owned personally in Old City that was FHA. And if FHA could go through, how much harder could VA be ? In addition, the offer was high enough that it made sense for the owner to give it a shot based on my belief that it could work.
So speaking of work, the work began... We provided the VA office with the documents that was needed. And then they required more.... and more.... and more. The management company was getting worn down and testy. An attorney had to get involved to help with the communication between the condominium building and the VA office. In addition, the Realtors made an agreement that we would pay some of the attorney's fees along with the buyer and seller. The process was longer than waiting for a dial-up modem to play a video. It was painful !! The buyer moved into the property on a short term lease as we continued the wait. The buyers agent went down to City Hall to get one of the documents recorded that the management company insisted did not need to be done. But VA wanted it done so it had to be done !!
We needed the condo association board members to sign a document, and then another one, and then another one. They were very patient with each request. And when it got to the point that no one could take much more, kaboom ! We received the VA approval !! The property settled about 2 weeks ago. Below is a photo of our sellers (far right), the new buyer (middle) and the buyers agent (far left) all holding their checks !! And just in time ! The new buyer got deployed to the Middle East a week later. Let us all keep him and all the veterans in our thoughts and prayers !
Now, moving forward, we have tremendous pride that we were a catalyst for helping all of these great people in this transaction. But in addition to that, Poplar Estates has VA approval for all potential re-sales to future buyers. Thus, we made the building that much more marketable. How cool is that ?
Success stories rock. Do you have any that you would like to share with a link or a quick story ?
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