Assessing the Salability of a Home. Assessing the Encumbrances

Managing a listing

First step in managing new listing is to assess the salability of a home.

Why?  As a professional agent, you should know if there are any encumbrances (obstructions)  on the title. Some encumbrances can  significantly slow down, or  impede the transfer of ownership. You want to save yourself, and your client the investment of  marketing a home that needs  clearing of title, first.  Do not assume that owners are aware of encumbrances.  It is a good investment of your time, to find encumbrances and determine if they are fixable. The following is a list of possible encumbrances to look for.

(Note the first items pertain to mortgages. You should ask for copy of last statements. Any balances the owner does not give you will be found by title company. But, save yourself time, ask them point blank, what are all the collateral loans on this property? If they tell you they filed bankruptcy, let them know it does not erase the loans off the property.  Note the 3rd
and 4th items are easily obtained by calling the HOA for payoff, and title for city account status.  The 5th, 6th, and 7th  items are usually on the county websites. The last items are not found out until the seller discloses them. Or, they are found after the title company does a title search and  produces the preliminary report.)

1. High mortgage balance. This would create a short sale situation
2. Second, third mortgages, collateral loans, lines of credit where the property
    was used as collateral . Same as high first mortgages, they can create
    a short sale situation.
3. Derogatory HOA accounts.  Is the HOA current? Get the payoff. A few
    months late is usually not a problem.  But, high payoffs, or looming 
    foreclosures need to be addressed.
4. Is the trash, sewer, water reclamation account current? Most title
    companies will gladly give you the status, over the phone.

5. Notice of Defaults. If the foreclosure process has started, you must contact
    the trustee. You should know if you have enough time to complete a sale.
    If not, try asking for time. Note this applies to tax liens, HOA liens, etc. as   
    well as mortgagor foreclosures. A true professional is aware of all statuses.
    You can find recorded liens, foreclosure filings  in the Clark County 
     Recorders Office Website. http://www.clarkcountynv.gov/recorder.

6. Are the SID/ LID accounts associated with the property? You can find
    balances on internet at http://amgnv.com/parcelsearch_non_pop1.asp . Or,
    search http://www.clarkcountynv.gov/Depts/treasurer/Pages/default.aspx .

7.  Does anyone else have claim to the property?  Check the assessors
     website for ownership history. And, check for  possible partners.
     http://www.clarkcountynv.gov/depts/assessor/pages/default.aspx

8.  Does the home involve ex-spouses with unresolved divorce disputes,
     Lis Pendens? Did the home belong to a deceased person. Did  probate
      court authorize a transfer?  These issues are not readily found.
     Usually, these issues are found by the title company. But, you can ask in
     a friendly way, when listing is taken. Let people know you just want to be
     able to give them an honest estimate on projecting closing dates, and
     closing costs.  And,  that your intent is to give them a smooth closing
      process. An honest seller will appreciate your thorough assessment of the
      property.  If these  problems exist, you and your client call plan the best
     way to proceed, in  an honest, and realistic way.

     Remember, these encumbrances do no mean they can not sell their home.   
     It simply means, the issues need to be cleared, for their convenience,
     before the sale. Being honest will help you, help them achieve a smooth
     transaction. Better to address the issues before escrow, rather than having
     to ask for extension, after extension. 

     12. Did seller acquire the property with a Grant Deed and Bargain, and
     proper title insurance. Or, did the seller acquire the property without title
     insurance. If the current seller acquired the property without prop
    notarizing, and/or title insurance, the title company may or may not ask the
     old seller to re-sign documents.  This is sometimes the case with quit
    claims.  Title company will instruct you how to proceed. It will be a case
     by case situation.


This research typically is for private owner sales. HUD homes, Habitat for Humanity, City Rehab properties, and REO homes usually have had the title already cleared and ready for sale.

How to be a Smart Home Shopper

1. If you are financing your home, get preapproved before you go home shopping.

     A. By knowing the loan amount you can reasonably obtain, you avoid wasting time, previewing homes
         outside your ideal price range.


     B. You should know the terms of your loan. For example do you have a fixed, or variable interest rate?
      What will your interest rate be? Do you have to pay mortgage insurance, in addition to hazard
     insurance?  Do you have a prepayment penalty? Do you have a balloon payment? Fees associated with
      home loans can add up quickly. Avoid bad surprises by informing yourself, ahead of time. Give yourself
      the advantage.  Shop around for the best terms.

2. Find out what closing costs are associated with your home purchase.

     Your mortgage company will most likely expect property tax, hazard insurance, mortgage insurance,
     trash, and sewer fees to be pre-paid.  Those costs are part of your closing costs. These costs are in
     addition to your down payment. These costs are called re-occurring costs.

     In addition to the re-occurring costs, there are one time transfer costs associated with the  purchase of
    your home. Typical  one time closing costs include, but are not limited to the following:

1. Transfer tax.
2. Title insurance
3. Escrow fee
4. Home Owner Association transfer fees
5. Mortgage processing fees.
6. Wiring fees

7. Recording fees
8. Broker fees

     These costs can be negotiated, between the seller, and buyer. But, they should be negotiated
     at time of writing contract. The more knowledgeable you are, the stronger negotiator you will be.

3. It is a beneficial to have a buyers agent.

     The buyer has the right to ask for his own agent. A buyer's agent owes their primary obligation to the
     buyer. Whereas, the listing agent has a primary duty to the seller.   Having your own agent helps to
     prevent conflicts of interest.  Every buyer should have their own agent.  Your agent should give you a
     professional opinion of the listed price based on camparable sales in the neighborhood.

4.  Review comparable home sales before writing an offer.

     The buyers agent should prepare a BPO, for the buyer.  A BPO is an acronym for "Broker's Professional
     Opinion". This report is also commonly called a "Comparables Report", or a CMA.  This report shows the
     average price per square foot, of the homes in the neighborhood. This report also helps the buyer in the
     offer process. The buyer should be aware if they are making a high, or low offer.

5. Get a professional home inspection.

     Every buyer should invest in a professional home inspection.  A thorough home inspector can warn a
     buyer if a home is in need of major,  and/or minor repairs. A good home inspector can detect issues with
    the foundation, leaks, water damage, roof, air conditioning, and pool problems.  A home buyer should be
    aware of necessary repairs before finalizing a sale.

6. Understand the different types of sales available.

A. Traditional sales. The time frame is negotiated directly with a private person. This type of sale can  
    usually close quickly. The buyer retains all rights regarding property condition disclosures. However,  
    agent and client have greater responsibility to discuss pricing, before ordering appraisal. And, the buyers
    agent must review preliminary report for possible liens, judgements, etc, that could potentially stop the      sale.

B. Short Sales. The time frame can be lengthy. The agents must research all liens, and question
    seller's .ability/willingness to pay off subordinate liens. Sale is negotiated between private parties. But,
    mortgage company has to agree to terms.

C. Bank owned homes. These homes are also commonly called 'REO's'.  Buyer usually submits electronic  
     bid. Buyer must be willing to relinquish rights to receive "Seller's property report". Buyer has to agree to
    accept house 'as is'/ Usually, the title has been cleared, and all judgements and liens have been paid off. In
    current market, home has been inspected for compliance with government loans.

D. Auction sales. Paid by cashier check . Home may not be available for inspection. Home may be occupied.
    Buyer should be aware of auctioneer fees. Buyers should be aware of super liens.  Buyer does not receive
    property disclosures. Buyer receives no title insurance. Buyer may have to evict previous owner, or tenant.

The Different Types of Real Estate Sales

There are six major categories for real estate sales. The major types of sales are:
      1. Traditional
      2. New construction
      3. Short sales
      4. Auction sales
      5. REO sales
      6. HUD Home Sales

    It is a good idea for a home buyer to be informed as to the differences. And how the differences affect the home buying process.  Some of the factors that will be affected are as follows:
     1. Time frame for closing
     2. Closing costs
     3. Rights of disclosure
     4. Customization, and upgrades

                                    ---------------------------------------------------- 

                                          Traditional Sales

     Traditional sale usually refers to the resale of a home.  The transaction may be between a private seller, and buyer.   Also, traditional sales may include corporations.  

     For example professional home flippers form an LLC's. They buy homes for the purpose of reselling. The home may have been a foreclosure, at the time the home flipper bought it. But, because title transferred to a person, or entity, it is no longer a bank owned home. The re-seller may market the home as a traditional sale.  Corporations buy homes from private sellers, too. 

     A traditional sale may involve licensed agent representation.  Or, it can be completed without an agent. However in Nevada, if the seller is represented by a licensee,  the buyer must be represented by a buyer's agent licensee.  If the seller is a licensee, in Nevada, the buyer must have a licensee assigned to him. 


Regarding traditional home sales, here are some more  important points
.
     1. The seller has an obligation to be reasonably aware as to the physical condition of the
          home.
     2. The seller has a legal obligation to disclose, to the buyer, the condition of the home.
     3. The buyer reserves the right to sue the owner for dishonesty, or negligence.
     4. The buyer, and seller negotiate the sales price, closing costs, close of escrow, repairs, and
         possibly a rent back clause.
     5. The seller, buyer, and agents should read the preliminary report to check for any liens,
         judgements, derogatory accounts, and mortgage balances, that could possibly slow down,
         or prevent the close of escrow.
     6. In Nevada, the buyer has the right to chose the title company.
     7. A buyer should be aware of the right, and duty to order a home inspection by a licensed
         professional. 

                                           -----------------------------------

                                                New Construction

     New construction usually refers to a new tract home. It can also refer to a custom built home.
For a buyer this means

       1.  They can do some  customization. For example, the buyer can choose the color of the
           carpet, and walls, and types of counter tops. Fixtures, celing fans, and cabinets are
           common items to customize. Often times, they can add a room, or leave an area open.
      2. Typically, the time of completion is controlled by the seller/builder. If the market is slow,
           the buyer can try to negotiate. But generally the price  is set.
     3.  If it is a sellers' market, there may be a waiting list. .
     4.  Same as with traditional sales, the buyer retains the right to sue if they believe the seller
          (home builder) was negligent.
     5.  Same as with traditional sales, buyer should have a home inspection.
 
-----------

     Short sales were very common during 2008 to 2013. As of  May 2014, they constitute about 1/6 of the market. During the offer process buyer, and the seller negotiate the sales price, closing costs, and close of escrow time frame.

      1. However, the contract must be approved by the lender(s)/ lien holder(s)
      2. The buyer, or buyer's agent should review the preliminary report for liens, and
          emcumbrances.
     3. The time frame may be several months.
     4. Inspections, title insurance, and disclosures are usually the same as with a traditional sale.

----------

Foreclosure Auction sales are typically held at the courthouse. Or, at set location. Auctions sales
are usually paid in cashier's check, or cash. These sales are usually paid the same day.

    1.  If home is occupied, the buyer typically cannot do a home inspection.
    2.  Usually the auctioneer will add their fee to the sales price. For example the winning bid
        may be $100,000 to the lender. But, if the auctioneer has a 5% fee, the end price would be
        $105,000.
    3.  The sale does not provide title insurance, to the buyer.
    4.  Certain liens may remain attached to the home. For example an HOA super lien, in Nevada.
    5. The buyer receives no disclosures, no warranties.
    6. The buyer has no rights to sue the past owner, the lender, or the auctioneer for defects.

-------

     REO sales typically refer to bank/or lender owned properties.   Even though the different homes may be found on the same website such as Homepath.Com, or Homesteps.com, Buyer should expect the home sale procedures to vary from lender, to lender.  It is important to refer to MLS full data sheet, and lender website for specific instructions.

      1. The sales price, closing costs and time frame is negotiated between buyer and the lender.
        Most lenders have guidelines. Usually there is a little room for negotiation. The buyers agent
       should research market conditions pass the information to the buyer. The final decision
       should be up the buyer.
     2.  Typically the buyer signs a waiver for the bank to have no obligation for repairs, or
          disclosures, NRS 113.
          The buyer typically accepts the property "as is".  The buyer receives no disclosures, from
          lender.  Buyer will still receive agent's disclosures. Ei "Get A Home Inspection".
     3. The buyer is expected to sign the bank addendum.
     4. The buyer should have a professional home inspection.
     5. Buyer receives title insurance, upon close of escrow.

--------

      HUD homes  are homes that have been foreclosed, but they are not bank owned homes.
HUD home sales are organized through a management company. However the offer acceptance
is processed directly through HUD.

     HUD stands for The Housing and Urban Development Department. Some details to understand
about HUD are as follows:

     1. The purchase offer is input through the HUD website. 
     2. The winning bidder must submit a signed HUD contract, and earnest money check within 2
         days.
     3. Typically, the close of escrow must be finalized as soon as possible.
     4.  HUD homes have already had an appraisal done. So no appraisal is needed, if buyer is
         using FHA financing.  Unless, the home has not sold, and closed within 90 days of being
        on market. Typically, there are no appraisal problems, providing the buyer has followed
        HUD recommended guidelines.
     5. HUD homes are pre-inspected for FHA insurance guidelines. An estimate for repairs is
        disclosed at time of listing.
     6. Buyers who over bid on the offering price, must be prepared to pay the difference in
        certified funds.
     7. Buyers who over bid, but do not close, will lose their earnest money deposit.
     8. Home inspections should be done
     9. Buyer will receive title insurance. 

This list is generalized, and a short list of the characteristics of types of sales. Always use a licensed agent help you in the purchase of your home.
     

    



   
    

Helpful Links

 How much can you borrow?  Free Calculator

Is my home loan owned by Fannie Mae, or Freddie Mac? 

Is my home loan owned by Fannie Mae?

Freddie Mac 

Clark County Property Records Search

Clark Country Recorder's Office

 Clark County Business License

Nevada Real Estate Division

    Real Estate Forms
    Publications


Real Property Transfer Tax

How to become "The Real Estate Professional" on your neighborhood.

How to become the real estate professional in your neighborhood.

1. Create a strong professional profile online. You can easily start for free on sites such as Realtor.Com, LinkedIn.Com.  In our current market social media is big.  People will look you up.  So, you should have a good profile/resume people can easily find.

Refer to my video, “Realtors/Real Estate Agents -You should have a professional online profile”.  On my Youtube channel. You can access from my training blog, as well.

2. Choose the perimeters of the neighborhood you want to market.

3. Do comparables in your neighborhood.  Establish how many homes are for sale. Establish what is the average price per square feet for homes. Be sure to differentiate between homes that have 1,2, or 3 car garages. Also, differentiate between condos/town homes. 

4. Inform yourself about the amenities of your neighborhood. Such as how close to a golf course, parks, schools, hospitals, walking trails, etc.

5. Create a introduction postcard/letter to let people in your neighborhood know your are there to serve them. See the model I created, for you.

6. Do mailings, or door hangings periodically.

Next, lesson---Cold Calling your neighborhood.

How to Be a Smart Home Shopper

How to Be a Smart Home Shopper

1. If you are financing your home, get pre- approved before you go home shopping.

   By knowing the loan amount you can reasonably obtain, you avoid wasting time, energy,  previewing homes below, or above your ideal price range. By knowing the terms of your loan you know the details of your loan. For example do you have a fixed, or variable interest rate? What will your interest rate be? Do you have to pay mortgage insurance, in addition to hazard insurance?  Do you have a pre-payment penalty? Do you have a balloon payment? Fees assocated with home loans can add up quickly. Avoid bad surprises by informing yourself, ahead of time.
     Give yourself the advantage.  Shop around for the best terms.


2. Find out what closing costs are associate with your home purchase. 

     Your mortgage company will most likely expect property tax, hazard insurance, mortgage insurance, trash, and sewer fees to be paid for six months in advance. In some cases I have seen  the mortgage company ask the buyer to pay twelve months worth of these costs.

   In addition to the fees associated with your home, there are one time transfer costs associated with the  purchase of your home. Typical closing costs include, but are not limited to the following:

          1. Transfer tax.
          2. Title insurance
          3. Escrow fee
          4. Home Owner Association transfer fees
          5. Mortgage processing fees.

     These costs can be negotiated, between the seller, and buyer. But, they should be negotiated at time of writing contract. It is very wise to be knowledgeable and prepared, ahead of time.

3. It is a beneficial to have a buyers agent.

     The buyer has the right to ask for his own agent. A buyer's agent owes their primary obligation to the buyer. Having your own agent helps to prevent conflicts of interest.  Every buyer should have their own agent who's primary responsibility is to look after the interest of the buyer.

4.  Review Comparables before writing an offer.

     The buyers agent should prepare a BPO, for the buyer.  A BPO is an acronym for "Broker's Professional Opinion. This report is commonly called a "Comparables Report", or a CMA.  This report shows the average price per square foot, for the homes in the neighborhood. This report also helps the buyer in the offer process. The buyer should be aware if they are making high, or low offer.

5. Get a professional home inspection.

     Every buyer should invest in a professional home inspection.  A thorough home inspector can warn a buyer if a home is in need of major, and minor repairs. A good home inspector can detect issues with the foundation, leaks, water damage, roof issues, air conditioning, and pool problems.  A home buyer should be aware of necessary repairs before finalizing a sale.

6. Understand the different types of sales available. Below are some examples.

     A. Traditional sales. The time frame is negotiated directly with a private person. This type of sale can usually close quickly. The buyer retains all rights regarding property condition disclosures. However, agent and client have greater responsibility to discuss pricing, before ordering appraisal. And, the buyers agent should review preliminary report for possible liens, judgements, etc, that could potentially stop the sale.

    B. Short Sales. The time frame can be lengthy. The agents must research all liens, and question seller's ability/willingness to pay off subordinate liens. Sale is negotiated between private parties. But, mortgagor has final say.

    C. Bank owned homes. Buyer usually submits electronic bid. Buyer must be willing to relinquish rights to receive "Seller's property report". Buyer has to agree to accept house 'as is', with no repairs. Usually, the title has been cleared, and all  liens have been paid off.

       If you are financing your purchase, you should ask if the home has been inspected for financing standards.  HUD homes, and some bank owned homes typically offer this information, on their website.

    D. Court House Auction. Paid with  cashier check. Buyer does not receive property disclosures.
        Buyer receives no title insurance. HOA liens may still be attached to property.

       Buyer may have to evict old owner.





    
         
     .

Why you should create an online profile, or resume- Video

Why you should create an online profile. Click to view. 

How Do People Choose their Agent, or Realtor

      I believe clients choose their real estate agent, or Realtor based on three methods.

1.  The client already knows, likes, and or cares about the agent/realtor.  This group of people is known as the agent's sphere of influence.These clients what to see the agent succeed, in their field.  The sphere of influence is great for new agents. As this type of client will be patient with a new agent's inexperience.  Also, this client will even share their own knowledge, with the agent.

2.  The second group of buyers/sellers will chose the agent based on their trust of the agent's knowledge, track record, and ability . They may have been referred to the agent.  Or, the client was impressed by the agent's online resume, advertisement, or presentation. Either way, the client has developed trust. The client went from not knowing the agent, to trusting the agent.

     This exemplifies why it is important to have a good online profile. The profile should be on websites such are Realtor.Com, Trulia.Com,  ShortSaleSuperstars.Com, etc. The online profile is like a job application. It must show the agents strengths, work experience, certifications, etc.

3.   The third group are clients that were more interested in the product the agent is promoting.  They are not necessarily questioning the agents experience. They are focused on the home that is being promoted. It is almost the same way a person checks out in a grocery store. They were focused on the product.

     An agent looking to find clients must attack all three venues.  The agent should talk to their sphere of influence.  Market their own brand, or themselves.  And, the agent must market a quality product, that shows value to buyers and, or sellers.

What Questions to Ask Your Real Estate Buyers ------- Help your clients express their needs and wants.

      As Realtors it is our responsibility to communicate to our clients (potential clients)  that we are there to help.  As their agent, we should be trying to communicate that we care. And, that we are there to make the home buying process easier.  We do this by opening up the lines of communication. The best way to encourage communication is to ask questions, about them.  Rather then trying to sell ourselves.

    I have found some home buyers to be overwhelmed by all the choices, decisions, and preparations they have to make.  Especially first time buyers, they need guidance. The best way to start a good agent/client relationship is to ask the right questions.

     Here is my personal lists of questions I think every agent should be asking their clients (potential clients).

     Before you show them a home, or if you are introducing yourself at a home showing:

     1. Have you been pre-qualified for a home loan?

     2. What is the most important factor for choosing your future home?

      3. Do you know if you want:
         A. A specific neighborhood?
         B. Size?
         C.Age?
         D. Price?
         E. Specific school district?
         F. Single family home?
         G. Condo, or multiplex?
        

     4. Are you looking for a home to live in, rent out, or to resell?

     5. Can I give information about homes that match your desired criteria?

     6. Do you need to sell a home before you can buy a home?

 ---------------------------------------------------------------------------------------------------------------------------
     After you have shown them homes, you should ask questions to see if you are on the right track.

     1. How do you feel about this home?

     2. What do you like about this home?

     3. What do you dislike about this home?
 
     4. Do you see yourself living in this home?

How To Find Clients for Your Real Estate Business

How to create business.


1. Contact your "sphere of influence".

     Contact your relatives, current friends, and old friends.  When you are new, it is very helpful to work with people whom already trust you.  Ask them if they are interested in buying, or selling.  Give them extra business cards and ask for referrals. How many business cards have you given away, today?

2. Market yourself, in your neighborhood.

     Reach out to your neighbors. People tend to feel that their neighbors understand the neighborhood better.  There you will have an special advantage. Reach out to people who attend the same events, church, gym, etc. you attend. These people won't know you are a realtor, if you do not reach out. You can reach out by door knocking, walking up to them when they are outside. If you are shy, send a nice card, by mail.  A good way to reach out is to offer free "CMA" or Brokers Professional Opinion.

     You can hold an open house, as a way to introduce yourself to the neighbors.  Be sure to view my future post, "How to hold a Successful Open House". 

3. Call expired, and withdrawn listing from the MLS.

     These are people whom at one point tried to sell their home.  For what ever reason the home did not sell. Call them, ask them if there is anything you can do to help them sell their home. Be sure to check the federal "Do not call list" before you call.  I will be posting scripts to help you ask people the right questions.

4. Be active in social media. 

     There are many social media sites that are free, to join.  I really enjoy marketing myself on Trulia.Com (click to preview).  It lets me post my profile, business number, and links to my personal websites.  And, it lets me answer questions posted by visitors.  It also lets me meet other real estate professionals,  and loan officers. I have learned many things from the other agents.
     Also, Trulia.Com It lets me connect directly with buyers, and sellers.  I especially like that website does not favor one agent over an other. It is a very  fair social media site. I highly recommend you create your profile, today.
          I am also on ShortSaleSuperstars.Com. There we talk primarily about short sale issues.  A good place to meet buyers and sellers who have questions about that.

5. Advertise.

    There are endless avenues for advertising. Paper print newspapers, internet sites, and social media sites. Currently, I advertise with AdWerx.Com, and Facebook. Before, you advertise you should know the basic rules.  I will go over them briefly.

            A. Be sure to give credit to the listing agent, if you are advertising someone else's listing.
            B. Be sure to identify yourself as a Realtor. And, disclose what brokerage you are affiliated with.
            C. Do not use ethic descriptions. For example do not say things such as "a nice Italian neighborhood".
            D. Use the fair housing logo. 

     Personally, I recommend getting to know the home you are advertising. And, also the homes in the neighborhood. You want to know you are advertising a home that is easy to show.  Also, if that home sells, you want to be able to show another home in its place. 

     Be sure to tune in for more ideas.
     Preview homes in Las Vegas, Nevada here.

Training Videos

     Welcome to  list of my training videos. I have put the videos in chronological order. Good luck, stay positive, and have fun. 
     Please note these videos are not produced, nor endorsed by the Association of Realtors.  They are my personal property. They were created for the purpose of training my partner(s). They are not intended to replace a broker, or official trainer. Always consult with your broker before, and during your transactions. 
  (The inactive links are not ready for viewing. Please come back to view.)                
  
                         The Nevada Purchase Agreement
                  As Administrated by the 
      Greater Las Vegas Association of Realtors.


1. Tax Star and MLS Sheet

2. Duties Owed - Part One

3. Duties Owed - Part Two

4. Consent to Act

5. Confirmation Regarding Relationship

6. The Purchase Agreement 
    A.  Part One
    B. Part Two 
    C. Part Three 
    D. Part Four  
    E. Part Five - Appraisals 
    F. Part Six - Contingencies, and Personal Property 
    G. Part 7  Opening Escrow
    H. Part 8 Title Insurance And Prorations 
    I.  Part 9 Who Pays For Appraisals, Inspections, and Certifications                                

                                              The Closing Process

9.  Title Insurance Simplified

10. Introducing Lawyers Title


                              Closing Costs

11. Simple Explanation of Closing Costs

12.  Simple Overview of HUD settlement statement

              Document Management

13. Zip Forms

14. What Licenses will I need?
       A. Clark County Business License
       B. City of Las Vegas
       C. Nevada State License 
       

                 Helpful Links


15. Pre screen the condo for FHA Financing