Flipped condo won’t sell-lending changes

[Dustin R. Smith]

I have not ran into this before...advice wanted. I flipped a condo, which I have done many of times successfully. This one was different in that it is in a bit rougher part of town, but units sell. My agent told me there was a change in the HOA that limited loan types and therefore it has to be a cash buyer or at least non Fannie/Freddy/VA. I own it outright. Have it rented with a 2 year lease at a high price. All is good. But I would like to sell it to move on. Even if I drop the price I will make plenty of return so that could be done. Has anyone been in this situation? What did you do? Does seller financing make sense? Thoughts?

[Chris Mason]

Originally posted by @Dustin R. Smith:

@David Acosta...I understand it has to do with a determination in November that the region was a flood risk. Sorry I should have included that in the OP

The HOA needs to get flood insurance. Values will be in the gutter until such time as that gutter is insured against being flooded. It might fall to you to be the one to 'rally the troops' and get them on board for monthly HOA dues that include this.