No matter what you are thinking of buying or selling, there can be challenges. But condos hold different challenges than single family residents do. If you are looking to sell your condo, there are some key questions your Realtor should be asking you that are huge factors regarding a buyer being able to qualify for a loan to buy the condo. Here are a few things we need to know:
1. How many of the units are rented and not owner occupied?
2. How many owners are delinquent on their home owner's dues?
3. And if an investor owns more than one unit in this complex, how many do they own?
These things can create some challenges when it comes to selling your condo. And anyone looking to buy a condo needs to be working with a lender that is aware of these issues from the start so that you don't get yourself half way through the transaction just to find out that you can't get the loan. There are more things regarding the units we are going to be asking about but the ones listed above seem to be the ones that are most easily overlooked that can create problems. Please feel free to call me and ask about how to sell your condo and how to overcome some of these issues.
Here is a great site with some information on this subject that you may find very helpful http://www.realtor.org/topics/condominium-approvals
I work in one of the most well known cities in the world helping clients with buying and selling real estate. You may recognize my name as a local real estate expert from such places as The LA Times, Realtor Magazine, New Home Source, HGTV, NPR and many other media sources. So whether you are a fist time buyer, selling your 4th house, or just curious about the market, you will find something here that will be of use to you.
Wednesday, March 27, 2013
Buying and Selling a Condo and The Hidden Challenges
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Of course, my pleasure. And if you can ever think about any other things for me to write about that could help people out, let me know. I have a lot of people reading these and I'm sure there are many people with the same questions and concerns. Thanks condo market!
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