Things to Consider When Buying a Condo [2022]
Abstract
Steps to Buying a Condo Let's take a quick look at what to expect during the process of buying a condominium, a patio home, or even a townhome. Find an Agent Look for an experienced agent that is familiar with navigating through a condo transaction and also a loan officer who is also experienced with working with condo associations. Important Questions to Ask Your Real Estate Agent:β¬ How long have you been in the Real Estate business?β¬ What areas do you serve?β¬ Do you have a list of past client testimonials?β¬ How many Buyers are you currently working with?β¬ Why should I use you to help with Buying a condo? 2. There are numerous condos for sale across the United States that are not VA or FHA approved and may require different financing in order to purchase the condo. Start Searching If buying a condo is right for you, it's time to narrow down your search parameters to the perfect condo for sale. Things to Consider When Making an Offer:β¬ How much are the property taxes?β¬ What is the monthly maintenance fee?β¬ Is there a set increase every year for the Maintenance fee?β¬ Is there an up to date or revised copy of the Restrictions/ByLaws?β¬ Are there any upcoming special assessments that the current condo residents may have to pay?β¬ Is there an actual company managing the Condo Association or is it self-ran by Condo residents?β¬ Can I see a copy of the Condos Association Budget/Balance sheet? 5. An appraiser will come out to the condo and verify that the value of the condo meets or exceeds the amount of the loan.
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