For all the prospective buyers out there looking to buy their first home this year due to the $8,000 tax incentive, let me give you a heads up.
With being a first time home buyer, usually you are looking to purchase a condo...for good reason. You might not be quiet ready to take on all the responsiblity of a single family home, or your work/life schedule is just too busy to do so.
I am working with two buyers at the moment that are both looking to purchase a condo and have qualified going CHFA/FHA. This also makes sense since you will only need to put down around 3.5% for a down payment. Who being a first-time home buyer has 15 to 20%?
Just to let you know, both buyers have found condo units they have fallen in love with... but neither is FHA approved. Yes, I checked this first and thought there could be a spot approved for one. Come to find out, once I've spoken with the listing agent, these condo complexes have "Right of First Refusal". Which does NOT meet the guidelines of FHA. So, in these cases the only ones that can buy these condo units are people who are qualified for conventional loans.
Now I am checking with all listing agents or the property management if any condos my clients would like to see, that if they are NOT FHA approved, do NOT have the Right of First Approval. To see them knowing they have this in place, would be a waste of everyones time.. and no need to get clients excited about a home they just can't have.
What really is sad, is that for the most part realtors have either no idea if the complex they have listed a unit in has "Right of First Refusal".. or what this even is. So sad. With the constant changes in the rules and regs for mortgages, I would like we should all take note of this.
FOR ACCURATE INFORMATION ON REAL ESTATE.. CONTACT YOUR LOCAL AGENT
Info about the author:
Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.
If you're thinking about buying a home in Cromwell CT there are plenty of great buys in today's market. There is no better time than now to take advantage of these homes while interest rates remain at an all time low. For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.
Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.635.0387 #2 - valerierealtor@sbcglobal.net.
Copyright © 2009 By Valerie Osterhoudt, ABR, All Rights Reserved...*FIRST-TIME HOMEBUYERS LOOKING TO PURCHASE A CONDO....*
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