Last month a buyer client of mine closed on the purchase of her condo and was absolutely thrilled. As she wasn't a first time home buyer she isn't able to receive the First Time Home Buyers tax credit, but is happy about the wonderful condo that she bought at a terrific price.
I've heard from several people over the last couple of months that are interested in purchasing condos but are concerned about what they've been reading as far as obtaining a mortgage for one.
A couple of tips:
- If you are purchasing using an FHA or VA mortgage ask your buyers agent to check and see if the complex you are interested in is on the HUD approved list.
- Have your buyers agent do their homework: Insist on financial statements from the association or management company as part of the due diligence during the inspection period. Review them together, and if they are complicated ask an accountant to review them on your behalf.
- Ask your mortgage lender if there are any requirements that you or the condo complex must meet in order to obtain your mortgage. (Guidelines change quickly and you want to make sure that the information you received 6 months ago from your lender is still the case today.)
- Remember that all real estate is local. What may be the norm for Florida or Nevada isn't the norm here. Talk to your buyers agent and your mortgage lender about what is happening in your desired purchase area.
There are some outstanding condos on the market know in Macomb County and people who wish a more
maintenance free lifestyle may want to consider purchasing one of them. For example, here are the condos
that are on the market this morning in Sterling Heights.
If you have any questions about purchasing a condo in Macomb County MI please don't hesitate to contact me. No pressure - just conversation.
Kris Wales - A partner for your real estate needs in Macomb County MI
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