Tuesday, August 25, 2020 / by Kelly Bruno
Typical ways to purchase real estate include Conventional loans, FHA loans, VA loans and cash. But not all condos are created equal; some of these are not an option with the exception of cash.
Some condos can only be bought with cash. This can happen for a number of reasons:
The condo does not carry the right insurance that a lender requires
The ratio of renters to onsite owners is too high
The condo is involved in a litigation of some sort, among other things
The majority of condos are purchased with a conventional loan. The required amount of a down payment can range from 10% up to 25% (there are even a few lenders that will accept 5% down). This amount will depend on the lender and how the Buyer intends to use the property. In addition, you must factor in whether or not the association is “warrantable”, meaning a complex must be in good shape – both physically and fiscally.
FHA loans offer low down p ...
Monday, August 17, 2020 / by Karen Steil
Are you ready to house hunt? It's a jungle out there: Prepare for a flurry of paperwork, stampedes of buyers competing for the same digs, and other challenges, before you get to the closing table.
We won't lie: The process can be complex and stressful. Having a Real Estate Professional by your side can make all the difference. True to their name, a buyer's agent helps consumers, like yourself, navigate the real estate market; they can also save you tons of time and money on the road to your new home.
A buyer’s agent will guide you through the home-buying process and be at your disposal for any questions or concerns. Here are some of the things a buyer's agent can do:
-Find the right property
-Negotiate the offer
-Walk you through countless steps prior to the closing; eg., financing, title companies, insurance, inspections and appraisals
-Recommend other professionals (movers, contractors, painters, landscapers, etc.)
-Help overcome setbacks
A buyer's agent is legally bo ...