Buying and financing a Condo, especially in South Florida, can be a difficult process. Although there are many minor mistakes buyers can make in this process, these are 10 mistakes that are commonly made that can disrupt your loan approval, and possibly cost you the deal you are looking at:
1. Not Listening!!! You are going to be getting a lot of advice from people you are dealing with. You mortgage lender is going to tell you not to buy certain things while you are in the approval process. Your Realtor is going to tell you certain things not to say in front of the seller or the seller's agent. People give advice because they have experience in these matters, and you should listen, and if you do not understand, ask
There are several differences between Co-ops and Condos, especially in the State of Florida. If you look at the buildings you may not be able to tell one is a condo, and the orher is a Co-op.
If you are buying a unit, and you are financing it, you will definately want to know if it is a Co-op, because a lot of lenders will not lend money against a Co-op unit, while borrowing for a Condo is pretty much normal for most lenders.
The definition according to Florida Statute 718 of a Condo is: "means that form of ownership of real property created pursuant to this chapter, which is comprised entirely of units that may be owned by one or more persons, and in which there is, appurtenant to each unit, an undivided share in
Dan and Barbara Morris came to Florida on vacation for years from the Northeast. In planning for their retirement, they decided to buy an Oceanfront Condo in Hollywood Beach. Their budget was $300,000, and they only wanted to be able to see the Ocean from the balcony.
Dan thought that finding a condo would be as easy as typing TRULIA on his laptop.
After looking for several days, and not finding any "Steals", Dan decided to try looking on Craigslist, and to his surprise there were several ads. One in particular caught his attention: "Seller in a pinch, will discount Condo by 25% off appraised value for quick closing. Seller to pay all closing costs". Dan called the Seller, went to look at the condo, and the next
When the plumber was called out to the 16th floor of this particular condo building, it seemed like a normal "clogged pipe" call. So much so that the plumber went to lunch first. The plumbing company had a contract with the entire building and generally if there was a plumbing problem, he knew right where to look...
When the plumber arrived at the unit, he knocked on the door and the tenant that was living in the unit explained that the drains in both of her bathrooms were overflowing. He thought this was a little unusual for this part of the building.
The plumber went to his truck to retrieve his 50 foot electric snake in order to clear the lines. He was only gone about 10 minutes. While he was away his pager
The Pompano Beach Fishing Village is moving along.
Just to the North of Atlantic Blvd on the Ocean in Pompano Beach, you will notice several cranes reaching into the sky. These are signs of progress.
The progress being made is the Pompano Fishing Village. For a complete up to date report, please visit: http://pointpubs.com/pompano-redevelopment/
Pompano Beach has come a long way, and is about to be a destination spot for many travelers and people looking to reside in a South Florida community that has recreation, accommodations, and amenities like golfing, fishing, and shopping, as well as fine restaurants. To see what is in store for visitors, just drive down A1A from either Fort Lauderdale or Boca Raton,
Questions to Ask Your Realtor When Listing Your Condo
By: Melissa & Denise Stewart
When you are talking to a Realtor and trying to decide if you want this Realtor to list your condo, you need to be prepared.
You are actually interviewing the Realtor, just like the Realtor would be interviewed if he or she was going for a job. The bottom line is that you are trusting the Realtor to sell possibly the largest asset you have ever owned, and you have every right to ask questions, and base you decission on how comfortable you feel after you receive your responses.
In no particular order, these are the questions that you need to ask the Realtor that is going to list your condo, and hopefully get adequate responses:
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