How to Get a Condo
It’s possible to find condos at flat-rate costs by looking the foreclosure pages. Mortgage lenders can foreclose on a property once the borrower defaults on the mortgage arrangement, but use foreclosure as a last resort because of the costs connected with repossessing, managing and marketing foreclosed real estate; they’re in the lending business, not the real estate enterprise. Consequently, they are usually keen to sell property for less than market value, particularly when the market is soft. With the ideal time and a good eye, their loss may be your profit.
Schedule an appointment. Have it inspected by a home inspector if you are thinking about making an offer to buy. Utilize any required repairs to pay a lesser cost. Check recent sales statistics for the complex at the local tax assessor’s office to obtain an idea of the condominium’s market value. Hire a real estate agent if you are uncomfortable handling the purchasing process independently or if you do not have the time to be thorough, but a broker isn’t necessary.
Examine the homeowner’s association’s books and books for stability and financial strength. Have your accountant or financial adviser review the books if you are uncomfortable doing it yourself.
Signal a sales contract once you’ve negotiated a sales price. The bank’s broker will likely handle the transaction, but negotiate a price and terms you are comfortable with if you deal with a realtor or a bank employee. (reference 2)The contract will list the terms of the transaction, such as cost, required earnest money, final date and place, and payment of closing prices.
Apply for a loan if you will be borrowing your buy cash. Hire a title examiner to research the chain of title, a surveyor to survey the property and an appraiser to ascertain market value if you are financing the purchase with your personal funds. If it’s lending you buy cash your lender will ask its own title examination, survey and evaluation.
Prevent incurring new debt or changing employment while waiting for your loan to close. Lenders sometime recheck your own credit and employment status before closing financing to make sure your financial status has not changed.
Attend the final. Bring a certified check made out to the final attorney for any funds you are required to bring, such as closing costs and down payment, or purchase money if you are self-financing.