Home Buying in Tampa>Question Details

jsktaylor, Home Buyer in Tampa, FL

I live in Canada and l am thinking of buying a condo in the st. petersburgh area,we are looking for something around $ 40,000.Can an agent help me?

Asked by jsktaylor, Tampa, FL Wed Jan 8, 2014

what things should we be aware of when buying.Also can l rent out the condo for some of the months when l am not there?What is a short term sale?

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5
You should make sure the condo allows short term rentals. Make your offer contingent upon you reviewing their financial. Make sure they have enough reserves and are not planning major assessments for a pending project. Give me call if you have any other questions. (813) 679-5307
0 votes Thank Flag Link Thu Jan 9, 2014
A real estate agent would definitely be helpful for your situation because they would be aware of the best locations for you to buy. As said prior, condo association rules vary so you would want to get a copy of the bylaws before purchasing so you can review. That way you will know if you can rent the place out while you are not using.

As for financing, Jenn Cook's advice earlier is spot on; financing is difficult for Foreign nationals. There are Mortgage Brokers here that can help you but if you can line up the financing in Canada, you would be on more secure footing when you start your search in our market. Good luck
0 votes Thank Flag Link Thu Jan 9, 2014
Hello jsktaylor,

While Carrington Mortgage itself does not offer foreign national loans, I do know of some reputable banks/lenders that do. Please feel free to contact me for their contact information.

Joshua Lerette - Sales Manager
Carrington Mortgage
727-488-7355
joshua.lerette@carringtonms.com
0 votes Thank Flag Link Wed Jan 8, 2014
Hi,

I lived in Calgary Alberta when I was a child and loved it with the exception of the cold winters. Now, I'm happy to be in sunny Florida!!

As a Canadian buyer, it's best to either secure financing in Canada and bring the cash to the states or expect to need at least 50% cash for a down payment. I know of a few foreign national lenders that I can recommend. As far as buying, there are plenty of things to watch out for. I would like to set up a time we can speak on the phone and then I can give you all the details and possibly send you condos to consider. Feel free to contact me anytime.

I look forward to assisting you with your real estate needs.

Jenn Cook
Bahia International Realty
cell: 813-810-7454
jenn@jenncook.com
0 votes Thank Flag Link Wed Jan 8, 2014
I can help you with that. Some of the things to be aware of are Is the condo a 55+ community. If that i not an issue for you, it may be a consideration for tenants. Condo associations have rules about when and how often a unit can be rented. Each association has their own rules. Remember the times you would be wanting to stay in St Pete due to the weather, would be your best time to get a tenant. Part of your inspection time should be devoted to reading over the rules of the COA and the financial reports. If you are paying cash, the world is your oyster, however if you are financing you should be aware some condo's can not be financed with FHA. As a Canadian you would not be eligible for FHA but it will give you a clue as to the stability of that condo association. Contact me and I can get you started.
0 votes Thank Flag Link Wed Jan 8, 2014
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