Condos are a breed of their own. I have lived in, purchased for myself and others and leased out condos. I have done extensive research on who here in town can lend on them and why and how. The agent that you hire should be just as knowledgeable because they are tricky. Are you an investor or owner occupant? That will matter as well. I also highly recommend running the unit you select past your lender to ensure that they can lend on it, too, because not all lenders finance them depending on warrantability.
Angele Moyseos, Broker
Vox Real Estate LLC
Please feel free to contact me anytime without obligation.
Selling a lot of condos isn't necessarily in YOUR best interest, whereas knowledge of lending requirements for condos, the ups and downs of HOA companies and what to look for in a development, - combined with the desire to ensure you get make a good purchase with a sound transaction... well now, that's of great value to you.
After all, the Agent does in fact make more money the more you buy and sell, so if you snatch up a lemon, most likely you'll be calling that same Condo guy to sell your Condo, right?
Anyway, send me a direct message through my website below and let me know a bit more about what you're looking for in your condo purchase and I'll give you some more information specific to your needs. If you support Green movements, you'll also like my mileage-reimbursement program as Austin's Zero-Emissions Realtor.
I have many, many years experience dealing with condominiums, am a Residential Specialist, and am one of the top agents in Austin. I also happen to be a Master Instructor who teaches Buyer Representation, Negotiations, etc. as well for Keller Williams Realty, the #1 rated Real Estate company in the United States and Austin.
Feel free to contact me if you have not yet chosen a Realtor and I would be happy to assist you. I know some good deals here and there and can probably find just what you're looking for and negotiate the best price, terms, and conditions for you, my client.
Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012)
A lender who can do a non-warrantable condo is a big deal when looking for your loan. Most condos are going to require a larger downpayment, expect 20% in addition most condos have monthly HOA's and actually have a higher interest rate involved than a residential house would. A home owners association on a condo does sometimes cover insurance, water, common area maintenance and other services and amenities. Let me know if you would like to meet or talk to discuss the process further.
Condos are a different animal than single family homes. You would best be served by working with an agent who understands these differences and has done many condo sales.
Your purchase can be affected by the type of financing you are approved for, whether or not you intend to live in the unit or rent it out now (or in the future), how much the HOA dues are, what they cover, rules regarding pets, what you need special permission for if you want to remodel (like flooring choices), etc.
Aside from HOA dues, its also important to understand the financial health of the condo association as well as the physical condition of the building(s), grounds and amenities as a serious problem with the buildings, pool, etc could trigger a very large and unexpected special assessment. I have seen newer buildings that suffered construction defects that created special assessments for units owners well into the tens of thousands of dollars each. In some cases, this caused many unit owners to default on their mortgages and it prevented units for sale from being financable - a disaster for all of the homeowners!
I have 10 years of experience in residential real estate and focused heavily on condos and townhomes as a mainstay of my business. I'd be happy to help you if you need it.
Keller Williams Realty
Yes! It is definitely important that your agent have experience in the transaction process with a condo purchase. As well as the overall buying process, especially If you're seeking assistance in determining which area of town or buildings to chose, having an experienced condo agent is essential! There are many hidden gems (and unpleasant items) in many of the buildings I've bought and sold in as well as pre-built new construction purchases. Many of those are being sold below market, it just depends on your time frame! Let's talk.
I would be happy to provide references as well as a complimentary consultation.
Here's a link to some recently sold and available properties,
Looking forward to hearing from you!
REALTORÂ® GRI, CNE
Real Estate Consultant
Ultima Real Estate
512.574.2969 direct | 512.852.4412 fax | 512.22CONDO Office
Commercial property available on riverside, $389,000!
RESIDENTIAL & COMMERCIAL
Sales | Leasing | Purchasing | Land
Search for active listings