Hi John,
I live in Mass so our laws and rules my be different. I do sell alot of condos. Before you write an offer make sure you have a buyer agent and please spent the extra money for a real estate attorney. Just because it is a condo does not mean the closing costs will be cheaper than buying a home. Check out the complex / area. Drive by at different times of day to get a full feel for the condo. Ask neighbors questions. They are a great source of info. Make sure in your offer that you write subject to review of condo documents. You want your attorney to review these and make sure you can live with all the rules , regulations and bylaws. If you don't like what you find , use it as a way out of the contact. Ask for budgets . Is there a reserve account? Are there any special assessments coming up or presently attached to each unit? Are all condo fees on the unit paid up to date? What is the rental policy? What is the pet policy? Is the property on leased land? What is the common use areas and what are the exclusive use areas? Make sure they are clearly spelled out. Always always have a home inspection - even if it is new construction. This is a valuable report card to help determine if you want to move forward with the sale or not. Best of Luck.

John,

If you're not working with an agent in your area, I highly recommend to find a good one.

A good agent is your best source of referrals to attorneys and lenders.

Purchasing a condo is a good idea, especially with prices so low, but a condominium purchases can get complicated by things such as:

1. Association financial health
2. Rentals in the building
3. Developer controls
4. Bylaws and FHA approvals
5. Other restrictive covenants
6. Property condition and deferred maintenance

You'll want to review the financials of the association, as well as inspect common elements such as roofing, porches, common mechanicals, tuckpointing. These are big ticket items and condition or capital improvement plans should be know during attorney review so you still have an out, or can negotiate the issues. A solid attorney can help you with the review process. A good agent will help keep the deal on track during the review. You should also review the minutes of the associations board meetings during the attorney review period.

Best of Luck.

John, first, you should commit to a mortgage professional to get approved for financing your condo purchase. As with earlier post from Kathy Diegel, you and your mortgage professional will want to confirm if the condo is FHA approved to see if you can benefit from FHA financing vs conventional financing. Second, you should commit to an attorney who can best represent you during the attorney inspection review period of your purchase contract. Third, with your attorney, you will want to spend time looking at the condo's budget and reserves to make sure there is less chance of special assessments surprises for you in the future. Your attorney should also be able to confirm that there is no pending litigation against or filed by the condo development.

BTW, if you have not committed to a mortgage professional, I welcome the opportunity to qualify that I can help you and that you are comfortable with me.

JC,

If your loan is an FHA loan then you need to make sure the condo you are making an offer on is FHA approved. If your loan is FHA, just tell me the name of the condominium complex, or just give me the address I'll let you know if it is approved for FHA. You can email it to Kathy.Diegel@cbexchange.com

Kathy Diegel
Coldwell Banker

My advise is to make sure that you have looked at properties like that one that have sold within the last six months and see what they went for. If you have done your research and feel comfortable about the offer don't be too nervous. Make sure you do the following:

- Get seller paid closing costs (saves you a lot of money and may even lower your interest rate)
- Get a lawyer
- Do am home inspection

If you have a lawyer and the home insepction comes in poor then yu can demand that the seller fix these things or lower the price.

If you need financing I would be happy to help you. I am available all weekend and in the evenings. Even if you just need some more advise i will be glad to direct you.