This is the best time to use a Realtor, especially if the property is a short sale or REO.

Wow, Vicgonzo1, that is a great question!

I get this question every time I work with a buyer and they finally seem to have found "the one". Obviously, they're a little nervous with the market being what it is and neither want to insult the homeowner nor pay too much.

There are a number of questions you must ask yourself and have a clear understanding of how you feel about each answer. Among them:

Are you planning to live in it or rent it?
Is the building financially sound or are there issues you should be aware of?
How old is the building? Are they facing 40+ year recertification?
Are all assessments paid?
Can financing be obtained by a would-be buyer in that building?
What is the unit's condition?
Is this a distressed sale?
What are other similar units selling for?
What is the ratio of owner vs non-owner occupancy in the building?

In short, these are but a few of the critical questions you must get answers for before you make your move. YET, don't take too long to think. Great, well priced units in solid, financeable buildings go fast!

Another thing to consider is if the unit is a short sale (pre-foreclosure) or REO (foreclosed). Both of these require the expert touch of a well trained Realtor (remember, not all real estate agents are Realtors, members of the National Association of Realtors, who adhere to a strict Code of Ethics), preferably one additionally trained in the art of handling distressed properties, who works the area and who has a team in place ready to help walk you through the entire process, such as Certified Distressed Property Experts http://(www.CDPE.com).

I hope I was able to provide you some valuable information and all the best. As Mark Twain said: Luck, Is When Preparation Meets Opportunity. If you prepare for this or any purchase and have the right team in place, luck is nothing but the perception of others.

All the best

Vicgonzo1,

If you do not already have one I highly recommend you partner with a Realtor and create a buying strategy and narrow your search which will save you time and money.

I have some great contacts in that area, please contact me via email or phone if you would like names.

Sincerely,

Chris Capps, Realtor
Residential Real Estate Specialist

cell 804.896.6945
office 804.740.1644 ext. 103
fax 804.545.7224
email chriscapps@oakstoneproperties.com
web http://www.chriscapps.com

“It's Time to Expect More From Your Realtor®”

Licensed in Virginia, with contacts across the country

Dear Vic,

How do you expect us real estate agents to help you if you don't give us the address of the property, with the unit number ?

Then we can pull the comparable, check the market in this area and let you know what should be a reasonable offer for this condominium.

Best regards.

Franck Dossa - Real Estate Broker - FD @ CONDHOTEL.COM

Hi, Vicgonzo1,

Are you working with a Real Estate Agent?

The Agent can pull comparable sales, they can also determine if it is a short sale or distressed sale. That info will help you decide how much to offer.

The Agent (or you) should obtain the Condo Documents, find out the percentage of Renters in the project, find out the number of Vacant Units, get an accounting of the Financial Status of the Condominium Association, and do a thorough investigation of the project. Remember, Florida Statutes give you a "Free Look" period, during which you can back out of your Contract if things are not right.

If you plan to get Financing, talk with your Lender BEFORE making any offers. Lenders are being very very selective about Condos Loans in Florida. They are requiring large down payments, and they have strict criteria regarding the Owner Occupant Percentages and the Financial Status of the Condominium Association.

See a Lender about Financing, and see a Real Estate Attorney for Legal Advice.

Best wishes,
Fred Griffin