Also, if it's a condotel, that's nearly impossible to finance in today's market.
If there's a lawsuit against the association, it also becomes more difficult.
The above all apply if you're trying to FINANCE. If you're paying cash, then it shouldnt be more difficult.
Some communities appear condo - but are fee simple ownership, so be sure to ask the question if you are a FHA borrower.
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Your mortgage broker can help you decide which option is best for you.
Not unless you are trying to use a VA or FHA loan, and the condo development is not approved. Otherwise it's the same process as a single family home.
Here's a link to find out if the development is approved. Just fill in the information and a list will come up. You can just search by area/zip code if you do not know the specific development name. All developments approved will come up in the search.
It's the same process as a single family home unless you are going to get a VA or FHA loan, then the complex must be VA/FHA approved.
Other than that, you MAY have to fill out a condo questionnaire.
Property taxes, are a separate entity payable to the municipality, (NEVER EVER included in the purchase price), but they can be paid separately by you each quarter, or you can have money in escrow and have the mortgage company pay them for you with your mortgage.
Basically your monthy outlay will include Principle, Interest, Taxes and Insurance (known as PITI) plus the monthy/quarterly HOA fee. And of course the utilities, like sewer/water/electricity,/heat, unless they are covered in the HOA monthly fee too.
The taxes on either will be a seperate entity on either sale.
Approval of the property is important to the lender because the property is collateral for the mortgage. The appraisal is the most commonly recognized method that the lender uses in order to judge the property is suitable for their collateral. The condition of the property is often considered. Not all loan programs include properties that need repairs.
For condos, there are other elements that the lender takes into account. Is the HOA association financially stable as evidenced by the ratio of delinquent HOA members to the total members? Is there a high percentage of investor owned units in the complex? Is the HOA involved in any kind of litigation? In fact, there are quite a number of questions included in the condo questionnaire that a lender requires the HOA to complete before the lender approves a loan for a condo.
So, yes, condo loans are handled differently and can be more difficult to get. That being said, we get them done every day in our business.
The price of a property and the property taxes are two different, but related issues.
I am wondering if you cancelled your short sale transaction.
Hope this information will help you.