Question Details

Zoldello, Home Buyer in Chicago, IL

What are questions to ask when you see a condo you like and want to buy?

Asked by Zoldello, Chicago, IL Sun Oct 7, 2012

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The U.S. housing market and national financial crisis has caused so many foreclosures specially in condominiums. It could be extremely important to check how stable the community where you are buying is. Learn how the place is managed and inquiry about its financial stability. You need to see copy of the Association's budget and find out if homeowners are paying the association fees on time and if the community has no debts.
Check the community to see if the commun areas look well maintened. Talk to a few owners of the complex and see how they like it.

Best of Luck,

Maria Cipollone

http://www.Flahomespecialist.com
0 votes Thank Flag Link Sun Oct 7, 2012
Zoldello,
Purchasing a condo is not like purchasing a single family home. There are many, many, many things you need to address and know how to interpret. None of which can be addressed adequately in a Q&A session on a aggregate real estate website.

That is why I and most real estate professionals, provide a separate 'Condo Buyers Guide' that does address the property, community grounds, financials, minutes, assessments, rules and regs, conditions, and cloaked poison pills. Any one of these issues can make such a purchase a mistake for a buyer who simply did not understand their needs and did not know what question to ask or what stone to look under.

Contact a Chicago, IL real estate professional and get some serious tools.
Don't use that 'Contact' button.
Don't use Trulia email.
Go old school and pick up the phone, if you are serious.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sun Oct 7, 2012
Howmuch are the condo fees? WHat do you get for what youpay in fees? What services does it include? Nexdt get a copy of the bylaws and rules to read then ask for a years worth on meeting minutes to review what the HOA is talking about. It will let you know what concerns they may be debating. A good buyer broler can easily guide you through the buying process
0 votes Thank Flag Link Sun Oct 7, 2012
First, what are the condo association fees and what is included in that fee? Second, be sure you are comfortable with the mortgage payment when you include the condo fee in that monthly number. You will want to know which maintenance items you are responsible for and which ones are covered by the association. You will want to know the maintenance schedule and when these items were last done.
0 votes Thank Flag Link Sun Oct 7, 2012
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