That is a very topical question. I presume you are referring to the lending requirements for condominium complexes which have tightened in recent years.
Both FHA and conventional guidelines now require condominium complexes to show they are retaining a minimum of 10% of its membership dues as "reserves" for maintenance and other capital needs. So for example if the 32 unit owners each pay $4,000 per year in dues then condo association would have "revenue" of $128,000 so their 2014 budget should reflect $12,800 or more in a reserve account. If not they will not be eligible for FHA or conventional financing.
This is a good time of the year for agents to remind their sellers in condominium complexes to be sure their board and condo management company are on top of this very issue. Otherwise, you face the prospect of diminished market value because of the lack of available financing.
Timothy Brown | LPO Manager
EVOLVE bank & trust
11605 Haynes Bridge Road Suite 125 | Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
BHGRE Metro Brokers has 26 offices, the Buckhead office would be closer to Atlantic Station. Are you interested in purchasing a condo in Atlantic Station? We are always conveniently located near you.
You can research daily traffic report at http://www.wsbtv.com/s/traffic/.
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If you would like my assistance, I can be reach at 678-632-5133.
Stephanie Nelson... more
VA loans are a great option for those that qualify. Please contact me if you would like to discuss your circumstances. You will just need to coordinate the loan closing with your transfer. I represent Wells Fargo Home Mortgage.
Best regards, Sam Thompson 770-301-0527
Good Morning Yolaunda. The community this house is in does not have an HOA. Many older communities like this dont have them. It is usually condos and townhomes (attached housing) that have monthly dues. Communities that have HOAs with detached homes usually collect annually.
contact me at email@example.com or 770-912-5148 for more info.... more
This property is located in an active adult over 55 community. You must be over the age of 55 in order to live there. There are additional properties currently available in this same complex. If this property doesn't work for you and you're not currently working with an agent, give me a call, I would love to assist you. I look forward to your response and serving your housing needs.
The "HUD" Queen
Tally Real Estate Group, LLC
The old saying if it is too good to be true it probably is certainly applies....this posting was clearly a scam. 3 bedroom 3 bath for 1000 a month isn't going to happen. Best of luck in your search for a rental property. I suggest contacting a local real estate agent who would be able to find you legitimate listings that are available.... more
Follow these links:
I hope you understand that an auction “price” is just a starting price. Bidders will rapidly bid up that price until a final bid is accepted – or not, perhaps. Many auctions have a “reserve” price and if the bidding does not hit that price the property is withdrawn from sale.
Don’t be misled into thinking that you can get a property for way under its market value. Those who attend auctions regularly are experienced in evaluating the properties upon which they bid and they know when to stop bidding before over paying. The enthusiasm of the auction environment can tempt the unwise into overbidding.
You should go to the auction. You would find it interesting and educational.... more
Agent to agent private remarks state:
"This property, and the terms of its sale, is now under auction terms and conditions. All bids should be submitted through http://www.auction.com/, the auction firm (void where prohibited). ? The sale of this property is subject to a 5% buyer's premium pursuant to the Auction Terms & Conditions (minimums may apply). This is a reserve auction."
Question #1 - do you know what a reserve is?
Question #2 - do you have a Realtor who knows what they are doing with auction.com, representing you?... more