Hi Mr Fred
First thing you want to do us talk with a mortgage broker or banker. They are best equipped to help you understand what to do with your credit and what your timeline would be to qualify for a home loan. Most real estate agents have relationships with brokers and can provide you with a referral. Once you know your timeline, you can discuss the details with an agent so that you are all working together to meet your goal.
My understand is the seller (bank, HUD, fannie mae, freddie mac, VA, etc.) are responsible for assessments from the day they take possession in full and up to 6 months prior. Any further months are eaten by the association. Buyer is not responsible as long as they get a clear deed and title. Some auction transactions or quit claim deeds and buyer can be responsible. Most traditional contracts require proration of taxes and assessments, but banks should pay back assessments at closing.... more
Prairie Park currently has thirty-one listings for 2012. Two have closed, one being a short sale. There is one unit currently with a contract pending which is bank owned. There is one unit with a contract waiting for bank acceptance of a short sale. One unit is temporarily off the market and is a short sale. Twenty-five units are normal sales. If you would like further information, please contact me.... more
In theory, condo fees can go down. In practice, they very rarely do.
If you're looking primarily at price (you shouldn't; there are many other factors to consider), consider both the monthly mortgage payment and the condo fee . . . and what you get for that total expense. Some condos legitimately have higher fees because they offer more services--more bells and whistles. A pool, a tennis court, a clubhouse, an exercise room, on-site management, and so on. So figure out what your total monthly expenses would be, and then compare that total figure to what you're getting--the condo itself, the services, the location, etc.
One tip: Be sure to look at a condo's financial statements. One with exceptionally low condo fees may be cutting corners, especially on maintenance and capital improvements. Or they might have low condo fees, but every year or two impose a hefty assessment. And just make sure the condo is in decent financial shape. Are all/most of the owners current on their condo fees? Or are 20%-30% or more delinquent?
Admittedly, when you go to sell, buyers will be looking at condo fees, just as you are now. And some just will reject properties with high condo fees. That's inevitable. But you really have to look at more than just the condo fees, but at the total cost of ownership, and what you're getting for it.
Hope that helps.... more
Properties in Wheeling are similarly priced with properties in the surrounding areas such as Mt. Prospect, Buffalo Grove, and even Arlington Heights. Unfortunately, in my opinion, Wheeling lags behind these other areas in terms of value. It pains me to say this because I have a listing in Wheeling that I'm currently trying to sell.... more