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43214 : Real Estate Advice

  • All11
  • Local Info0
  • Home Buying7
  • Home Selling0
  • Market Conditions0

Activity 8
Tue Apr 7, 2015
Tom Vaughan answered:
Fees correspond to the individual utility bills you pay on a home, along with maintenance work such as window cleaning, snow shovelling, housecleaning, gardeners, and so on. Fees are generally calculated according to the size of your unit – a two-bedroom’s fees are higher than a studio’s, for instance – and are recalibrated each year, up or down, according to the building’s annual operating budget.

A certain portion is also set aside as part of a “contingency fee,” which every condo must maintain by law. The contingency fund covers any special costs incurred as part of building upkeep, such as a new roof or repairs to heating or plumbing equipment.

The maintenance fees for townhouses within a complex are usually slightly lower. Often townhouses have their utilities separately metered, so these are not included in the fee; but townhouse owners still pay a share for maintenance of common areas, security and other general costs.

Beyond these basics, there’s a wide variation in the features each individual condo building offers, and the fees vary accordingly. One building might offer beefed-up security, concierge service and underground parking; another might have a fully equipped gym or pool with trainers and classes; or you may have access to special perks like a rooftop patio or guest suite. All of these are reflected in the monthly fee, and in some cases are optional.
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0 votes 7 answers Share Flag
Thu Nov 20, 2014
Marnie Giuffrida answered:
Hey Kristen- It depends what you are looking for within Clintonville. There is also west Clintonville which has lots of homes built after 1960. In the east of 315 Clintonville area there are some homes built after 1960 as well. Any home basement can get water if it rains enough. If you want to see a few homes and have a more in-depth discussion call me. ... more
0 votes 11 answers Share Flag
Wed Jul 23, 2014
John DeFourny & Megan answered:
In a home purchase, there are not only closing costs with most loans. There are also pre-paids and Seller and lender "credits", which decrease your cost to purchase. Ultimately, most buyers need to know their estimated "Cash at Closing", which is your bottom-line number needed at closing.

A pre-paid is a portion of your costs at closing for your lender to start your escrow account for taxes and insurance to be paid by your lender every six and twelve months. By law, lenders may only collect so much to fund this account. Every buyer should ask their lender for an itemized breakout of both closing costs and pre-paids. This way one can compare apples and apples and know exactly what costs are involved.

Your total "Cash at Closing" will depend on purchase price, lender, type of loan, closing date, title company and more. An experienced lender will be able to advise on these and an experienced buyer agent should be able to work with your lender and you to advise on how best to structure your offer to get you the best possible deal.

Most importantly, you will also want to know exactly what costs the Seller(s) will be paying as part of that 3%. Does that 3% include the Title Policy, Title Search or other costs which are typically Seller-side in your area or are those in addition to the 3%? Once you know the details, you can make the best decision for you. As the devil can be in the details, you need a team on your side with attention to detail.
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Sun Oct 30, 2011
Jack Gillis answered:
That is a question you would need to ask the local code office, as each jurisdiction is different. In some areas, if you are only hanging sheetrock then you may not need a permit. However, if you are adding/moving electrical, plumbing, etc., then you will probably need one. The inspector must be able to view the work so, for example, if you added electrical then walled over it the inspector will probably require that you remove the sheetrock so he may inspect the electrical. ... more
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Wed Apr 27, 2011
Jason Opland answered:
Where did the value of the appraisal come in? Most appraisers are coming in very close to the contract purchase price these days and if this is the case in your situation there is no reason for you not to provide the bank with a copy of your appraisal. If the value came in significantly above the contract purchase price I would refuse to provide this and tell the PMI company they need to order their own appraisal. As was suggested the PMI company is attempting to determine the current value and if it makes more sense for them to allow the short sale now, or to force the foreclosure and delay the payment on the policy. If the appraisal is significantly above the contract purchase price the PMI company is likely to require the purchase price be increased to help reduce their payout. ... more
0 votes 8 answers Share Flag
Mon Apr 18, 2011
Gayle Botdorf answered:
I would have a plan "B" ready to go in case it doesn't. Short sales can be VERY unpredictable.Has an appraisal been done? Your agent can get extensions on the closing date. I would be surprised if you close by then. Sorry. ... more
1 vote 6 answers Share Flag
Sun Apr 17, 2011
Jason Opland answered:
Your question is a difficult one to answer as there are a number of factors that come in to play here including but not limited to the number of files on the processor's desk (with the MI Company). The good news is if the current offer is close to the current offer you're pretty much guaranteed to get the approval. 2-3 weeks is a common time line for approval from a mortgage insurance company on a short sale though and you should have an answer very soon! IF your financing is in place you shouldn't have any problem meeting your closing date but the seller's agent should be calling the seller's lender to remind them of the closing date. Banks and mortgage insurance companies tend to focus on deals that are scheduled to close by the end of the month so this also plays to your favor. ... more
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Fri Mar 21, 2008
Don Bush Team answered:
These are usually listed on the MLS of Realtors, you need help from a realtor.
1 vote 4 answers Share Flag
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