The fact that you have the cash to purchase now is fantastic with the property values being almost half of what they were in the boom 2003 - 2006. Condo properties were hit even harder than single family homes in terms of value. I have seen condos in some cases 60 -70% of what they were selling for in years past. You are a cash buyer which with the right agent is always a good thing never a bad thing. Your offer will stand out for sure if written properly. It is not just price only and paying all cash there are terms as well. We have listed and sold many condo properties if you would like to talk in more details on what to look out for and stay protected with a condo purchase please contact me we are here and ready to help!
Great question. I deal with many Arabs who move here from the middle east. They sell their property in the middle east and bring their cash here and buy homes 100% cash. If you would like some additional information about the process, feel free to contact me direct at (916) 295-0071.
Ahmad Zeki, J.D.
Realty World - Complete Real Estate
150 G. St #108
Lincoln, CA 95648
The HOA has a pool for you to enjoy.
My homeowners association requires that my condo be owner occupied, so I can not rent it. I must sell it.
similar condos rent for $800+, I would sell mine to you for cash. It is not listed yet, so the price is still negotiable.
HOA dues $245,
Property tax $55,
Condo Owner insurance $30
Sacramento County Utility Bill (Sewer & Stormwater charge) $38.
Total Monthly housing expense without mortgage: $368.
Thank you for your question. You are in a good position being able to pay cash, because you are right, overseas income is not generally usable to qualify for a mortgage.
When you find a place and decide to write an offer, the seller's agent will require you to provide "proof of funds" showing you have the ability to pay cash for the condo. This means that you will need some type of account statement showing that you have the funds available to buy the condo and pay for the closing costs.
It's not really complicated, but there are some things you need to know before you start looking. We can help you get prepared so that when the right condo comes along, you are ready to go and your offer has the greatest chance of getting accepted.
Please call us at 916-770-9890 when you are ready to start looking and we will make sure your offers are as good as they can possibly be.
Keller Williams Realty
548 Gibson Dr., #200
Roseville, CA 95678
Buying a condo or home with cash is fairly straight forward and you can close in a short period of time - two weeks or so. Plus, it's a great way to go because many condo complexes are cash only at this time and can't even qualify for financing due to HOA litigation or too many investor owners in the complex.
When you buy a property with cash, you won't need to pay for an appraisal if you don't want one, and you'll save on fees since you won't be financing a loan. You'll still have time to do your buyer investigations and any inspections you want to have done - pest inspection, home inspection, etc. After you are satisfied with the results of the inspections you want done, it's a pretty simple process for title to draft up the documents for you to sign. You'll wire the money to the seller and the home is yours!
Just keep in mind HOA dues on condo complexes - be sure to know what they cover and how much they are. Also, walk around and talk to some of the neighbors in the complex and talk to the HOA about past / present litigation in the complex and how it was handled. This is all part of what you can do during your buyer investigation period of your contract - perhaps the first 10 days after your offer is accepted.
A condo can make a great investment down the line for you to keep as a rental since the renter won't have a yard to take care of. When you purchase this condo, please be sure to read the rental requirements or restrictions in the HOA docs / CCRs if this is a property you will one day keep as a rental unit....many times the complex restricts the number of investor owners / rentals there can be in a complex. Be sure to know what you will be up against down the line.
If I can be of any help in your search, please let me know! I'd be honored to earn your business!
Best of luck!
Better Homes Realty