I received an inheritance and am considering purchasing a condo in this area for cash. I've never dealt with

Asked by Mlb, Fort Myers, FL Thu Jun 11, 2009

a homeowners association and wonder if my low credit score would be an issue.

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Mehalena, , Sarasota, FL
Wed Jun 24, 2009
First of all why do you want a condo? There are so many good deals out there and purchasing a condo is not one of them. If you would like to talk call me.
Michele Hodges
Keller Williams Realty
0 votes
Dan Craddock, Agent, Griffin, GA
Tue Jun 23, 2009
I believe the question is: Why wouldn't they accept you? If you're a cash buyer then you're more likely to pay your homeowners dues. HOA's are hurting because of all the foreclosures. Choosing the right condo complex is the real issue. I know people that were not so lucky and are having to cover the maintenance fees with a few other remaining residents. This is not what you want to get into.

Call me and I can help. Good Luck!

Dan Craddock
Zivkovic & Associates RE Services, LLC
Web Reference:  http://www.dancraddock.com
0 votes
Louise Warri…, , Lake Mary, FL
Fri Jun 12, 2009
Hi Mlb -- Your credit score usually has no effect on the HOA (unless it's the type of association that has to "approve" of your membership.) If it's this type of HOA, you'd naturally make your offer to purchase contingent upon being approved. Your credit score affects your homeowner's insurance rate, so you might want to check the price of that before you make an offer so that you can assess your monthly payment (HOA fee, insurance, property taxes). Congratulations, though, on being able to pay cash for a home! You're in a very enviable place that most folks would love to be in.

A little caution, though. Just because you can get into a condo community for an unbelieveable price, make sure that you have the help of a good agent who will run the comparables for you, check out the condo reserves, investigate the number of foreclosures/delinquencies in the complex. When you pay cash, there aren't the normal safeguards around you that would be in place if you were getting a mortgage. I would advise you to make any offer contingent upon the property appraising for the sales price (and then paying for the appraisal yourself) so that you don't end up buying a big headache. It's a small price to pay for the peace of mind that you're making a sound decision. Also, don't forget the $8000 tax credit that's available to first time homebuyers who will make the home their primary residence.

Best of luck to you. Do your homework (or get an agent to do it for you) and you'll be livin' on easy street soon. If I can help find a great agent in Fort Myers for you, give me a call.

Happy House Hunting!

Louise Waring, e-PRO, CSP, CNS
Coldwell Banker Residential Real estate
0 votes
Jeanine Stan…, Agent, Fort Myers, FL
Thu Jun 11, 2009
If you are purchasing the condo with cash, it should not be a problem with the homeowners assocation. Basically, an association is more concerned with your moral integrity(criminal record) and ability to pay the monthly(or quarterly) HOA fees. Each association has their own rules so it depends on where you are planning to purchase. Any association's application process would tell you whether or not a low credit score would affect your purchase and this information can be checked when you find a place you like. If you are working with a reliable and committed realtor, they can research that information for you. I hope this helps answer your question!
Jeanine Standing Bear
Sandals Realty of Fort Myers
email: jstandingbear@yahoo.com
0 votes
Marc Comisar, Agent, Bonita Springs, FL
Thu Jun 11, 2009
The association will screen you but if you are a cash buyer I'm sure they will take that into consideration as your vested interest will be there. If I can be of assistance in helping you find your condo please let me know.
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