Income requirements to buy a condo?

Asked by Robert, Phoenix, AZ Thu Dec 20, 2012

If I am a cash buyer of a condo do I need to satisfy any other requirements with the building management such as providing proof of income?

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Maria Cipollone’s answer
Maria Cipoll…, Agent, Coral Springs, FL
Fri Dec 21, 2012
It look like is getting very popular in most states. I heard in New York and California are similar situations with this type of ownership. That is why sometimes is better to be associated with the exterior maintenance of the single family home and avoid condominiums.

All the best,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote
Maria Cipoll…, Agent, Coral Springs, FL
Fri Dec 21, 2012
If this is part of the rules and regulations that Associations have, the answer is yes. In Florida is common that the Bylaws, especially in Condominiums require potential buyers to have a certain income.
Normally you have 3 days, after an offer is accepted to read the rules and regulations of the condominium and make a decision if you would like to own a unit in that community or change your mind.

Best of Luck,

Maria Cipollone

Century 21 Tenace

http://www.Flahomespecialist.com
1 vote
Bill J Delig…, Agent, Naperville, IL
Thu Jan 3, 2013
Some associations require interviews with potential owners but for a CASH purchase all you need to do for most purchases is provide the Proof of Funds with your initial offer to the seller.
0 votes
Robert, Home Buyer, Phoenix, AZ
Fri Dec 21, 2012
Maria: Yes, this is why I asked. I ran into this issue in Florida last year. I wish I would have known before being it would ahve saved me an entire trip there.
This doesn't appear to be nation wide or does it.
I am presently looking to buy in Chicago and it seems the condo boards there don't require any documentation.
0 votes
Manuel Brown, Agent, Chicago, IL
Fri Dec 21, 2012
I have yet to hear of a condo association having income requirements for a person to purchase a condo.

However, I rent condos in Hollywood Towers. In the Condominium association if you are a buyer or seller they do ask questions about your job, how much you earn, open credit lines, bank reference, as well as three references for the person purchasing or renting.

Do they have an income requirement for a cash deal not sure how they could.

Happy Holidays,

Manuel Brown, Broker
iMove Chicago
0 votes
Philip Sencer, Agent, Chicago, IL
Fri Dec 21, 2012
The management could care less how you buy anything. Some condo buildings have restrictions on renting so if you are buying to rent it out you need to check on this before you waste time writing an offer. You also should do some homework on the financials of the condo building, but you can do that during the attorney review/insopection time frame after you reach an approved contract.
When you write an offer on any property and it is to be CASAH, you need to submit what is called POF...proof of funds which is a bank statement showing that you actually have the $$$ to do the deal.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Thu Dec 20, 2012
If you're a cash buyer.............just pull up a chair, and make yourself at home!!
You should be welcomed with open arms!

:)

Any seller will ask you to provide proof of funds, not income, for a cash purchase..............but the condo association shouldn't have any other requirements (in contrast to a cooperative form of ownership where board approval is required, as well as having financial restrictions).

You will be deeded, and actually own, your unit, so there are less obstacles to get to the closing table.

Best wishes..........have a great holiday
0 votes
Darrell Hess, Agent, Asheville, NC
Thu Dec 20, 2012
Depends on the condo's HOA's. Typically you do not and financial information would only be between you and the closing attorney unless the seller requested it in the contract.
0 votes
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