Maui has a lot of condo properties, in fact they are the biggest section of the market here. These days it really is important to make sure the financials are strong.
Buyers - please read the documents and make a note of any questions that arise.
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Along with loan documents condominium documents rank high among the paperwork buyers should read before closing on the purchase of a Northern Virginia condo.
Since I sell a significant number of condos in the Belmont Bay neighborhood in Woodbridge VA my phone often rings with agents asking me questions about condo rules and regulations. This past week an agent called who recently represented buyers on the purchase of a Belmont Bay condo. The new owners wanted to install hardwood flooring and wanted to know the rules.I explained to the agent that all the information the new owners needed to know would be outlined in the condominium documents. Their reply was classic. The buyers didn't read the documents as they were "too big."
Oh boy are they in for a few surprises the least of which is needing permission to install the hardwood floors.
One of the first things I tell any buyer looking to purchase a condo in Northern Virginia is to read the condo documents. Especially pay attention to the budget and financials for the association. It isn't unusual to find associations in financial trouble due to short sales and foreclosures.Condo documents may be bulky and they might be a great cure for insomnia but reading them might save you from an unexpected financial surprise after you move in.
Georgina, the condo questionnaire mortgage companies require can also be a big surprise for buyers and sellers. the lender wants to make sure past due fees are not excessive,and there are less that 10% of all the units in a project on the market at one time. It is difficult to place a loan if the project is in trouble, so be aware of the lending rules before you pay the bank application. Many buyers may be better off with a portfolio lender who are more lenient with these concerns.
The condo by lawsll\rules are a lot for many to wrap there heads around. We must do a very good job informing our clients on these situation, and the finical right now sounds like they better look extra close.
Steve - thanks for the lending tips! The rules have certainly gotten a lot stricter of late.
Connie - you're right about that!
Thanks for your comments.
Wow - condo documents - the very thought of that!!! I am so glad WE don't have to read them too! When I pass them along to buyers they are always overwhelmed!