Over the last years I have represented many buyers in the process of purchasing a condo. All too often the listing agent’s lack of understanding of the complexities involved has resulted in the deal falling through. Condos are much more difficult to finance than single family homes, unless you are putting down 20% or more. In some cases banks won’t finance them at all – you need to buy with cash. Below are some tips and information on how to Buy Or Sell A Condo In Newburyport in Newburyport MA.
Advice on How To Buy Or Sell A Condo Newburyport MA
Your Listing or Buyer Agent needs to do their homework. What is the ownership structure of the association, and how will that affect financing? Can the property be FHA approved, allowing buyers with low (3.5%) down payments to qualify? That certainly changes the sability of the condo. How is the association being managed? What is the budget history (last 5 years), how much is in reserves? Is the master insurance policy enough to replace the building in case of damage? What upcoming work needs to be done on the building and how will it be paid for? Are condo owners current with their condo fees? Does the association have any debt?
Other Newburyport MA Information and Guidance
There’s more to it than this. It’s important that you hire a Realtor who understands these issues and deals with them first, as well as working with a solid lender who is cooperating. If you are looking to sell your condo, Heidi R.H. Whittier will find the financing solution FIRST – not wait until a buyer comes along to find out what you are facing. If you are selling or buying a condo in Newburyport or the surrounding towns, hire Heidi R.H. Whittier at Wellsco – you’ll get the service and knowledge you deserve.
For additional information on how to Buy Or Sell A Condo In Newburyport MA or surrounding areas, contact Heidi R.H. Whittier at 617-283-6570 or email her at heidi@johnpwells.com.