Just a quick note for Buyers who feel like they are always getting beat out by other buyers on Short Sales and Foreclosures. ASK TO BE A BACK UP BUYER!
80% of my short sales do not sell to the first buyer. Why? The process feels long to the first buyer. They get all excited about purchasing the house and then are required to wait two months to hear if the seller's lender accepted their offer. As the days drag on, the first buyer's interest usually begins to wain. They begin wondering about the other house down the street, etc. Often by the time the seller's lender gives their approval, the first buyer has found another home that they think can close faster. Consequently, it is the 2nd or 3rd Back Up Buyer that actually ends up purchasing the house.
So buyers, don't be sad when you are not selected as the first buyer. Strategize and get in the 2nd or 3rd position. Chances are, you will be the one who eventually owns the home!
Monday, September 19, 2011
Thursday, September 8, 2011
CONDOS IN PHOENIX AREA ARE CHEAP, CHEAP, CHEAP! BUT LEARN THE FACTS!
Condos in the Phoenix area are currently are very inexpensive. When you are looking for a condo or townhouse, be sure to check into the financing requirement for each type of property. There are some significant differences on what is available and the lending rules for each. Be prepared, not disappointed.
Financing Townhouse and Condo Purchases
If you are looking to buy a townhouse or condominium, it's important to note there are some significant differences between the two.
A condo is more of a legal definition than anything, referring to how the property is owned and managed.
If you were to purchase a condo, as opposed to a townhouse, you would own just the structure.
The land under it would be part of the large parcel on which all the units and the common areas sit.
In a townhouse, you would own the land under their home.
In a condo, you will pay into a blanket condo insurance policy that covers the unit itself.
This insurance, by the way, covers the structure but none of the contents of individual units.
In a townhouse, you would pay for your own individual policy.
Services such as landscaping and repaving of the common parking lots will often be handled by both types of associations.
However, condo associations will be more likely to manage minor items such as trim painting and snow removal and major maintenance such as roof replacement.
Roof replacement is more specific to condos in that they are more likely to share common roofs. Thus, it would be challenging to replace specific sections of one part versus the entire roof itself.
For this reason, condo association dues can be significantly higher than dues for a townhouse. When you are looking to purchase a condo, make absolutely sure that you understand how much these dues are.
Expect them to increase over time, as maintenance expenses rise.
A major challenge that condo buyers and potential condo buyers alike may run into nowadays is that the development may not be on a list approved by the Federal Housing Administration (FHA) or the Fannie Mae.
So in order for you to buy a condo, an association will have to open up its books and provide a set of rules and regulations to the for review. Many times associations charge for this service.
Other consideratiosn with condos is the delinquent association dues and the mix of owner occupied units vs. non owner. This can be determined by a report from the HOA. These numbers have to fall into certain parameters in or order to qualify for financing. Homepath condos do not have the same restrictions.
Many condos right now in the Phoenix area are dirt cheap, but a little more difficult to finance. If you want to get in on these great investment opportunities, call Mike Drefs at 623-693-1505. He can help guide you thru the process and send you a list of available properties.
Financing Townhouse and Condo Purchases
If you are looking to buy a townhouse or condominium, it's important to note there are some significant differences between the two.
A condo is more of a legal definition than anything, referring to how the property is owned and managed.
If you were to purchase a condo, as opposed to a townhouse, you would own just the structure.
The land under it would be part of the large parcel on which all the units and the common areas sit.
In a townhouse, you would own the land under their home.
In a condo, you will pay into a blanket condo insurance policy that covers the unit itself.
This insurance, by the way, covers the structure but none of the contents of individual units.
In a townhouse, you would pay for your own individual policy.
Services such as landscaping and repaving of the common parking lots will often be handled by both types of associations.
However, condo associations will be more likely to manage minor items such as trim painting and snow removal and major maintenance such as roof replacement.
Roof replacement is more specific to condos in that they are more likely to share common roofs. Thus, it would be challenging to replace specific sections of one part versus the entire roof itself.
For this reason, condo association dues can be significantly higher than dues for a townhouse. When you are looking to purchase a condo, make absolutely sure that you understand how much these dues are.
Expect them to increase over time, as maintenance expenses rise.
A major challenge that condo buyers and potential condo buyers alike may run into nowadays is that the development may not be on a list approved by the Federal Housing Administration (FHA) or the Fannie Mae.
So in order for you to buy a condo, an association will have to open up its books and provide a set of rules and regulations to the for review. Many times associations charge for this service.
Other consideratiosn with condos is the delinquent association dues and the mix of owner occupied units vs. non owner. This can be determined by a report from the HOA. These numbers have to fall into certain parameters in or order to qualify for financing. Homepath condos do not have the same restrictions.
Many condos right now in the Phoenix area are dirt cheap, but a little more difficult to finance. If you want to get in on these great investment opportunities, call Mike Drefs at 623-693-1505. He can help guide you thru the process and send you a list of available properties.
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