#condofinancing

[mortagesbycheryl]

Facing Challenges with Condo Transactions?

Unlocking Condo Closings: Your Guide to Overcoming Challenges and Streamlining Transactions Condo deals can be complex, but knowing the hurdles and having a solid plan can make all the difference. I have taught many Condo Education classes to real estate agents and brokers to help then simplify the condo transaction. Getting answers before getting a headache. If a condo has issues with insurance deductibles, structure issues, and no reserves, we don't want them wasting their time and yours by listing the property and accepting conventional financing offers. They most likely should list that property for cash only offers. It is important to do the due diligence up front for a hassle-free transaction on both sides for the buyer and seller. Here’s a breakdown of common challenges realtors and buyers face, and how we have taught our realtor partners how to overcome them upfront so that you can successfully close more condo deals. Common Condo Transaction Challenges: - Financing: Condo Reviews, Master Insurance Coverage Insufficient, Unclear Title, etc. - HOA Requirements: Understanding HOA rules, fees, and any special assessments can be tricky. - Appraisals: Finding reputable Comps, Assessing the unit and the Condo building. - Title & Legal Challenges: Ensuring clear title and resolving any legal issues can delay closings. Listing Agents: Condo Listing Checklist To make the process smoother, ask the Seller and/or HOA for the following when listing a condo: - HOA Contact Info - All positions of the board, CAM, Property Manager etc. - HOA Dues & Frequency: How much, is there a master and subdivision HOA, Any Capital Contributions? - Coverage of HOA Fees - What does this cover? Is water included? - Any Special Assessments? If so, for what? Is it structural? Is it pending or approved? - Unpaid Seller HOA Fees/Dues? - Condo Budget- Does the condo meet the 10% reserve requirement for home financing? - Condo Rules & Regulations - Income or credit restrictions? Rental restrictions? - Condo Application - Where to find it, how long does it take for Applicant review? - All Notices Received by the Property Owner - Most Recent 12 Months of Meeting Minutes Effective Communication with HOA To ensure clear and effective communication: - Introductory Call: Start with a call to establish a connection. - Prepare a Call Script: Outline key points and questions. - Include Text of Importance: Share critical details and requirements. - Document Communication: Keep records of all interactions. - Follow-Up: Offer multiple ways for the HOA to provide information and avoid unnecessary details when speaking with them, remember they are only there for a few hours a day 1 or 2 days a week, they are busy. - Build Relationships: Show appreciation with in-person visits, sweet treats, and thank you cards. Understanding the Financing Full Condo Review: Thorough examination of the condo’s financial health, HOA, and legal status. Required for conventional loans with less than 25% down payment. Limited Condo Review: Focused review when the condo meets specific criteria, typically resulting in faster processing. No Financials are needed. This occurs when the buyer is putting 25% or more down. Non-Warrantable Condo Review: For condos that don’t meet traditional criteria; requires specialized lenders and often higher down payments. Short on funds for a 25% down payment? Consider these options: - Down Payment Assistance: Explore city/county and state programs if you qualify. - Creative Financing: A combination of a first mortgage and a HELOC can help cover down payments. Ready to navigate the condo market with ease? Contact me today for personalized advice and solutions to ensure your transactions close smoothly and on time! Let’s turn those challenges into opportunities. 🏠💼 #CondoLiving #RealEstateTips #HomeBuying #FinancingSolutions #HOAChallenges #RealEstateAdvice #ContactMe #themtgmagician #condo #condofinancing #condocrisis #listingagents #buyersagents #floridarealestate Feel free to reach out if you have any questions or need further assistance with your condo transactions! Read the full article

[tradedmiami]

LOAN IMAGE: Orlando A. Diaz DATE: 02/09/2024 ADDRESS: 18555 Collins Avenue MARKET: Sunny Isles Beach ASSET TYPE: Condo LENDER: Orlando A. Diaz (@ODiaz314) - Metro Fund Inc. LOAN AMOUNT: $5,250,000 LOAN TYPE: Refinance LOAN TERMS: 50% LTV on a 3/1 ARM at 7.5% Rate NOTE FROM LENDER: Metro Fund closed on a cash out refinance in the Porsche Building for a foreign national with favorable terms at 7.5% on a 3/1 ARM. Reach out to us at odiaz@metrofundgroup.com or check out our website at www.metrofundgroup.com #Miami #RealEstate #tradedmia #MIA #TradedPartner #MiamiLenders #PrivateLenders #MiamiRealEstate #OrlandoDiaz #MetroFundGroup #foreignnationalloans #porschebuilding #condofinancing #SunnyIslesBeach #Condo

[lotusdreamzofluxury]

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[dbraun22-blog]

#chicagocondos #condofinancing #chicagorealestate #realtorschicago David Braun Mortgage Expert (630)687-5800 davidbraun.loan

[gracievelarealtor]

Looking to make a move? Let me give you the Pro’s of #condoliving ! #dallashighrise #condofinancing #condolife #yourlocalrealestategirl #networking #realtorlife gracievela.com (at Times Ten Cellars)

[lotusdreamzofluxury]

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[lotusdreamzofluxury]

Are you looking for the workable finance, project financing or the financial freedom to expand and grow your business or financing for a viable project? We can help your business or finance your project. we have many flexible plans on our lending panel to help you, have you been turned down constantly by other financial institutions,Friends,Relatives. Our offer also include; Initial financing Financing commercial real estate Joint Venture / Association with long-term business relationships Initial capital / initial financing Business financing Private equity funds Private property finance financing Debt consolidation Loans secured / unsecured Personal loans Commercial loans Property loans Visit our website and apply now! www.lotusdreamz.luxury #realestate #realtor #bitcoin #cryptocurrency #ethereum #homeloans #bitconnect #lendinglibrary #lending #lendingexperts #home #funding #lender #litecoin #commercialrealestate #luxury #luxuryrealestate #mortgagelending #luxuryrealtor #condofinancing #bitcoinmining #highrise #welldressed #amggts #maybach #sold #mercedesbenz #lendingconsulting #veganfood #saltandpepper (at Lake Norman, Charlotte, North Carolina) https://www.instagram.com/p/CBx-9tZBrcy/?igshid=1ocr964w2e1yx

[lotusdreamzofluxury]

📢I’m helping 1,000 people restore their credit💳. Finish 2020 off right💯. Get your buying power back💵💲. Get your CREDIT RESTORED TODAY. Text the word “Credit Repair” to 980-225-6306 Follow for deals, tips, and inside information DM ME thank You for the Like and Share You're Amazing !!!! https://lotusdreamz.luxury/credit-restoration #realestate #realtor #bitcoin #cryptocurrency #ethereum #homeloans #bitconnect #lendinglibrary #lending #lendingexperts #home #funding #lender #litecoin #commercialrealestate #luxury #luxuryrealestate #mortgagelending #luxuryrealtor #condofinancing #bitcoinmining #highrise #welldressed #amggts #maybach #sold #mercedesbenz #lendingconsulting #veganfood #saltandpepper (at Lotus Dreamz Davidson,nc) https://www.instagram.com/p/CDL7GZ-hJM6/?igshid=hvqg28l70e49