Miami Condos
If you are looking for a low-maintenance lifestyle, maybe in a popular downtown location or near the beach there is no better place to look than Miami Condos. Living in a condo in Miami can offer many benefits that you will not find in a home in the suburbs. They can offer more plentiful amenities from beach access, pools, golf courses, lawn maintenance and much more. All of these things offer a different lifestyle that many find appealing but there are a few things you might want to consider.
- Condos usually have an association that has guidelines, some may be casual but others can be strictly enforced. Get a copy of the rules and guidelines and make sure they will fit in with your lifestyle. Being at odds with the association and possibly your neighbors can make home a much less appealing place to live.
- Many Miami condos come with a variety of benefits but also a cost. Most associations have fees that cover many of the amenities which convinced you to entertain the idea of condo living in the first place. Some associations charge a small maintenance fee to cover the basics but depending on the extravagance of what are offered in your complex they can run much higher. Associations are anxious to provide you with their list of fees, what they cover, and what is expected of you as an owner. One last thing to consider regarding fees is to find out if the association is planning on any improvements or upgrades that can raise costs.
- Before you jump at that Miami condo find out about the community you are buying into. Does it fit the lifestyle you want? What is the financial status of the condo association? How many units are vacant? How many units are rented? If possible, talk to some of the owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved. You are buying into an entire community and it is important that you know all you can before making a decision.
There are many Miami condos in all types of locales from downtown Miami to Coconut Grove to Key Biscayne offering something no matter your taste or budget. No matter if you are retiring to south Florida to sit on the beach or find a vacation property there can be no more exciting location than Miami.
Condos or Co-ops
When you are getting ready to buy condos or co-ops, particularly in a place like New York City where co-ops are so common, it is smart to consult a condo specialist Realtor® because these experts can alert you to the differences between the two, and all the pros and cons.
While Realtors® should be consulted to get the details, there are a few general points to keep in mind when thinking of buying a condo or co-op. First, while traditional condos are more common in Chicago, Miami and other cities outside New York, a majority of the multi-unit developments in the borough of Manhattan are co-ops, so there are a lot to choose from.
Also, when trying to decide if you have the down payment needed to finance your condo, or co-op, remember that purchasing a co-op often requires putting down at least 25 percent of the cost, and often as much as 50 percent or even the whole amount. Also, you must go through an interview with the co-op board of directors, who run the complex, which can accept or deny the application for ownership. This is because by definition, co-op buyers are buying a share of the whole building, rather than one unit in the case of a condo.
Many tax breaks are available to co-op owners that are not offered to condo owners. Once again, you should consult a professional to determine the details. And of course, make sure you have a healthy credit score, because that will be taken into consideration when taking out a loan in any case.
Whether you end up buying condos or co-ops, you will have to take into consideration the monthly maintenance fees, which they both have. The fees are used to cover the cost of general maintenance, groundskeeping, and general repairs in common areas of the property.
It would be advisable too, whether you are buying condos or co-ops, to ask for financial statements for the complex, to see whether there is enough money on hand for major projects such as roof replacement. Also, because all the expenses are jointly shared, all the property owners share liability also. Although it rarely happens, when an owner defaults, the other owners have to share the responsibility of covering those expenses.
Selling condos is usually easier than with co-ops, due to the co-op board having the right to interview and scrutinize prospective buyers.
Because co-ops have an untraditional ownership system, it may be harder to find financing. The board also may have rules for down payments, which you'll probably find less flexible than some mortgage lenders.
These are just a few of the things to look out for whether you are buying condos or co-ops, just to give you an idea of what to expect.
Buy a Condo for $950 Down
At OwnACondo.com, we're in a pretty unique position of being able to offer condo buyers and sellers some really amazing opportunities.
Buy a condo for $950 down? Until a week ago, it probably wasn't possible anywhere around Chicago. But, thanks to the initiative of a leading Chicago real estate developer, we've been offered the opportunity to market and sell more than 800 of his condos in several very desirable suburban Chicago communities.
What's been the barrier for so many people in the current real estate market? Primarily, the down payment. Cash-strapped individuals and couples know the sense of owning rather than renting; they certainly prefer a place of their own; but since lending practices drastically tightened recently, many people are simply finding it too difficult to scrape together the necessary cash.
Well, scrape no longer. Now qualified purchasers can buy a condo for $950 down.
Here's how it works:
- Select a one- , two- or three-bedroom condo (availability varies per location) in the $950 Program and make the down payment.
- Have an initial closing on the condo with financing provided by the developer (6.5% interest-only).
- Apply for and receive one of two popular tax credits provided by the federal government as part of the economic stimulus plan: the First-Time Home Buyer Tax Credit worth up to $8,000 or the Repeat Buyer Tax Credit worth up to $6,500 (we'll help you file an amended return to speed the arrival of the credit if you've already sent in your tax return this year).
- Put the tax credit proceeds toward what you owe on the condo. This brings up the total downpayment enough to make you eligible to qualify for conventional financing.
- Apply for financing with our exclusive lending partner in this program, Bank of America. You'll get a great rate on any number of loan products that fit your situation, including fixed, adjustable and more.
- Have a second closing with your new Bank of America loan.
Here are the suburban Chicago communities where these affordable condos are located:
- Grayslake
- Oak Lawn (three individual developments)
- Worth
- Palos Hills
- Willowbrook
Is there a catch? You betcha. The catch is you have to act QUICKLY. The program is available only as long as the government tax credits last. They're set to expire April 30, 2010. OwnACondo.com nor the developer can control that. One credit has already been extended and the other has been in existence only a relatively short time. These credits are doing what they were introduced to do: stimulate the housing market, and THEY CAN'T BE COUNTED ON TO BE EXTENDED!
Naturally, there are qualifications and requirements in order to be eligible for the intial financing, the tax credit and the condo financing from Bank of America. We can tell you all about it. If you want to buy a condo for $950 down, you simply have to make the call and contact us. We're ready to help you. Just dial 866-696-2266 and do it today.
The Importance of Finding the Right Mortgage Lender
Buying a home is probably the most expensive purchase you will ever make. Choosing the right mortgage lender can reduce the stress and cost of your undertaking. There are four steps that will get you there. The four steps that I will discuss involve; finding a reference, calculating the costs, paying attention-doing your research and negotiating. Following these steps will make buying a home less stressful and more successful!
What better way is there to find a lender than getting a reference from someone you know. You always want to make sure that you are dealing with a reputable company. Talk to your friends, family, neighbors and co-workers who have recently bought homes. Ask them about their mortgage experience. With a short list in hand, start calling all of the lenders. The local companies who are familiar with the market, will be able to give you more accurate estimates. Then do a search online for competitive programs to see if you can get a better deal.
You also want to make sure that you calculate the costs correctly. Ask each lender about the interest rates, programs, points and a list of the fees and costs. Make sure that you ask each lender the same questions. This way, when you are done, you can compare the costs.
Alway pay attention to what is going on in the market and do your research. Does the lender seem to know his/her business? Will he or she be able to answer all of your questions? Are there signs that the operation is disorganized? Is the lender available when you call, and are your calls returned in a timely manner? If you are not comfortable with your chosen lender, then move on to someone else.
Once you have found the right mortgage lender, it is always a good Idea to negotiate the interest rates and fees. The lenders offer many include extra costs added to the interest, points or fees. This money then goes into the loan officer’s pocket after closing. Ask if any of the costs can be reduced and taken out completely. Then consider locking in the program so that the mortgage rates don’t rise. Go with your gut and make sure you do your research. For more information about choosing the right lender, please visit our website at www.OwnACondo.com.
If you do not follow these very simple steps, then you could end up wasting a lot of time and money through this already expensive process. Take the time to do it right and the rewards and benefits will follow.
Registration at the real estate auction
I am looking forward to my role as registrar, assisting registration at the real estate auction that OwnACondo.com is holding on Sunday, Nov. 8, at the Chicago Marriott Oak Brook hotel, 1401 W. 22nd St.
Prospective buyers, sellers and interested spectators are invited to join us at the 11 a.m. event, the first of many real estate auctions that OwnACondo.com plans to hold in the Chicago area and nationwide. I will be one of four registrars at the front table, taking names and other information from participants, so I invite you to stop by and say hello. Auctioneer Vinnie Zaffarano, the 2009 champion bid-caller in Illinois, is expected to put on a great show.
Registration at the real estate auction will begin at 9:30 a.m. and will continue until 11 a.m. People planning to bid should have their financing in place already and have inspected the properties that interest them. They will need to bring government- issued photo ID and a $2,500 cashier’s check or money order payable to themselves for each property on which they wish to bid. Winning bidders will then sign over the checks to the seller. A personal check would also be needed to make up the balance of the 5 percent buyer’s premium required, which will serve as earnest money.
We will also be gathering basic information from spectators in order to determine their level of interest in the event and the possibility that they will be bidding at future auctions. Prospective sellers might be interested in entering their property into one of our upcoming auctions.
As many as 22 properties will go on the auction block to be sold to the highest bidder. The process is likely to move very quickly so the auction could be over in an hour. You can literally buy a condo, your dream house, or even a nice piece of vacant land, and still catch the opening kickoff of the Bears game at noon. One of the many advantages of auctions is that qualified buyers and motivated sellers are assured of a closing in a short time as well, usually between 30 and 45 days.
During and after the registration at the real estate auction, I will also be chatting with winning buyers and other participants to see how they liked the auction experience and what we could do to improve it. We are expecting a great turnout for this inaugural event, and welcome input from participants that could help us make the next one even better.
Several upcoming real estate auctions are already planned, including two in the Chicago area, in January and March, and one in Miami in February.
