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5 Important Tips for Condo Buyers

If you are looking or even just thinking about buying a condominium home, it's perfectly natural to feel a little nervous. Buying a condo and owning your own home is a large, life changing purchase. Indeed, any individual thinking about buying a condo needs to know what to expect and how to prepare for those expectations. Below is a short list of 5 essential tips that any potential condo buyer would do well to consider throughout the process of finding a new condominium home. Happy hunting!
exterior detail
Royalton penthouse
1) Look at Everything in Person First, remember to look in person at any condo unit you are interested in. It is very important that you make sure to actually see the amenities, parking space, and condo facilities personally. This simple but critical task will avoid any confusion and disappointment later on and will ensure that you are satisfied with your condo purchase. If you absolutely cannot look at the condo in person than ask the seller if you can send a friend you trust to look at the unit instead. In addition, if you are located in a different city than where you are condo shopping, be sure to ask the condo seller or realtor to send you as many pictures as possible of the condo and the condo building before you make a decision. 2) Carefully review the Condo Association Fees First Make sure that you know what exactly is included in your condo purchase. What amenities are included in the condo fees to make the condo right for the price? Or, on the other hand, are you going to end up paying for benefits you don't need? In addition, ask if there is any insurance included. Different condo associations may charge the same amount per month, but one may include some incidental insurance while others may require hefty fees for amenities you may not really need or want. Finally, check the condo association meetings and/or any printed bulletins that result from them. Look for any past or developing issues that you need to take into account.
Wooster Mercer
Wooster Mercer Lofts
3) Never Ignore the Documents that Accompany the Condo Purchase Always review the condominium documents very carefully before you buy. In laymen's terms, don't ignore the fine print. Here, you should check the total price and property documents to make sure that they are reasonable for the area. Be especially cautious if the price is very low because this could mean you will need a special assessment of the unit, which could cost you a lot of money, later in the future. 4) Always Review Comparable Units for Sale in the Same Building While every condo building is unique and features different amenities, styles, policies, and location, it is important that you look into other condo units that are for sale or have sold in the same building. Here, do not simply rely on the recent sale price of another unit in the building. Consider what another units' floor plan was, what views it had, or if it had any special upgrades. Depending on the view and floor of the unit, the price of a one bedroom can vary within a condo building. 5) Work with a Specialist The condominium marketplace is often a very specialized type of real estate and as such, you should always consider working with a qualified realtor, and particularly one who specializes in condos. With the help of a realtor, you will have access to a greater condominium market which will enable you to find the best condo unit to fit your needs at a price that you can live with. For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

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What do real estate agents do?

When selling property, brokers and agents arrange for title searches to verify ownership and for meetings between buyers and sellers during which they agree to the details of the transactions and in a final meeting, the new owners take possession of the property. They also may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do.

Duties to Sellers

Agents and brokers spend a significant amount of time looking for properties to sell. They obtain listings---agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Following the sale of the property, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission. The listing firm and its agents must
  • promote the sellers' best interests
  • be loyal to the seller
  • follow the sellers' lawful instructions
  • provide the seller with all material facts that could influence your decisions
  • use reasonable skill, care and diligence, and
  • account for all monies they handle for the seller.
Once you have signed the listing agreement, the firm and its agents may not give any confidential information about you to prospective buyers or their agents without your permission so long as they represent you.

Duties to Buyers

If the real estate firm and its agents represent you, they must
  • promote the buyers' best interests
  • be loyal to the buyer
  • follow the buyers' lawful instructions
  • provide the buyer with all material facts that could influence your decisions
  • use reasonable skill, care and diligence, and
  • account for all monies handled for the buyer.
Before showing residential properties to potential buyers, agents meet with them to get an idea of the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend. In addition, the agent and the buyer usually sign a loyalty contract, which states that the agent will be the only one to show houses to the buyer. An agent or broker then generates lists of properties for sale, their location and description, and available sources of financing. In some cases, agents and brokers use computers to give buyers a virtual tour of properties that interest them. Agents may meet several times with prospective buyers to discuss and visit available properties. Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, for example, they may emphasize the convenient floor plan, the area's low crime rate, and the proximity to schools and shopping. To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter. If bargaining over price becomes necessary, agents must follow their client's instructions carefully and may have to present counteroffers to get the best possible price. Once the buyer and seller have signed a contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date. The agent must make sure that any legally mandated or agreed-upon inspections, such as termite and radon inspections, take place. In addition, if the seller agrees to any repairs, the broker or agent ensures they are made. Increasingly, brokers and agents are handling environmental problems as well, by making sure that the properties they sell meet environmental regulations. For example, they may be responsible for dealing with lead paint on the walls. Loan officers, attorneys, or other people handle many details, but the agent must ensure that they are carried out. Most real estate brokers and sales agents sell residential property. A small number---usually employed in large or specialized firms---sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele. Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial properties must know about the region's transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the client's particular requirements. Brokers and agents do the same type of work, but brokers are licensed to manage their own real estate businesses. Agents must work with a broker. They usually provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent's sale of the property. Brokers, as independent businesspeople, often sell real estate owned by others; they also may rent or manage properties for a fee.

Are you purchasing a condo or home that needs work? Perhaps and FHA 203k is for you.

your lender
Nesbitt Realty never makes any money from your loan. This frees us to make the most objective recommendation possible.

FHA 203K Loan - Eligible Property

To be eligible for the FHA 203k mortgage loan, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible. Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place. In addition to typical home improvement loan projects, the FHA 203-k mortgage loan program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit. An existing house (or modular unit) on another site can be moved onto the mortgaged property; however, release of loan proceeds for the existing structure on the non-mortgaged property is not allowed until the new foundation has been properly inspected and the dwelling has been properly placed and secured to the new foundation. health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.

What is the minimum amount of repairs required on a FHA 203k home improvement loan?

There is a minimum $5,000 requirement of eligible home improvement loan projects on the existing structure of the property. Minor or cosmetic repairs may be included after meeting the first $5,000 worth of repairs.

What are some of the repairs that qualify for the first $5,000?

  • Structural alterations and reconstruction: (Repair or replacement of structural damage, chimney repair, additions to the structure, installation of additional bath(s), skylights, finished attics and/or basements, repair of termite damage and the treatment against termites);
  • Elimination of health and safety hazards;
  • Changes for aesthetic appeal: (New siding, adding a dormer, covered porch, attached garage);
  • Air Conditioning or replacement: (plumbing, heating, air conditioning and electrical systems);
  • Installation of well, septic system or connection to public utilities;
  • Roofing, Gutter Downspouts, Flooring, Tiling and carpeting;
  • Major landscape and site improvement;
  • Improvements to improve accessibility and functions for the disabled.

What are the qualifications to be able to obtain a FHA 203-k loan?

The qualifications requirements are the same as a typical FHA mortgage loan. The only additional item that the borrower needs is either enough cash reserved to pay for materials and labor until they are reimbursed through a draw, or a credit card with an adequate available balance. If there is to be a contractor involved, the contractor may choose to cover these costs. The interest rate on a typical FHA 203k mortgage loan is a little higher than a standard FHA or conventional 30/15-year fixed-rate loan. The cash requirements are the same as an FHA loan, 3 percent to 5 percent, which is less than a typical conventional loan. There are a couple of additional fees which pertain to the construction aspects of the FHA 203k loan.

Can I pick my own contractor to do the work?

Dillon Lee You may decide on your own contractor, and they should be brought into the process in the beginning stage of the loan process. Check out the credentials of the contractor thoroughly, making sure he is knowledgeable in all aspects of rehabilitation work. The home improvements or repairs need not be made before moving into the property, depending on how extensive the repairs are and whether the house is habitable while the repairs are being made. The home improvement loan provides the ability to include up to 6 months of mortgage payments in the improvement escrow, should you not be able to occupy the property and have to pay rent during rehabilitation.

Can the FHA 203k loan be used to improve a condominium unit?

Yes, however, condominium rehabilitation is subject to the following conditions:
  • Owner/occupant and qualified non-profit borrowers only;
  • Rehabilitation is limited only to the interior of the unit. Mortgage proceeds are not to be used for the rehabilitation of exteriors or other areas which are the responsibility of the condominium association, except for the installation of firewalls in the attic for the unit;
  • Only the lesser of five units per condominium association, or 25 percent of the total number of units, can be undergoing rehabilitation at any one time;
  • The maximum mortgage amount cannot exceed 100 percent of after-improved value. After rehabilitation is complete, the individual buildings within the condominium must not contain more than four units.
By law, FHA 203k loans can only be used to rehabilitate units in one-to-four unit structures. However, this does not mean that the condominium project, as a whole, can only have four units or that all individual structures must be detached. Example: A project might consist of six buildings each containing four units, for a total of 24 units in the project and, thus, be eligible for an FHA 203k loan. Likewise, a project could contain a row of more than four attached townhouses and be eligible for a FHA 203k loan because HUD considers each townhouse as one structure, provided each unit is separated by a 1 1/2 hour firewall (from foundation up to the roof). Similar to a project with a condominium unit with a mortgage insured under Section 234(c) of the National Housing Act, the condominium project must be approved by HUD prior to the closing of any individual mortgages on the condominium units.

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6 Creative Ways to Afford a Home

  1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.
  2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.
  3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.
  4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.
  5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
  6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

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What Home Buyers Really Want in 2013

Home buyers want energy efficiency, according to a new study released by the National Association of Home Builders titled, “What Home Buyers Really Want.” Four of the top-ranked home features involve saving energy. For example, 94 percent of buyers surveyed say they want energy-star rated appliances. Ninety-one percent said they want the whole home to boast an energy-star rating. What’s more, 89 percent said they wanted energy-star rated windows and 88 percent desire ceiling fans, according to the survey. Home buyers are also paying more attention to the laundry room in homes. Fifty-seven percent consider a laundry room “essential” in a home and nearly every home buyer surveyed say they want one in their home. Organization is also big for home buyers. All ranking high on their wish-lists: A linen closet in the bathroom, space in the garage to put sports equipment and gardening tools, and a walk-in pantry in the kitchen. Meanwhile, what do buyers show little preference for? About 43 percent say they do not want a two-story family room, and 38 percent say they don’t want a two-story entry foyer. More buyers view these open spaces as less energy efficient, so they’re no longer as highly rated. Source: “What Do Home Buyers Really Want?” RISMedia (March 3, 2013)

Condo Considerations: Questions to Ask When Buying a Condo

Here are some common questions to ask your agent, your mortgage broker and yourself when you are thinking of buying a condo.
  • How much can I afford per month?
  • Is the condo is my price range?
  • Is the community that I like?
    • Where are the grocery stores, shopping malls, bars?
  • Is there enough space for my needs?
  • What is the condition of the condo unit?
  • Do the common areas need repairs, renovations?
  • How old is the condo?
  • Is there a parking facility?
    • Is parking assigned?
    • Is there a fee to park?
    • Is there guest parking and if so where?
  • Does the condominium have access to public transportation?
    • Metro or bus only?
    • Shuttle or Limo service?
  • What are the chances that this condo will increase in value?
  • What type of security system is in place?
  • Does the condominium association allow pets? If so how many and what type?
  • What are the condo fees and what they include?
  • What is the condo association policy about renters?
  • How much is in the reserve fund?
  • Does the condo association have a certificate of insurance?
[mortgage interest_rate="3.5" mortgage_term="30"]
[affordability]
[closingcosts]

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Have your condo docs in order

In the Commonwealth of Virginia (and in other states) the buyer must be allowed an opportunity to review the condo docs.  From the time the condo docs are delivered, the buyer has 3 days to cancel the contract without cause, other than to say the condo docs contained information which caused the cancellation. The buyer doesn't have to explain why or what the problem was. Recently a client of mine was buying a condo and when he received the documents, the condo docs said that the unit did not pass architectural review.  The problem was that the clientdocuments had made changes to his unit without first seeking permission of the association and then never had the changes inspected. The change that the seller made?  The seller had installed an overhead microwave and changed a cabinet without seeking any approval from the association. This was indeed a minor change. Furthermore, the seller claimed that he didn't actually make the change. It was his claim that a previous owner made that change and that the seller had NEVER read his condo docs. My client, the buyer, was a very above-board and by-the-book type of character. It was his position that if this guy "hid this fact" who knows how much else he withheld?  Even if he believed the seller's story (he did not) then it would show that this is a very inattentive owner.  My client canceled the contract based on condo docs. At another location and with another buyer and seller, the property went under contract and the seller did not deliver the condo docs, because the seller didn't have condo docs. The seller didn't have the condo docs because the seller didn't order his condo docs. The selling agent explains that the law allows for 14 days for the delivery of condo docs.  I replied, "That's why you order docs when you list."  Because if you allow 14 days for preparation and 2 days for delivery and then 3 days for review, then the buyer can cancel the sale 22 days after the contract is signed. Here are the lessons for sellers:
  1. Order you condo docs when you list your condo for sale.
  2. Review your condo docs to make sure that your condo doesn't have any defects according to the association.
  3. Have your agent deliver your condo docs PROMPTLY once your contract is ratified.

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I want to look at houses before sitting down and talking about searching for homes.

Waterview
On the roof at Waterview in Arlington VA
Fairly recently the Commonwealth of Virginia implemented new laws requiring an agency relationship prior to showing homes. (Effective July 1st, 2012, the Commonwealth of Virginia required an agency agreement prior to showing homes to clients.)  This can be frustrating to some folks who "just want to see houses".  Once you've signed an agency agreement we can run out to look at houses, but we've found this to be generally ineffective. Instead, we prefer to take a little time to answer your questions, give you a copy of all the documents you’ll be seeing, and put you in a position to make better decisions. The choice is yours, and I think you will find the second way extremely valuable.

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What is a Buyer Agency Agreement?

Stuart at Porto Vecchio
Stuart Nesbitt, a chip off the old block
A buyer agent is a real estate agent that represents the buyer. A Listing Agent is an agent that represents the Seller. The buyer agent does not get paid to show homes to clients. A buyer agent only gets paid if the buyer contracts for and purchases a home. Your buyer agent can show you one house or show you dozens of houses. Your buyer agent can work with you one day before writing an offer for you to purchase a home, or your agent can work with you for months. Often, a buyer agent will tour houses with their clients to get better understanding of what the client wants. The buyer's agent also does extensive research of the local real estate market. Once the buyer agent has identified a number of prospective purchases the agent follows up with phone calls to listing agents. The wise buyer's agent calls listing agent to learn details which my exclude some homes and bring other homes to the forefront. After a buyer finds a home to purchase, the buyer agent works to prepare and present the offer, negotiate the contract. The agent attends to deadlines, inspections, appraisals, loan approval,o ordering title and so on. In order to perform these duties, the Commonwealth of Virginia requires the broker and prospective buyer sign a Buyer Agency Agreement. Some of the points addressed in that Agreement are:
  • The type of property the buyer seeks
  • The length of time the agreement will be in effect
  • The duties and responsibilities of a buyer's agent
  • A commitment to protect the buyer's privacy
  • The nature of the legal, ethical and fiduciary responsibilities of the agent
  • How the agent is paid.  (The buyer does not pay any fee for a buyer's agent.)
  • The buyer acknowledges that they are not the client of another Broker.
  • The agreement makes clear that we will not unlawfully discriminate against any prospective Seller
  • The purpose and place of legal and tax counsel
  • The agency agreement is governed by the laws of the Commonwealth of Virginia
  • The agreement may contain additional provisions that might be unique to this particular relationship between the buyer and the agent
 

What is the Purpose of Condominium Documents?

Entrance to Wooster Mercer
The Wooster Mercer Lofts are located in Rosslyn in Arlington County Virginia
As with any home purchase, location, size and price are important.  With a condominium you'll also want to understand the ownership scheme.  This type of information is found in the "condo docs" or condominium documents. Most states, and the Commonwealth of Virginia, require condo doc disclosure before any purchase contract is finalized. The condo docs will contain detailed information on the ownership and property rights of the condo and its owners. The rules of the homeowners association are generally explained in the condo docs in plain English and not in legal jargon. It's important to read the condo documents to understand the annual maintenance and upkeep fees, as well as to obtain a full understanding of exactly how much control the association has over the regulation of the property. Condominiums can be found all over the country, with more being developed each year. Condominiums are quite common in Northern Virginia and the National Capitol area. Some condos are new construction and a few are apartment buildings that were rental apartments before making the switch. In newly constructed condos, it's common to find a sales office onsite at the condominium.
Farrington Condos at Huntington
The outside of the building during summer