Important Information For Condo Buyers

Here is a step by step guide for buyers looking to buy a condo in any area. These are important tactics to make a solid and accurate judgement on the property you're looking to purchase.

- When purchasing a condominium make sure that you ask for the last three to six months of the condominium minutes. This infomation will provide you with alot of insight into what is happening in the building.

- Obtain a copy of the Declaration, the bylaws, and any rules and regulations from the Condo Association.

- To make sure you are buying into a financially sound building, it is also advisable to find out if the building has any outstanding loans with a bank. Some buildings may take out loans instead of doing a special assessment as a way of doing major work such as new elevators or the exterior facade of the building.

- Make sure you obtain a statement from the Condo Association of any capital expenditures anticapted by the Board within the current or succeeding two fiscal years.

- Find out from the Condo Association if there are any pending suits or judgements in which the Board is a party.

- If the building is newer, find out if the parking is deeded or assigned and whether you can sell it to a purchaser outside the building .Also, make sure you see the exact location of the garage spot before you write a contract to purchase the property.

- Buildings with substantial reserves and lower assessments tend to appreciate at a faster rate than other buildings in a similiar location. Keep in mind that assessments are based on how many amenities are in the building.

- Resale in six flats tend to have better resale value than three flats. The rationale is that a six flat unit is a wider unit since it is constructed on a 50 x 125 foot lot.

- The more horizontal a unit is the more apt it will have better resale value. Vertical units tend to have more hallways and typically do not have split bedrooms.

- The higher the ceilings in a unit the larger the unit will feel. Most people typically prefer 9 foot ceilings or higher hence the height of the ceilings will usually effect resale.

About The Author

Sheldon Salnick is a Realtor with Rubloff Residential Properties. He has worked with new construction buyers for the last 13 years and has represented over $200 million in new construction. For more information or guidance in the purchase of a new construction home, townhome or condominium please visit http://www.SheldonChicago.com.

info@SheldonChicago.com

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

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In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.