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July 3, 2013

Top 10 Questions to Ask About a Condo

Our current loan landscape is more complicated than ever, and it’s important to vet a particular unit and HOA alongside your lender before you even submit an offer. To that end, our team at Guarantee Mortgage assembled a list of key questions you and your Realtor should have answered (either through the disclosures or the listing agent) before you get your contract going. Lenders have many restrictions these days, and they’re related to these key areas:

1. Is the project a live/work, with any deed restrictions?

2. Does any one entity own more than one unit in a project that has less than 20 units?

3. Is there more than one short sale or foreclosure happening in the property?

4. Does any one entity own more than 10% of a project with more than 20 units?

5. Are there any special assessments coming up in the future?

6. Are more than 15% of the HOA dues delinquent?

7. What is the percentage of owner occupancy in the building?

8. What is the percentage of square footage that is allotted to commercial space?

9. Was the building recently condo converted?

10. Is there any litigation pending?

Knowing the answers to these questions will also make you more confident about your purchase (or give you a reason to move on).

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