Condominium Basic Knowledge for Realtors

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Eguides Aug 19, 2020

Prior To Making An Offer On A Condo A Due Diligence Must Be Performed By The Realtor:

Obtain 2019 “APPROVED” Condo Budget
Obtain 2019 Balance Sheet
Have The Loan Officer Evaluated The Documents?

Find Out If Possible If There Is A Pending Litigation With The Condo:

If It Is Against De Condo STOP
If It Is In Favor Obtain A Copy Of The Complaint With Apple Tower Title & Escrow (DANNY)

If All Of The Above Is Correct Them Proceed With The Offer:

Once Accepted Make Sure To Order The Condo Questionnaire ($275-$300) REVIEW IT!!
Order Inspection
Order Appraisal
Apply With The HOA
All Of The Above Must Make Chronological Sense
Quote An HO6 Prior To Closing

Oct 15, 2019 FHA Loans For Condominiums:

10% Down Is The Minimum
50% Must Be Owner Occupied
FHA Will Only Insure Up To 50% Of The Total Units
No More Than 15% Of Units Are 30 Days Delinquent
FHA For Condos Have Their Own Condo Questionnaire (attached)

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