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12-22-2006, 12:54 AM
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Moderator
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Join Date: Mar 2006
Location: So. Dak.
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Equity at Closing?
We've been searching for condos on realtor.com and have found a lot of them for sale in Fla. Some are priced very reasonably, too.  We've ran across a couple of them that said, "association requires 35% equity at closing". Does anyone know what this means?  |
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12-22-2006, 01:01 AM
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Senior Member
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Join Date: Oct 2006
Location: St Pete -- formally LI, NY
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Quote:
Originally Posted by Jammie
We've been searching for condos on realtor.com and have found a lot of them for sale in Fla. Some are priced very reasonably, too. We've ran across a couple of them that said, "association requires 35% equity at closing". Does anyone know what this means? |
Interesting?? It sounds too simple but they may require that you can only finance up to 65% of the value of the unit, could you give me an MLS # I'd like to see it. |
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12-22-2006, 01:13 AM
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Sorry, I didn't write down the MLS numbers, but if you go to realtor.com and check condos in the Clearwater/St. Petersburg area, you'll see two of them listed that say this.
We haven't decided on a definite area, but we're just checking out a few places.  |
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12-22-2006, 01:25 AM
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Senior Member
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Join Date: Oct 2006
Location: St Pete -- formally LI, NY
628 posts, read 544,177 times
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Quote:
Originally Posted by Jammie
Sorry, I didn't write down the MLS numbers, but if you go to realtor.com and check condos in the Clearwater/St. Petersburg area, you'll see two of them listed that say this.
We haven't decided on a definite area, but we're just checking out a few places. |
They are
MLS #s
2205470, 7239428, 7243305 and yes they require a 35% downpayment so you can only finance up to 65% of the purchase price |
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12-22-2006, 01:32 AM
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Moderator
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Join Date: Mar 2006
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Thank you, Shores. It had me confused for a bit there cause I had never seen anything like that before. That doesn't seem unreasonable at all. |
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