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Old 03-04-2010, 08:58 AM
 
17 posts, read 55,418 times
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Another reason why prices are so low is that it is almost impossible to get any type of mortgage financing on condos. Most of all the bigger lenders and banks will not do condos and if you do find financing, the condo complex has to meet strict guidelines to be approved. Seems cash is king for condo purchases now a days.
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Old 03-05-2010, 01:03 PM
 
Location: Orange County, Florida
385 posts, read 1,178,913 times
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Quote:
Originally Posted by nb1968 View Post
Dont forget the ridiculous Condo Association Dues. From $200 to $600 per month. So you never "really" own it free and clear because they can vote to raise those fees, . . . and they will.
In a financially healthy condo association those fees are going towards things you would have had to pay for yourself anyway, building maintenance, utilities, etc, and it is the residents who vote themselves the fees based on the level of services they want to pay for.

The problem is that so many condos are not paying the fees right now. If only half of the units are paying their fees, then each person's share doubles.

-Harry
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Old 03-05-2010, 05:04 PM
 
26,582 posts, read 49,671,088 times
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Quote:
Originally Posted by towney View Post
Another reason why prices are so low is that it is almost impossible to get any type of mortgage financing on condos. Most of all the bigger lenders and banks will not do condos and if you do find financing, the condo complex has to meet strict guidelines to be approved. Seems cash is king for condo purchases now a days.
Actually there is plenty of FNMA and FHA backed money for condos. But not if they are mostly vacant, heavily foreclosed, too many renters, and a bankrupt HOA. A condo complex that's financially strong and primarily owner occupied will get financed as easily as a SFH.
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Old 03-05-2010, 05:17 PM
 
2,414 posts, read 4,454,876 times
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Originally Posted by tworent View Post
All good advice above

If you are looking at a couple to buy and rent be very careful it is hard to rent when people are renting cheap because they are not paying on the note. I bought 80% of the units in one complex over the last year so my only competition is me and now I run the HOA.
The one person HOA meeting.
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Old 02-12-2015, 03:10 PM
 
1 posts, read 477 times
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Hi I live in the Uk and was just inquiring if there are any condos for about $16,000 or around that price in the Orlando area many thanks Tony bennett
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Old 02-12-2015, 04:38 PM
 
Location: Orlando
18,554 posts, read 9,199,990 times
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hear one condo just was put under condemnation near the Fla mall- buyer beware
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Old 02-12-2015, 05:56 PM
 
Location: Kissimmee, Florida
517 posts, read 452,263 times
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Originally Posted by annerk View Post
Actually there is plenty of FNMA and FHA backed money for condos.
In the aftermath of the 2008 RE Crash, there is a distinct LACK of FHA financing for condominiums.

Is Your Condo Approved? Condos and the FHA Loan

Condo developments have to be re-certified by HUD every 2 years in order to be eligible for FHA financing.

The link above explains that only about 10% of the nation's condo complexes are FHA approved, & approx 60% of those seeking approval are turned down.

To make sure the condo you're looking at will qualify for an FHA backed loan, go to this link:

https://entp.hud.gov/idapp/html/condlook.cfm
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Old 02-12-2015, 08:15 PM
 
26,582 posts, read 49,671,088 times
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Quote:
Originally Posted by Tony bennett View Post
Hi I live in the Uk and was just inquiring if there are any condos for about $16,000 or around that price in the Orlando area many thanks Tony bennett
Absolutely not. Not anyplace anyone who had a choice would want to live anyhow.
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