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Old 05-12-2011, 12:09 AM
 
8 posts, read 24,900 times
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Hi,

Does anyone know much about this condominium complex? I am interested in buying a condo and noticed that many units from this complex are on the market, some at very low prices (under 100K) for Glenview. I've driven by this complex and it looks much nicer than nearby condos on Dearlove road and it also comes with underground garage and other amenities such as health club, so I wonder if there are hidden reasons that explain the low prices as they weren't foreclosures or short sales, either. Thanks!
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Old 05-12-2011, 06:01 AM
 
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Not really "hidden" so much as the same sorts of problems that have resulted in so much condo overbuilding -- financing is all but impossible. The standards for lenders with regard to owner occupied units basically means that only cash buyers are able to consider such places.

I have been at the complex and I suspect all those amenities are going to scare the pants off "investor" types as the assessments will make it impossible to profitably rent out units. If you are ok with an upfront "bargain" that is expensive to live in (and are sure you will have stable income / long term nearby commute) might be a good choice.

In general, condominiums are NOT something I recommend for most buyers -- so much is "outside your control" that it can be very difficult to recoup your investment if you want / need to move. Single family homes give buyers MUCH more flexibility. For folks with a VERY stable stage of life it is different story.
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Old 05-12-2011, 09:45 AM
 
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Thanks, chet everett. I just joined this forum and have read some of your posts and they are very informative. Are you in the real estate business? If you know a good buyer's agent who can help me out, please PM me.

I checked the HOA fees for some Triumvera units and it was something like $400, so as you said, the place seems like a bargain up front but too expensive to live in for me.

Unfortunately my budget for home is so limited (~100K) that I can only afford a small basic condo, I think. Good thing is I work from home and have no kids, so I can live pretty much anywhere, but I hope to find something in the north/northwest suburbs, if possible. I'll probably start a new thread to solicit some recommendations for where to look, how to find a buyer's agent, etc.
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Old 05-12-2011, 12:36 PM
 
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Triumvera has been around for about 40 years. It was built in unincorporated area because neighboring towns would not have issued a building permit. It was pretty nice when it was built but is probably showing its age now.
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Old 05-12-2011, 03:10 PM
 
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Tango girl you are going to run into financing problems and high HOA fees on most condos nowadays unfortunately.
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Old 05-12-2011, 11:15 PM
 
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Really? I can't do much about high HOA fees, but I didn't think I would run into financing issues since I have a stable job and good credit, but maybe even that is not enough nowadays (but then what else are they looking for)?? I'll be applying for mortgage in the next few days and find out...
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Old 05-13-2011, 06:47 AM
 
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Quote:
Originally Posted by tango girl View Post
Really? I can't do much about high HOA fees, but I didn't think I would run into financing issues since I have a stable job and good credit, but maybe even that is not enough nowadays (but then what else are they looking for)?? I'll be applying for mortgage in the next few days and find out...
It's not you. A lot of banks have gotten burned and just don't want to lend to anyone for a condo. Also, the gov't agencies that buy most loans from banks have restrictions on how many units in a complex can be rentals, among other things, which means the bank may be stuck keeping the loan if the condo complex doesn't meet all the requirements. You may find a bank willing to do this but many are not.
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Old 05-13-2011, 11:12 AM
 
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That's exactly it. Problems that the banks are looking for are things like % of rentals, size of the HOA reserves, all things you can't change. Generally the smaller the building, the less likely it is to have financing problems.
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Old 05-13-2011, 11:21 AM
 
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Oh I see... Does that mean even if I get pre-approved, find a condo, get my offer accepted, my bank might come back and say "sorry, you were pre-approved, but the condo you found does not meet our criteria, so you have to go find another one"?
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Old 05-13-2011, 11:39 AM
 
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Yes that's exactly what could happen. Pre-approval just means that they don't anticipate any issues with your personal details for the purposes of providing the loan, but the property they are taking the gamble on has to meet their criteria too.

A good thing to look for in listings is 'FHA approved', a property with this approval shouldn't run into any difficulties when it comes to financing.
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