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Old 02-02-2013, 06:57 AM
 
11 posts, read 39,198 times
Reputation: 26

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Hi

I could use some help We are coming to Cape Coral next Friday We will be in Cape Coral 4 days We are pre approved for a loan If we can find one cheap enough we will pay cash My question is it possible to buy a condo in 4 days

Deb
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Old 02-02-2013, 08:24 AM
 
Location: Cape Coral, Florida
693 posts, read 1,764,292 times
Reputation: 365
Quote:
Originally Posted by tomdeb View Post
Hi

I could use some help We are coming to Cape Coral next Friday We will be in Cape Coral 4 days We are pre approved for a loan If we can find one cheap enough we will pay cash My question is it possible to buy a condo in 4 days

Deb
Not very likely, especially since 2 of the days will be Saturday and Sunday. It takes some time to get the doc stamps and stuff like that. Not gonna happen in virtually 1 day.
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Old 02-02-2013, 12:41 PM
 
Location: Cape Coral, FL
154 posts, read 314,200 times
Reputation: 132
Quote:
Originally Posted by tomdeb View Post
Hi

I could use some help We are coming to Cape Coral next Friday We will be in Cape Coral 4 days We are pre approved for a loan If we can find one cheap enough we will pay cash My question is it possible to buy a condo in 4 daysDeb
Technically, if you find a condo that is owned free and clear you could pay the owner the purchase price and he could deed the property over to you right away--but that isn't how it is done. Normally, you would at least want to get an owners title policy to protect your investment and that will take some time for the title company to research and prepare. Also, you may want to get an inspection to make sure there are no defects such as Chinese drywall.

If you are talking about just finding a condo and securing a signed contract to be closed at a later date, that could easily be done in four days.
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Old 02-02-2013, 04:27 PM
 
Location: Florida Space Coast
2,330 posts, read 4,331,760 times
Reputation: 1514
You can def find one and everything can be done via fedex. That way you can put a close date 30 days out and give yourself plenty of time
for inspections and association research
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Old 02-03-2013, 07:21 AM
 
11 posts, read 39,198 times
Reputation: 26
Thank you for the help I wasn't specific I did mean just securing a contract and coming back at a later date to close

We will be in Chicago so who will handle inspections and anything else Will the real estate agent do that or will we need a lawyer

Deb
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Old 02-03-2013, 08:26 AM
 
Location: Florida Space Coast
2,330 posts, read 4,331,760 times
Reputation: 1514
Quote:
Originally Posted by tomdeb View Post
Thank you for the help I wasn't specific I did mean just securing a contract and coming back at a later date to close

We will be in Chicago so who will handle inspections and anything else Will the real estate agent do that or will we need a lawyer

Deb
Look at properties. If you find one you like, take some time to do some research on it, such as condee fees, assessments, future assessments, percentage of owner owned/ occupied. check out the health of the association as far as how many hoa fees are not being paid, chinese drywall, bylaws. I have never bought a condo but there are many who have and there may even be a thread on this forum of things to watch out for in condos. If all of these things meet your approval then make an offer (does not have to be in person, you can make it from chicago via fax/ email,scan then the originals with deposit made via fed ex. Make it contigent upon inspection and financing (if needed) and providing an insurable title. find an inspection service through google and recommendations. The sellers realtor will give your inspector access, he will then print up a full report of his inspection that you will view. If you decide to go forward a couple things can happen . One is they do all the closing paperwork and fed ex to you , you sign anything and send a certified check for balance due. If you are financing then your lender handles everything and will set up a closing probably in your own home or a nearby office.

If you are not financing then I would recommend hiring a real estate attorney to handle the transaction for you
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Old 02-03-2013, 08:33 AM
 
Location: Cape Coral, FL
154 posts, read 314,200 times
Reputation: 132
Quote:
Originally Posted by tomdeb View Post
Thank you for the help I wasn't specific I did mean just securing a contract and coming back at a later date to close

We will be in Chicago so who will handle inspections and anything else Will the real estate agent do that or will we need a lawyer

Deb
I came to Cape Coral and looked at about 20 houses in a two day period, placed a contract on one, and then handled everything from Texas from that time until the closing. However, I had a great real estate agent who attended the inspections and took care of anything/everything else that needed attention.

You won't need a lawyer since the paperwork will be handled by the title company.
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Old 02-03-2013, 08:42 AM
 
Location: Cape Coral, FL
154 posts, read 314,200 times
Reputation: 132
Quote:
Originally Posted by nhkev View Post
If you are not financing then I would recommend hiring a real estate attorney to handle the transaction for you
Hiring an attorney is one way but then you would pay his cost. Normally the seller pays all the closing costs so going through a title company will save you the expense and trouble of hiring an attorney.
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Old 02-03-2013, 08:50 AM
 
Location: Florida Space Coast
2,330 posts, read 4,331,760 times
Reputation: 1514
Quote:
Originally Posted by xoomer View Post
Hiring an attorney is one way but then you would pay his cost. Normally the seller pays all the closing costs so going through a title company will save you the expense and trouble of hiring an attorney.
I don't hire attorneys myself and I expect you wouldn't either xoomer. the reason I recommended it is that if the OP is on a forum asking then they probably don't have any experience and could probably use the benefit of a pro

I'm going to give you a small example... When I was 21 I was going to enter my first real estate transaction. I found a piece of land up in NH and it was in a nice neighborhood with great views. I told the realtor it was my intention to start clearing the land right away and build a log home on it in the spring. I hired a lawyer (in NH the buyer does their own title search) and the lawyer informed me that the owner had purchased the property through some type of tax lien or something like it and that it either shouldn't or couldn't be built on for 7 years. and there were also covenants and restrictions that limited the kind of houses being built and no log homes were allowed. So for me it was well worth the couple hundred dollars spent

Last edited by nhkev; 02-03-2013 at 08:58 AM..
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Old 02-03-2013, 07:47 PM
 
10 posts, read 31,719 times
Reputation: 22
and don't put complete faith in your real estate agent..they only make money if a sale occurs
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