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Hi,
I want to make an offer on a condo, been getting ready for almost a year, done some research but still pretty clueless, I am sure, comparing to you all here
WHAT should I make sure to have included in draft of an offer? What contingencies, etc? What documents to request before an offer? I know about Property Disclosure going before the offer (but my real estate agent wasn't going to ask for that), what about Re-sale certificate - before or after offer?
In either case, before I actually commit to buy, gathered this much to have to know/have:
-Covenants, Conditions and Restrictions
-Property Disclosure
- Re-sale certificate
- Proof of seller's up-to-date HOA payments & insurance payments
- Financial statement of condo assotiation or something like that (if HOA fees in general are up to date, and what HOA spends money on)
- Energy bills for unit for the last 12 months
- "ask if there are any pending or expiring special assessments"
- "most recent reserve study and make sure the reserves are properly funded"
- to know "Factors ( % of renters, % reserves, % delinquencies, % builder's interest"
Of course, the contingency about sale price not exceeding the Appraisal. What else??
Please, help the dummy me!
Why don't you find a good buyers' agent to help you? An agent would cover all the necessary and recommended contract terms, and be sure that you get all the appropriate disclosures and documents.
Edit: Sorry, didn't notice you appear to have an agent. If your agent isn't handling this, then I'd be concerned. Some HOA documents may not be accessible until you enter escrow, when the HOA is legally required to provide them (such as financial info). We don't have a re-sale certificate here.
She doesn't seem to be very experienced... or just doesn't want to come up with stuff unless I ask
And I wasn't sure I'd have the guts to change her now As I said, stupid me!
Resale certificates are not usually available until closing. Your concern at this point is who pays for it if the HOA charges a fee (and they do b/c its a money-maker for them).
Before the offer you should see the property disclosure and you can ask to see the prior 12 months of utility bills. That is not something commonly required but go ahead and ask.
You can make the offer based on being able to end deal in 24 hours after receiving copy of HOA convenants, conditions & restrictions and financial statements -- and must be provided (w/i 24 hours of contract) and acceptable to you (because you usually do not get a copy of them until after you have a contract) and you can also make the offer based on no pending or expiring unfunded special assessments. That way if there is a special assessment coming up your seller may be able to offer to pay for it.
She doesn't seem to be very experienced... or just doesn't want to come up with stuff unless I ask
And I wasn't sure I'd have the guts to change her now As I said, stupid me!
If she is THAT inexperienced, I'd ask her if you can meet with her and her broker in charge. You need some assistance and just because the agent you chose isn't experienced doesn't mean you should suffer.
This is a big purchase. You need someone to guide you and help you so that you don't make a very expensive mistake. And this is HER JOB! This is what she is getting paid for.
Covenants are online in NC but I'm not sure where you are located. I'd try the website for your county first and if you don't find it there, try looking up the HOA website.
The last 2 times I bought a condo I phoned the property management office and just asked them several questions about the property --- about crime, maintenance, rules, % owner/occupants, pending assessments, etc. They were very nice.
You can make the offer based on being able to end deal in 24 hours after receiving copy of HOA convenants, conditions & restrictions and financial statements -- and must be provided (w/i 24 hours of contract) and acceptable to you ...
Good recommendations. The time allowed for the HOA to produce documents may vary by location. Here, they have 10 days to deliver, and buyer has 3 days to review. CC&Rs are also available on-line here as a recorded document.
The last 2 times I bought a condo I phoned the property management office and just asked them several questions about the property --- about crime, maintenance, rules, % owner/occupants, pending assessments, etc. They were very nice.
Always a good thing to do. Most are nice enough to provide some info if you tell them you are thinking of buying in their development.
The last 2 times I bought a condo I phoned the property management office and just asked them several questions about the property --- about crime, maintenance, rules, % owner/occupants, pending assessments, etc. They were very nice.
I will try that... thanks!
And thanks to everyone! It is all very helpful
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