Any good advice for a 24yo thinking about buying a Condo?

Question

What's the first step? How do I go about getting a loan...etc? Thanks.

Answer 1

Hey! I am 23 & in the process of buying a house so I know all about this. The first thing you need to do is get pre-approved for a mortgage loan. We tried our credit union and a private bank and chose the best deal. Also, see if your state or county has a first time home buyers program and try to get into that b/c those programs offer the best interest rates, most of the time at least 1% below market rates. You can usually find these programs by using an internet search engine.

After you choose a loan & know how much $ you have to work with, find a real estate agent (a certified Realtor) & start looking for a place. Keep in constant contact with your realtor & ensure that he/she is full time & is offering you some sort of benefit for using him/her. Our relator is giving us 1% of the purchase price of our home & a 1 yr. home warranty, try to find a similar deal. Ask friends/family for refferals.

Then go look at several house to find out what you want & make an offer. Your realtor will help you from there. Once you make an offer & the seller excepts you sign a contract & then the seller signs the contract (but make sure you make the contract contingent upon a satifactory home inspector & appraisal - your bank will usually require the latter). After the home passes the inspection & appraises for the selling price, you continue with the process, but your relator can explain all of that.

Another tip: Ask all of the questions that come to mind of your realtor & lending agent, this is the biggest purchase you will ever make, so just be as informed as possible & good luck! :o)

Answer 2

The most important single piece of paper in a condominium is the CC&R -- the conditions, covenants, and restrictions that govern how the condominium is run and what you can do with your part of it. Running a condo operation is a business, and you will be part of it; you need to assure yourself that the business is run properly and the charges levied for doing so make sense.

To buy any real estate, you should do this:
- Prepare a balance sheet (what you own and what you owe), and an income statement (where the money comes from, and where it goes). Take these to your bank, and discuss with a loan officer how much money you can afford to spend. You may be able to get a commitment from the bank to lend you a particular sum of money. This gives you your budget.
- Go shopping. The Internet is an invaluable source of information on real estate for sale.
- Find a broker. You can do a deal without one, but you have to know how; a first-time buyer should use a broker. (My second deal I did myself.) Arrange to see the particular properties in which you are interested.
- Pick one, and write an offer. Expect to do some haggling on the price. Always remember that if agreement on one property cannot be had, there are others.
- Once a deal is reached, get set to handle an almost unbelievable amount of paperwork. When I bought my first house, I signed my name six times from beginning to end; nowadays, that wouldn't even be a good beginning.

Answer 3

The best thing to do first is shop around and find out what the best rates are at various banks. Or you can go through a broker who can do all the grunt work for you. If you go through a broker make sure that they are legitimate and licensed, though. There are several out there that are not and that may screw you around. Then you should get preapproved for a certain dollar amount. That way when you shop for a condo you kind of have an upper hand and you know what price range to look in. Find a good realtor who will work for you and find what you want. Then the rest is up to you.

Answer 4

I think it is a great idea. I bought a condo when i was 23. you will need to find a Realtor or call the Realtor that is selling the condo and they can tell you what banks to go threw. then you will need to get pre-approved. good luck

Answer 5

You have to find a Mortgage broker. They will run your credit and depending on your credit report/score, they will ask you for more documents.
The most important issue is the mortgage payment. Your age, race, nacionality is NOT important at all.
Your income, your credit history ARE.
If you can not qualify by yourself. You can buy with a co-signer
I am an agent in California, [e-mail]

Answer 6

Don't stress out about payments.If you work 20 hours a week for $18,000 an hour, you will have the money by the end of the month.If you need a loan, go small so won't be paying it off for a year.To start, I would look for could neiborhoods to live in and then search for houses in that area.9 out of 10 times it works.

Answer 7

one million) Buy what you'll real have enough money and do not allow the vendor promote you a few delusion situation approximately why you'll or will have to get a better higher situation for only some extra hundred greenbacks monthly. This is why such a lot of individuals are in challenge correct now. Many of the individuals inflate their earnings to qualify for a mortgage they will have to have on no account gotten within the first situation. I might say, in my view, do not will let you cost pass over 30% might be 33% percentage of you gross earnings on the so much. Remember you continue to ought to pay estate tax, HOA, utilities and all of the renovation of the situation. If a rest room will get clog you'll now not name the owner, you're accountable for it. People received in challenge given that they went to 50% and even fifty five% in their gross earnings only for the apartment cost on my own. two) Be sufferer and perform a little study. Again, whilst you pass seem at a situation it's convenient to fantasize approximately chilling and bbqing and webhosting dinner events and all of that stuff. Be sufferer and ensure it make feel for you financially. Not certain in which you're placed but when you're in USA there are web pages like Redfin & Zillow on the way to let you know what the estate significance maybe (they aren't continually correct and in a few instances approach off however they may be able to provide you a few thought). three) Buy a situation on the way to suit your lifestyles sort and shall be completely satisfied with. Don't opt for one situation over the opposite considering it'll be an funding. Look what occurred this beyond few years. Not to mention that estate significance won't pass up once more given that it'll however purchase a situation in which you are going to honestly experience. I have peers who's unmarried and purchased a situation in an excessively loved ones orientated vicinity given that he proposal it might be simpler to promote in the future. Well in the future has now not come but and he isn't that completely satisfied. He is a unmarried man so there's not anything to do in that vicinity. He involves my situation (rented) in Pasadena, CA to head out that's forty five mins clear of his condominium. The majority of our peers are out right here within the town so nobody needs to visit his situation additional inland given that there's not anything to do. Also, with regards to #one million he additionally driven his affordability so he used to be continually broke. No coins to head out. No coins for holiday. And for the primary 6 months his apartment wasn't even absolutely offered. To feel of it, it took him approximately three years after relocating in to have a "housewarming" occasion. So the factor is purchase a situation on the way to suit your tradition and now not simply given that in the future it'll flip you right into a truly property multi-millionaire. Since that is your first condominium I am going to anticipate you're particularly younger. The colossal foremost subject matter here's you do not wish to be a slave to the situation. You do not wish to shop for a situation and now not have any cash left to experience lifestyles given that you received to make that cost. The selection is as much as you however I feel that sacrifice to push the affordability prohibit isn't valued at it. Good good fortune.