Condominiums | Buy | Scottsdale | Carefree |Cave Creek |Arizona
Condominiums | Buy | Scottsdale | Carefree |Cave Creek |Arizona is a convenient form of “lock and leave” ownership. By purchasing a condominium in Scottsdale, Cave Creek, Carefree, you own your unit but the common areas, which include the entire project with the exception of the airspace contained inside the unit are owned commonly with the other owners in the condominium project.
The beauty of buying a condominium is that you pay a “Homeowner’s Association” to manage the grass, the interior roads, the exterior of the building, the roof….the list goes on. Pretty much all you have to do is show up and enjoy the lifestyle in Scottsdale, Cave Creek, Carefree, Arizona.
While you may have electrical or gas bills paid individually with the ownership of the unit, the remainder and in some cases the water, are shared either equally or proportionately by all owners.
Buying condominiums is easy, but beware, financing can be an issue.
At Coldwell Banker Residential Brokerage Scottsdale Arizona we actually have an inhouse lender that will handle the financing for buying a condominium. Recently, we had a briefing on the latest condominium regulations relating to financing. Here is how it goes….
Lenders will require the borrower to pay for the necessary condo information during the processing. This can include: a completed Condo Questionnaire, a copy of the Annual Budget and a copy of the Master Homeowner’s Insurance Policy. The questionnaire itself can cost anywhere from $0-$450 depending upon the management company. Some management companies charge more than that just for copies of the Master Home Owners Insurance and the Annual Budget. This can be a VERY LARGE UP FRONT COST.
To qualify for FHA, VA or FREDDIE MAC funding certain items can REDFLAG a loan, making it unsellable to one of those entities….and the lender wants to be able to sell the loan to a federal program as they receive a fee for the loan and do not have to utilize their own funds to “book” the loan in house. To you, the consumer, lower rates will result from being able to sell the loan to a federal entity.
So what will compromise a loan from being sold? Here are the REDFLAGS.
- High Investor concentration (over 40% non-owner occupants)
- Homeowner’s Associations involved in ongoing litigation
- Commercial Space within the project (20% of the project is a maximum)
- New construction or recent conversions
- Project Names (yes, the name can trigger review)
- Excessive Questionnaire Fees
- Uncooperative management company
So how do you do your homework in advance? Or better said, your Realtor should know how to do this…..if they don’t you don’t have the right Condominium Realtor to help you in buying condominiums.
- Check the FHA Approved Project List
- Check Maricopa County Assessor for the ratio of investor units
- Ask the Seller to provide a Master Insurance Policy
- Ask the Seller for the latest Annual Budget
- Ask the Seller if they can provide a filled out and signed Questionnaire for free
- Research the County Records to determine if the Homeowners Association is involved in Litigation
Or better yet, utilize the services of a Realtor with experience buying condominiums in Cave Creek, Carefree, Scottsdale Arizona, and yes, I have that experience….give me a call!
ARIZONA REAL ESTATE FOR SALE
North Scottsdale Homes For Sale By PriceDirect Link to the North Scottsdale MLS to search for homes in the specific bedroom, size or price category. You can also perform a custom search by clicking on the link to a custom search at the bottom of the column.
North Scottsdale Arizona Subdivision Homes For Sale SearchSearch for MLS homes in specific subdivisions by Bedroom and Price Ranges. Click on any link to be taken to an Scottsdale MLS Search Page. To perform a custom search, click on the custom search link at the bottom of the column.
|Saguaro Estates||Saguaro Highlands||Sandflower||Silverleaf|
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Scottsdale Arizona Golf Course Homes For SaleFree MLS Search all Scottsdale Arizona Golf Course Homes For Sale. Search by Listing Price, Square Footage, all Scottsdale Arizona Golf Course Homes For Sale. Just click on any link to be taken to Scottsdale Golf Course Homes For Sale Links to the Realtor MLS.
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|3 Bedroom Homes|
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Cave Creek Arizona Real Estate MLS Home SearchSearch the Cave Creek Arizona MLS by Bedrooms, Price or Size. Direct link to the Cave Creek MLS with up to the moment information. Click on any link to be directed to your search.
Cave Creek Arizona Subdivisions Homes For SaleFree MLS Search all Cave Creek Arizona Subdivisions Homes For Sale. Search the MLS Like a Realtor. Click on any link to be taken to a special Realtor MLS Search Page to "Search Like Realtor".
Carefree Arizona |Real Estate |MLS |Realtor |Homes |SearchSearch the Carefree Arizona MLS by Bedrooms, Price or Size. Direct link to the Carefree Arizona MLS with up to the moment information. Click on any link to be directed to your search.
Carefree Arizona Subdivision |MLS |Homes |Golf Course Homes |Lots |MLSCarefree Arizona Real Estate MLS Subdivision Search. Direct Link to the Carefree MLS to search specific subdivisions in Carefree Arizona. Up to date to the moment information. Search for all Carefree Arizona Subdivision Homes For Sale.
Rio Verde Foothills Arizona Homes For Sale |Golf Course Homes |Horse PropertiesSearch Rio Verde Arizona MLS by Bedrooms, Price or Size. Direct link to the Rio Verde Arizona MLS with up to the moment information. Click on any link to be directed to your search for Homes, Lots, Land, Luxury Homes, Golf Course Homes, Horse Properties.
|3 Bedroom||4 Bedroom||5+ Bedroom||Vacant Land|
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|Under 500K||Under 500K||Under 500K||2.5-5.0 Acres|
|500-999K||500-999K||500-999K||5 + Acres|
|Million Dollar Homes||Million Dollar Homes||Million Dollar Homes|
North Scottsdale Arizona | Horse |Properties |Homes |LandFree MLS Search all North Scottsdale Arizona Horse Properties, Land, Homes, For Sale. Search the North Scottsdale MLS, Homes for Sale, Horse Properties for Sale, Land, Like a Realtor.
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|3 Bedroom||-500K||+ Barn||Under 2.5 Acres|
|4 Bedroom||500-999K||+ Arena||2 to 5 Acres|
|5 Bedroom||1M+||Over 5 Acres|
Commercial Real Estate For Sale
Scottsdale, Phoenix, Tempe, Chandler, Gilbert, Mesa, Fountain Hills, Scottsdale, Cave Creek, Carefree, Arizona. Search all Commercial Real Estate For Sale. Search Office, Office Warehouse, Warehouse, Medical, Dental, Retail, Commercial Land For Sale.
Scottsdale Arizona Commercial Property MLS SearchSearch Scottsdale Arizona Commercial Properties For Sale. Free MLS Search All Scottsdale Arizona Commercial MLS Properties. Search, Office, Office Warehouse, Warehouse, Medical, Dental, Retail, Pad Sites.
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Phoenix Arizona Commercial Property MLS SearchSearch Phoenix Arizona Commercial Properties For Sale. Free MLS Search All Phoenix Arizona Commercial MLS Properties. Search, Office, Office Warehouse, Warehouse, Medical, Dental, Retail, Pad Sites.
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OVER 300 ENDORSEMENTS
- Jeff McDowell, North Scottsdale Realtor 623.262.0811 EMAIL ME
By Jeff McDowell