When Is a Deal NOT a Deal??  Relax! This is NOT a trick question! The answer to this question? It's actually pretty simple to figure out. A Deal is NOT a Deal when you will come to regret having made the purchase in the first place, at some later date. What brought this topic to mind was a thoughtful, well-written blog post by real estate agent and ActiveRain member, Barb Van Stensel. In her post, Barb talks about the realities of viewing, obtaining, then successfully transacting, a condominium property. Barb Van Stensel is absolutely 100% correct with her summation of condominium purchases too. Buyers should ask questions, demand thorough inspections of the property itself, the property management company involved, AND the condominium association under whose direction the property finds itself, all PRIOR to signing a contract for purchase and seeking financing. I cannot stress the following advice strongly enough... When considering the purchase of a condominium property, it absolutely vital that you do your homework regarding the professionals you seek and then work with during your purchase and mortgage financing. And what should that criteria be? Choose only real estate and mortgage professionals that are educated and experienced regarding condominium transactions and have successfully completed and closed them RECENTLY. And I repeat ... RECENTLY! The condominium market is a quickly-changing housing market. The need for current experience and thorough knowledge and understanding of these transactions ... and their regulations ... cannot be overstated. Simply said ... it is NOT the time to work with a rookie or someone that typically does not work within this specialized market. The Chicago and Chicagoland area in which Barb Van Stensel and I live, provides a perfect example of the urgent need for meeting the criteria I outline above. Chicago and Chicagoland currently has a large array/choice of condominium properties from which to choose during your condo property search. Choose unwisely regarding your selection of real estate and mortgage professional ... and you run the real risk of personally finding out just when a Deal Is NOT a Deal. Most likely, you'll be living proof of it. The condominium transaction is where I believe my 20+ years of education and experience within the appraising field pays-off the most for my mortgage clients ... and my referral partners too. I have a complete and thorough education and understanding of just what constitutes a "condominium" VS a "townhome". I also understand the workings of condominium associations and management companies because I dealt with so many of them while appraising ... and mortgage lending. I know who to approach and what to ask them ... and just why. What legal paperwork will be demanded. What lending underwriters will seek from seller, management, associations, buyers, etc. I know what information is absolutely mandatory to my transaction ... and how to interpret that information. My clients and referral partners have come to know this regarding my services and depend on the benefits and protections that knowledge and experience affords them. When is a Deal NOT a Deal?? That's simple, especially when speaking of condominium transactions. A Deal is NOT a Deal when ... you come to wish you'd never seen or bought your condominium in the first place ... or you wish you had chosen another professional to work with during your purchase or mortgage transaction. Don't let that be you! Protect yourself when buying a condominium by seeking-out and then working with an experienced, knowledgeable, successful real estate agent and mortgage lending professional. You'll be glad you did ... * Thinking about buying a Chicago or Chicagoland condominium now or in the future? Contact me! I'll put my years of experience, education, and expertise to work on your behalf.  I can be contacted at any of the following:Direct: 815.277.4036 Cell/Text: 708.921.6331 Website: www.genemundt.com Conveniently via Skype: 630.219.1316 |
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