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October 22, 2010

The Golden Rule in Philadelphia Condo Buying…you will be tortured by the one who has the gold!

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 9:49 am

In the current real estate climate, getting a buyer and seller to agree on a price is tough enough. But that isn’t the toughest part of real estate today. I find that the most difficult aspect of my job as a Center City Real Estate agent is getting the deal done in terms of jumping through the hoops set forth by the mortgage company.

First the appraisal, which is becoming difficult, as I see very few lenders willing to be anything close to generous with the numbers they conclude to be the value of any given condo. I am not going to argue who is right and who is wrong here- suffice to say that hitting the needed number to make the appraisal work is more difficult than in the “Good Ole’ days”…..
Next, the condo has to fit the mold that the mortgage companies seem to favor- and just to list a few of those attributes:

1) Does the condo have enough owner-occupants as opposed to tenants?
2) Does the original developer hold more than, say 10% of the unsold unit?
3) Is there a reserve fund set up to put some money aside within the budget of the condo assn?
4) Has the association been turned over to the owners, and for a minimum of two years?

These are just a few of the hoops that not only YOU, but the condo you are buying MUST jump through in order to be approved for a mortgage. And this is just the tip of the iceberg.

Looking for help in determining your best strategy for obtaining financing for a Philadelphia condo you may find in the Center City condo market? Lets chat about some of the pitfalls and hoops!

Mark Wade
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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