Buying A Home
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meeting with realtor on Saturday

Hello, I mostly lurk around here, but DH and I are having our first meeting with our realtor on Saturday morning and I was hoping to get some help on what sorts of questions we should be prepared to ask. We are looking at condos on the west side of LA. Are there any condo specific questions that aren't really obvious? Was there anything that surprised you in the process that you want to share? Thanks for the help!

Re: meeting with realtor on Saturday

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    When looking for a condo, most people know to ask about HOA fees and rules. Also ask when was the last time the HOA fees increased and by how much. If there is a pattern of high increases, you should be concerned. Also ask for the percentage of units that are not in good standing or not paying their dues on time. Ask if there are any large projects, such as a new roof, expected to be completed in the near future. If large repairs are needed in the near future, you can expect a special assessment fee. You may want to ask about the ratio of renter occupied units to owner occupied units. If there is a condo you are very interested in, ask to review the yearly budget and a list of all the rules and regulations. You want to make sure that the condo association is in good standing financially and that you can live with all the rules listed. Look around at the landscape and property. Try to get a sense of how well maintained is the property.

    Good luck with your search.

  • Ask if the complex is FHA approved.  Even if you are going with a conventional mortgage it can be really hard to sell if they are not FHA approved.  Also, FHA verifies the health of the HOA with the approval so you would know they cleaned through the finance sometime in the last 2 years.  FHA requires re-approval every 2 years now.
  • Thanks, these were helpful questions to take with us. We are still really early in our search, but our realtor has sold quite a few condos before and she seems really knowledgeable about all these issues. Thanks again!
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