Pinetop White Mountain Blog

Good Afternoon Everyone,

I came across an article this afternoon that I thought I would share with you.  This is especially geared to Condo Buyers.  Because of the foreclosure situation in the market and the fact that many Condos are purchased as investments for rental properties, you need to be extra diligent in your research when purchasing a condo.  I hope you find this information helpful. 

Happy Reading.

Sandra Paulow, Associate Broker, GRI

• Budget. Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years’ budgets to see how they’ve changed.
• Reserve study. Understand the plan for maintenance and how it will be paid for.
• Special assessments. Ask if there have been any and whether more are planned.
• Delinquencies. How many owners are behind in their payments? Many lenders say no more than 15 percent of owners can be in arrears or they won’t write mortgages in the complex.

Source: Chicago Tribune, Lew Sichelman (08/23/2009)