Condos

Condos can be found on any multiple listing service website, but you’re only getting an address and a price.  The Real estate agent’s function in a transaction is immeasurable. The real estate agent will first arrange appointments with the seller to view the condos you want to purchase.  This is saving you valuable time.  When you start the process of viewing the condos, you’ll need to get the condo financed.  A real estate agent’s contacts are essential at this point in the game.  They’ve worked with numerous lenders over the years and have narrowed down the real ones from the fake.  The Realtors do not want to spend time showing you condos all over the city winding up with a transaction that doesn’t close because the lender cannot perform.

How do they know what lender can close the transaction.  Simply from the experience they have with each individual loan officer.  As Realtors, the only thing we want is an answer quick.  If you can’t do the deal, let us know right away.  The worst thing to do to a realtor and a client is to hold the file more than two weeks, come back and say you can’t to the financing on the condominium.  It delays everything, gets the buyer saddened and it just wastes time.  A lender on a condo should know they could do the deal within a seven day time frame.  After that, it’s getting a little long.  There have been several deals that sometime go into the one month, two month phase where a lender literally takes it out that long and decides not to finance the condo at that point.  That person should lose their license for acts like that. If you have the deal that long and you can’t finance the condo, you haven’t done your job.  You were probably on vacation fifty-eight of sixty days.  There is no reason in the world to hold a file that long.

Condos generally should close within a thirty day time frame.  We should see a deal come into our walls, get approved within seven days and close over the next twenty one days after that.  There’s always the last of the loose ends, but if everybody is doing their job, you should see your condominium close within thirty days.

Make sure this step is covered before you make an offer on condos in your area.  Find the right lender and get that part of the transaction taken care of before anything else.