First time buyer--How do I make an offer on a condo?
September 6, 2010 5:35 PM Subscribe
First time buyer --How do I make an offer on a condo?
posted by Prairie to Work & Money (14 answers total) 2 users marked this as a favorite
I am looking at a nice place for 40K (no typo). It has been on the market since July 20. I have looked at 3-4 in this building and a few more at higher prices. The neighborhood is slightly sketchy (but seems better than the last time I was here--also the place itself looks spiffed up). There is new mixed-use development going up across the street. Some of it is complete (movie theatre, foo foo lounge) -- and condos starting over there at 135K. This building has 10 or more units for sale. Here's why, I suspect: There will need to be an assessment for sprinklers of at least $300,000 (110+ units). I don't know how they will charge for that, or if it would all be due at once. One friend who lives there thinks it will be by square foot. It may be that they will get a historical grant to cover it, according to another woman who lives here. (The building next door was placed on the National Register of Historic Places.) I have spoken to three people who live here who love it. The monthly fee is $185. It is an FHA unit and I can borrow the 3%. If I ask the seller to pay closing costs, what should I offer him/what is reasonable? Thank you for any help you may be able to offer.