Questions about buying a Condo?

Me and DH have been looking at houses but we cant find anything really nice in our price range, so we decided to look at condos. We found a really nice one with 2 bedrooms for $180,000. I dont know much about real estate. Does anyone know how much you actually have to put down? Do i have to haave 20% or can you make an offer like you would a house? How much would you put as an offer on $180,000 and how much down? If any one can help answer some of my crazy questions I greatly appreciate it?
Thank you!!

Message edited 4/14/2009 10:11:18 AM.

Re: X-post: Condo Owners

bumping...

Re: Questions about buying a Condo?

As far as getting a loan and how much to put down, there's not much difference at all b/t a house and a condo. You can put anything down that you'd like. If you do and FHA loan, you can put as low as 3% down. (if you do a search on here about FHA you'll find a lot of recent posts about it as well) Otherwise if you go with a conventional loan you'll have to put down at least 10-15% I believe. But on either loan....anything below 20% you have to pay PMI (private mortgage insurance) which can vary anywhere from 130-350 per month on top of mortgage, taxes, insurance, etc.

As far as putting an offer in on a condo at 180, it really depends on whether you think it's priced right or not. Have your agent run comps on other condos in the complex and area. I would say you might be able to start your offer around 160...but again it all depends.

Good luck and HTH!

Re: Questions about buying a Condo?

the down payment on a coop/condo is different than a house- the board or homeowner's association always puts limits- usually its 20% but there are some that are 10% down too- talk to your agent and have her research which ones have 10%- we are in one in queens that is 10% down- if you want the info, let me know and I can fm you

good luck and if you have more questions, let me know- we just bought ours and I also sold real estate up till december

Re: Questions about buying a Condo?

Re: Questions about buying a Condo?

Re: Questions about buying a Condo?

in my case, I believe the Condo board asked for 2K down for the association board but as far as down payment and the loan its the same as a house.

However, if you are moving into a pre or new construction than they may ask for a percentage down to hold the condo.

Re: Questions about buying a Condo?

My condo has no home owners association- there was no set requirement for what my down payment was. I would check to see what sold in the complex recently to help get an idea of what to offer- my first offer on my condo was around 35k less than asking then they countered and I countered- I ended up paying 15k less than asking. Don't forget when figuring your mortgage you still have your common charges to pay. Good luck!