Long Beach Condos - Buyer Tips for a Smart Purchase-Long Beach Real Estate

Long Beach Condos-Buyer Tips for a Smart Purchase-Buying condos is serious business learn how to arm yourself with necessary information-Long Beach Real Estate



Long Beach High Rise Condo Buyers - Long Beach Real EstateWhen you are in the market to buy condos in Long Beach California (or anywhere else) it is very important that you know what questions to ask in order to decide if you are making a safe and a smart choice.  It is a smart condo buyer who knows where the pitfalls are and how to avoid them.  Learning as much as possible about how the HOA is managed, and how that will affect you as a part owner in the community, is your smartest decision. 


If you are an FHA buyer, as first time buyers often are, it is important to find out if the condominium complex is FHA approved - prior to writing your contract.  If you provide your lender with the name and address of the complex they can check this out for you.  Your lender will also need to know what the owner occupancy rate is in the complex, this can generally be obtained from the management company.  If the rate is below 50% the complex will not be eligible for FHA financing, even if it had been in the past.  Spot approvals can sometimes be obtained for non-FHA approved condominium complexes, if all criteria is met.  Spot approvals are not guaranteed and can become a lengthy process, sometimes taking 30 to 60 days. Spot approvals will be discontinued on November 1, 2009.  Condo Complexes can still apply for FHA acceptance, if they meet the criteria. 


Most condominium buyers want to know what the pet restrictions are in the building and if they can install washer/dryer hookups in condos that do not already provide these.  This information is usually covered in the Associations Rules and Regulations.  It should be fairly easy to obtain a copy of this either from an HOA member or the management company.  Your agent should be able to obtain the phone numbers of the management company and a couple of HOA board members.  You may need these numbers to continue your investigation into the solvency of the HOA. 


Once your offer is accepted you will receive a copy of the HOA documents.  These should contain the CC&R's, financials, budget and 12 months of minutes per paragraph 6B of your CAR (California Association of Realtors®) purchase contract.  It is not unusual for these to not arrive on a timely basis, these should be pursued, they are a contingency of your purchase and are very important.  Once received these documents should be reviewed closely, they tell the story of the complex, past, present and future. 

 

Paragraph 6B of your CAR purchase contract provides instruction to the seller to disclose to the buyer as follows:


  1. Copies of documents required by law.
  2. Disclosure of any pending or anticipated claim or litigation by or against the HOA.
  3. A statement containing the location and number of designated parking and storage spaces.
  4. Copies of the most recent 12 months of HOA minutes for regular and special meetings.
  5. The names and contact information of all HOA's governing the Property (collectively "CI Disclosures). Seller shall itemize and deliver to the buyer all CI Disclosure received from the HOA and any CI Disclosures in Seller's possession.  Buyers approval of CI Disclosures is a contingency of this agreement as specified in paragraph 14B(3). 


 

Long Beach Condos - First Time Home Buyers - Long Beach Real EstateA couple of the important items you will be asking about, and checking the HOA documents for, are any recent, pending, current or proposed assessments or increases in HOA monthly assessments.  Reading the last 12 months of minutes (required per the terms of the purchase contract, paragraph 6B) will reveal any discussions at board meetings regarding these and other important items.  If any of these items exist they should also be disclosed by the seller on the TDS (Transfer Disclosure Statement) during the disclosure term of your purchase contract.  We often ask for 24 months of minutes to get more history on the management of the HOA.  These minutes are a wealth of information and should be read very closely, they reveal much of what you need to know to formulate your decision to proceed with your condo purchase. 

 

 


Who is Negotiating YOUR Long Beach Home Purchase or Sale?

 

Do you know who is negotiating the purchase or sale of your Long Beach Homes?  The real power in your Long Beach Realtors ability to negotiate a contract on your behalf lies in their command of the contracts they are wielding.  The standard form contracts that we use were written by attorneys for the California Association of Realtors (CAR).  Each and every paragraph of these contracts was developed to protect the consumer; the buyer and the seller in all Long Beach Real Estate transactions.


Knowing how to bend the contract toward a buyer's or a sellers best interest is an art, in my opinion.  Contracts have little boxes and small seemingly insignificant paragraphs in them which are often glossed over as meaningless.  There is nothing meaningless in any of the CAR contracts. Read More>>>



Have there been any recent major repairs or upgrades? 

  • Are there any major repairs or upgrades scheduled or upcoming? 
  • If major repairs or upgrades are scheduled, how are they going to be funded? 
  • What are the projected costs? 
  • Is there money in the reserve fund to cover the repair or will there be an assessment? 
  • If so what terms are being considered for the assessment? 
  • How much money is in the reserve account?
  • What do the bylaws state the reserve account balance should be?
  • Is there any current litigation against the HOA?  If yes, get the details. 
  • Are there any liens or judgments against the HOA? What are they?  How are they going to be resolved?
      1. Long Beach Condos - We need a larger condo - Long Beach Real EstateAsk for the number/s assigned to the space/s
      2. View the space/s.
      3. Ask the HOA if the space/s are deeded with the condo or if they are assigned by the HOA.
      4. If they are deeded, make sure that they are insured by the Title Company - check your preliminary title report to assure yourself that the title insurance extends to the parking space/s.  Read also:  Title Insurance Issues
      5. Many title companies are not insuring parking spaces and are burying that fact in the boilerplate of the preliminary title report.  Verify that your title company is indeed insuring your parking space/s and read the boilerplate in your preliminary title report, it is important.  North American Title is still insuring parking space/s.  



    • Many HOA's are woefully underfunded, the economy has affected them as well.  When major expenses materialize and there is not enough money in the reserve fund the board will call a special meeting and put the assessment to a vote, a quorum is needed to pass the motion.  If that is not attained the money for the repair will not materialize and the repair will be put off until the issues can be resolved.  Any issues regarding assessments will be recorded in the HOA minutes, which is one of many reasons they are so important to familiarise yourself with.  


      Underfunded reserve accounts, major repairs or upgrades, litigation, liens and judgements should be researched until it is determined whether the costs projected to be allotted to them still make this a purchase worth making.  All of these items must be disclosed by the seller during the disclosure process.


      Parking spaces are not always deeded with the condominium units.  Sometimes they are assigned by the HOA. The parking spaces that accompany the unit should be identified.

       

      Of course the most important decision you will make is in choosing the Realtor® who will represent and protect you through this process.  The Laurie Manny Professional Group is eminently qualified to represent you and see you through your Long Beach Condo purchase safely and competently.  Contact us to begin your Long Beach Condo Search we can guide you through the entire process start to finish. 


    Laurie Manny
    (562) 212-5420
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      Important Long Beach Home Buyer Tips

     

    This article highlights issues that many 1st time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement. 

     

     

     

     

     


     

     

     

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    Posted on October 16, 2009 19:00:00 by Laurie Manny Professional Group
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    Comment from: Maria Joe [Visitor] · http://www.bayut.com
    *****

    Well in my point of view before buying or selling of any kind of property we should detail search about the property market specially Property and real estate portals in your area. So that you may have an idea about the prices in that particular region.

    PermalinkPermalink August 12, 2009 01:07:49
    Comment from: Laurie Manny [Visitor] Email · http://www.lauriemanny.com

    Hi Maria,


    This post was not meant to be indicitive of the entire buying process. More from the time a property is located and an offer is being accepted.  It would not be possible to write an offer and have it accepted without closely examining the comparable sales and using them as a guidline for offering on the condo.  Our clients are very familiar with the prices, and pre-approved to purchase, in the areas that they are shopping before they leave our office to view them, as they should be.




    PermalinkPermalink August 12, 2009 18:49:33
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    To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.