How to Buy a Condo in 2019 | The Step-by-Step Process to Purchasing a Condominium

How to Buy a Condo in 2019 | The Step-by-Step Process to Purchasing a Condominium

In this video, real estate agent and Realtor Matt Leighton talks about the entire process of buying a condo in 2019.

Condominiums are popular for first-time home buyers, people that want to be in the city, those that are looking to own and want something more affordable, and condos are popular for those looking to downsize.

Condos offer less maintenance, a lower purchase price, and oftentimes more convenience.

How to Buy a Condo in 2019

0:36 - Step 1: Get pre-qualified. Talk with a local mortgage lender to begin the financing process to acquire your mortgage. You will want to know what you can afford before talking to a lender and before viewing condos for sale.

2:41 - Step 2: Get a real estate agent. A good real estate agent will save you thousands. A bad real estate agent may cost you thousands and will add unnecessary stress and burden on your condo purchase.

7:14 - Step 3: Buyer consultation meeting. You'll want to meet with your real estate agent to plan out how you are going to go about buying a condo. This is the 'discovery' step where you and your agent will gameplan and lay out the best strategy that will lead to you buying your condominium. Some real estate agents skip this step. You would probably want your agent to learn as much about you as possible before starting your search, rather than just starting your search and learning from you on the fly.

8:21 - Step 4: View condos.

9:30 - Step 5: Write your offer. Work with your real estate agent to see how much flexibility the seller will have in the price. Right now in the Arlington, Virginia condo market, all the condos are selling for over list price. But in many other condominium markets across the United States, buyers are able to negotiate the price down. It will all depend on your local market, which is where your real estate agent will come into play and help you write the best offer.

12:05 - Step 6: Offer accepted & home inspection. Before you start celebrating, you still have a lot of work to do. Your lender will provide you with more steps to complete to ensure a timely completion of your loan. And this is also the time that you will do the home inspection. Many buyers waive the home inspection in competitive offer situations. Work with your agent to understand the risks and determine whether you should waive the home inspection, conduct the home inspection for 'Void Only' purposes (you can back out, but aren't supposed to ask for repairs), or conduct the full home inspection.

14:50 - Step 7: Condo doc review period. In the Commonwealth of Virginia, buyers have 72 hours to review the condo documents that the seller has provided. During this contingency period, the buyer is able to back out of the contract with no penalty.

Yes, I know I made a mistake and included two 'Step 7's'. I just did that to see if you were paying attention ;).

16:45 - Step 8: Appraisal. The lender will send out the appraiser to ensure that the property is actually worth the sales price that you are paying for it. The appraiser will compare your condo to recent condos that have sold in the building or in the area.

18:16 - Step 9: Closing (aka Settlement)

'Condo Buying Mistakes' book is now available: https://amzn.to/2V6qJNe

Real Estate Continuing Education Online Classes for Real Estate Agents: https://goo.gl/Cr4Tpf

Looking for a real estate agent in your city? I have a network of top producing agents around the country. Email me and I can put you in contact with an agent in your area
matt@orangelinecondo.com

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Business inquires
matt@OrangeLineCondo.com

Matt Leighton - Arlington VA Real Estate Agent
Licensed in VA and D.C.
Century 21 Redwood Realty
1934 Wilson Blvd
Arlington, VA 22201
https://www.youtube.com/watch?v=jtWGqM3MZMU

Видео How to Buy a Condo in 2019 | The Step-by-Step Process to Purchasing a Condominium канала Matt Leighton