subject: Why Are Condos for Sale in Florida so Difficult to Buy? [print this page] Why Are Condos for Sale in Florida so Difficult to Buy?
Without a doubt, Florida is state that people love to come to year after year. The gorgeous weather, gorgeous seashores, and amazing golf, boating and other recreational activities make Florida a fantastic place for retirees and second home owners as well as a growing number of year-round residents. Many of the people that are moving into the state are looking for condos for sale in Florida. Condos are an excellent way to purchase a property for less and to be able to live without a lot of hassles of owning a home. Unfortunately, acquiring condos for sale in Florida is not as simple as it once was.
The main difficulty seems to be in getting a loan to buy condos for sale in Florida. The are a few factors which makes it more difficult today to get a loan for a condo. First, in order to get a loan for any investment property, you are most likely going to need a conventional loan. Conventional loans, however, require at least 20% down. Next, the vast majority of condos are not FHA approved, therefore, most banks will, once again, require at least 20% down with a conventional loan. Long gone are the days where you could put hardly any money down and walk away with a condo that you can rent out. To make matters worse, as a result of recent housing mess banks may not loan any money for a condo if they believe there are too many foreclosures already within that condo complex.
However, if you can to put down 20% and you are not looking within a complex that already has a significant number of foreclosures, then once you start looking for condos for sale in Florida, you might be surprised with exactly how many choices you have available to you. In fact, the challenge then becomes finding the condo that is right for you. Finding the condo that is ideal may take some research which can be quite difficult if you are not in the area.
That is why it is so important for you to have a Realtor whenever you're purchasing condos for sale in Florida. If you choose an agent that is familiar with the area, they can help to guide you through the entire process which starts with choosing a suitable location where you're going to live. If you have a family, the real estate agent can help you to know what types of schools are going to be available and the kind of neighborhood it is where you're moving. If you are seeking a place to retire, the Realtor can help you to select a quiet neighborhood where you can enjoy your retirement years. Not only that, but an experienced real estate agent will help you negotiate the best price since they are familiar with the most recent prices on condos for sale in Florida.
