How to Buy a Condo or Apartment

Video Transcript

"How to buy a condo or co-op apartment. I'm Richard Blake and I'm here to explain to you how to buy a condo. Buying a condominium is very similar to buying a single family home. You're going to want to contact your local real estate agent and ask them for a list of properties that are available in the locations that you're looking at. A real estate agent is a great place to start because they're going to have all the tools in one spot and under one roof to help you find the property that fits your criteria or your needs best. The real estate agent will be able to give you a list of properties that are currently available in those communities and in those neighborhoods as well as find out what the current market values are, so when you do find the right home they'll be able to research the properties that have sold in the area so you know what type of offer to make. This way you can be assured that you're not overpaying for the property and that you're getting a really good deal. The second thing the real estate agent is going to be able to do is push you in the, or point you in the right direction of which mortgage broker to use. Getting a pre-approval or getting a mortgage on a condominium is going to be slightly different than getting a mortgage on a single family home because the costs that are involved are a little bit differently. They're going to factor in the home owners association dues, as well as your insurance is going to be a little bit different and a few other minimal items to be calculated there. The real estate agent is going to also be able to put you in touch with a closing company, so once you do locate the right property, submit the offer on it and the offer is accepted, they will then be able to introduce you to a closing company who can actually close the transaction. This is generally going to be a local title company or a local lawyer. Ok? So, again, contact your local real estate agent, ask them for that list of properties, speak with a mortgage broker to get pre-approved and then ask your real estate agent to recommend you to a closing company or to a local real estate lawyer. I'm Richard Blake, that's a few ideas on how to buy a condo or a co-op apartment, you guys have a great day."