Avoiding Condo Pitfalls / New Sales Data In Town/ 
 You Just Bought A Condo And Agreed To What??
 
 

                              
                                                        

Mark Wade's Snarky Yet Honest Insight Into The
Center City Condo Market.
Welcome....
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With 1700 Pages to my website in total-
there is a boatload of Center City condo info
 that will make your head
spin if you try to digest it all....

ON THE FRONT LINES OF THE CONDO MARKET FOR 26 YEARS

Mark Wade

Spring 2015 Condo Market Is In Full Swing!

 
Our listing inventory is impressive, if I may say:
 
 

 Our recent sales :




I Just bought a condo...
And I agreed to what??



Here Are 5 clauses that are usually inserted into your condo mortgage papers that you may not have known about...
1) Acceleration Clause
2)  Defeasance Clause
3) Prepayment Clause
4) Due On Sale Clause
5) Compliance Clause

 

All these clauses are standard in most residential mortgages.  What is the bottom line here? In my opinion...pay your mortgage and no one gets hurt....Similar to any other obligation, but in the case of a mortgage lender, they will provide clauses and provisions that are generally immutable and do go to the heart of protecting their own interests.
Your best defense?  Ask. Then ask again.  And get a Real Estate Lawyer if you are signing something you don't understand....


Ten Pitfalls to Avoid
 when buying a
 Center City Condominium...
                                                 

Being a veteran Center City Realtor (26 years), I often see buyers making some repeated mistakes. 
A t least in my opinion, I use the word mistakes.
 Here are some common pitfalls:

 

1)  Paying Points on a short term hold
Many buyers know they will only own their condo for 3 to 5 years. Paying Points may not be advantageous-  Talk to your lender. Do your homework here.

2)  Saying "No" to a "Betterments and Improvements " rider on your home  owners policy. This covers items like floor, appliances, cabinetry, doorknobs, etc etc. Might be worth considering.

3)  Glossing Over Building Issues  - You are given 5 days to read your condo docs. If you don't want to do so, then hire a lawyer. A Real Estate Lawyer.

4)   Using a Mortgage Lender  because you have a Savings Account at that bank, and have had for 23 years. That doesn't mean crap, in my experience. Nada. Nil. Zip.

5)  Using a relative  to be your Realtor, Mortgage person, or otherwise to play a huge role in your buying process. These arrangements can go up in flames quickly. Not always...but...

6)   Not Vetting Your Realtor - " When in Rome" is pretty good advice.. Interview him/her  to decide if you two make a good team.

7)   Over-buying : Do you really need a three bedroom and den unit? Or will a two bedroom and den suffice? Same story with one vs two bedroom units- If you don't need the space, why pay for the space?

8)  Not Reading Your Sales Contract -  99% of the questions you may have about a transaction here in PA can be answered by reading your Agreement of Sale (The Contract). Read It. I beg you.

9)  Expecting Perfection:  Yes, the seller is going to vacate your new condo in a  dirty and  somewhat used condition, with holes in the walls where their art once  hung.  IF that is the biggest bump in the road during our journey, then we should all g o sing and dance in the middle of the street with joy and glee :-)  Nothing in life is perfect  so a hint of forgiveness along the road can be helpful.

10)  Relying on the Square Foot calculations on Condo Flyer. Or even relying on info provided by some sources. Best to do your own measuring/ fact checking.

 

  Just Ask Me.
 Let's find the answers together to help you make the best decisions possible.




Buy a condo from me or get out of my car - LOL

MarkNew
          


Mark Wade 
 
Berkshire Hathaway Home Services 
Fox & Roach

530 Walnut St. Suite 260
Philadelphia, Pa. 19106
215.627.6005
Mark@CenterCity.com 

 

 
I have been with the same Real Estate firm for 26 years now. They give me a piece of Lucite shaped like a pyramid every year. Imagine my excitement....