condo Archives - Curb Appeal

Process and Requirements for Buying a VA-Approved Condo

Eligible borrowers can use their VA loan benefits to purchase a condominium rather than a single-family home. For first time homebuyers, a condo or townhome can have multiple benefits compared to a standalone house. However, to use your VA loan on a condo property, the property must be within a VA-approved development. Here’s a guide to the basics of buying a VA-approved condo as a first-time homebuyer:

How to Find Out If a Condo Is VA-Approved

It’s common for condo communities to advertise or clearly state their VA-approval status. However, if you’re unsure, there are resources you can use to find out. The official website for the U.S. Department of Veteran Affairs has a search function you can use to view a list of approved condos in a given area. Searching the list is a great way to find out about other properties you might not have discovered yet in your home search.

What to Do if Your Dream Home Isn’t VA-Approved

If your dream condo is not listed as a VA-approved property, there is still a possibility of using your VA loan to purchase it. To do so, the development would need to gain approval from the VA. The approval process requires official documentation from the development like homeowner association information, occupancy and vacancy reports, financial statements and lot surveys.

A major downside of trying to get your choice of condo approved by the VA is the amount of time required for the process. If you’re wanting to close on a home quickly, it would be better to go with a property that is already approved.

Approval Types

There are some different types of approval a property can have from the VA. One of the most important terms to know is “accepted with conditions.” If a condo property is “accepted with conditions,” it means there is at least one thing in the property’s application the VA has lasting concerns about. You may need to fill out an additional form stating you understand the conditions before you’re able to move forward.

For first-time homebuyers, buying a condo with a VA loan is a smart choice. However, it’s important to understand the process. Keep these things in mind when considering your plans for home ownership.

Here’s Why You Should Hire a Real Estate Agent When Buying a Condo

If you’re thinking of buying a new home, your budget is probably your main concern. With all of the costs associated with home buying, it might seem like hiring a real estate agent isn’t worth it–especially if you’re trying to buy a condo. However, there are some major benefits to hiring a real estate agent to assist you in your condo buying journey. Here are some of the key reasons to consider it:

Save Time

The home-buying process is incredibly time consuming. This is true no matter what type of home you’re in the market for. When searching for a condo, an agent can assist you by leading the search based on your specific criteria and preferences. They can help you schedule in-person tours, create virtual tours and take the lead in price negotiations and other time-consuming parts of the process.

Get Exclusive Access to Listings

While there are many search portal sites and individual condo communities available to browse online, you’ll have access to a much wider pool of listings when working with an agent. An agent can find listings on your local Multiple Listing Service (MLS), including listings that are “off-market” or “coming soon.” These listing statuses generally don’t appear on major search portals until they’ve already been viewed by many other interested parties. Hiring an agent will place you at the front of the line for buying the perfect condo.

Help With Paperwork & Process

Real estate agents have useful expertise beyond the listings themselves. Buying a home of any kind is a complicated process that requires following local and state regulations as well as navigating any particular rules the condo community has in place. There are contracts and other agreements that a real estate agent has knowledge and experience in dealing with, taking stress and confusion off your plate.

No matter what type of home you’re in the market for, working with a real estate agent has many benefits. If you’re interested in finding the perfect condo as your next home, consider hiring an agent to help you with the process.

Tips for Selling a California Condo

Although you may have enjoyed your California condo for many years, now may prove to be the perfect time to list your residence. However, if you intend to list a Golden State condo for the first time, challenges may arise that prevent you from maximizing your property’s value.

For example, the value of a San Francisco condo is unlikely to match the value of a similar condo in Oakland. And if you don’t know the ins and outs of the condo market, you risk missing out on the opportunity to get the best price for your condo.

Let’s not forget about the potential problems that may arise if you fail to notify your condo association about your decision to list your condo, either. If your condo association has rules in place for selling a condo – and you fail to comply with these mandates – you could put your potential condo sale in jeopardy.

When it comes to selling a California condo, it helps to plan ahead as much as possible. Lucky for you, we are here to help you do just that.

Now, let’s take a look at three tips to ensure you can quickly and effortlessly sell your California condo.

1. Consult with Your Condo Association

Don’t wait to consult with your condo association. Instead, reach out to your condo association before you list your residence to boost the likelihood of a stress-free condo selling experience.

If your condo association has rules in place for selling and vacating a condo, comply with these mandates. Otherwise, you risk encountering potential hurdles that could slow down the condo selling journey.

Furthermore, once you sell your condo, notify your condo association. Since the new condo owner will be responsible for your property’s fees, the condo association will need to reach out to this owner and maintain a relationship with him or her going forward.

2. Learn About the Prices of Condos in Your Area

Regardless of whether you’re selling a condo in Malibu, Sacramento or elsewhere in California, it helps to perform condo market research. That way, you can establish a competitive price for your condo.

Take a look at the prices of currently available condos in your California city or town. Also, it may be a good idea to check out the prices of recently sold condos in your region. With this condo market data at your disposal, you should have no trouble setting a price for your condo that hits the mark with potential buyers.

3. Collaborate with a Local Real Estate Agent

Working with a real estate agent who understands what it takes to sell a condo in San Diego, San Jose or any other California city or town is essential. This housing market professional can take the guesswork out of listing a Golden State condo and help you achieve the best-possible results.

Ready to sell your California condo? Use the aforementioned tips, and you can seamlessly navigate the Golden State condo selling journey.