Condo Financing Changes: What Chicago and Evanston Buyers Should Know

When buyers think about qualifying for a mortgage, they usually focus on their own finances: income, credit, down payment, debt, and interest rates. With a condominium, however, the building itself can also affect financing. A financially qualified buyer may still encounter lending issues if the condominium association does not meet a lender's requirements. Reserves, insurance, deferred maintenance, special assessments, litigation, and other association matters can all affect whether conventional financing is available for a particular unit. Read full article here: https://www.willtveit.com/condo-financing-changes-chicago-evanston

First-Time Home Buyer’s Guide to Chicago and the North Shore

Buying a condo involves more than evaluating the unit itself. You are also buying into a condominium association—and taking on a share of its financial condition, rules, maintenance responsibilities and future expenses. A beautifully renovated condo can still be a risky purchase if the association has inadequate reserves, deferred maintenance, pending litigation or a large special assessment on the horizon. Conversely, an older building with well-maintained common elements and responsible financial planning may be an excellent investment. That is why reviewing the condominium association’s documents is such an important part of buying a condo in Evanston. Read full article here: https://www.willtveit.com/buying-a-condo-in-evanston-hoa-documents-reserves-special-assessments-and-red

Condo Special Assessments: What Buyers and Sellers Need to Know

Special assessments can make condo buyers nervous, but they aren’t automatically a red flag. What matters is why the assessment was necessary, how it’s being funded, the association’s financial condition, and what expenses may be coming next. In my latest article, I look at what buyers should investigate, what sellers should know before listing, who may be responsible for an assessment when a condo is sold, and how special assessments can affect financing. If you own—or are considering buying or selling—a condo in Chicago, Evanston, or the North Shore, it’s worth understanding how special assessments work. Read the full article: Condo Special Assessments: What Buyers and Sellers Need to Know