So you are considering buying a condo near Nova Southeastern University college and you do not know where to start your search, well you have found a great website to get more information about buying a condo or property near the college campuses in Davie Florida.
Buying Cash or Financing
Cash purchases are most common and account for about 85% of all closed transactions between 2009-2012 for condos and will probably continue through 2014. Lenders will finance a condo in Florida but generally will require anywhere between 25%-30% down payment and can take up to 60 days to close the transaction.
Most sellers do not want to entertain a offer that includes a financing contingency in today’s market due to constant changes with lenders and banks and deals going sour weeks before closing.
If you are planning on buying a Condo you need to be prepared to pay cash or you will honestly just be wasting your time making offer after offer in this local market.
Financing a condo is a tougher task in today’s market around the college campus due mainly to lender/bank timelines and sellers who want a quick closing with no contingency in the contract that applying for financing can bring to the table.
Now I am not saying there are not condos that you can’t buy with a normal loan but when you do find them your lender or mortgage broker will tell you that you will need between 25%-30% down payment regardless if its an investment property, second home or you are buying it for your son or daughter who is attending Nova Southeastern University College campus.
HomePath financing with 3% down
This program only applies to buyers who will live in this property as their primary property, not investments or second homes. Generally on a Homepath or fannie mae approved property you can obtain financing but generally you pay more money for the condo or property than the current market indicates due to Homepath does not require an Appraisal for purchases.. This is causing properties to sell for a much higher price in this area than other properties that were purchased under normal terms like cash.
Recently in the community I live in “Royal Grand Condominium” the average sales price for a 2 bedroom condo purchased by a cash buyer was between $100,000.00 – $115,000.00 where recently HomePath / Fannie Mae just sold a condo that needed renovations that sold for $130,000.00 in February 2013. This is a 12-13% increase in price due to the lender not requiring an appraisal and in return this does help other sellers in the area but this does not represent actual market conditions.
If you are considering a condo for sale near NSU I would highly consider buying cash to save you money and speed the process up as well.
Mortgage Brokers In Davie