Atlanta Condo Agents - Atlanta Condos - Atlanta Condo Foreclosures

FAQs

What is the difference between a Condo and a Town Home?
The major difference between a Condo and Town Home is Ownership interest. When you own a town home you own the land the unit sits on, however in a condo you only own what is within the walls of your unit and there is no land ownership.

What are HOA dues and are they required?
Home Owner Association dues are fees associated to run amenities and services in a Condo or Town Home Development. HOA dues are almost always mandatory in Condo and Town Home Developments and can not be negotiated on. Some services may include: concierge, valet, parking, pool, fitness centers, club houses or lounges, theaters and security to name just a few. Some Condo Developments even include services like cable TV, internet and water.

How do they determine HOA dues?
HOA dues are typically priced according to square footage. Dues are furthermore assessed according to the services and amenities that each Condo or Town Home Development offers. Occasionally the HOA may mandate assessments on every home owner for additional necessary services or upgrades to the development, such as modernizing communications or repainting the development. Assessments are never a pretty thing especially if the HOA is not sound financially.

What if I don't pay my HOA dues?
If HOA dues are not paid, services to the home owner can be denied. Furthermore, a lien could be attached to the home owner thereby making them personally liable (this is not good for anyone's credit!) . In some instances legal action can be taken if the home owner is not willing to cooperate and pay their dues.

How can I finance a Condo or Town Home?
A Condo or Town Home can be financed either though a conventional loan or FHA loan, depending on the price and the owner occupancy ratio. Some lenders will not finance a condo or town home if the Development is not more 50% sold, as Federal regulations have tightened lending restrictions.

Can I use any lender to finance a Condo or Town Home?
Typically any lender can be used, but be sure to use a lender that is in-state and knows the closing procedures and protocol to follow. Every state varies according to restrictions and closing procedures, so our recommendation is to either check with us first, or do your Due Diligence before you opt for an out of state lender.

What is the difference between a Conventional Loan and an FHA Loan?
Conventional loans that are typically funded by investors or institutional lenders such as Wells Fargo or Sun trust. Nowadays conventional loans require 20% down and good credit scores to qualify, especially if one is expecting a good interest rate.

Why are some condos on higher floors more expensive than condos on lower floors?

What percentage of a Condo or Town Home development is allocated for investor rentals?

If I buy a condo or town home, can I rent it out?

Things to consider when buying a condo:
Parking, Monthly HOA dues, Amenities, Foreclosures,

Condos by City
	Atlanta Condos
	Chicago Condos
	Irvine Condos
	Las Vegas Condos
	Los Angeles
	Miami Condos
	Nashville Condos
	New York Condos
	San Francisco Condos
	San Diego Condos
	Toronto Condos
	Vancouver Condos