Condo's 101: The Home Buying Process
In 2015, Condo buyers represented well over half of all home purchases in the Chicago market. Condos are an extremely popular form of home ownership in our city for a variety of reasons: most affordable for the majority of First Time Buyers; attractive option for people who are downsizing from a single-family home; people who want to be within walking distance to their work; and great solution for people who want to own their home but don't want to deal with the maintenance or desire amenities such as security, doorman, workout facility, party room, etc. The closer you want to live to the Downtown area, the greater the likelihood that you will be purchasing a Condo.
Many buyers don't realize that there are some very significant differences in purchasing a Condo from a Single Family Home or a Townhouse. In fact, there are actually 2 approvals needed by the Lender: approval of the buyer and approval of the Condo building or complex itself. These are 2 different approvals and can vary depending on the type of loan that the buyer is planning to use and the building that the unit is in. While the process is different and can be complicated, much of the stress and anxiety of purchasing a Condo can be greatly reduced by having a thorough understanding of the steps involved, and by having a competent team of professionals (Realtor, Lender and Attorney) who are all experienced in Condo purchases.
The session will last 1 hour with Q&A at the end. Topics covered will include:
- Loan Types for Condos
- Overview of the home buying process as it relates to Condos vs Single Family homes
- The difference between purchasing a condo and a single-family home
- Closing costs associated with buying a property
- First Time Home Buyer Programs and Incentives
We will have three speakers discussing different aspects of the transaction : a Lender, Realtor and Real Estate Attorney. These folks comprise your Buyer Team and each one plays a very important support role in the home buying process:
- David S. Piatek, Vice President with The Federal Savings Bank
- Nancy Perlman, Realtor with Keller Williams – Chicago-O’Hare
- Paul Ochmanek, Jr, Real Estate Attorney with Paul Ochmanek Law
At the conclusion of this seminar, you will have a clear understanding of the differences in purchasing a Condo vs Single Family Home and the information necessary to assist you in deciding if this may be the best option for your individual situation. You will also have the knowledge and confidence that buying a Condo is not to be feared or avoided, but can be a great decision as long as you have the right team in place. Class space is limited so please RSVP for your session as soon as you can. If you need to cancel, we ask that you please unregister so others can attend. For questions or additional information, please call 312-471-2878