Allison answers one of our NoDumbQuestion@gmail.com Listener Question answered.
”I’m thinking about buying a condo. I am looking for a condo complex with a pool and a gym on site . Are there any condo complexes in Cotati, Rohnert Park, Santa Rosa or Windsor that have these amenities? How do I find them? Nothing I have found advertised on the internet had a pool, and only one had a gym. Are there realtors who deal just with condos and wont try to talk me into buying a house? Thanks for any help you can give. Love your show.”
Alli’s Answer:— Thanks for listening to the show. We love hearing from our listeners.
I’ve pulled up a list of condos in the areas you asked about. All of them have a pool. Some have a pool and tennis courts. Only two specify a pool AND gym. Without knowing your criteria, or price point, the results are varied….from under $200,000 to the mid $300,000s, 2 to 3 bedrooms. With more information I can fine tune a search for you.
To answer your other question, most Realtors sell both condos and single family homes, although there are some who prefer to work only the higher end of real estate, which usually eliminates condos. No Realtor should be trying to “talk you into” anything you don’t want. Remember, we work for you. As your agent, our job is to listen to you, counsel you, try our best to find what it is you’re looking for……write an offer that’ll stick….and negotiate the sale through the escrow process, from accepted offer to successful close.
One reason that an agent may discourage you from purchasing condo is the scarcity of financing available for condos. Again, without knowing your specific situation, if you are only able to qualify for FHA financing, a condo purchase can be difficult….to near impossible. FHA allows you to come in with only 3.5% down. It is a great loan for the buyer looking to get into this market with limited funds. But, with FHA, not only do YOU need to qualify, the HOME also must pass muster. There are certain health and safety “tests” a home must pass to be FHA eligible (ie; no exposed electrical wires, no broken windows, working stove, working furnace, etc). Most single family homes, unless extreme fixers, will qualify for FHA. With a condo however, not only do you AND the home need to qualify, But the complex itself must also must pass the FHA test. To be FHA eligible a condominium complex must be at least 51% owner occupied and no one entity can own more than 10% of the units. It gets even more detailed than that, but those are the biggies. With the flood of investors entering this market, most complexes are no longer FHA eligible…..and, unfortunately, some no longer even qualify for conventional financing, leaving much of the condo market in the hands of the cash buyers.
A condo is a great option for many people, for many different reasons…. a foot in the door for some, downsizing for others, and for you it sounds like having the amenities you’re looking for all right there is a biggie. I’d love to help get you there. Let’s talk in more detail and see if we can fine tune our search.