Start Here to Avoid Common Mistakes Buyers Make When Looking at Condos For Sale in Jacksonville, FL!


condos for sale jacksonville fl daughter with dadSavvy investor or protective parent, you will benefit from the information found here. Our purpose is to educate consumers about the costly mistakes condo buyers make every day when looking at condos for sale Jacksonville FL. We’re here to help protect you from a poor decision or experience. So take advantage of these free resources, and make sure you sign up to get updates!

Avoid Mistakes Buyers Make When Looking at Condos For Sale in Jacksonville FL!

 

1. Know Restrictions.

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With hundreds of condo communities to choose from and new ones popping up every day, you can’t possibly know the rules and restrictions for each one! Some communities have restrictions on pets; some have restrictions on renting your unit to others. Some have limited parking or don’t offer safe storage for your boat or RV. You may be falling in love with condos that can’t even meet your needs.

2. Compete to Win.

By far the biggest challenge, buyers are often unaware that their offer is not competitive. It may be so full of contingencies and so poorly priced that it quickly settles to the bottom of the seller’s mountain of multiple offers. Remember, sellers have usually done their homework before they listed the property, and many times even ordered an appraisal. The offer that most benefits the seller (either a quick closing or highest net price) usually wins.

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3. Use Time Wisely.

Buyers often miss opportunities when they are uncertain about what they really want, or too busy, or unprepared to act. While they are out looking all over the place (or too busy to research) investors are hovering over their favorite communities, prepared to present a well-informed cash offer as soon as the next unit opens up.

4. Predict Closing Costs.

Don’t experience sticker shock at the closing table when many costs can be predicted by your lender and real estate agent, even before you make an offer or view a property.

5. Hire Professionals.

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Beware of people who always tell you what you want to hear. Instead surround yourself with trusted professionals who present you with straight-forward, unbiased facts that you can use to make your own, well-informed decision.

6. Don’t Ever Go Alone.

Your Jacksonville condo purchase should be a team effort. How can you know for sure that your lender is really offering you the best financing option without high fees? Do you have sufficient insurance to cover what your condo association doesn’t? Does your real estate agent know which repairs the seller is required to perform and which requests are considered cosmetic?

7. Understand Financing.

One community may offer attractive foreclosure deals with special financing incentives, while other communities are not approved for FHA financing at all. Your options may be limited simply by the type of loan you use. If you are not paying cash, you’ll need an aggressive strategy for finding and winning the bid for your Jacksonville condo.

8. Know the Process.

Did you know that each seller has different requirements for how to make an offer? This is especially true of bank-owned properties. Buyers may not be aware of deadlines, or know which paperwork is required, what must be included on a lender’s pre-qualification letter, or which documents can be used as “proof of funds.” Especially in multiple-offer situations (common today) buyers don’t have time to correct mistakes or supply missing paperwork. Sellers can reject or overlook offers that are not submitted correctly.

 

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9. Ask the Right Questions.

Knowing which questions to ask YOURSELF. before you start looking is half the battle! Having a crystal clear picture of what you “can do” and where you want to look is half the battle. Ask yourself the right questions and you’ll narrow your search, save time, and make a good decision.

10. Beware of Tricky Fees.

What you see is not necessarily what you get with condo fees. Beware of upcoming assessments, pending legal action and CDD fees. Many condos for sale in Jacksonville FL also have BOTH a condo association and a home owner’s association, each with its own fees and payment schedule.

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11. Search in the Right Places.

Did you know some of the most popular real estate websites publish inaccurate, misleading, or outdated condo listings? Many buyers have come to us disappointed that the home they fell in love with–their number one pick– actually sold six months ago! Some websites deceitfully list homes as “pre-foreclosures” just because the home owner has fallen behind on payments. Buyers could save valuable time and headaches by choosing their search sites wisely.

12. Recognize a Deal.

Sometimes buyers don’t understand how a bank determines the list price for their foreclosure properties. First they solicit multiple Broker Price Opinions from local real estate agents (with specific requirements to back up the analysis.) Then some will order an official appraisal. How will you know if a condo is priced just below market value to encourage competing bids, or if the bank sets the price 1-3% above value in expectation of lower offers? If you bid even $1,000 below list price in the first scenario, you could lose the bid to investors who all bid above list price. But you certainly don’t want to pay more than a property is worth. Extensive knowledge of market value for each condo community is critical.