Construction continues on The Shaw Condominiums located next door to the historic Howard Theatre. Developed by Monument Realty, The Shaw will include 69 one and two bedroom condominiums featuring high-end finishes, 9 ft ceilings, floor-to-ceiling windows, and balconies / terraces with select units. The property will offer garage parking, rooftop terrace with shared amenity space, and approximately 7400SF of retails on the ground floor. Sales are expected to begin later this year.
If you are in the market for a condominium, one of the important questions to ask BEFORE you decide to write an offer is the current investor ratio in the community. Sometimes referred to as "Non-Owner Occupied", investor-owned condominiums are typically rented out to tenants and thereby considered non owner-occupied. In most cases, Fannie Mae guidelines require at least 50% of condominium units be owner-occupied in order to provide traditional financing. Exceptions can be made but the approval process can be a lengthy process and potentially delay your settlement.
The best advice for a potential condominium purchaser is to inquire about the investor ratio from the listing agent or management company before preparing your offer. In situations where
In our current competitive real estate market, buyers are often looking for strategies to strengthen their offer in the hopes that the sellers accept their proposed terms. Most often, escalation clauses and limited contingencies are recommended in preparing your offer. However, there is another tool you can consider - - Post Settlement Occupancy Agreement (commonly referred to as a "Rent Back")
Here's how it works... the property goes to settlement as scheduled but the sellers remain in the property for a specified amount of time and at a mutually agreed upon daily rate. The sellers provide a security deposit with the settlement company that is returned to them at the end of the rent back period and upon a clear walk-through.
One of the most important factors in your loan application will be your credit score so it is best to review your credit report before you speak with a lender. Once you have access to the report, review it carefully for any mistakes or unpaid accounts. You will want to address any credit issues early in the process. Multiple factors impact your score including payment history and the amount of credit being used compared to your available credit limit - or your credit utilization ratio.
2. Know Your Numbers and Organize Your Documents
In order to get pre-approved, the lender will require specific information to verify your assets and liabilities and it will be an easier process if you have everything prepared in advance.