Category Archives: Single Female Home Buyers

How to Avoid Unwelcome Surprises When Buying a Chicago-Area Condominium or Townhome

     One issue that has cropped-up often throughout the time I’ve been a Mortgage Lender (and continues to do so routinely) surrounds the question …

     Is the property I’m purchasing really a Condominium … or is it a Townhome?
  

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      Just last night, the question came up one more time.  My client, who had been told they were purchasing a Townhome, is in fact buying a Condominium.

     The Legal Description of the property proves it is a Condominium.  The tax Permanent Index Number (PIN) shows the property is a Condominium.  Note:  They signed their Sales Contract before they talked to me.

     As you can guess, my Borrower is not very happy … 

     Calls and emails flew back and forth all night between my Borrower and myself regarding this issue.  Question after question was raised.  

     But no amount of talk, frustration, or wishing things were different will change fact.  The Borrower has contracted to buy a Condominium … even if they thought differently.  Facts and legal documentation don’t lie.  (For additional info, please read my post:  How to Determine if You’re Viewing a Condominium or a Townhome)

      When the Developer platted the property they have contracted for, they legally platted the development as a Condominium Project.  Within a Condominium Project the land is “common land”.  The land on which the Condominium is built is NOT OWNED by the individual Condo owner.

     What distinguishes a Condominium from a Townhome is not building design.  

     Let me say that again …

     What distinguishes a Condominium from a Townhome is NOT the design of the building.  Rather, it is the ownership rights of the land found underneath the building.

     In a true Townhome, the land underneath the building is separately divided and owned by each individual Townhome Unit owner.  Pretty much the opposite of Condominium ownership.

     I strongly suggest:  Everyone considering the purchase of a Chicago-area Condominium or Townhome should personally take the time to:

  • Obtain and Read the Legal Description of the property they are thinking of buying 
  • Thoroughly investigate the type of ownership that will  be received via the purchase of the property they are considering 
  • Do so PRIOR to signing a Contract 

 http://www.genemundt.com     Why does it matter?  Condominium Associations can be, and usually are, more restrictive on rules and regulations as they pertain to use of the property.  Restrictive to the point that a property’s marketability and “lendability” can be affected.
     So it’s very important that you take the time to perform this research.  Get the facts you need to make an educated and informed choice regarding your property purchase.  You don’t want unwelcome surprises when you go to finance your Chicago-area purchase …

http://www.genemundt.com/ContactUs.aspx

      
     *  Hoping to Buy, Construct, or Refinance a Condominium, Townhome or Single-Family Home in Will County or elsewhere in the Chicago area?  Contact Me today!  I’ll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for your FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL


    

Education + Preparation = the Confidence a Chicagoland Single Female Home Buyer Needs to Start & Successfully Complete their Home Buying Transaction

Education + Preparation = the Confidence a Chicagoland Single Female Home Buyer Needs to Start & Successfully Complete their Home Buying Transaction
   
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      A little over a year ago, I wrote a post entitled, “Have a Daughter?  Educate her Early about Finance, Credit, and Buying a Home”.  It’s proven to be one of my most popular posts and is typically one that people mention having read.  It obviously speaks on a topic of great interest.

     After being approached once again about this post, I thought I’d revisit it and update the info found there.  Admittedly my motivation and personal interest for this topic has only grown.  I now have two grand-daughters.

  • Trade investments less often  
  • Be more risk-averse
  • Keep more of their savings for themselves VS investing
  • “Settle” for more modest returns on investments/annuities/retirement funds

     And strangely enough, should they remain single instead of marrying, many of the differences between them and their single males counterparts will be even more stark.

     So what does this all mean?  How do these tendencies reveal themselves when females Buy a Home?  And what should parents, guardians, and teachers, (and I’d add Mortgage Lenders) do to best assist females to act in their own best interests?

     First, we obviously can’t and shouldn’t give in to old stereotypes.  Women have the capacity to learn and handle their own finances just like men do.  We cannot tolerate or assume because a woman makes a different decision than a man, that their capacity to understand finances is somehow diminished or less than a man’s.  It’s not.

     Secondly, we need to instill a deep confidence in our

https://1609956119.secure-loancenter.com/FreeConsult.aspx

females.  The confidence to invest, save, and follow their own instincts.  Instincts formed and honed on the counsel, education, and application of investment and savings gained and practiced throughout their lives.

     As a Mortgage Lender, I can relate that I’m working with single female Borrowers far more frequently than I used to.  (And I see single females that are buying alone more often than I see single males doing so.)  My personal findings are backed by statistics and the accounts of many agents I work with.  

     That in turn is backed by the National Association of Realtors profile of home buyers: 

  • Single Female Buyers accounted for nearly twice as large a share as Single Male Buyers for both First-time Buyers (23 and 15 percent) and repeat Buyers (17 and 9 percent)
  • Twenty percent of recent Home Buyers were Single Females, and 10 percent were Single Males 
010: Women-owned households are expected to be 31 million, which makes up more than one-quarter of all home buyers in the U.S. – See more at: http://singlemindedwomen.com/money-tips/the-female-face-of-real-estate/#sthash.x2vs5pcZ.dpuf
National Association of Realtors® profile of home buyers – See more at: http://singlemindedwomen.com/money-tips/the-female-face-of-real-estate/#sthash.x2vs5pcZ.dpuf

  
     Every child, no matter their sex, needs to be thoroughly educated as to credit, financing, debt, savings, investing, and even … Buying a Home.  The better they grasp each topic, the brighter and less stressful their financial future will be.

     But given the statistics proving that females are marrying later (if at all) … and outlive men (42% of women 65 years of age and older are widows) … there is a special importance that must be placed on equipping females to make sound financial decisions.  This protects them definitely, but it also helps them to best benefit from their financial decisions too.

     When Buying a Home, a Chicagoland Single Female Home Buyer/Borrower can best claim the confidence and empowerment they need for their transaction through education.  A helpful article to get these female Buyers started is provided by Realtor.com entitled, “Tips for Single Female Homebuyers”.  Other great info for Single Female Homebuyers is available on that site as well.

     But, I stress the following point:  

     The magnitude of the importance of searching/finding a knowledgeable, experienced Mortgage Lender willing to explain and discuss your financial scenario and all financing options thoroughly simply cannot be overstated.  The same goes for the Agent you choose to work with.

     Education + Preparation = the Confidence a Chicagoland Single Female Home Buyer needs to start and successfully complete their Home Buying transaction.  To get started on your Chicagoland Home Buying & Mortgage Financing process, contact me today … 

http://www.genemundt.com/ContactUs.aspx

    
     *  Are you a Single Female hoping to Buy a Home in one of the Lincoln-Way Area communities, Will or DuPage County, or elsewhere in ChicagolandContact me.  I’ll put my 36 years of Mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Direct:  815.524.2280
Cell or Text:  708.921.6331
eFax:  815.524.2281
Click HERE for a FREE Mortgage Consultation!
Ready to Apply for your Mortgage?
https://1609956119.secure-loancenter.com/WebApp/FullAppLogin.aspx
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Gene Mundt, Mortgage Lender, a Lender with 36 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:  The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.  
Gene Mundt, Mortgage Lender can be contacted at:  

815.524.2280, 708.921.6331 … or via his email:  gmundt@goapmc.com.

Contact Gene Mundt, Mortgage Lender soon!