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A successful condo purchase ALWAYS begins with a clear understanding of the HOA (home owner’s association). The HOA is typically managed by a neutral 3rd party or resident owners that appoint a president, vice-president, and treasurer to manage the HOA. Your understanding of the HOA along with the strength and organization of the HOA is done through a required condo/HOA document called a resale certificate.  In this article, I will show you what you need to know and what to look for when buying (financing) a condo; and how to review a resale certificate with your real estate agent.
As a mortgage loan officer, I will give you a look “under the hood” at what it takes to buy a condo.
As a buyer, you cannot finance a condo without having a mortgage lender (or bank) fully audit (underwrite) the HOA to ensure it meets a qualifying criteria that helps position you for a successful home ownership experience.  As one of the Top 1% Loan Officers in the US (according to Scotsman Guide), and anchored here in the Edmonds/Seattle/Bellevue area, I have a lot of experience educating my clients as they finance condominiums and look forward to giving you this insight from my experience.

What Is A Resale Certificate?

When selling a condo in the State of Washington a Seller is required to complete a resale certificate representing the condo project.  A resale certificate is a set of documents that a Seller provides to a Buyer when making an offer on a condominium unit. These documents contain important information about the Homeowners Association (HOA), total number of units, budget, meeting minutes from the HOA’s most recent meeting, outstanding debt against the unit, rental policy and procedures, monthly assessments and the Covenants, Conditions & Restrictions (CC&Rs) for the building in which the unit is exists.
I’ve put together this helpful infographic to help you better understand what you need to look for while reviewing a resale certificate and what could cause a lender to disqualify you from purchasing a condo.
CLICK HERE to apply for a home loan with Dan Keller to purchase a condo.

All of this can be confusing, that is why I’ve put together this information for you.  One of the most important things to consider when buying a condominium is the TEAM you choose to help you.  Choosing a mortgage loan officer like me that has years of experience with financing condos (along w/ having an in-house condo review department) and a real estate agent that can help walk you through the ins and outs of a resale certificate is important.  If you need a recommendation to a great real estate agent that sells condos, please let me know, I am happy to make an introduction!  All the best with your condo home search!

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Dan Keller – Lic # MLO 115349
Mortgage Advisor/Branch Manager at
CrossCountry Mortgage, Edmonds, WA
8129 Ballinger Way Suite 105
Edmonds, Wa 98026

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