Frequently Asked Questions--Condo Vs. Townhouse... What's the difference?

What's the difference between a 

Condo and a Townhouse? 

Condo and Townhouse are architectural terms. Condos are like apartment buildings--they can have attached neighbors above, below, and at either side. Townhomes are like row houses. They ONLY have attached neighbors on the sides.

Condos and PUD (planned unit development) are both ownership terms. With condos, you own %100 from the unpainted walls of your unit in. You own in common the walls of the building, the land, and any other improvements like pools, laundry rooms, parking areas, etc. If there are 100 units in the building then you own 1/100 of the entire common area of the complex. 

A PUD is a development in which you own your home and the land it is on. You own in common with the other owners any common space, such as the roads, common landscaping, pools, and so forth that may be part of the development. A PUD can be a single family home OR a townhome. 

Frequently Asked Questions--Mortgage, Mortgage, Mortgage

WHY DOES THIS BLOG SPEND SO MUCH TIME ON MORTGAGE ISSUES?

This is a very easy question to answer. In 2005-2006 the only requirement for getting a mortgage was having a pulse (although there was probably some mortgage fraud going on that allowed dead people to acquire mortgages as well). The crash in the credit market has made getting a loan very difficult, if not downright impossible for many. The desire to own a home hasn't changed, but the ability to do so has changed radically. I am often asked when will the housing market recover. My best guess is that when the credit loosens the market will improve.

Frequently Asked Questions--First Things First For Potential Buyers

Naturally, new clients (both buyers and sellers) come to me with a list of questions before I represent them. Usually these questions are pretty predictable--there are some things that people always want to know before they buy/sell their home. In order to make the process clearer for everyone and to make this information more accessible, I've decided to run an FAQ's section on this blog. Every now and then I'll post something I'm often asked, and if you think of anything, please feel free to email me your questions or post them in the comments section---maybe I'll feature one of your questions in a future post! 

QUESTION: WHAT IS THE FIRST THING I SHOULD DO WHEN STARTING TO LOOK AT HOMES TO BUY?

ANSWER: Before you go house-hunting, it's important to know how much you can afford. Get a pre-approval from a reputable lender. Your agent will be able to suggest reliable sources if you don't know where to start. In today's tough credit market you need to know exactly what you can and want to pay on a monthly basis BEFORE looking for a home. It is important to get a full pre-approval, not just a pre-qualification from a good lender. A pre-approval will include a credit check and verification of income, assets, and liabilities. You should get pre-approved for the maximum you qualify for and then decide if you want to spend less. After you get your pre-approval you can move on to the next steps in the process. Plus, you want sellers to know you're financially qualified when you make an offer-- a letter from a lender that attests to your credit worthiness can boost your chances of getting that home. 

For more information on what to do next and more answers to frequently asked questions, keep checking the blog. It's updated regularly.