Is there a condo is your future or someone that you know?  Purchasing a condo can be more of a challenge than ever before especially in the area of obtaining financing.  The only way to purchase a condo quickly in today's market is to pay cash for the condo.

Here are some questions to ask that can help inform you if the purchase is going to be worth the work to get financing.  The lender will probably want to have answers to these questions prior to approving a loan. 

  • Who was the developer?
  • Is the developer still around?
  • How many units were sold?
  • How many units are owner occupied?
  • How is the homeowners association faring?
  • Is the project in bankruptcy? 
  • Is a bank "fire-selling" units?
  • Are services being cut back?
  • Are there any lawsuits pending?

Make sure that you fully understand the status of the condo project before proceeding with a condo purchase even if you are paying cash.