Condos for Sale in Troy MI
Search like a Realtor! This page updates every twenty minutes with all new condo's for Sale in Troy MI including any bank owned, short sales, private owned, estate sales and distressed sales. This is your one stop shop for the most accurate direct feed from the MLS on all Troy condos for sale.
Condos for Sale in Troy MI
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Condos for Sale in Troy MI
New Condos for Sale in Troy MI Alerts!
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More Information on Troy Condos for Sale
Buying one of the Condos for Sale in Troy MI
Here's a quick 4 point checklist of things to look for and questions to ask when considering any of the Troy Condos for sale. However there are many more details involved in the purchase process and please don't hesitate to reach out to Michael Perna or any of the Realtors on The Perna Team for a step by step on purchasing a home or condo in Troy MI.
1) Is it Warrantable? What does this mean? Warrantable is a mortgage classification that can limit the type of mortgage you'll be able to get on one of the Condos for sale in Troy MI. To be Warrantable a condo complex must meet the following criteria:
- Over 75% of the construction must be completed (especially important in new developments)
- What if it's not? This means a non standard mortgage that can cost as much as .75% more depending on the bank, and as well a larger down payment as security for the mortgage
- The Delinquency rate must be below 10%
- The definition of delinquency for condos is an owner is more than 5 days late on their condo payment. Should that happen with more than 10% of the owners the complex will not meet the FHA condo guidelines. If that number reaches 15% most mortgage companies will not lend in the complex either. In 2008 many complexes were over 15%. However in 2015 almost every complex is back under 5% with the real estate market reboud
- Is it more than 90% owner occupied?
- If the complex is over 10% rentals it will again lose the FHA status. On conventional mortgages, many companies won't lend on condos for sale in Troy MI if the number exceeds 20%. The thought process there is rentals have a higher mortgage default rate and if the complex is not legally protected, this can cause reserves to drop well below the state minimums causing major assessments on the balance of the condos to get the numbers back up.
2) Have you reviewed the bylaws? This is especially important. A Perna Team Realtor will always not only get the bylaws on any condos for sale in Troy MI you're interested in, but also protect your right to walk away if there's anything in there that you don't agree with. When you get them READ THEM. Some complexes (again due to the down market) have moved some of the exterior maintenance such as deck repair and refinishing, windows and more back onto the owners of the complex. That's an extra cost you want to be aware will come up. Also some complexes restrict the number and size of pets. Lastly some also restrict parking outside the garage. Several have adopted rules that a car cannot be parked in front of a condo more then 48 hours, or in the driveway over 72 hours. This is extremely important to know if you have teenagers or will soon have teens living at home.
3) Check the financial statements: Will the roofs be coming due in not a long time? Are there cracked concrete pads in the road? Has the siding had better days? Is there enough money for these repairs or will the condo have to assess the owners for the costs? This is very important. When new roofs are needed it will cost most Troy condos for sale complexes several hundred thousand dollars. If the dues have been kept artificially low and the reserves very tight to the state minimum the complex will have to assess the owners the cost of the roof. A good rule of thumb is if the dues seem to low to be realistic or much lower than other complexes with condos for sale in Troy MI, expect the complex didn't bank properly for upcoming repairs.
4) Does it feel right? Many Troy condos for sale have complexes that have community events, picnics, outings and more. Many have snowbirds that are only here in the summer making it quite lonely in the winter. The largest growing demograph of buyers looking for condos for sale in Troy MI are families that don't want the upkeep and maintenance of a house. One of the Troy condos for sale is a great alternative to a home for a family tight on time, but can be painful for an owner that doesn't have kids looking forward to peace and quiet. Because of the closer proximity of condos to each other than homes are to each other, any noise outside of condos for sale in Troy MI tends to carry further. If there's a gaggle of kids playing in the common space (and it's all common area) reading a book with the windows open becomes very difficult.
All in all searching for Condos for sale in Troy MI can be a fun process when armed with all the information. Call 248-221-1224 or email MichaelPerna@kw.com today to set a time to have a cup of coffee and go over everything you need to know about buying or selling real estate in the Metro Detroit area. As always are consultations are informational but there is never an obligation.
IDX provided courtesy of Realcomp II Ltd., via Keller Williams Realty, Copyright 2020 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.