Page 7 - Butterfly Realty LLC

Condominiums/Townhouses

Condos/Townhouses have many pros and cons.

Pros: Minimal yard maintenance (if any), community features such as pools, clubhouses, and fitness
rooms, limited building maintenance/responsibility

Cons: Shared walls/outdoor space, limited parking, limited financing options

For Sale By Owners (FSBO)

For Sale By Owner homes simply mean that the seller has chosen not to have his/her own
representation. Buyers should always have their own representation when purchasing a home. None of
the buying process should be different for the Buyer because a seller decided to not have their own
representation. Buying or selling a home without a real estate agent is similar to going to court without
a lawyer.

Bank Owned
Buying bank owned properties can (at times) be a great deal. However, you will find that “the deals” are
typically found in poor condition homes and have limited financing options (such as Cash Only/Rehab
Loans). If the home is in decent condition, you will typically pay close to market value. The biggest
challenges for Buyers buying Bank Owned properties are:
• Sold As-Is – A home inspection at the cost of the Buyer will be completed but the bank will NOT
fix any items that are not directly related to loan approval nor will a price reduction request
likely be accepted based on the inspection findings.

• Disclosures /Communication – Because the bank has never seen or been in the home, there are
no disclosures in terms of condition and/or defects of the home. Communication and updates
from the bank are limited.
• Closing Costs – Banks are flexible about paying for the Buyer’s closing costs. If you would like to
have your closing costs paid by the bank, you will likely need to increase your offer respectively
based on the amount of closing costs you would like the bank to pay.

• After Closing – You will likely only receive 1 key to the house. Plan ahead to coordinate getting a
key to a community mailbox and/or getting garage door remotes as they are often not provided
by the bank. In addition, we recommend planning to do a nice deep clean prior to moving in as
the bank will not clean, remove trash, maintain the lawn, etc.