4 Reasons Financing Condos can be more expensive than Townhomes…
Buying a Condominium in today’s real estate market is more difficult and sometimes more expensive than buying a Townhouse. The reasons are related to financing and insurance. Click here for a definition of the difference between Condos and Townhomes.
1) Condominium Complexes must have prior approval by FHA, the Federal Housing Administration, before buyers can obtain an FHA loan. Buyers are currently using FHA loans because they have the lowest downpayment obligation of just 3.5%.
2) Condominiums need an HO-6 insurance policy before lenders will agree to put a mortgage on the property. An HO-6 is a special policy providing both some coverage for the contents of an individual unit and some personal liability coverage.
3) Lenders require a special disclosure from the association for which a 200-400 fee is not unusual. This fee is then paid by the buyer as part of their closing costs.
4) On Conventional lending, those loans not guaranteed by the government, many lenders charge a higher interest rate on loans for Condominiums.
When shopping for a property in Apple Valley, Eagan, Lakeville, Farmington, Rosemount, Burnsville, Savage or Prior Lake be sure to pay attention to the legal description. It’s a misconception that all Condos are in buildings with long hallways and elevators.
If you wish to know the status of an individual property, or the value of your own home, just click here and send me the address along with your request.
Comments are closed
Your Real Estate Expert
Read Our Reviews
After accepting a promotional opportunity in another state, I had no choice but to put my house on the market during the late fall which was by no means ideal. With very few people looking to buy during that time, you can imagine my angst. Sheryl however kept us very informed along the way telling not to panic and gave me great advice on when I should slightly drop the price a bit or when to hold tight. During the winter months when I was no longer in my home, she also made sure to physically check out my house each week to be sure the furnace was still working and no pipes issues. Another huge weight off my shoulders. She also knows her stuff in regards to marketing. She literally spent one afternoon helping me arrange my furniture to make sure my house photographed well for the online photos. She also uses a professional photographer, so the pictures were great!
Sheryl Petrashek is a top notch Real Estate Agent! She made the entire selling process go very smoothly and when things didn't make sense Sheryl was always there to explain and she made me feel very comfortable through the process. She knows the business very well! I will be recommending Sheryl to friends and family!
Sheryl and Bo are a great team and put together an outstanding marketing plan for our home. The result was seven showings and multiple offers in three days on the market and a sale for more than our asking price. The follow through on the details has been outstanding. We would highly recommend them to anyone looking for a great agent.
Sheryl has been great throughout the entire process of finding and negotiating the purchase of our new home. We feel as though we have always been her top priority. Her responsiveness to our questions and concerns and her dedication to our project has been outstanding. Her knowledge of the local area and the constructions methods and terminology is impressive beyond compare. She has made the entire experience very pleasant and painless. We will highly recommend her to anyone planning to buy a home.
Sheryl was referred to us for our unique home buying experience. Her understanding our of needs ensured that our initial property purchase would ultimately allow us to fulfill on our home building goals. Sheryl market knowledge with property visits were always spot on and informative. She always had her information prepared and outlined to provide the best options a property had to offer. Sheryl's candor navigating those options was very much appreciated, as she always kept our long term goals in site. Sheryl is an "all-in" agent. She will ensure that your expectations - start to finish - will be met, and that your home buying experience will be a pleasant one!
Sheryl is absolutely wonderful! In this economy I thought selling our home would be next to impossible but Sheryl made it so easy! Sheryl will go that extra mile for you. She is extremely knowledgeable and offered great advice and recommendations to get our home ready for showings. She is not only very professional but very likeable and friendly. I highly recommend Sheryl and look forward to working with her to buy my next home!
We went thru much effort to find a realtor that provided a real value added to the process. The recommendation from Greg Bjorkland led to us interviewing you. We were very impressed by the type and degree of analysis done to determine the market for our home; for the multiple channels to the marketplace that you used; your team approach that covered all the time sensitive bases needed to get us to closing; and probably most of all; your really profound ability and insight in analyzing and handling sensitive issues and negotiations. Barb & I found ourselves saying about 6 different times throughout this experience how incredibly grateful we were that we had Sheryl on the job. And I don't hesitate to say that I've never said that about any realtor before. Thank you again!
I would like to THANK YOU for working with me to sell my property. Being in a different state, I thought that it might be a bit tough for me to sell my property but you always went that extra mile to ensure that things were taken care of. You gained my trust from fixing minor repairs to working with renters for showings when needed. I appreciate with the service you provided to sell my property and am definitely glad that it was done without me having to feel like I needed to fly out to do anything.
Hard worker doesn't even begin to describe Sheryl's drive to go above and beyond the call of duty. She is extremely knowledgeable and without a doubt has her client's best interest in mind. Would choose her again and again and would highly recommend!!
Sheryl and her team are fantastic. They were there every step of the way for us. We sold our house in 4 days for the asking price. We would recommend Sheryl to anyone.
Sheryl is in the process of helping us to prepare and understand the current market. Her knowledge of the real estate trends and in depth analysis allows us to maximize the sale of our home. Along with her being patient, helpful, enthusiastic and the most understanding person to work with! We look forward on working with her!!
I am so glad I got to work with Sheryl and Remax Results. Sheryl was open, totally flexible to my schedule, and very good at keeping me updated and informed about homes available. After helping me finally find the perfect place the entire team did a great job of guiding me through the process and preparing me for an easy and successful closing. Honestly, I don’t think finding and buying a home has ever been easier. Thanks
Sheryl was very knowledgeable and took the time to listen to our needs with the sale of our home. She kept us informed of the current market and future trends that may have an impact on our sale. she took a lot of pressure off by keeping us always informed as we were not present for most of the process. I highly recommend Sheryl to anyone selling or purchasing of a home. If you listen to Sheryl's advice on staging your home and the current market you will have a very good chance of selling your home.
Sheryl and Bo went above and beyond expectation with ideas, personal attention and services for enhancing my buying experience on both the buying and selling side of the equation. They were organized, professional and set expectations that ultimately proved to be spot on.
Sheryl is very knowledgable . Keeps up with market trends and advises you accordingly. Easy to work with. Does a great job working with you to get your house ready to place on market. Answers phone calls promptly and calls you on the progress of the sale.
Wonderful experience and a great realtor with no pressure sales! Always willing to make things happen!
Sheryl worked with my husband and me to sell our house at a difficult location. Sheryl tried many approaches and we successfully sold our house. I really feel it was because of Sheryl's thorough and consistant effort with showings, open houses, and marketing that made the difference. Sheryl is a great agent and partner in this process. She also helped us find our next home!
We had our townhouse on the market for over 7 months with another realtor and had no offers. Sheryl was recommended to us by a friend, so we decided to switch and give her a try. Within two weeks of working with Sheryl, we had an offer and sold our townhouse. She also found us a wonderful new home to purchase. Sheryl and her team made the whole process seamless and effort free. If you want great results, Sheryl is the realtor for you. Thank you!
Sheryl was very knowledgeable. She was always quick with answers to questions and right on top of the whole process. I would recommend Sheryl to anyone needing a real estate agent.
Sheryl was such a joy to work with when selling our first home! She made the process very smooth and my husband and I knew we could trust her with every detail. She was upfront and honest so we had very real expectations when listing our home. She exceeds the competitors in marketing and knowledge of the market. We always knew Sheryl was on our side and in every situation she represented us with integrity and professionalism. We would refer all of our family and friends to her and we will definitely be customers of hers again. We had an offer on our home in 3 days and sold our home more quickly than we imagined! Sheryl and her team are wonderful!
Sheryl was very instrumental in both the purchase of our new home and sale of our old home at the price(s) we wanted. She is very knowledgeable about properties and their values. Whenever I needed to talk to her she would always respond. Not only is she a great Realtor but a better person you won't find. You won't regret having Sheryl as your listing agent. She gets thing done.
Amazing Agent that worked very hard to get me the condo I wanted at a great price :) Would definitely recommend Sheryl Petrashek and her team!
We are very happy that we could meet high experienced professional when we started searching of our new / first home. We are property virgins and when we met Sheryl we had a lot of questions and worries. Sheryl could provide us the best support and help. She was keeping under strong control every step of our deal. She gave us all necessary information and documents in time and without delay. We received a real support from Sheryl when we had to arrange an international money transfer and we can say that this step of our deal has been done in accordance with all regulations and without problems. We want to tell Sheryl thank you so much because we’ve got a high quality service from her personally and from her team. We had a strong feeling that we were a VIP customer when we were working with Sheryl.
Sheryl Petrashek listed two condo properties for us. We found Sheryl to be a professional who used her strong marketing, communication, and reporting skills to sell our properties. However, what really separated Sheryl from the rest was her willingness to do whatever task was necessary to make the deal happen. She truly exhibits a “can do” attitude, and she takes the “full service realtor” concept to an entirely new level.
Sheryl is very knowledgeable about real estate in general and really excels at getting your individual house sold. She was great at identifying exactly the type of buyer that would be looking at our house. From there she told us what updates to make – which ones would really be worth our time and money. She also had recommendations on who could do those updates. Sheryl is an exceptional realtor to work with, you will not be disappointed!
I first met Sheryl in 2006 when we sold our first home. She impressed me immediately. She’s knowledgeable, experienced and savvy in real estate. Sheryl calmly explains the process because it can be overwhelming and stressful, at least for me. Her “customer service level” is understanding as she returns calls or emails in a timely manner or her “team” does. My husband and I would give Sheryl Petrashek and 5 star A+ rating and would recommend her without hesitation. I have given my entire family her name for their future real estate needs! THANK YOU SHERYL FOR EVERYTHING!
We had a lot of real estate agents to choose from and we are so happy we decided to work with Sheryl and Bo. We were starting to feel a little hopeless that we would find the perfect house for us within our budget, but Sheryl and Bo were determined to find the right house for us and they did! There was an issue with the appraisal coming in low, so Sheryl did her research and wrote an excellent rebuttal to the appraiser and she was able to get the the appraisal increased so there weren't any issues with financing. Their communication was top notch - our calls, texts, and emails were always returned very quickly. We would highly recommend working with Sheryl and Bo!
Sheryl and Laura were awesome to work with in selling my home. They were ultra-communicative from the word go and provided some excellent tips in staging my townhouse for sale. Their market assessment was honest and well-thought out and the online presence they provided helped get the house sold right away. Thanks so much Sheryl!!!!
Sheryl asked me if I would write one or two sentences to recommend her...well it might be a paragraph. Sheryl is the best realtor ever! I bought a foreclosed townhouse which I love. But during the process the title company on the seller's side had major delays finding my title. Sheryl was so excellent, very experienced and always took the time to explain the technicalities to me, she was persistent in getting me my title, very nice and patient, incredibly intelligent and I had complete trust in her. And it paid off, a huge THANK YOU to Sheryl! I now am living in my dream house!
Sheryl has been able and willing to think far outside of the box for solutions and willing to do whatever is necessary to make the process seamless and profitable for me. As a partner of mine put it after Sheryl went above and beyond her role for the umpteenth time “now THAT is a full-service agent!!
Sheryl is a great realtor. She had great resources and go to people for project work. I appreciate her marketing approach. Her website was great. The photos of the house were done nicely. She was willing to help us with anything we need and explained the sales process well.
I can't say enough about Sheryl and her services. I'm completely impressed and satisfied with the handling of the sale of my home. Sheryl's honesty and integrity shines through from the beginning to the end of the process of selling my home. She did a fantastic job marketing my home and delivered exactly what I wanted/needed to sell my condo. Sheryl and her office made selling flawless and very easy.
Sheryl has an amazing personality. She is always so happy and friendly. We really enjoyed working with her. When we went to meet her the first time we had no clue about the type of a house we wanted. We just said we want to buy a house. Then she explained to us that there are different styles of houses. She also showed us a map that covered all the areas we were interested in and the price range we liked. The first time we went to see houses she included different styles of houses so she could get an idea of what we liked. That visit taught us so much about houses. Then once we found what type of house we liked she found many more houses like that in so many areas. Thank you so much for finding us our dream home!
Sheryl was an amazing realtor for both the sale of our old house and the purchase of our new house. Sheryl and her team were great with taking care of all the details and the representing us with any issues that came up. Sheryl went above and beyond what I believe any other realtor would have done for us, and for that I would highly recommend her to anyone looking to sell or purchase a home. With Sheryl's knowledge and experience she puts the client first, which sets her apart from other real estate agents we had dealt with for our previous two homes. Thank you for your representation, without you I don't think our home purchase would have gone as good as it did!
Sheryl was fantastic! She helped us find a home that fit us perfectly! She was wonderful to work with and her passion for helping people find their home shines through! She made our move to the twin cities area very easy and comfortable!
We really enjoyed working with you. Thanks for always being so fun and flexible! You are a great realtor, you made the process fun and easy. Thanks a lot Sheryl!
The Petrashek Team was great. Very organized and excellent about keeping us informed. This was the first opportunity to work with Bo and he too was spot on about his recommendations. He gave us sound advise on different aspects of each property we chose to review. When we put our house on the market, Sheryl was excellent at what we should ask and what we should expect to receive. She was right on the money. I'm so glad we partnered with this team again. I hope to be in this house a long time, but if anything should change, I would only call on Sheryl Petrashek for the outstanding results we have received.
Brian and I chose to work with Sheryl because of the wonderful experience we had with her when we purchased our current home. Sheryl guided us through every aspect of selling our current home and buying our new home. She gave us advice on staging our home and responded to our questions quickly. Overall, we had a wonderful experience working with Sheryl.
Sheryl is very knowledgeable and professional, who puts her clients first. She works for the best interest of her customers. She has assisted me to sell my house before and she just helped to buy a house recently. She takes time to listen to her clients and works hard to make sure she meets their expectations. There is no doubt, she is excellent and the best in what she does and I will recommend her a million times. With Sheryl you are in good hands. Thanks Sheryl
Sheryl is not just an agent, she is a teacher. She will help teach and guide you through the process of buying or selling a home so you can be confident that you are making the best decision for you and your family. Anyone can tell you WHAT to do. Very few can explain what factors to consider and WHY you should consider them.
Sheryl is a true professional. Her knowledge, experience, patience, and professionalism were a true asset to my husband and I while we were searching to buy our home. Sheryl has a true passion for real estate and it shows when working with her. We felt that she had our best interest at hand and are VERY happy with the house that we purchased. I have told several friends/relatives about our experience with Sheryl and I would undoubtably recommend her to anyone.
Sheryl is a true professional. She’s sold two homes of ours and helped with the purchase of a third. Her knowledge and experience allows her to manage any situation that may come up during the complicated process of buying and selling. We will definitely refer her to any friends or family in the future.
We selected Sheryl over two other highly recommended Realtors and she was the perfect fit to sell our home. We had an unusually complicated assignment and the depth of Sheryl’s experience and attention to detail was outstanding. She genuinely cared about our best interests and provided a level service that is beyond what we have found with other Realtors. We would recommend her to anyone considering the sale of their home, especially in the Twin Cities South metro. Tony and Jennifer, Inver Grove Heights.
Sheryl is an excellent agent who supports her clients from start to finish. Her knowledge in the market is phenomenal and she gets houses sold. My experience with Sheryl has been such a relief to know that she is always looking out for you and doing what she can to make the selling process less stressful. I have had Sheryl help sell 2 houses now and she is on the top of my recommendation list for family and friends. Don't think I could have gotten through the process of selling our current house without her. A big Thank You to Sheryl!
What I really love about her is that she is so patient. We took my four month old baby and she actually looked after the baby until we looked around the houses. She explained the positives and negatives of each house. She is very honest and very open. We found our home within a month and we are extremely happy at our new place. It is everything we looked for and the best part is it is within our budget range. I’m so glad we went to her. She is friendly, caring, patient, honest and extremely good at her job!
Sheryl's expertise helped us every step of the way--from staging our home to the nitpicky details of the final documents. She really knows her market and the area, and all the tricks of the trade.
Sheryl is absolutely amazing when it comes to selling houses!!! She goes above and beyond to sell the house. The resources she uses is outstanding. Her drive and willingness to work with me, to sell and buy a new home was a great experience. I would recommend Sheryl and her team to anyone looking to get top dollar for their house from a realtor who really cares for her clients. You will not be disapointed when Sheryl is working for you!!!!!!!!!!!!!!!!!!!!!!!!!
Sheryl was far and above the best realtor we have ever worked with. Not only is she incredibly knowledgeable about the many intricate nuances of the industry, but after 14 years in the industry she has formulated a marketing and distribution strategy that is unrivaled. We were extremely impressed with the amount of work she did right off the bat, and felt like we were her only client. The first buyers that walked through our house made an offer and Sheryl’s negotiation techniques brought us to within a few percentage points of our asking price. We can’t recommend her strongly enough and wish we could take her to Texas with us when we buy our next house! Thank you Sheryl – keep up the great work.
I have had the best experience with Sheryl buying my house. It’s a very exciting time and also a big decision of my life, but she made it sound really fun and simple to me, always gave me feedback on things that made so much sense and made it so easy for me to make my decision. Very knowledgeable, pleasant individual to work with and I am so grateful. Thanks Sheryl.
We are a young couple buying our first home. We were a little bit apprehensive because this is one of the biggest purchases we will make in our life and we wanted to have things done right. We have heard of unpleasant stories of people having a hard time finding a good realtor but not with Sheryl. We found a house we really liked and you can easily be blinded by the excitement of purchasing your first home that you can overlook a couple of things. She was prompt to point out how great the house was but also some things that could potentially become an issue that we wouldn't have noticed otherwise.She recommended us our Mortgage officer who has been an absolute pleasure as well.Sheryl is very knowledgeable in everything real estate related and we wouldn't have had it any other way. When we buy our next house she will be the first one we will call for assistance again!