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Thinking about buying a condo in Orlando

Ok so I moved up to NYC about 3 years ago for work and i'm thinking about moving back to Orlando sometime in the next couple of months. I would transfer with my job so I still would have the same income etc...

Looking at condo prices, I am amazed at how many 2/2 condos are available between $50k and $70k.

I have been looking at FHA loans as I am a first time home buyer, but i'm still a newbie when it comes to real estate buying.

What should me first steps be? I have no problem flying down to Orlando and meeting with a realtor and looking at properties either, my job allows me to fly for free :-)

Any advice or suggetions are greatly appreciated.
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March 08 2011 - Orlando
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Hello Simone,

Your first step should be to search Zillow for a Realtor that works in Orlando and then contact them and tell them exactly what you are looking for. The Realtor will be able to search the MLS which is typically more accurate than other public sources and find you a number of choices to look at before you get on an airplane and travel to Orlando. The other thing that you need to do right now is ask the Realtor for 2 lender choices and get pre-qualified for your loan. You will need this prequal when making offers. Good luck.
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March 08 2011
Hello Simone,

Phillip just said it all. You can find some amazing deals right now. Having a Realtor emailing you listings from the MLS will be the most accurate way to know what is for sale at the moment. Sometimes Zillow takes a long time updating their info.

Good Luck!
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March 08 2011
Your timing is great given the huge supply of condo's on the market. There is tremendous competition for buyers, so you are in position to negotiate a great buy.

I would decide which part of the Orlando market you want to live in then contact an agent (or two) that services that area. They will find a number of properties that match your criteria and price range. Be sure to get pre-qualified by a local mortgage lender so that you are armed with an approval letter when you negotiate your deal. Note that not all condo communities will qualify for financing. High percentage of investor / renters, vacancies or underfunded condominium associations may limit your choices a bit. Your agent will be able to determine which communities can be financed.

Good luck and congratulations on your move!
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March 09 2011
 
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