Trying to clear the backlog of condos that clog the market, secondary lender Freddie Mac announced today that it will give qualifying buyers $1,500 to cover future condo fees.
Are there strings attached to this kind offer? You know it!
- You have to get your deal in order between now and Nov. 15, and you have to close by Dec. 15
- You have to buy a HomeSteps condo that has been on the market for at least 120 days
- You have to live in the condo. No investors and no flippers!
As conditions go, these are reasonable. Condo fees typically range from $200 a month for a townhouse complex that covers basic services and your roof, to $600 or more for hotel-type amenities such as a doorman, gym, and a party room. Even at the steeper rate, a fee vacation would be welcome.
Keep reading for more about condo fees and how to read between the lines of condo documents.
Image courtesy of Morguefile contributor kevinrosseel.