Stephanie Biello Featured on Redfin: What Every Condo Buyer Should Know

I'm excited to share that I was recently featured on Redfin, one of the largest national real estate brokerages and home search platforms, in their comprehensive guide, "What is a Condo? Everything You Need to Know to Buy One."

Redfin reached out for my perspective on the biggest mistakes condo buyers make and how to avoid them, drawing on what I see every day working with buyers and sellers across Philadelphia, Bucks County, and Montgomery County.

Here is the insight I shared:

"One of the most common errors condo buyers make is prioritizing the unit's interior aesthetics while neglecting the building's overall structural integrity and lender compliance requirements. Under the recently updated Fannie Mae guidelines, unresolved deferred maintenance or insufficient reserve funds can quickly compromise loan approval or result in significant special assessments after closing. Buyers should work with an experienced real estate professional to review structural engineering reports and reserve studies well in advance of contingency deadlines."

Why This Matters More Than Ever in Greater Philadelphia

As I outlined in more detail in my recent post on the new Fannie Mae condo financing rules, lenders have shifted from streamlined "Limited Review" approvals to full project reviews for nearly every condo transaction. That change is already reshaping how buyers and sellers need to approach condos across Center City high-rises, historic conversions in Old City, and suburban associations along the Main Line and in Bucks County.

A Few Additional Tips for Condo Buyers

Read the HOA financials before you fall in love with the unit. A beautifully renovated kitchen will not save you from an underfunded reserve account or a looming special assessment.

Ask about the building's Fannie Mae approval status early. Your lender can run this check quickly, and it can save you weeks of frustration if a building is flagged as ineligible.

Loop in your agent on structural and engineering reports. These documents are dense, but a local agent who understands what lenders are looking for can flag concerns before you are locked into a contract.

You can read the full Redfin article here: What is a Condo? Everything You Need to Know to Buy One.

Thinking About Buying or Selling a Condo?

Whether you are weighing a Rittenhouse Square high-rise or a townhome-style association in the suburbs, I would love to help you navigate the process with confidence. Reach out today to talk through your goals and get a clear picture of what to expect.

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267.322.9814