If you like and can see yourself enjoying a few years there,--then it's a Great Idea!
If you know now that you'll want to sell it for a profit in the next few months---then look at the numbers.
Good luck and have a wonderful hliday!
Risa Liebster, RealtorÂ®
The biggest advantage that a short sale may have over a bank-owned foreclosure is the condition of the property. Most REO (foreclosures) are abandoned for some time before the process is complete, and the homes suffer with no care, utilities off etc.... so they should sell for a lot less than market value. They often need quite a bit of work to bring them back to an acceptable level.
I also have a few blogs on my Trulia profile that may be of use to you when considering values on homes. That information is pertinent all across the country.
All the Best,
Jim Sweat, ABR, CRS, GRI, CDPE, e-PRO, ILHM
Sandals Realty http://www.ExplainShortSales.com
They are pretty much giving money away today, so if you like the home and you can afford it, GRAB IT! You'll regret it if you lose it over $5k. How much will this additional purchase price amount add to your monthly mortgage...stretched out over 30 years? Keep in mind that, statistically speaking, you will most likely sell this home and move to another in 5-8 years. So that extra $20/month x 5 years = no good reason to not buy this condo.
Keller Williams Realty
But, it does not sound like much of a good deal. Get an accurate appraisal along with specific economic trend to sustain a better deal.
We can afford it. The HOA is reasonable and the property is good.
The short sale process has moved very fast due to the upcoming foreclosure.
The only thing is that we thought if we got a short sale we would get a great deal - at least 20% off appraised value. But this is not the case here....
If it appraised at $305K and $325K, then that is what the appraisers are saying the value is. If you really want the condo and can afford the payments (and the HOA), I see no reason for you to say no. It really all comes down to if you want the condo or not (if you can afford it).
but the Appraisal trumps that.
I'm not high on Condos with HOAs, but if you are....
What's the HOA fee?
How many of the Condos are rented out?
What's the monthly rent, typically?
How old are the Condos?
What the typical maintenance?
What does the HOA fee cover?
What are the ammenities?
Good luck and may God bless