Got to admit, I agree with Marcus on this one. I your looking for a place to live the actual quality of the property has to be a large consideration. We've all been in dozens if not hundreds of bank owned and short sale properties in the past year. Most are not really very good quality in terms of fittings (assuming the fittings are still even there). When we walk into one with high quality fittings, we are always pleasantly surprised.

Investment wise, of course, be careful go for the best return. But finding your own home is not only about investing. It's about waking up, going to get that first cup of coffee, and saying to yourself, "Wow, I'm glad I live here."

Regards,
Mark LeMenager
Weichert, Realtors - Hallmark Properties

To offer an alternative perspective, I love those Veranda Park condos... there's nothing like them in all of Orlando... they have solid marble bathtubs for chrissakes! Just like all the other bank owned properties they are a great deal if you can find one. Yes, they may be in bankruptcy - who isn't these days... the quicker they are purchased and the new owners start paying their HOA fees the better. Check out our condo website for more info and give us a call if you'd like a tour! But yes, you will need cash...

If the condos in your building are now selling for 129K then thats the market. Remember the bank wants as much as they can get but if sells for 129 then thats the market. Sorry its happening to everyone not only you.

Hi Streetsmart,

Great question. Gay gave you excellent advice. If you are working in the price range of 100-150K, there are far better opportunities to purchase. Condos, especially ones where the HOA's are in disarray or bank financing is non-existent are very risky propositions and I personally would not purchase one nor recommend their purchase to my customers.

Single family homes offer much less return, historically a great return on your investment and in the Orlando area, are very close to their bottom, if not already there, especially in the price range we are discussing. We work with numerous first time purchasers and investors. If I can provide additional information or future guidance, please do not hesitate to contact me.

Sincerely,

Marty Kaiser
Broker/Associate
Accredited Buyer's Representative(ABR)
marty@floridasells.com
407-595-9700
Keller Williams Realty

Street Smart

Yes there is a bankruptcy. Condos have associations and fees that keep the community viable. Fees can go up when there is a financial crisis to keep the community solvent. What do you think?

Keep in mind it may need to be a cash sale or if a mortgage may have to go conventional which regquires a sizable down payment close to maybe $40K. If you have that cash to invest, do your self a favor and find a nice single family home with low or no Homeowners fees and keep the value of your investment in your hands not the bank or some unknown investor. There a many great bargains in the metro west area right now.

Keep me in mind if you need some available properties sent your way. Good Luck!

Regards,
Gay Middleton
Concerned Realtor*Moving You in the Right Direction