Home Buying in Verona>Question Details

Kristic, Home Buyer in Fitchburg, WI

Should I buy a townhouse or Garden Style condo? Is a foreclosure the way to go??

Asked by Kristic, Fitchburg, WI Mon Apr 11, 2011

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As for design, the best solution is to decide what is important to you. Some condos are more like apartment buildings which may be a turn off. Consider whether you want a private entrance and how easy and safe the access to your car is.
Foreclosures demand more patience as far as looking and closing. If you don't want to put up with condition issues, you may find a more acceptable conventional sale.
The bigger issue may be the condo association and its health. A lot of foreclosures in a complex brings can bring on substantial financial questions that you also may not want to deal with.
1 vote Thank Flag Link Tue Apr 12, 2011
Many of my clients that are looking for condos prefer the townhouse style because it feels less like an apartment and more like a home. We often refer to it as the door behind doors. With the townhome you will have stairs and a garden style you will not, which will allow you to live in it longer. Foreclosures are something that you should not dabble in alone. I would suggest using a Realtor and having the council of a lawyer, but you can get a great deal if you are looking.
0 votes Thank Flag Link Tue Apr 12, 2011
Great questions to ask a local agent or Realtor to help you fine tune your search. Make sure to ask the difference between townhouse, condo, and SFR (Single Family Residence). Some REOs are priced right and are considered by some "good deal" but consider working with an agent that has REO (Real Estate Owned) experience. I do NOT know your market, but on average SFR outpace Condos and Townhomes as an investment in general.
Find a local agent to help, best of luck.
Spirit
0 votes Thank Flag Link Tue Apr 12, 2011
Hi Kristic,

The style of the condo is different for each condo association - what one calls townhouse style may be slightly different from the next complex. Have your agent review resale/sales comps for each unit and then determine what style/location and financial situation best fits your need needs. Decisions can't be made simply on style.

In regards to a Foreclosure.....do your research, many require strict financial requirements that you may or may not meet. Speak to your realtor and lender and have them call on the application if it looks appealing. Generally, they are "as is" and the banks have a set dollar amount in mind. Depending if the condo is affiliated with a local or national financial institution, you may or may not move forward.

All in all, seek the assistance of a professional when in doubt - never hurts to ask questions.

Donna Birschbach - The Birschbach Team
Keller Williams
dbirsch@gmail.com
0 votes Thank Flag Link Tue Apr 12, 2011
A townhouse or Garden Style condo? Take a look at both and decide what suits you best. This decision depends on your lifestyle. Yes, you can get a good deal with a foreclosure (best scenario is if there is not much in repairs/updating to do, or the price is so good that you are at or below market value even after making the improvements you need). The desirable properties and locations do get multiple offers. It's best, of course, if no-one is bidding along with you. If there are a few offers presented the bank will select the strongest buyer who looks likely to close quickly. So cash, of course is better than financing but most importantly a bank wants to see a buyer that is serious.
0 votes Thank Flag Link Mon Apr 11, 2011
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