Home Buying in Vernon>Question Details

Bravo, Home Seller in Vernon, CT

2 condos for sale in my building - a foreclosure and one asking $20,000 less than I owe - will this negatively impact the value of my condo?

Asked by Bravo, Vernon, CT Wed Jul 18, 2012

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It will affect you in the short term but keep in mind that in 6 months time the comps used for your condo will change. If you are planning to stay for a while, these sales should not affect you in the long term.
0 votes Thank Flag Link Mon Jul 23, 2012
Hi Bravo,

They will affect the value of your condo if they sell for what they're listed at. It doesn't matter what properties are listed for, it matters what they actually sell for. Appraisers use sold comps to get their values.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Wed Jul 18, 2012
So my only option is to either try to pay the mortgage down so I don't lose so much when I sell? Also, I am planning to update the kitchen and bathroom - that would help or hinder? From the pictures of the condo above me I can tell that my unit is much nicer, even though it is the same size.
Flag Wed Jul 18, 2012
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