Michaelmylrea,  in

What perecentage of this building is underwater? Owner vs renter occupancy percentage? Reserves left? Monthly fee (condo, taxes?)

Asked by Michaelmylrea, Thu Jun 14, 2012

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4
I need the name of the building in order to answer the question.
THank You
Sal Davide
1 vote Thank Flag Link Fri Jun 22, 2012
Hello, Michael. Unfortunately, as indicated below, even if you had mentioned the name of the building and its location, this information may not be readily available since most of it is provided by the condo association and typically, only to would-be buyers in the course of the due diligence during the purchase process.

To know more, contact a real estate agent you're comfortable with, discuss your buying needs and criteria with them and if this building continues to represent something you'd like to pursue, you should proceed accordingly.

Remember, presenting an offer does not obligate you to close. Even if the offer is fully ratified (accepted), there are protections to you as a buyer you should discuss with your agent. These provisions are not to be abused, but if there is truly something that would cause you enough trouble, there are ways to address it, even to the point of being able to walk away so, don't be afraid to get as many facts as you can through your agent, then make that offer.

One final though...it is getting increasingly difficult for most people to buy and re-sell at a gain in today's market. Keep this in mind when you, decide to buy.

If you intend to live and enjoy the property or you're thinking of keeping it as a long-term investment (at least 3-5 years), you're likely to do just fine. If however your intent is to buy, fix and resell right away, beware.

For the latter strategy, my personal humble opinion is to consider a multi-family property or single family homes (maybe even a townhome in some cases), not condo units, unless you're a savvy, experienced investor who understands the risks (though any property type offers its own inherent risks of ownership, which you should discuss with your agent and legal counsel).

All the best
0 votes Thank Flag Link Thu Jun 14, 2012
Hello Michael:
What building in specific you are talking about? Monthly fees and property taxes per unit is not impossible to find out but you have to reffer to us any link to the condominium in matter, or its address. Reserves left is something that is no public knowledge at all and is only dominium of the building association that could be discloused only to an actual buyer under purchase contract with a seller in that building otherwise you have to pay for that info to association as a last resource. Regarding to percentage of ownership under water is also an information that depends of the financial status of each owner in the building or complex regarding to their mortgage if any and that's something confidential. What I can give you is the number of properties in the sale market as "short sales" that are currently available shown in the MLS and that can give you a substancial idea of what you want to know. Once again, you have to provide the building address and/or name.

Angel Calzadilla, Real Estate consultant.
Charles Rutenberg Realty LLC.
0 votes Thank Flag Link Thu Jun 14, 2012
Good Afternoon,

The property you have inquired about is not indicated or linked so am unable to provide you with the information you seek. The most I would be able to provide even with a property address is to give you an indication how many unit owners may have had foreclosure proceedings filed against them. As far as the percentages of owner occupied to tenant occupied would be information that can only be obtained from the condo association through a questionaire, as well as the financials for the condo. Please feel free to provide the address and I can at least give you a sense of what may be going on in the building you are referencing. You can reach me either via email or on my cell 305-772-2521.

Lila Lopez
CDPE - Certified Distressed Property Expert
RE/MAX Advance Realty
homesbylila@yahoo.com
305-772-2521
0 votes Thank Flag Link Thu Jun 14, 2012
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