James Baker

$465k, .75 Acre horse property, w/ 2 BR, fully remodeled - Thu May 1 2008, 09:01

A single family residence would indicate that there is no fractional ownership of any part of that property what-so ever. A detached condominium would indicate that even though the home is totally detached from it's neighbors physically, there is some fractional ownership is involved. Maybe the front lawns are held in common and maintained by the HOA or more commonly there is fractional ownership of the community amenities such as the club house and swimming pool, etc.

If one home has a better site, view, proximity to ammenities or is nearer to the gate can all affect the value of the property to its benefit or detriment. The ease at which a sale may happen will be determined by one Buyer who is willing to pay more for what ever ammenities of which you speak and you have determined that should command a higher price.

You could argue that a SFH has the advantage of not having an HOA and its inherent restrictions on usage, parking, noise and payment for the amenities all of which are part of fractional ownership agreements. But some SFH are subject to payments for recreational districts, street lighting, and maintenence of green belt areas. So the division is not so clear in some cases.

I don't think the investment potential will be significantly different in either case. Only a ready and willing Buyer will determine which form of ownership is of more value and it will be determined by their own personal tastes. - Mon Apr 28 2008, 10:34

Hi Deb! You have already done some homework about these areas judging from your question. These two communities have the highest rated schools, are located near the best beaches and are family oriented with many parks and recreation facilities. They have all those features and homes in the price range you mentioned. Any neighborhood in those communities is worth considering.

What I think you are asking is more specific. I would like to send you some property profiles for specific homes you might like. I have lived and worked in these two communities for 18 years. Please call or email me today. - Mon Apr 21 2008, 11:26

C.... Something no one else has told you may be the reaseon you were not told about the foreclosure. The default / forclosure process involves a considerable length of time. Any property owner who could fog a mirror would think of anyone and everyone who could possibly solve their problem and redeme the property before it was too late. You were surely considered.

What may have happened in your case was they thought you didn't have the cash or credit rating to make it possible. Maybe you have a history of missed or late payments? Were you part of the problem?

Instead, they kept you in place, dutifully paying your rent which probably went straight into their pocketbook. This probably was a considerable amount of money since the whole process can take months and the owner used the cash to leave town or make their own escallating mortgage payments. It also happens that Renters will stop making payments as soon as they get wind of the default / foreclosure and live free for the months it takes to go through default / forclosure / eviction process.

I hope in your case that you could have, would have, purchased the property. If so, why don't you take advantage of the present Real Estate environment of cheap prices and low interest rates and buy that home from the bank that now ownes the property or another one? - Mon Apr 21 2008, 11:03

If the agent has brought the subject of the low appraisal up to the Seller's agent and they responded verbally to him/her that they will not lower the price, the Sellers are within their rights to only move forward at the agreed upon amount no matter what the appraisal says.

If what you say is true, your agent is, in my opinion (and I am not a lawyer) in violation of their fuduciary duties, i.e. to negotiate the best possible deal for you. The lender who has produced this "independent appraisal" isn't likely to loan you more money and you will have to bring a larger down payment to the table, or re-negotiate on the appraisal clause, or walk away. Another lender may offer to lend you more money but it will be on the basis of another independent appraisal (and another fee for which you may be responsible) as long as it is at the higher level you originally expected.

Another sceanario could be that the agreed upon time line in your contract has expired and your agent has not informed you of the fact, meaning you are locked in to the agreement and don't realize it, yet. If that is true you should seek an attorney's advice.

If your agent is pressuring you to accept the status quo you need a new agent. - Wed Apr 2 2008, 11:04