if you have paid $80,000 to bank in only 2 years about $20,000 of it may have been for interest not sure if your taxes and insurance was also in that $80,000 so that could be another $20,000 for taxes and insurance. that gives you about $40,000 equity plus your initial %20 is another $60,000 if you feel you can sell your condo for an additional $20,000 that is a total of $120,000 subtract your closing cost that could be about $20,000 that will give you about $100,000.
If you like I can come over and give you a free consultation on the market value of your hoe and come up with a more exact walk away number. PLease contact me... more
What increase are you referring too as it would be my pleasure to assist you with an answer... Please remember that all condos are different especially in the Edgewater area because many aspects will reflect the associations reserves and financials. Feel free to reach out to me for assistance with any of your future real estate needs.... more
If the majority of owners in any condominium rent out their units, you will have difficulty to sell since banks will refuse to loan money to any purchaser. A healthy condominium should keep a ratio of 70%+ owner occupied units. I had a few deals falling apart because banks refused to loan money when the ratio of renters was too high.... more
Edgewater has the lowest tax rate on the waterfront. Vela has been affected by the economy the same way most of Bergen County has been. However, the market in Northern Bergen County and Manhattan has faired much better than the rest of the country.... more
Banks haven't been doing any loan modifications on coops because they're not real estate. Actually, in our Bergen County area, loan modifications are extremely rare. Banks haven't been cooperative at all unless you have been with a savings & loan paying your mortgage on time for a long while. Unfortunately this may result in a short sale but I still would speak to Mr. Bavagnoli or some other attorney who is expert in these matters.... more