The Condo Assn. President is also a co-owner, residing in one of the condos under the Association rules. She is a realtor with a license and was contracted by one of the other co-owners to sell their unit as they have already moved out of state and wanted to work with someone they knew who would be motivated as a co-owner to get it sold and at a good price.
By itself, I'm not sure that is a conflict of interest. HOWEVER, this Condo Association President called a special meeting of the other Co-Owners (mostly retired folks who are easily led) and convinced a majority of them to give up their right of first refusal to purchase the unit she was selling as the real estate agent. The buyers wanted FHA financing and we were given some story about how that right of first refusal could be held as discriminatory and we could be sued. I disagree.
To the extent this Pres. is asking us to give up our rights so she can make commission, I think that would be a conflict of interest. Agree?Realtors: Would it be conflict of interest for Condo Assn. Pres. %26amp; Co-Owner to Agent other's condo for sale?
I am a Realtor and an attorney with experience in professional ethics. A professional conflict of interests can be cured by full disclosure and waiver of the conflict by the parties concerned. Is this woman a Realtor, or merely a licensed real estate agent? Realtors are members of a professional organization and are required to adhere to a code of ethics that does not apply to all licensees. You can see that code at the link provided below. I suggest that you read it over and see if there is some specific provision that she might have violated. It might help you frame your issues in more specific language. Your question does not so much involve this woman's role as a Realtor, but rather her fiduciary duty to the members as president of the HOA. Violations of conflicts of interests rules often involve a failure to disclose. It sounds like she disclosed her personal financial interest as an agent in the transaction so there is no obvious problem there. It would require further investigation to determine if she deliberately and knowingly misled the HOA in the decision making process. Your charge would then be that she failed in her fiduciary responsibility to the members and the board of the HOA. I don't know of any code of ethics for HOA officers, but provisions of the Civil Code, Corporations Code, Business %26amp; Professions Code or similar statues would impose legal duties on such officers. Your anlaysis has to be rigorous as someone's prefessional and community reputation is at stake. A mere conflict is not a violation, but it is the first in a list of questions that must be answered including whether there was a waiver, and whether that waiver was voluntary because the protected party was fully informed.Realtors: Would it be conflict of interest for Condo Assn. Pres. %26amp; Co-Owner to Agent other's condo for sale?
I disagree that this is a conflict of interest, as the Realtor will make a commission whether you buy it or someone else buys it.
Now, she may be protecting the condo association. Stick with me here. If currently there are over 50% of the units in the property with the owners living in them (owner-occupied), your property qualifies for FHA financing. It's called a ';Warrantable'; complex, and government backed financing is applicable there. When the property falls below 50% owner occupied, the property becomes ';Non-Warrantable'; and thus much harder to obtain financing for. This, in turn lowers the value of each of the units.
If one of you co-owners was to purchase the condo, it becomes an investment unit (non-owner occupied) and lowers the percentage of owner-occupied units. This may or may not make the entire complex Non-Warrantable.
The other point to this is as follows: depending on your Association rules there, if the Realtor has a buyer for the unit, she probably has to have each of you release your first right of refusal before title can transfer and the sale can conclude.
Feel free to contact a mortgage provider if you have further questions about warrantable and non-warrantable condos.
I've never heard of a right of refusal of a buyer of a property. That does sound like discrimination and a lawsuit waiting to happen. You can sell your property to whom ever you choose, so long as they are able to purchase it. If someone offered the seller asking price for the condo and the seller refused to sell it, the seller would be dizzy at how fast they get sued. If the agent has a VESTED interest, whether it be a family members place that they are selling, or they own part or all of the unit, they would have to disclose that. Otherwise there is no conflict of interest that I see.
I'm not sure about the 'conflict of interest' concern; but asking the owners to forfeit their 'right of first refusal' has its pros and cons.
In a bid for not relinquishing that right, owners have the opportunity to increase their land holdings. On the other hand, if something 'tricky' is in the makes on the HOA's side, it can be sued.
The link below outlines just what can occur. It really is up to each HOA to decide what will be more beneficial to its communities.
I think your ';conflict of interest'; argument is a great stretch. I also believe that your argument against FHA borrower's buying in is a false argument. How does it protect you from a buyer who has access to any number of loans available with credit scores down to 500 as well as a buyer with 25% down payment and a Hard Money loan that doesn't even consider the credit of the buyer.
Your assumption that FHA is for low grade credit worthy individuals is false. Many people with 700 credit scores may chose an FHA because of the low down payment requirement and/or low interest rates. FHA will allow a non-occupant co-borrower, Conventional loan will not. There are a myriad of reasons a high quality credit worthy person might choose or need an FHA loan.
It has already been pointed out that an owner occupied unit is far better for the 'protection' of the whole in terms of the owner-occupied ratios lenders look at when evaluating 'property eligibility' for a loan.
The agent, when citing possible discrimination suits, may be referring to the Federal Fair Housing Act and/or any State Fair Housing Act.
While it appears your organization has not stepped over the line yet, it does look like you are on the fence ready to fall over. Depending on the rest of the story, a good attorney could argue that while in fact you are not practicing discriminating on the surface, you are engaged in De Facto discrimination. The argument would go something like: since it can be proven that minorities do, on average, have lower credit scores, you are discriminating against them with your rules.
One more thing for you to consider here. Do some research and compare: How many FHA lenders vs. Non FHA lenders have recently gone out of business due to bankruptcy, and how many of the recent foreclosures were on what type of loan. I haven't done the research myself, but my money is on... there is no comparison; conventional far exceed the FHA.
Wednesday, July 7, 2010
What are some hidden problems associated with a condo for sale?
I am looking to but my first condo. I looked at one this weekend and the price is just too good to be true so I'm trying to figure out what could be wrong with it. Here are the details: It is a 2 bedroom, 3rd floor condo in a decent neighborhood in Chicago. It is available as the result of a foreclosure. It has new duct work, new electric and hardwood floors. The walls and celings look to be in good shape. The only things it will need are a refrigerator, dishwasher and a washer/dryer. The bathroom sink is complete except for the faucets. Other than that, it seems great. Now, here is the part that has me worried: It is only $50,000 and it has been on the market since January. Can anybody offer possible reasons it would be this cheap?What are some hidden problems associated with a condo for sale?
You should be leery since normal for Chicago is 200k. Knock on doors and ask the other residents what is wrong with the building.
Possibly and major bill from the association for large repair or renovation to the building. Ask your realtor what is the story.
You should be leery since normal for Chicago is 200k. Knock on doors and ask the other residents what is wrong with the building.
Possibly and major bill from the association for large repair or renovation to the building. Ask your realtor what is the story.
Landlord has placed condo for sale. What are my rights?
My husband and I originally signed our lease in July, 2006. We were moving into a neighborhood with a highly volatile turnover in ownership, and I was concerned with that when I signed the lease. In the lease, it is stated that the house can only be shown 30 days prior to the end of the lease. When we re-upped the lease in 2007, we only signed an amendment indicating the original lease was still intact and that the rate has increased. Now, the landlord is selling, and there is a lockbox outside my door! Do I have the right to termintate my lease based on the statment in the original lease? The landlord wants to keep the security deposit, while I feel he has violated the spirit of the contract, so I feel he has not been ';injured';. Any advice?Landlord has placed condo for sale. What are my rights?
The section on the lease that states they have the right to show the property 30days before the lease is up is pertaining to lease prospects not sale prospects. The owner or his agent must give you notice that it will be shown but usually only 24 hours, but they have every right to show. Sorry, if you break your lease he legally can keep your security deposit. The new owner if there is one legally has to keep the lease agreement unless you are on month to month. Hope this helps.Landlord has placed condo for sale. What are my rights?
Yes, you have rights here, since they are contractually stated and signed by both parties. You might want to take copies of your lease, send one to the landlord and one to the listing real estate agent, highlighting the section covering showings when the property is listed for sale.
If you elect to pursue this, you can prevail. My guess is that the real estate agent is unaware of this section of your lease, and would not wish to be in violation of same. Frankly, you can probably stay where you are until the end of your lease, since it's going to be extremely difficult to sell that property if you refuse to allow it to be shown, per your lease.
PART I. Check your lease and your local legal aid to see what your rights are in your state. While the other posters may be correct, in my state when the owner sells your lease is null and void. The new owner can ask you to leave- now.
PART II. The owner can show the property to buyers if he gives you notice that he is doing so. HOWEVER. If the lease actually states it can be shown only 30 days prior to the end then he's in violation if he shows it any other time, notice or not. That means, according to the terms you stated, he can't start showing it until June 2008. Additionally, he can't interfere with your ';quiet enjoyment'; of the property. In other words, he can't bring people by every day.
I suggest showing your contract to his Realtor and pointing this out.
PART III. Your security deposit is not for the owner's ';injury,'; real or imagined. ';Spirit of the contract'; my achin' patootie. Tell him to READ the contract. If he's even thinking about keeping the deposit because you're not happy about showing the unit he will lose in court.
Grrrrrr. I hate dumb owners.
Your lease will transfer to the new landlords that you will get. They can not change anything on your lease until it is up. You monthly payment will be the same and rules should stay the same also. The new landlord has to accept that. But things may change when you lease is up and the new landlord give you a new one! The exsisting landlord can show your home right now while it is on the market - but he/she needs to give you advance notice of when it will be showing. Good luck.
The section on the lease that states they have the right to show the property 30days before the lease is up is pertaining to lease prospects not sale prospects. The owner or his agent must give you notice that it will be shown but usually only 24 hours, but they have every right to show. Sorry, if you break your lease he legally can keep your security deposit. The new owner if there is one legally has to keep the lease agreement unless you are on month to month. Hope this helps.Landlord has placed condo for sale. What are my rights?
Yes, you have rights here, since they are contractually stated and signed by both parties. You might want to take copies of your lease, send one to the landlord and one to the listing real estate agent, highlighting the section covering showings when the property is listed for sale.
If you elect to pursue this, you can prevail. My guess is that the real estate agent is unaware of this section of your lease, and would not wish to be in violation of same. Frankly, you can probably stay where you are until the end of your lease, since it's going to be extremely difficult to sell that property if you refuse to allow it to be shown, per your lease.
PART I. Check your lease and your local legal aid to see what your rights are in your state. While the other posters may be correct, in my state when the owner sells your lease is null and void. The new owner can ask you to leave- now.
PART II. The owner can show the property to buyers if he gives you notice that he is doing so. HOWEVER. If the lease actually states it can be shown only 30 days prior to the end then he's in violation if he shows it any other time, notice or not. That means, according to the terms you stated, he can't start showing it until June 2008. Additionally, he can't interfere with your ';quiet enjoyment'; of the property. In other words, he can't bring people by every day.
I suggest showing your contract to his Realtor and pointing this out.
PART III. Your security deposit is not for the owner's ';injury,'; real or imagined. ';Spirit of the contract'; my achin' patootie. Tell him to READ the contract. If he's even thinking about keeping the deposit because you're not happy about showing the unit he will lose in court.
Grrrrrr. I hate dumb owners.
Your lease will transfer to the new landlords that you will get. They can not change anything on your lease until it is up. You monthly payment will be the same and rules should stay the same also. The new landlord has to accept that. But things may change when you lease is up and the new landlord give you a new one! The exsisting landlord can show your home right now while it is on the market - but he/she needs to give you advance notice of when it will be showing. Good luck.
We have a 4 bedroom condo for sale in Stuart, Fla for $229,900 or rent $1475.mth Anyone interested?
This is my vacation home and it is listed on realtor.com in zip 34997We have a 4 bedroom condo for sale in Stuart, Fla for $229,900 or rent $1475.mth Anyone interested?
I wan!Wad's the address?We have a 4 bedroom condo for sale in Stuart, Fla for $229,900 or rent $1475.mth Anyone interested?
sounds like a good deal, but not at this time
I wan!Wad's the address?We have a 4 bedroom condo for sale in Stuart, Fla for $229,900 or rent $1475.mth Anyone interested?
sounds like a good deal, but not at this time
Condo for Sale pricing?
I put in a bid today on a property that the exiting owner bought for 222,000 in 2004. Im in the same complex and have admired it for some time so when it came up for sale I immediately placed an offer due to its location and excellent layout and condition. The problem is my colleagues suggest that the market will continue to deteroriate and my bid should come in at 20% of his purchase price. They say that paying what paid for it is okay but be preapared to buckle in and watch this thing go down considerably first and why would someoen elect to do that.
My question is based on these facts would you press forward and pay pretty close to what he bought it for or sit as a casual obeserver and se things come down to earth and bid at that time. Im a renter presently so there is nothing forcing me into this arrangement (unless he accepts my intital offer which isnt likely) as its only been on the market a week.
In Massachusetts
Thanks for an responseCondo for Sale pricing?
The only way to answer this is to know what similar condos in the same complex have been selling for recently. It really has nothing to do with what he paid for it.
After researching the going price for that condo at that time, you have to decide if that's what you really want to do. Do you have the down payment to buy? Will you qualify for a mortgage?
As for the market declining, it may continue to decline. It may be that your investment in a home loses value over the next couple of years. If you plan on staying put for a long time, it probably really doesn't matter much in the big scheme of things. If you don't buy now and prices continue to drop, how much more rent will you have paid over the next year or two that you could have been putting towards a mortgage and reaping the tax benefit from?
Did you use a realtor to make the offer? If so, they can help you with researching the current value of the condo. Then again, if you used a realtor, they should have advised you on that before you made the offer.
Good luck to you.Condo for Sale pricing?
It depends on your time horizon. You cannot ever time the market perfectlly. The market is slow in a lot of places but if you are planning on staying in the house and it is a personal residence for 5-10 years than you should come out ahead. A lot of the bad news in commercial real estate is out there already. The many markets have had time to digest the information. There may be a little more down side but you can never know how long it will last. You can go to some website where they have rental vs buying analysis information or you can talk to a real estate agent and have them do a rental vs buy analysis for you. This will take in writeoffs, taxes, extra fees etc. Again the most important thing is your time horizon!
First off, ignore what the owner paid for the property. If he paid $220k, but similar units are now going for $200k, you should be bidding closer to that price - not what the owner paid. Your only concern is what is the market value of the property - not what the owner paid, or what his asking price is. (hopefully he's not being stupid and his asking price is close to what the market value is, but be aware these two prices don't always match.)
The market is in an uncertain state right now, and is going to be highly influenced due to the nearby location where the condo is located. Think a little about the types of industries and companies that are nearby. Do you think they'll continue to do OK - in which case people will still need places to live, keeping prices stable. Or do you think they're going to lose people - in which case people may leave the area, causing prices to fall. How are other condos/houses in the area doing? Are they selling quickly, or are they staying on the market for months even after several price reductions? Also consider nearby schools. A good school district is always a good way to keep prices stable, and provide an excellent way to keep your asking price high when you eventually move out.
Finally, what are your own plans? If you foresee yourself staying in this place for 5-10 years then you'll probably do OK. Remember, this will be your HOME first. Yeah, we all hope our house's market value appreciates, but it's far more important to be living some place you can afford and are comfortable in. Even if your house does appreciate considerably, it's not as though you can use that money (not directly, anyways) without selling the place.
It's also highly unlikely that your rent will go down, even if housing prices do. So if you manage to get a fixed mortgage for about what you were paying in rent, consider that a big victory. After all, you'll now be acquiring equity which is something you can never do just paying rent.makeup show facial moisturizer
My question is based on these facts would you press forward and pay pretty close to what he bought it for or sit as a casual obeserver and se things come down to earth and bid at that time. Im a renter presently so there is nothing forcing me into this arrangement (unless he accepts my intital offer which isnt likely) as its only been on the market a week.
In Massachusetts
Thanks for an responseCondo for Sale pricing?
The only way to answer this is to know what similar condos in the same complex have been selling for recently. It really has nothing to do with what he paid for it.
After researching the going price for that condo at that time, you have to decide if that's what you really want to do. Do you have the down payment to buy? Will you qualify for a mortgage?
As for the market declining, it may continue to decline. It may be that your investment in a home loses value over the next couple of years. If you plan on staying put for a long time, it probably really doesn't matter much in the big scheme of things. If you don't buy now and prices continue to drop, how much more rent will you have paid over the next year or two that you could have been putting towards a mortgage and reaping the tax benefit from?
Did you use a realtor to make the offer? If so, they can help you with researching the current value of the condo. Then again, if you used a realtor, they should have advised you on that before you made the offer.
Good luck to you.Condo for Sale pricing?
It depends on your time horizon. You cannot ever time the market perfectlly. The market is slow in a lot of places but if you are planning on staying in the house and it is a personal residence for 5-10 years than you should come out ahead. A lot of the bad news in commercial real estate is out there already. The many markets have had time to digest the information. There may be a little more down side but you can never know how long it will last. You can go to some website where they have rental vs buying analysis information or you can talk to a real estate agent and have them do a rental vs buy analysis for you. This will take in writeoffs, taxes, extra fees etc. Again the most important thing is your time horizon!
First off, ignore what the owner paid for the property. If he paid $220k, but similar units are now going for $200k, you should be bidding closer to that price - not what the owner paid. Your only concern is what is the market value of the property - not what the owner paid, or what his asking price is. (hopefully he's not being stupid and his asking price is close to what the market value is, but be aware these two prices don't always match.)
The market is in an uncertain state right now, and is going to be highly influenced due to the nearby location where the condo is located. Think a little about the types of industries and companies that are nearby. Do you think they'll continue to do OK - in which case people will still need places to live, keeping prices stable. Or do you think they're going to lose people - in which case people may leave the area, causing prices to fall. How are other condos/houses in the area doing? Are they selling quickly, or are they staying on the market for months even after several price reductions? Also consider nearby schools. A good school district is always a good way to keep prices stable, and provide an excellent way to keep your asking price high when you eventually move out.
Finally, what are your own plans? If you foresee yourself staying in this place for 5-10 years then you'll probably do OK. Remember, this will be your HOME first. Yeah, we all hope our house's market value appreciates, but it's far more important to be living some place you can afford and are comfortable in. Even if your house does appreciate considerably, it's not as though you can use that money (not directly, anyways) without selling the place.
It's also highly unlikely that your rent will go down, even if housing prices do. So if you manage to get a fixed mortgage for about what you were paying in rent, consider that a big victory. After all, you'll now be acquiring equity which is something you can never do just paying rent.
Where in Gainesville fl is 3 bedroom condo for sale less than $150,000?
with garage on ground level.Where in Gainesville fl is 3 bedroom condo for sale less than $150,000?
Fantasy island.Where in Gainesville fl is 3 bedroom condo for sale less than $150,000?
You probably won't be finding any 3 bedroom condos with a garage.
Especially not for under 150,000.
Try Uptown Village I thought they may be Townhome like- the closest you will get to a condo with a garage.
try looking here http://www.goDuru.com ...good luck
go to www.realtor.com and enter your criteria
Fantasy island.Where in Gainesville fl is 3 bedroom condo for sale less than $150,000?
You probably won't be finding any 3 bedroom condos with a garage.
Especially not for under 150,000.
Try Uptown Village I thought they may be Townhome like- the closest you will get to a condo with a garage.
try looking here http://www.goDuru.com ...good luck
go to www.realtor.com and enter your criteria
Besides CraigsList, how do I freely advertise my Condo for sale in Connecticut?
Here is the CL listing
http://newyork.craigslist.org/wch/rfs/17鈥?/a>Besides CraigsList, how do I freely advertise my Condo for sale in Connecticut?
http://www.backpage.comBesides CraigsList, how do I freely advertise my Condo for sale in Connecticut?
you may be interested in the craigslist automatic posting tool at www.craygo.com
Think about creating your own web-page. You can provide the link in all of your ads and give the property more exposure. Yahoo! has a lot of great tools for website building. If you want a free site check this link: http://geocities.yahoo.com/join/
OR
You could purchase your own domain at: http://smallbusiness.yahoo.com/domains/
Then use Yahoo Site Builder to create your own site.
http://webhosting.yahoo.com/ps/sb/index.鈥?/a>
Good luck. I'm in the process of helping my parents do the same thing here. It's a tough market out there and people are only now starting to see it.
http://hartford.backpage.com/gyrobase/cl鈥?/a>
You could visit local corporate companies and put your advertisements on the employee break room. Something along the lines of ';Walk to work';. I rent my properties with ease using this idea.
Regards
http://newyork.craigslist.org/wch/rfs/17鈥?/a>Besides CraigsList, how do I freely advertise my Condo for sale in Connecticut?
http://www.backpage.comBesides CraigsList, how do I freely advertise my Condo for sale in Connecticut?
you may be interested in the craigslist automatic posting tool at www.craygo.com
Report Abuse
Think about creating your own web-page. You can provide the link in all of your ads and give the property more exposure. Yahoo! has a lot of great tools for website building. If you want a free site check this link: http://geocities.yahoo.com/join/
OR
You could purchase your own domain at: http://smallbusiness.yahoo.com/domains/
Then use Yahoo Site Builder to create your own site.
http://webhosting.yahoo.com/ps/sb/index.鈥?/a>
Good luck. I'm in the process of helping my parents do the same thing here. It's a tough market out there and people are only now starting to see it.
http://hartford.backpage.com/gyrobase/cl鈥?/a>
You could visit local corporate companies and put your advertisements on the employee break room. Something along the lines of ';Walk to work';. I rent my properties with ease using this idea.
Regards
Can anyone give me a link to a 2-bed condo for sale in Ocean City MD for $50,000.00 or less?
in Ocean city, things are not 50K or less,
maybe you can move outside of town and find somethingCan anyone give me a link to a 2-bed condo for sale in Ocean City MD for $50,000.00 or less?
no i have already have an offer.Can anyone give me a link to a 2-bed condo for sale in Ocean City MD for $50,000.00 or less?
Don't think you'll find anything unless it's in foreclosure. Even then, I doubt you'll have much luck. Why not try looking somwhere nearby, like Salisbury?
The interet is a wonderful thing.
http://www.realestateagentlive.com/
maybe you can move outside of town and find somethingCan anyone give me a link to a 2-bed condo for sale in Ocean City MD for $50,000.00 or less?
no i have already have an offer.Can anyone give me a link to a 2-bed condo for sale in Ocean City MD for $50,000.00 or less?
Don't think you'll find anything unless it's in foreclosure. Even then, I doubt you'll have much luck. Why not try looking somwhere nearby, like Salisbury?
The interet is a wonderful thing.
http://www.realestateagentlive.com/
I have a condo for sale and its not selling - if I sell it at a loss?
would that be of some benefit tax wise? The value is $580,000 still listed at $419,00 no buyers. It was purchased 10 years ago at $379,000. Any ideas? I REALLY need to sellI have a condo for sale and its not selling - if I sell it at a loss?
The value is going to end up being closer to 379. it is only worth what someone is willing to pay.I have a condo for sale and its not selling - if I sell it at a loss?
Sorry, it is only a loss if you sold it for less than you paid for it. You may believe the condo is worth $580,000 or someone may have told you it has that value, but by definition, the value is what someone else will pay for it. And apparently the market has told you already that the condo is not worth $419,000 either if it hasn't sold (assuming it has been marketed correctly).
I am assuming you are selling a primary residence. If you sell at a loss, there is no tax benefit.
The capital gain is calculated from the basis in the property you are selling. Original purchase price plus capital improvement, minus depreciation. Take your sales price less costs to sell (broker's commission's, transfer taxes, escrow fees) and subtract the basis and this is you capital gain. Long term capital gains are taxed at 15% at the federal level. You may have state income taxes also.
You do not mention why you need to sell in your question. Can you rent the property out and still survive?
To start with, if the property is listed at $419,000 and it's not selling the value is NOT $580,000.
Property value is primarily determined by supply and demand. While there is some flexibility there is even less in a condo or town home because there are others just like it.
If a condo in your development sells for $400,000 there is no argument you can possibly make that would support your unit being a higher value.
As far as being able to show a loss, are we talking about your primary residence? If so there is no loss of value deduction you can claim. I don't think there is one for an investment property either as the property is usually depreciated each year on your taxes.
Hang in there. Your property will sell. Not at the price you were hoping for. Those days are over, (at least for another 7-10 years)
The value is going to end up being closer to 379. it is only worth what someone is willing to pay.I have a condo for sale and its not selling - if I sell it at a loss?
Sorry, it is only a loss if you sold it for less than you paid for it. You may believe the condo is worth $580,000 or someone may have told you it has that value, but by definition, the value is what someone else will pay for it. And apparently the market has told you already that the condo is not worth $419,000 either if it hasn't sold (assuming it has been marketed correctly).
I am assuming you are selling a primary residence. If you sell at a loss, there is no tax benefit.
The capital gain is calculated from the basis in the property you are selling. Original purchase price plus capital improvement, minus depreciation. Take your sales price less costs to sell (broker's commission's, transfer taxes, escrow fees) and subtract the basis and this is you capital gain. Long term capital gains are taxed at 15% at the federal level. You may have state income taxes also.
You do not mention why you need to sell in your question. Can you rent the property out and still survive?
To start with, if the property is listed at $419,000 and it's not selling the value is NOT $580,000.
Property value is primarily determined by supply and demand. While there is some flexibility there is even less in a condo or town home because there are others just like it.
If a condo in your development sells for $400,000 there is no argument you can possibly make that would support your unit being a higher value.
As far as being able to show a loss, are we talking about your primary residence? If so there is no loss of value deduction you can claim. I don't think there is one for an investment property either as the property is usually depreciated each year on your taxes.
Hang in there. Your property will sell. Not at the price you were hoping for. Those days are over, (at least for another 7-10 years)
St.petersburgtimes,condo for sale how do I get to the info on web ID#52047?
scroll down and fill out the search criteria to narrow it down or seach for it in the list
http://www.homegain.com/homes_for_sale/h鈥?/a>
call or sign up online with a realtor that offers you access to the mls online through their website. Most make you sign up so they can get your business.makeup show lipstick
http://www.homegain.com/homes_for_sale/h鈥?/a>
call or sign up online with a realtor that offers you access to the mls online through their website. Most make you sign up so they can get your business.
What is your opinion on what is happening in California real estate? I have a condo for sale and am worried.?
1 bedroom, one bath, one car garage. 5 miles from the ocean!
So. California areaWhat is your opinion on what is happening in California real estate? I have a condo for sale and am worried.?
You are going to be screwed. Very screwed.
I sold and am now renting in San Diego. Everyone around here is figuring out that condos aren't worth 400 grand.
Bet you're on an interest-only/adjustable/ etc... suicide loan. You're going to be bankrupt! HAHAHAHAH
Worry worry worry.What is your opinion on what is happening in California real estate? I have a condo for sale and am worried.?
It's slower job market and higher interest rates that are holding people back. But I wouldn't too worry if I were you. Your condo will attract younger first time home buyer who's working around the area. As long as it's in good condition and all.
You may have very good reason to be worried. When I was doing mortgages in northern New Jersey about 20 miles from New York City and 15 years ago I remember one specific case of a conominium owner who, because of a softening in the real estate market, owed more on the mortgage than the condo was worth.
These markets go up and down. Maybe the only thing you can do is to sit tight until things turn around, but it could take a while, maybe 5-10 years.
On the downside, by then your entire neighborhood might be overrun by illegal Mexicans and you could see property values plummet into the basement.
the demand will bounce back. in a few years.
I think it is slowing down and flattening a bit, but not crashing. Things are taking a little longer to sell, because people are more cautious in buying, and they are coming in closer to listing price, rather than above. But I really would not worry at this time.
I've been in SoCal real estate since 1987, I wouldn't worry a whole lot. Just a little concern because of all of the apartment to condo conversions taking place right now and you only have a one bedroom, one bath and one car garage. I'm in San Diego county and the conversions are happening with larger units that yours, with more bedrooms and baths with developer incentives to attract the first time home-buyer that has been priced out of the market.
But, you are in a different niche. You want a professional, who has a career, doesn't want a community and doesn't need a good school district. Thus, you are going to have things in your unit to make it attractive to the mid-level manager who doesn't have time to do home decorating, doesn't want to make cosmetic changes, but has all of the ';hot '; ticket items. These include: upscale appliances, counter-tops, cupboards, vanities, large baseboards and crown moldings, wood flooring, upgraded fixtures (like lighting, door knobs and pulls) and most definitely, a security system.
You have a very specific buyer who will pay for the ocean location, and only needs one bed/one bath. Market to them! good Luck! Act fast! I'm lucky I got out of the LA market when I did!
I too am in San Diego, and the market is saturated with condos. Tons of condo conversions and downtown development doesn't help. Also, a 1 bedroom is typically tougher to sell unless its a crazy hot market. Was skimming the public records and saw 1 in every 8 owners in a particular condo complex would fall into a short sale scenario. Also seeing more condos as REOs.
My advice to you is to stay AHEAD of the (downward) price curve and price your unit to sell today. Same advice that I give to my clients, but they don't want to listen because they all feel their condo is the special one that's going to sell for 10-20% over recent comps. Sigh...
It doesn't help that the National, State and local associations of Realtors are peddling their pure BS propaganda that the market is going strong.
Hold on to it and rent it out if possible. We have a rough road ahead of us. Should bounce back up in 7 to 10 years.
See if you can put it under contract as a lease purchase option. Worst case scenario, sell it to an investor or wholesale it yourself.
For options to your specific problem, e-mail me.
Regards...
So. California areaWhat is your opinion on what is happening in California real estate? I have a condo for sale and am worried.?
You are going to be screwed. Very screwed.
I sold and am now renting in San Diego. Everyone around here is figuring out that condos aren't worth 400 grand.
Bet you're on an interest-only/adjustable/ etc... suicide loan. You're going to be bankrupt! HAHAHAHAH
Worry worry worry.What is your opinion on what is happening in California real estate? I have a condo for sale and am worried.?
It's slower job market and higher interest rates that are holding people back. But I wouldn't too worry if I were you. Your condo will attract younger first time home buyer who's working around the area. As long as it's in good condition and all.
You may have very good reason to be worried. When I was doing mortgages in northern New Jersey about 20 miles from New York City and 15 years ago I remember one specific case of a conominium owner who, because of a softening in the real estate market, owed more on the mortgage than the condo was worth.
These markets go up and down. Maybe the only thing you can do is to sit tight until things turn around, but it could take a while, maybe 5-10 years.
On the downside, by then your entire neighborhood might be overrun by illegal Mexicans and you could see property values plummet into the basement.
the demand will bounce back. in a few years.
I think it is slowing down and flattening a bit, but not crashing. Things are taking a little longer to sell, because people are more cautious in buying, and they are coming in closer to listing price, rather than above. But I really would not worry at this time.
I've been in SoCal real estate since 1987, I wouldn't worry a whole lot. Just a little concern because of all of the apartment to condo conversions taking place right now and you only have a one bedroom, one bath and one car garage. I'm in San Diego county and the conversions are happening with larger units that yours, with more bedrooms and baths with developer incentives to attract the first time home-buyer that has been priced out of the market.
But, you are in a different niche. You want a professional, who has a career, doesn't want a community and doesn't need a good school district. Thus, you are going to have things in your unit to make it attractive to the mid-level manager who doesn't have time to do home decorating, doesn't want to make cosmetic changes, but has all of the ';hot '; ticket items. These include: upscale appliances, counter-tops, cupboards, vanities, large baseboards and crown moldings, wood flooring, upgraded fixtures (like lighting, door knobs and pulls) and most definitely, a security system.
You have a very specific buyer who will pay for the ocean location, and only needs one bed/one bath. Market to them! good Luck! Act fast! I'm lucky I got out of the LA market when I did!
I too am in San Diego, and the market is saturated with condos. Tons of condo conversions and downtown development doesn't help. Also, a 1 bedroom is typically tougher to sell unless its a crazy hot market. Was skimming the public records and saw 1 in every 8 owners in a particular condo complex would fall into a short sale scenario. Also seeing more condos as REOs.
My advice to you is to stay AHEAD of the (downward) price curve and price your unit to sell today. Same advice that I give to my clients, but they don't want to listen because they all feel their condo is the special one that's going to sell for 10-20% over recent comps. Sigh...
It doesn't help that the National, State and local associations of Realtors are peddling their pure BS propaganda that the market is going strong.
Hold on to it and rent it out if possible. We have a rough road ahead of us. Should bounce back up in 7 to 10 years.
See if you can put it under contract as a lease purchase option. Worst case scenario, sell it to an investor or wholesale it yourself.
For options to your specific problem, e-mail me.
Regards...
I have my condo for sale in (Etobicoke)Toronto,Ontario. What is the best way to advertise? offline and online?
offline : put ads on national newspaper
online : create a blog and post the pictures and the video of your condo.
online : create a blog and post the pictures and the video of your condo.
Can I sign the closing papers for my condo for sale in NYC? I'm in CA & my NY lawyer wants power of attorney
I do not want to give him the power of attorney. Can't the paper work be sent to be via an escrow company of some sort? so I can sign them here in California?Can I sign the closing papers for my condo for sale in NYC? I'm in CA %26amp; my NY lawyer wants power of attorney
I would not give power of attorney.
The documents can be delivered electronically, then signed in front of a notary, then expressed back for delivery next morning.
Have an attorney at closing to represent YOU and only you.Can I sign the closing papers for my condo for sale in NYC? I'm in CA %26amp; my NY lawyer wants power of attorney
I have done several long distance closings, including NYC and SF, CA. Never had to give power of attorney to anyone. Just FedEX'ed doc's as needed.
Most likely easier for attorney to have the power, but not sure why they would want the added liability of signing off for you. I am assuming they are legit. Double check with another lawyer.
I would not give power of attorney.
The documents can be delivered electronically, then signed in front of a notary, then expressed back for delivery next morning.
Have an attorney at closing to represent YOU and only you.Can I sign the closing papers for my condo for sale in NYC? I'm in CA %26amp; my NY lawyer wants power of attorney
I have done several long distance closings, including NYC and SF, CA. Never had to give power of attorney to anyone. Just FedEX'ed doc's as needed.
Most likely easier for attorney to have the power, but not sure why they would want the added liability of signing off for you. I am assuming they are legit. Double check with another lawyer.
Help real estate condo for sale please read on?
If a person buys my home for all cash. And signs the contract that we will close in two months and puts 20 percent down.
My question is is there anyway he can break the contract????????
I know if you find a buyer that have to get a mortgage if the appraiser puts your property worth lower then buyer can get out of contract, also alot of people are not qualifying for mortgage these days and I am selling my place without a real estate agent.
Thank you...Help real estate condo for sale please read on?
If you can't or wont get a loan, then you don't have to go through with the contract. You didn't put any money down or take out any loan. It would be very difficult for any one to make you get a loan and buy the property. Don't give a reason. You don't owe them anything.Help real estate condo for sale please read on?
If he is paying ALL cash then there is NO need for an appraiser. An appraisal is needed for the bank that is lending money on a house, to make sure they arent lending on a overpriced property. And yes there are always ways to get out of a contract. A good attorney can find a loop hole. And the previous person that said you get the 20% Earnest money may not be correct. you MIGHT get to keep the earnest money, but highly unlikely. That needs to go to court to be decided. Who has the 20%? I hope you found a good real estate attorney and they are holding the money. Its well worth the $400.00 it will cost you to get an attorney, especially in your case when you have NO representation or professionals helping you. Good luck.
Posted by Vicki Watzlawick, Broker Owner Exit Platinum Realty, Illinois. www.vickisdreamhomes.com
they can.. but they dont get their earnest money back (the 20%) its yours...
My question is is there anyway he can break the contract????????
I know if you find a buyer that have to get a mortgage if the appraiser puts your property worth lower then buyer can get out of contract, also alot of people are not qualifying for mortgage these days and I am selling my place without a real estate agent.
Thank you...Help real estate condo for sale please read on?
If you can't or wont get a loan, then you don't have to go through with the contract. You didn't put any money down or take out any loan. It would be very difficult for any one to make you get a loan and buy the property. Don't give a reason. You don't owe them anything.Help real estate condo for sale please read on?
If he is paying ALL cash then there is NO need for an appraiser. An appraisal is needed for the bank that is lending money on a house, to make sure they arent lending on a overpriced property. And yes there are always ways to get out of a contract. A good attorney can find a loop hole. And the previous person that said you get the 20% Earnest money may not be correct. you MIGHT get to keep the earnest money, but highly unlikely. That needs to go to court to be decided. Who has the 20%? I hope you found a good real estate attorney and they are holding the money. Its well worth the $400.00 it will cost you to get an attorney, especially in your case when you have NO representation or professionals helping you. Good luck.
Posted by Vicki Watzlawick, Broker Owner Exit Platinum Realty, Illinois. www.vickisdreamhomes.com
they can.. but they dont get their earnest money back (the 20%) its yours...
Where would I go to find a condo for sale in my area?
Try www.realtor.comWhere would I go to find a condo for sale in my area?
www.rent.com
www.apartmentfinder.com
www.apartment.com
You can search by location, prize, size, # of bedrooms, and many other options at these web sites. I found them very helpful and some can get you discount rates for using their web site. Happy hunting.Where would I go to find a condo for sale in my area?
start by looking at Yahoo Real Estate...
Local newspapers, rent.com, some agencies in your area might be able to help you.
the drug store sav-on or wallgreens
***
ha ha ha ha ha ha ha ha
i thought you wrote condoms!!! lol im so retarded sometimes
get a recycler newspaper
Does your local newspaper have real estate listings? Are there any real estate agents where you live? This is a world-wide website.
ISOLDMYHOUSE.COM
craigslist.com rules!!
www.rent.com
www.apartmentfinder.com
www.apartment.com
You can search by location, prize, size, # of bedrooms, and many other options at these web sites. I found them very helpful and some can get you discount rates for using their web site. Happy hunting.Where would I go to find a condo for sale in my area?
start by looking at Yahoo Real Estate...
Local newspapers, rent.com, some agencies in your area might be able to help you.
the drug store sav-on or wallgreens
***
ha ha ha ha ha ha ha ha
i thought you wrote condoms!!! lol im so retarded sometimes
get a recycler newspaper
Does your local newspaper have real estate listings? Are there any real estate agents where you live? This is a world-wide website.
ISOLDMYHOUSE.COM
craigslist.com rules!!
I have a Condo for sale 76k, great rate of return on it, what can I do to get it sold asap?
Condo 76k mins from Downtown, In new mexico. I need to sale it ASAP for my client, can anyone help me think of ideas or might no someone interested. 2 bed 1.5 bath 790 sq ft, pool, playground etc... Awesome return on money with high potential rental incomeI have a Condo for sale 76k, great rate of return on it, what can I do to get it sold asap?
Get a RealtorI have a Condo for sale 76k, great rate of return on it, what can I do to get it sold asap?
Are you a realtor? Right now the mortgage industry is suffering so there is no real value at this time. Condo's are expected to really loose value due to the amount of supply. However, you can list the property for sale on www.craigslist.com. Also find out from others that have viewed the property what they found wrong so you can make changes and offer seller financing.
Watch HGTV! They have great ideas! DIY.net
Buy some new furniture and include it in the sale!makeup show lipstick
Get a RealtorI have a Condo for sale 76k, great rate of return on it, what can I do to get it sold asap?
Are you a realtor? Right now the mortgage industry is suffering so there is no real value at this time. Condo's are expected to really loose value due to the amount of supply. However, you can list the property for sale on www.craigslist.com. Also find out from others that have viewed the property what they found wrong so you can make changes and offer seller financing.
Watch HGTV! They have great ideas! DIY.net
Buy some new furniture and include it in the sale!
Where can I find condo for sale information on the website?
I am living in San Jose area, CA and looking for a 1~2 bed condo to buy, but I cannot find much information about this kind of real estate info from the websites.
Beside condo.com; what other websites provide more condo for sale information?
Thank you!!Where can I find condo for sale information on the website?
Go to realtor.com and follow the instructions for zeroing in on the area and type of property you want. They should have lots of listings.
Beside condo.com; what other websites provide more condo for sale information?
Thank you!!Where can I find condo for sale information on the website?
Go to realtor.com and follow the instructions for zeroing in on the area and type of property you want. They should have lots of listings.
Tampa Area condos for sale?
looking for condos for sale in TampaTampa Area condos for sale?
Check out http://newcondosonline.com they have a bunch of new condos up on their site. Make sure you check them out, the site is a big help.Tampa Area condos for sale?
www.tampa.craigslist.org
A lot of the real estate agents are handling condos for desperate investors who overextended. I suggest you find yourself a real estate agent who is located near the stadium, which is near the airport
Check out craigslist.org. Many posts in the RE section. There is guy posting on the Denver craigslist that has some preconstruction deals that would sound interesting, if I lived there.
Check out http://newcondosonline.com they have a bunch of new condos up on their site. Make sure you check them out, the site is a big help.Tampa Area condos for sale?
www.tampa.craigslist.org
A lot of the real estate agents are handling condos for desperate investors who overextended. I suggest you find yourself a real estate agent who is located near the stadium, which is near the airport
Check out craigslist.org. Many posts in the RE section. There is guy posting on the Denver craigslist that has some preconstruction deals that would sound interesting, if I lived there.
CONDOS for sale just near UST???
Hi! Can you guys suggest some good condominiums nearby the University of Santo Tomas or just around the University Belt in Manila???thanks! I am looking for a 1-bedroom unit to stay in...CONDOS for sale just near UST???
- University Tower (Espana)
- Galleria Suites (P. Noval St.)
- Annie's Place (P. Noval St.)
- Aina's Space (P. Noval St.)
- Metro Suites (Eloisa St.)
Other condominiums in Manila:
http://www.clickthecity.com/search/resul鈥?/a>
http://www.clickthecity.com/search/resul鈥?/a>CONDOS for sale just near UST???
You will have more choices than just depending on Y!Answers, if:
1. You check out the Sunday Bulletin Classifieds (Manila Bulletin)
2. There is another publication: Property Finder---available in National Bookstore or any 7-11 branch.
Whichever you choose: take note to ask how the place is affected by the infamous ';baha'; in the area during the rainy months....
There's one newly built tower in Sampaloc, just across UST-Espana, it's called University Tower. You may inquire here:
http://manila.craigslist.com.ph/roo/6604鈥?/a>
you be careful
why not try in La Salle?
- University Tower (Espana)
- Galleria Suites (P. Noval St.)
- Annie's Place (P. Noval St.)
- Aina's Space (P. Noval St.)
- Metro Suites (Eloisa St.)
Other condominiums in Manila:
http://www.clickthecity.com/search/resul鈥?/a>
http://www.clickthecity.com/search/resul鈥?/a>CONDOS for sale just near UST???
You will have more choices than just depending on Y!Answers, if:
1. You check out the Sunday Bulletin Classifieds (Manila Bulletin)
2. There is another publication: Property Finder---available in National Bookstore or any 7-11 branch.
Whichever you choose: take note to ask how the place is affected by the infamous ';baha'; in the area during the rainy months....
There's one newly built tower in Sampaloc, just across UST-Espana, it's called University Tower. You may inquire here:
http://manila.craigslist.com.ph/roo/6604鈥?/a>
you be careful
why not try in La Salle?
Are there any condos for sale in St.louis. Mo?
Of course there are. Call a Realtor, ReMax, Caldwell Banker, and Keyes, are usually good companies, with good agents.Are there any condos for sale in St.louis. Mo?
Sure there are tons of condos here in the Saint Louis area. What size are you looking for? What area do you want to live in? How much are you pre-approved for? All of these questions a realtor can answer or will be able to. You can e-mail me and I can give you some names of agents.
Sure there are tons of condos here in the Saint Louis area. What size are you looking for? What area do you want to live in? How much are you pre-approved for? All of these questions a realtor can answer or will be able to. You can e-mail me and I can give you some names of agents.
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