Profile picture for jadedone

Unsold inventory in a condo building?

I am looking for a bit of advice.  I realize I need about 6-9 months to get my down payment saved, etc.  I've picked a target condo building in my area that meets all of my requirement.  At this point, phase 1 is in resale stage as it opened 5 years ago.  There is no longer a "sales office" or anything in the building.  There is a phase 2 representing about 40% of the condos, but I can't seem to figure out if it has ben sold completely or what.  I noticed there are some resales on the market and new listings.  Some of these listings are short sales and foreclosures.  A few other units have turned into rentals.  

1.  How can I see when there is new inventory in the building (getting an alert to a new listing or open house.)  Should I be working with a realtor who specializes in the area, even though my timeline is early next year.

2.  How can I figure out what happened to the 20 or so phase 2 units that do not seem to have any purchase prices in the public records.

Thanks, I know this question is a bit random.
  • July 05 2010 - Corpus Christi
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Answers (5)

You do indeed need to work with a local realtor who can set up a customized search for you for that specific building, and each time there is activity, you get notified.

Your realtor can investigate the status of the remaining condos too.

Also, make sure that the condo is approved for FHA financing if that is what you are going to pursue.  The owner occupancy rate will be affected as well.

Naima
  • July 05 2010
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Profile picture for TTodhe

dont tell the agent that your are ready next year!!!. tell them that you are buying now

  • July 05 2010
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Profile picture for Ofe Polack
I suggest that you work with a buyer agent in your area, and by all means do not lie, like TTpdhe recommends, that is not fair to the buyer agent.  If a buyer agent does not want to work with you because you do not have the down payment.....find another one.  I have at the moment three couples that are working with lenders trying to improve their credit to be able to buy.  I keep them informed and hope that when they are ready that we will be able to buy a home together.
  • July 05 2010
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Interview a few local agents, once you select one have them set up a search for you, perform a comparative market analysis, and research the complex for you.

  • August 17 2010
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Call a local Realtor and have them set you up on Prospect Gateway.  Everytime a new listing comes available or when a price reduction occurs on one of the MLS listings you will receive an email notification.  This is the best way to become familiar with the market so you are educated and ready to make the purchase when you are ready.

  • September 08 2010
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