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Answers (6)
- Kamal Randhawa, "krandhawa333"
- Contributions:79
Hello,
The most difficult part will be getting financing for such a condo unit but ti's been done. If you like, I can send you a list of condos to start searching. If this is an investment property in the Oakland area, I would suggest a small home at a similar price range so it will be easier to rent out and sell later on.
Please let me know if you would like to view anything in person..I would be happy to show you some properties in the Oakland area.
The most difficult part will be getting financing for such a condo unit but ti's been done. If you like, I can send you a list of condos to start searching. If this is an investment property in the Oakland area, I would suggest a small home at a similar price range so it will be easier to rent out and sell later on.
Please let me know if you would like to view anything in person..I would be happy to show you some properties in the Oakland area.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
More than half of all homeowners are underwater. These are the main items for a condo to qualify for a mortgage loan or if you plan on flipping the property where others may be able to get financing: http://www.freddiemac.com/learn/pdfs/uw/condo.pdf
Happy funding, Rudi
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Excellant advice. Proceed with extreme caution, and find a reputable Realtor to assist you.
Good Luck.
Good Luck.
- Antoine Pirson, "aepirson"
- Contributions:94
The good answer is: talk to your agent. If you do not have one (a good one), then find one first. Make sure the agent is familiar with condo purchases and sales. If buying for an investment, make sure the agent understands how to do the numbers.
Good luck.
Antoine
Good luck.
Antoine
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2734
- are all the HOA dues current?
- are there any/many short sales pending?
- are there any/many foreclosures pending?
mortgages can be underwaer, but owners can still be current with their payments......you need to know what the financial status is of the complex before you can make any decisions.............is it limping along, or are owners trying to ride out the storm and keep current with their payments?
overall...........I'd be wary of, and probbly avoid, buying in a complex with shakey/uncertain financials
So...to answer your question as to what a buyer should be aware of?
Everything!
Good luck!
- are there any/many short sales pending?
- are there any/many foreclosures pending?
mortgages can be underwaer, but owners can still be current with their payments......you need to know what the financial status is of the complex before you can make any decisions.............is it limping along, or are owners trying to ride out the storm and keep current with their payments?
overall...........I'd be wary of, and probbly avoid, buying in a complex with shakey/uncertain financials
So...to answer your question as to what a buyer should be aware of?
Everything!
Good luck!
- Rex Fuller, "COREXRE"
- Contributions:110
Complete your question with more detail and you may receive some replies!! If the condo owners are in that much trouble, likely the HOA is in trouble too. Further - your investment of today could erode if others in the complex begin to default on thier units. Be cautious ... very, very cautions. I would suggest a course of thorough 'due-diligence' prior to buying in such a situation.
Best success !!
Best success !!
What should a buyer be aware of when buying a condo in a complex where 75% of the units are
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