Short Sale And Condominiums
In this hour of the subprime crisis, there are countless homeowners that are in a bad shape and unable to pay off their loans. Their misery could be your opportunity, since this is an ideal moment for you to pick up a property at a less-than-market value. Properties that are at a very late stage of foreclosure, i.e. when notices have been served to the homeowner, are preferable, since that means that the homeowner is in no position to pay his or her installments and the bank is stuck with a property, where no installments are coming in. In case the property is in a bad shape, then the bank will be even thankful that someone has stepped forward to take their asset, which now seems like a liability, off their hands. Homeowners that have taken 2nd mortgages can get immediate buyers, because banks and other lenders know that the 2nd mortgage will stand cancelled, if the property is auctioned off. So, for them it makes more sense in short selling the property, rather than letting it go towards an auction. If you are new to this procedure, then hire a good real estate broker, who has experience in dealing in these types of properties. He can help find you the correct property and can also check out the legal paperwork involved in such deals.
So, timing and the condition of the property are very important factors, when going in for a short sale property. If all goes well, you could be sitting on a future goldmine.
Investing in real estate has two options, either to invest in traditional houses, or condominiums. A traditional house is a fine dwelling, a stately unit with a backyard and a little space around. Condominiums, on the other hand, are residential buildings consisting of apartments. These are compact and well maintained with a committee entrusted with maintaining the building. Certain conditions make condominiums a better choice to invest in real estate.
Usually the condominiums are less expensive than a traditional home dwelling and the homeowners insurance is lower as well. In a condominium, all the available space is completely utilized. Therefore the area of a condominium plot may be smaller than a typical stand alone home. All things considered, condominiums prove quite inexpensive as compared to traditional homes, in terms of initial investment, cost of repairs or maintenance, and the potential returns on this investment.
The preferred choice
There comes a time, when your kids are no longer with you, and you have to live all alone. Then, it becomes quite difficult to upkeep the big, stand alone homes, even with the advancing age. Selling such houses and investing in condominiums has proved a better, practical and profitable alternative. Besides, the price you receive from the sale is higher than the purchase of a condo; it is observed that many people plan to settle in a condo, especially if they plan an early retirement.
With the changing lifestyle, priorities are bound to change. Investing in real estate in Condominium is a popular choice today and is an indication of changing priorities in the modern times.