mAlice
professional daydreamer
The agent should provide you with a copy of the HOA association rules.
With everything I've read, you'd be a fool to make this purchase.
Westmeath Condos behind hickory hills...
- Thread starter hokie11
- Start date
The agent should provide you with a copy of the HOA association rules.
With everything I've read, you'd be a fool to make this purchase.
BoyGenius
Cyber Bully Victim
Dude, you're fixing to get your clock cleaned. There's a 10% transaction cost to sell real estate. The first 10 years of a loan goes mostly to interest and very little to principal payment. How are you going to sell this dog in 3-4 years in the worst real estate market in history? It won't be over by then.
Show us how you're going to make these numbers look?
well, 3-4 yrs would be the best case scenario, and i know most goes to interest, but i will be making payments well over the minimum. i can afford to make an additional 500/mo on top. that alone decreases my loan to an equivelant of about a 15yr loan. and no, i can't get a 15yr loan to start because they (loan officers) don't see where my extra income comes from (ebay and side jobs and i travel a ton for work, which gives me a lot of extra cash from per diem).
i know after 5 years I would have lost about $33k in interest
my asking price is fairly low, so just ASSUMINg market returns slightly, and i can sell the home for anything near what that last foreclosure sold at (174k, which was crazy enough since original asking price was 140k), i can break even. i mean, i have my doubts the bank will take my offer if there's any other competition
i think many of you are assuming my offer is a sure-deal and paid whatever it is "worth" at this moment. i underbid and most likely won't attempt to resubmit a higher offer.
the only thing i didn't factor in is that 10% real estate cost. that i didn't know about, but even if i took a hit on this condo, within reason, i would be more than willing to sell at a loss.
its better than throwing away 800/mo on renting w/ no return what so ever
the way i see it, i either pay 600/mo in interest and still save money while owning some type of property in hopes of a higher return, or pay 800/mo or more since my fiancee is moving in with me soon and we may need a bigger apt and hav no return
i know after 5 years I would have lost about $33k in interest
my asking price is fairly low, so just ASSUMINg market returns slightly, and i can sell the home for anything near what that last foreclosure sold at (174k, which was crazy enough since original asking price was 140k), i can break even. i mean, i have my doubts the bank will take my offer if there's any other competition
i think many of you are assuming my offer is a sure-deal and paid whatever it is "worth" at this moment. i underbid and most likely won't attempt to resubmit a higher offer.
the only thing i didn't factor in is that 10% real estate cost. that i didn't know about, but even if i took a hit on this condo, within reason, i would be more than willing to sell at a loss.
its better than throwing away 800/mo on renting w/ no return what so ever
the way i see it, i either pay 600/mo in interest and still save money while owning some type of property in hopes of a higher return, or pay 800/mo or more since my fiancee is moving in with me soon and we may need a bigger apt and hav no return
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RaspberryBeret
Protected By Trunk Monkey
Dude, you're fixing to get your clock cleaned. There's a 10% transaction cost to sell real estate. The first 10 years of a loan goes mostly to interest and very little to principal payment. How are you going to sell this dog in 3-4 years in the worst real estate market in history? It won't be over by then.
Show us how you're going to make these numbers look?
Hokie - don't take advice from the people that don't live in the community. Talk to the people that do live there and/or have friends and family in that community. Get some advice straight from the horses mouth vice the non-tenant/homeowner horses asses! I've noticed that so many people on here are quick to "dog" a community.
If I were considering a place in a community, I would call the community office and ask for the name, number and email address of the HOA President and speak to him/her directly regarding the HOA By-Laws.
With the market being down right now I'm assuming you'll be getting this unit for a fairly good deal. If your goal is to move into a larger home in 3-4 years then I'm sure you'll have a good chance renting the unit IF the market doesn't stabilize.
Good Luck in your homeowner ventures
Hokie - don't take advice from the people that don't live in the community. Talk to the people that do live there and/or have friends and family in that community. Get some advice straight from the horses mouth vice the non-tenant/homeowner horses asses! I've noticed that so many people on here are quick to "dog" a community.
If I were considering a place in a community, I would call the community office and ask for the name, number and email address of the HOA President and speak to him/her directly regarding the HOA By-Laws.
With the market being down right now I'm assuming you'll be getting this unit for a fairly good deal. If your goal is to move into a larger home in 3-4 years then I'm sure you'll have a good chance renting the unit IF the market doesn't stabilize.
Good Luck in your homeowner ventures
thanks
i did think about renting it as well, depending on demand at that time, but i figure that is something i will not bother with until the time is right
BoyGenius
Cyber Bully Victim
You're a little backwards on your calculations. Paying the same amount of interest or more to a bank for a loan isn't any different than paying rent to a landlord. Not too mention the HOA fees, property taxes, and maintenance costs on the unit itself.
You do realize condos can also give you a "special assessment" also right? That happens when something needs a major repair, and you as a unit owner are required to pony up your portion of that amount.
Also your numbers are backwards on the foreclosure. The condo originally sold for 179k in 2004. It's now 2008 and it's for sale for $139k.
If you want to make some money, keep saving and investing the difference that you're currently saving by renting until the market corrects and prices stop dropping.
When will that be? When the real estate agents start selling an equal amount of new listings as they are taking in.
Where can you track that at?
Here:
MRIS Statistics
For example in Nov., they took in 155 new listings. They only sold 63. Many more people would like to sell, but can't because they have negative equity. The market isn't balanced. And don't be misled by the sales term "buyer's market." It doesn't mean bargain!
the condo just went under contract a few weeks ago and sold for 174k on dec 2nd, 08
BoyGenius
Cyber Bully Victim
Hokie - don't take advice from the people that don't live in the community. Talk to the people that do live there and/or have friends and family in that community. Get some advice straight from the horses mouth vice the non-tenant/homeowner horses asses! I've noticed that so many people on here are quick to "dog" a community.
If I were considering a place in a community, I would call the community office and ask for the name, number and email address of the HOA President and speak to him/her directly regarding the HOA By-Laws.
With the market being down right now I'm assuming you'll be getting this unit for a fairly good deal. If your goal is to move into a larger home in 3-4 years then I'm sure you'll have a good chance renting the unit IF the market doesn't stabilize.
Good Luck in your homeowner ventures
Strange that you didn't mention that a big part of the current foreclosure problem is people that can't get enough rent to cover the mortgage payment, so they let it go into foreclosure.
A condo is nothing but a glorified apartment, and he has a not of apartments to compete with in the landlord business. Doesn't Abberly Crest have a bunch of new phases coming online?
BoyGenius
Cyber Bully Victim
i did include my tax/hoa/misc costs into my own little spreadsheet. and in the long run, i just found that paying 600s in interest still was less than paying 800-900+ to rent. of course, if major repairs are necessary, that would put a hole in my calculations, but just like any other property, anyone would hope those wouldn't happen and have faith that the building is in fair enough condition especially since it was built in 06 and any of those structural issues were ironed out by now
Yes, it's that loud. I think the woman above me walks for a living! Everyone in my building complains about it. They say they installed sound barriers, but I don't know how effective they really are.
I personally wouldn't buy if you plan to move in 3-4 years. You won't get much equity in it! And you don't know where the market is headed still. The Hickory Hills has the rent to own program where 1/3rd of your rent goes towards a purchase in that development. (house or condo). That would probably be your best bet-if that is where you want to live when you buy a house. The grill, it IS against policy, but I'm sure people do it anyways.
The settling is definitely an issue, after warranties run out on the buildings, residents will have to pay for things that go wrong.
And again, there is more people moving in that don't respect others. There have been kids skateboarding in the garages and on the walkways. Kids hanging out outside the buildings being REALLY loud. We have had to ask them to move from the outside the windows if they were going to be carrying on like they were. For awhile, a few months...we were woke in the middle of the night for the fire alarms malfunctioning...full blown fire department came too...so that was fun.
I really suggest investigating more if you want to actually buy there. These are things you have to live with when you own...and if you can't sell, your stuck. That area is great for rentals with the base being close by.
BoyGenius
Cyber Bully Victim
How come you had to come here to find out about the structural issues? You mean those weren't "disclosed" to you?
This listing says it is still an active listing for 139k.
- Property Finder
District - 08 Account Number - 162018
Seller: MEDLEY, TAMMY L S/O Date: 12/02/2008 Price: $174,625
Type: NOT ARMS-LENGTH Deed1: JWW/ 3231/ 43 Deed2:
no issues were brought up to me by my agentHow come you had to come here to find out about the structural issues? You mean those weren't "disclosed" to you?
This listing says it is still an active listing for 139k.
- Property Finder
agent also looked up that property late nov and said it was under contract and was going to wait to see if anything happened or it falls through and told me a week ago that it didnt, so we moved on
BoyGenius
Cyber Bully Victim
Actually, that's the same one I posted on the for sale link.
So it sold for 216k in 2004, and is now for sale for 139k.
That 174k was the loan amount owed that the bank took it back for. The loan may have been more, because they sometimes only show the first loan of an 80/20 loan, or don't include refi loans that got wrote off.
guess my agent didnt catch that either and maybe its still under contract because thats the last status i got from 2 different realtors
BoyGenius
Cyber Bully Victim
That things been on the market for 198 days or so. Do you think it's strange that all these real estate investors who have a lot more money than you do haven't stepped in and beat you to the deal?
Do you know what DOM and DOMP is? Did your agent explain those?
sad to hear it is really that loud... ive been visiting over the past week or so and it "seemed" ok... i looked up the tax record of the person above my unit and its not their primary residence, so i have no idea if they have renters in it now or what.. maybe i would get lucky and they dont even have anyone there! doubtful though..
rent-to-own program seems like a good incentive, but MOST of the time, their prices are pretty high up compared to what i find myself or my realtor whos a good family friend and most of the time gives us a good chunk of his share for the sale
BoyGenius
Cyber Bully Victim
guess my agent didnt catch that either and maybe its still under contract because thats the last status i got from 2 different realtors
If a property is under contract, the listing agent is supposed to change the listing status to "under contract."