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Doods, should I buy a foreclosure property.

recently laid-off biglaw associate, about 40k in the bank. c...
High-end razzle-dazzle theater friendly grandma
  06/15/10
Sounds like a disaster waiting to happen unless you know wha...
adventurous adulterous piazza
  06/15/10
why?
High-end razzle-dazzle theater friendly grandma
  06/15/10
The previous owners will fuck up the condo out of spite.
Khaki trip parlor
  06/15/10
not if they're already out and no damage has been done
salmon know-it-all stead partner
  06/15/10
what do comparables rent for?
Self-centered french chef business firm
  06/15/10
700-1000, depending on location.
High-end razzle-dazzle theater friendly grandma
  06/15/10
Yeah man the first thing I like to do when I get laid off is...
Cracking disturbing station juggernaut
  06/15/10
well i can either own a place for 2 yrs worth of rent, or i ...
High-end razzle-dazzle theater friendly grandma
  06/15/10
That's a ridiculous rent-to-own ratio, so ridiculous that so...
Cracking disturbing station juggernaut
  06/15/10
yeah it must be in basically beyond repair condition if what...
jade provocative nursing home
  06/15/10
foreclosure property in an oversaturated condo market.
High-end razzle-dazzle theater friendly grandma
  06/15/10
tyft
Underhanded lodge
  06/15/10
For 40k who gives a fuck? I'd buy just to ensure that I did...
Self-centered french chef business firm
  06/15/10
not necessarily, right? presumably one person's individua...
High-end razzle-dazzle theater friendly grandma
  06/15/10
Condos (especially new construction) are different. I've ne...
Self-centered french chef business firm
  06/15/10
i'm not talking about developer owned ones, but about bank o...
High-end razzle-dazzle theater friendly grandma
  06/15/10
lol, wut.
at-the-ready black woman
  06/15/10
...
rebellious laser beams yarmulke
  06/15/10
detroit?
Big-titted Native Dopamine
  06/15/10
more like Naples or some other SoFl backwater.
Underhanded lodge
  06/15/10
small southern college town.
High-end razzle-dazzle theater friendly grandma
  06/15/10
south
High-end razzle-dazzle theater friendly grandma
  06/15/10
wrong thread
adventurous adulterous piazza
  06/15/10
Hi, Ruskiebitch!
Black temple dog poop
  06/15/10


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Reply Favorite

Date: June 15th, 2010 7:00 PM
Author: High-end razzle-dazzle theater friendly grandma

recently laid-off biglaw associate, about 40k in the bank. can get nice 1 bedroom foreclosed condos for about 30k in my city. if i buy, parents will throw in 20k to help.

question: is it best to just rent, given that i'll still have to pay prop tax and community fees on the condos or should i go ahead and buy while it's affordable?

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255462)



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Date: June 15th, 2010 7:01 PM
Author: adventurous adulterous piazza

Sounds like a disaster waiting to happen unless you know what you are getting into with a foreclosure.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255470)



Reply Favorite

Date: June 15th, 2010 7:02 PM
Author: High-end razzle-dazzle theater friendly grandma

why?

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255477)



Reply Favorite

Date: June 15th, 2010 7:10 PM
Author: Khaki trip parlor

The previous owners will fuck up the condo out of spite.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255539)



Reply Favorite

Date: June 15th, 2010 7:17 PM
Author: salmon know-it-all stead partner

not if they're already out and no damage has been done

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255575)



Reply Favorite

Date: June 15th, 2010 7:02 PM
Author: Self-centered french chef business firm

what do comparables rent for?

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255480)



Reply Favorite

Date: June 15th, 2010 7:04 PM
Author: High-end razzle-dazzle theater friendly grandma

700-1000, depending on location.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255497)



Reply Favorite

Date: June 15th, 2010 7:04 PM
Author: Cracking disturbing station juggernaut

Yeah man the first thing I like to do when I get laid off is to buy a house!

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255496)



Reply Favorite

Date: June 15th, 2010 7:05 PM
Author: High-end razzle-dazzle theater friendly grandma

well i can either own a place for 2 yrs worth of rent, or i can just gift 30,000 to a landlord.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255507)



Reply Favorite

Date: June 15th, 2010 7:08 PM
Author: Cracking disturbing station juggernaut

That's a ridiculous rent-to-own ratio, so ridiculous that something is clearly out of whack (the places you're looking at aren't comparable at all). You're suggesting it's like 24 months of rent to buy a place, where normally the ratio is at least 150 and gets to above 250 in bubbly CA markets.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255526)



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Date: June 15th, 2010 7:15 PM
Author: jade provocative nursing home

yeah it must be in basically beyond repair condition if what he says is true

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255565)



Reply Favorite

Date: June 15th, 2010 7:20 PM
Author: High-end razzle-dazzle theater friendly grandma

foreclosure property in an oversaturated condo market.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255592)



Reply Favorite

Date: June 15th, 2010 7:28 PM
Author: Underhanded lodge

tyft

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255639)



Reply Favorite

Date: June 15th, 2010 7:13 PM
Author: Self-centered french chef business firm

For 40k who gives a fuck? I'd buy just to ensure that I didn't have to explain on apartment apps that I was unemployed.

But it is probably going to be really difficult to sell that condo to anyone in the near future. Any building with condos selling for 40k is likely in financial ruin, not to mention occupied by less than 75% of owners, etc. Even though you don't need a mortgage, I doubt a bank would underwrite one for the next slob who wants to buy your shitbox of a condo.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255554)



Reply Favorite

Date: June 15th, 2010 7:22 PM
Author: High-end razzle-dazzle theater friendly grandma

not necessarily, right?

presumably one person's individual financial ruin doesn't mean the complex is full of similarly situated people.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255601)



Reply Favorite

Date: June 15th, 2010 7:34 PM
Author: Self-centered french chef business firm

Condos (especially new construction) are different. I've never seen new condos for 40k. The cheapest I've seen (outside of major cities) were around $100-120k in 2003-2005. Let's say it's one of them. To finish construction, most of the building would have to be sold (it's usually a term of the developer's financing docs for construction costs). Even with units sold at pre-construction rates, these first buyers probably paid 85-90k. If units in their building are selling for 30-50% less than that now, they are probably terribly underwater on their mortgages. So even though they might not be in personal financial ruin, why would they bother to continue paying their mortgages? The drop in credit rating isn't that big an issue for them because they don't even necessarily need a loan to get a new place. (Per your OP, even unemployed jerkoffs have enough in their money market accounts to buy condos in cash in that area.)

This is made even worse in the condo situation because these people probably stop paying their HOA fees too. So everyone else's fees go up to cover the difference. There are examples of buildings in the west (I believe Washington) where the HOA has actually decided to walk away from the entire condo building because so many individual unit owners walked away from their mortgages.

All I'm saying is do a ton of research.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255668)



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Date: June 15th, 2010 7:42 PM
Author: High-end razzle-dazzle theater friendly grandma

i'm not talking about developer owned ones, but about bank owned short sales.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255731)



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Date: June 15th, 2010 7:15 PM
Author: at-the-ready black woman

lol, wut.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255568)



Reply Favorite

Date: June 15th, 2010 7:16 PM
Author: rebellious laser beams yarmulke



(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255570)



Reply Favorite

Date: June 15th, 2010 7:23 PM
Author: Big-titted Native Dopamine

detroit?

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255608)



Reply Favorite

Date: June 15th, 2010 7:29 PM
Author: Underhanded lodge

more like Naples or some other SoFl backwater.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255645)



Reply Favorite

Date: June 15th, 2010 7:43 PM
Author: High-end razzle-dazzle theater friendly grandma

small southern college town.

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255737)



Reply Favorite

Date: June 15th, 2010 7:39 PM
Author: High-end razzle-dazzle theater friendly grandma

south

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255706)



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Date: June 15th, 2010 7:31 PM
Author: adventurous adulterous piazza

wrong thread

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255655)



Reply Favorite

Date: June 15th, 2010 7:44 PM
Author: Black temple dog poop

Hi, Ruskiebitch!

(http://www.autoadmit.com/thread.php?thread_id=1339635&forum_id=2#15255744)