Bank Owned Condo

[David.]

It is bank owned and they want 239k for it.

How much should I give them? 3 years ago this same condo was 450k. Well, not "same", but the condos in that particular complex.

There are 8 units and only 1 is sold. The company that built it went bankrupt and the bank owns the other units.

 

[stewie]

Time is on your side if you can wait... offer low, you can always come up.

*If you deal with that bank try to get a feel what the bank has into the deal, sometimes if you know someone in the bank on a personal level you can get some information that would help you make a better offer.

*Don't forget to tie in your 0% Lifetime mortgage with the deal. LOL

Good Luck,
Stewie

 

[jasdon11]

It is bank owned and they want 239k for it.

How much should I give them? 3 years ago this same condo was 450k. Well, not "same", but the condos in that particular complex.

There are 8 units and only 1 is sold. The company that built it went bankrupt and the bank owns the other units.

Just looking at the figures, if you are a cash buyer, I'd offer them $75k for the best one. If they say 'no', say you'll buy two for $140k, or three for $200k.
Maybe even less, maybe start at $50k for the first one....remember these tossers (bankers) aren't really bothered what they get, their debts are being guaranteed - the quicker they get a sale, the sooner they can go and get the rest from the guarantors (the gov).

The $450k means nothing - other than they were overpriced massively.

 

[stock_post]

don't even think about the old price that was just jacked up un-realistic price.
When the banks were throwing money at any joe bob that would just ask for it.

 

[draggar]

The bank may offer a deal on multiple units, especially if you're paying cash.

1) They want money and this would be that without risking any credit
2) They are paying taxes and maintenance fees on these units - taking away from #1.

 

[David.]

How do association fees work when 7/8 units are empty?

The current condo I live in has association fees of $190 a month, which pays for the water, etc.

If there's just one guy living in a condo complex that has 8 units what happens if the roof leaks, etc? I don't know if I would feel comfortable living in a complex that has 6 empty units out of a total of 8.

 

[south]

How do association fees work when 7/8 units are empty?

The current condo I live in has association fees of $190 a month, which pays for the water, etc.

If there's just one guy living in a condo complex that has 8 units what happens if the roof leaks, etc? I don't know if I would feel comfortable living in a complex that has 6 empty units out of a total of 8.

Each unit has to pay their share of the fees, whether owned privately or by a financial institution . Be expecially wary of the special asessments.
Danger abounds...

If it sounds too good to be true, it probably is.

Do your research on the property with extreme caution.