Hallandale - Three Islands Blvd - foreclosed condo apt. (comparable sales, real estate)

[FLsleepless]

Looking to purchase a REO foreclosed condo apartment in the DeSoto Park area (Hallandale, Three Islands Blvd). This apartment is currently listed with a Real Estate office and has been on the market for 2 months. Price was lowered twice, but the price per sq. ft. is still a bit high, and I am trying to negotiate & counter offer. Although I like the area I've never lived there, so any input on the neighborhood and the foreclosure purchasing process would be very helpful!

1. Any reviews of the DeSoto Park, Three Islands Blvd. community?
-Safety/crime
-Kids & family friendly area
-other neighborhood pros & cons

2. Any suggestions, advice, or experiences with purchasing a foreclosed condo?
-Negotiation tactics,
-closing & title insurance fees,
-dealing with the Bank
-any issues or unforseen fees with a foreclosed property


Many thanks!!!

[Raffeer]

In addition to everything you listed it is very important to check out the financials of the Association.
How many units are delinquent in their payments?
How many are in foreclosure?
What percentage are rentals? Too high is not good. If unit is vacant owner might be inclined not to pay assessment.
Is there a large enough reserve fund for any future catastrophes i.e. hurricanes. They probably have insurance but there is a deductible that would have to be paid.
How often have there been Special Assessments? Why?
......and so on.
The condo's management company should be able to give this information.

[fauve]

I recently bought a foreclosed property directly from Chase and found the process painless. The fees were less than normal - the bank picked up the cost of the title insurance, and actually if there hadnt been a problem with the recording of the prior deed that needed to be corrected, we would have closed within 3 weeks. We were required to use their title company, altho we paid our own title fee. As far as negotiation, there had been 7 bids within 48 hours. We paid all cash and our bid was accepted on the evening of the day we made our initial offer.

[vigo]

DeSoto Park is fine and that part of Hallandale is very nice. No worries there. It's close to shopping and to the beach and only blocks away from the million dollar homes on Diplomat Parkway and Harbor Islands. The condos at DeSoto Park are older, though, probably built in the 70's.

I don't think crime is a huge problem in the Three Islands area, although it's not immune by any means. There's a guard gate at the entrance to Three Islands. It's not always manned and the barrier opens automatically, but I think they do take a photo of your license tag as you pass through. I supposed that's a bit of a deterrent, at least.

Sorry, I don't know anything about buying foreclosed properties.

[FLsleepless]

Thank you all! Unfortunately I lost this condo to a higher bid. All my calculations - comparable sales, price per sq. ft., number of available units, etc. seemed to support that the price I was willing to pay for it was reasonable. However someone made a higher offer ...In this market with daily foreclosures are in triple digits I thought I had room to negotiate, but will keep trying.

VIGO -

I am still interested in that area. Any comments on the schools there? Primarily elementary school?

Thanks again for all your help!!!