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Old 11-06-2009, 10:30 AM
 
4 posts, read 27,491 times
Reputation: 12

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Hello! I'm currently living in Downtown and looking to move, Got THREE specific questions to ask and figure I'd put it all in one to save time. Please Please Please do NOT respond unless your specifically answering one of these three questions.

1) Looking at Bella Terra Condos in Maitland. Nice, fairly new, and cheap! Almost to good to be true, even any thoughts? Is it a nice place to live?

2) Same Question, but for the Visconti appts in Maitland (think it was same developers).

3) Should I chuck them both and try to get / buy foreclosed property? Now I ALREADY OWN a condo, so this would not be first time buy and I can maybe come up with a couple thousand to close on it, but nothing major (like 20% down or crazy nonsense like that)... Is it worth it or a trap? I know short sales are a PAIN, but don't want to miss out on a good deal...

Oh and if anyone by chance heard of GREAT deals in Downtown (like UNDER $800) I'm all ears!!
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Old 11-06-2009, 11:16 AM
 
26,585 posts, read 61,813,124 times
Reputation: 13161
#3.

I wouldn't buy anything unless you're flush with cash. No sense stretching yourself and potentially losing it all in the process. And the days of buying without a decent downpayment are long over.

What are you going to do with the condo you own?
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Old 11-06-2009, 05:40 PM
 
4,167 posts, read 9,289,527 times
Reputation: 2446
#3

It would really come down to the price (of course). I know that sound really obvious but that is the only tipping point here. The area itself is fine, easy access to I-4 and desirable. Is it worth paying downtown prices absolutely not. But if you're getting a steal, I would say it's worth it.

On a side note, just a little further down Maitland Ave. there are some other townhomes for sale. I've seen sales in there starting at $90k for a 2/2. At that price, I would say that is a steal for that area.
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Old 11-06-2009, 06:53 PM
 
Location: Orlando FL
1,065 posts, read 4,131,287 times
Reputation: 427
As far as the two condo's mentioned, they are good area's, lot's of amenities, high HOA dues, and I believe they where condo-conversions. From what you have said here, I do not think these properties are for you. The major obstacle is that these properties are excluded from many forms of financing and are usually strictly cash only sales....this fact is what has contributed to the extremely low prices....fewer are able to purchase.

You may get luck and find a foreclosure in there that will allow you to use HomePath financing, but they are few and far between....and would have to be a primary residence.

As far as purchasing a different property with little down...the lowest down nowadays is with an FHA mortgage and that will require 3.5% down. FHA only does primary residences, if this is going to be an investment property expect a minimum 20% down but more like 30% would be required for most lenders.
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