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Old 01-09-2011, 10:30 AM
 
3,045 posts, read 2,046,430 times
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I've seen a lot of condos posted online and the prices I hear from people seem a lot lower than what is advertised. Are what gets posted on realty sites prices that are much higher than what things sell for? I'm possibly interested in a condo, but don't want to pay more than what a house costs.
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Old 01-09-2011, 11:57 AM
 
9,208 posts, read 19,154,714 times
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When you buy a condo or a house, the listed price is the price that the seller is hoping to get. Right now, there are a lot of condos on the market and they seem to have built too many of them. So...
The procedure generally goes something like:
You see a condo advertised for 250,000 dollars. You find a real estate agent to show you the place, and have him or her do some research to find out what similar places have sold for recently. You see the place and love it, and decide you want to make an offer.If you make a full price offer it increases your chance of getting the place, but most places sell for less than asking price. You discuss it with your agent and decide to offer 230,000. The seller rejects your offer, but counters with 235, and you have a deal. You get an inspection done a few days later and find out that the dishwasher doesn't work. You ask the seller to replace the dishwasher. He refuses, but offers to lower the price by 1000 dollars. You accept his proposal, and move into your happy home.
There are many varieties of this, with some places going for less and some for closer to list price.
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Old 01-10-2011, 04:40 PM
 
Location: USA
163 posts, read 317,760 times
Reputation: 96
its called price negotiating
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Old 01-11-2011, 10:48 PM
 
476 posts, read 660,486 times
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There is the association dues to watch out for.
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Old 01-13-2011, 01:54 PM
 
Location: Lowlands
271 posts, read 949,241 times
Reputation: 166
and watch out for the 'you have to help pay for a new roof, because we didn't budget properly, your share is $20k, we put a lien on your condo, you have 30 days to pay'

Fun times.
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Old 01-13-2011, 07:46 PM
 
1,492 posts, read 2,600,018 times
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Note that for short sales and bank-owned properties, it can take a lot longer to make a deal and even if you offer full price, the bank is under no obligation to sell to you. Distressed properties are often trashed/gutted or at best, neglected, so caveat emptor.
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Old 01-13-2011, 07:55 PM
 
9,208 posts, read 19,154,714 times
Reputation: 4554
Quote:
Originally Posted by AlohaHuey View Post
Note that for short sales and bank-owned properties, it can take a lot longer to make a deal and even if you offer full price, the bank is under no obligation to sell to you. Distressed properties are often trashed/gutted or at best, neglected, so caveat emptor.
Bank owned is different than short sales, and much faster. But you're completely right about short sales. They can take forever.
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