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I agree, like row houses. They share a common side wall. There can be just two, side by side or more. In one HOA I was a member of, in MA, we had 4 units per building.. Two inner units and two outer units. Each unit was 3 stories, counting the full basement. Dividing walls were double cinder block with a space in between. You never heard any noise from your adjoining neighbor.
When we relocated, to SC, we wanted a home with no stairs. The stairs in a townhouse can be a killer for older folks. We did look at a townhouse development that had an elevator in each unit.
Exactly. Most downsize with the view of aging in place and stairs are not in the plan for most! The new developments are geared to wheel chair access, and the open design will allow for one of those chair lifts even if it has stairs, as most do. The downside is you end up living in the boonies with not much elder support, transportation, shopping.
I’m seeing much worse now.
In smaller units.
That’s what I hate.
Condos are a scam job. The purpose is to rob you. My mother moved in there and I told her she was a sucker she can't even pay the loan if she decided to sell it she would get 50 thousand less. All she is paying is the interest on the loan so it does not ruin her credit. She use to have a house which she should of kept but listened to her friends.
Condos are a scam job. The purpose is to rob you. My mother moved in there and I told her she was a sucker she can't even pay the loan if she decided to sell it she would get 50 thousand less. All she is paying is the interest on the loan so it does not ruin her credit. She use to have a house which she should of kept but listened to her friends.
How would she get 50,000 less? Even if she bought at the height of market in 2005 she should be able to make very good profit if she tried to sell today. Did she buy in late 2021 or 2022 for over list? That's the only scenario I could see someone potentially taking a loss on real estate now (if based in MA).
How would she get 50,000 less? Even if she bought at the height of market in 2005 she should be able to make very good profit if she tried to sell today. Did she buy in late 2021 or 2022 for over list? That's the only scenario I could see someone potentially taking a loss on real estate now (if based in MA).
How would she get 50,000 less? Even if she bought at the height of market in 2005 she should be able to make very good profit if she tried to sell today. Did she buy in late 2021 or 2022 for over list? That's the only scenario I could see someone potentially taking a loss on real estate now (if based in MA).
So since she can't pay the loan the bank gets 50 thousand of
the sale.
So since she can't pay the loan the bank gets 50 thousand of
the sale.
I think she bought it 10 to 12 years ago.
So what you're saying is it's going into foreclosure? If she tries to sell it before that happens she might be able to pay the loan and come out ok, maybe even a little profit, no? I know the tough thing is where does she move if she sells since rents are probably going to be much more than her monthly mortgage now.
When we were considering buying a condo, two things nagged at me. One was the monthly fees and the special assessments. The other was this--- suppose we bought a condo only to discover that we shared a wall with the neighbor from h*ll. We would be stuck as it isn't easy to sell so soon after buying.
When we were considering buying a condo, two things nagged at me. One was the monthly fees and the special assessments. The other was this--- suppose we bought a condo only to discover that we shared a wall with the neighbor from h*ll. We would be stuck as it isn't easy to sell so soon after buying.
the new developments have the garage as the common wall.
How would she get 50,000 less? Even if she bought at the height of market in 2005 she should be able to make very good profit if she tried to sell today. Did she buy in late 2021 or 2022 for over list? That's the only scenario I could see someone potentially taking a loss on real estate now (if based in MA).
Quote:
Originally Posted by newenglandgal123
So what you're saying is it's going into foreclosure? If she tries to sell it before that happens she might be able to pay the loan and come out ok, maybe even a little profit, no? I know the tough thing is where does she move if she sells since rents are probably going to be much more than her monthly mortgage now.
It would not be foreclosure she would just sell it and the bank gets 50 thousand. Since she is retired now she can not pay the loan.
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