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Old 04-14-2011, 04:29 PM
 
Location: Austintown, OH
4,263 posts, read 8,135,589 times
Reputation: 5495

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Hi all.

I am currently a renter, and have been thinking about buying a home.

Just a little background... 31, not married, no kids and no plans of having any (can't have them). Never have purchased before. Moved here about three years ago. I currently have a roommate, whom I have known for years, before I moved here. We share an apt, my share of the rent is a whopping 400 dollars.

I actually enjoy renting, particularly the fact that I don't have to fix much, and I don't have to do outside chores.

So, condo's seem appealing to me.

I was just browing online last night, and happened upon one in the same place that I had been thinking of renting one in. Very, very close to work, the condo is located on Micron Dr, off of Potranco.

The one I found is identically laid out as one I looked at last year to rent, and I enjoyed the layout, as it is very spacious.

They are selling the condo for 55,000! It is a short sale, according to the listing. I saw other condo's in same complex listed in the 80's. The condo was built in mid 80's.

First, is that a good buy, especially for someone in my situation? I saw the HOA fee is about 180 a month, which seems steep. Any pro's or cons to this?

Second, is it smart to buy a condo here? I read through previous postings, and have surmised that this is not a condo town at all. I am not as concerned about resale maybe I should be..especially with the price being so low on it.

Third, any tips on negotiating a possible low down payment/no closing costs, ect, especially with it being a short sale?

I appreciate any help or guidance you can give. Thanks!
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Old 04-14-2011, 04:51 PM
 
14,637 posts, read 34,918,484 times
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I would consult a realtor on this one. Also, $180 a month???? For what, exactly? That seems really high. Good luck, though! 55K for a home you're comfy in/with is a good thing.
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Old 04-14-2011, 05:28 PM
 
Location: San Antonio, TX
11,495 posts, read 26,767,263 times
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If this is the one you're thinking of 7880 MICRON DR 3606, San Antonio, TX 78251-2441, US it says, "HOA fees include water, pest control, garbage pickup, exterior home/yard maintenance and enjoyment of the pool." So that's what the $180 a month is for.

I looked at some houses that were short sales and our realtor said she'd never had a short sale actually go through and she'd heard that when it did, it could take months. Also, if it's a short sale, it means the seller is trying to avoid foreclosure. It doesn't sound like the seller would be in a position to pay closing costs.
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Old 04-14-2011, 05:36 PM
 
Location: San Antonio-Westover Hills
6,884 posts, read 20,344,684 times
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I don't think it's the short sale that's the problem here. I think it is buying wisely. If it's in a good area, you have a better chance for resale down the road. If it is in any way looking like a backsliding area, I would run the other way. Condos can be money pits in their own way. Make sure the HOA is good, check their paperwork/meeting minutes, and also check for how much $$ the HOA has on hand and in reserves.

Again, the better area the condo is in, the better chance you have of making a good investment.

Good luck!
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Old 04-14-2011, 07:31 PM
 
Location: Austintown, OH
4,263 posts, read 8,135,589 times
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Thanks for the info everyone.

Yes, that was the one.

It is located on Micron drive... Between Potranco and Culebra... What do you think of that area?
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Old 04-14-2011, 08:13 PM
 
Location: San Antonio
2,260 posts, read 5,598,118 times
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I personally wouldn't live out there - that's one of those parts of town that seems rather soulless to me. I'm not a suburbs person though.

I also do wonder about resale of a condo in that area. I'm just guessing, but I think resale potential would be higher downtown/Southtown.
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Old 04-14-2011, 08:37 PM
 
Location: New Braunfels, TX
7,107 posts, read 11,765,831 times
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Historically, my OPINION is that condo's in the lower end have done poorly. They're often turned into rentals, and usually end up w/tenants that don't take care of the place. Hopefully, one of the resident Realtors will be along to offer their thoughts - but for me, no way, no how.
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Old 04-14-2011, 09:59 PM
 
360 posts, read 771,053 times
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I use to own a garden home on the very property where the condos/townhomes are. I personally loved the area, liked the ease to get on the freeway and enjoyed the neighborhood.
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Old 04-15-2011, 08:39 AM
 
Location: San Antonio-Westover Hills
6,884 posts, read 20,344,684 times
Reputation: 5175
Quote:
Originally Posted by TexasRedneck View Post
They're often turned into rentals, and usually end up w/tenants that don't take care of the place.

Agreed--and that's something I forgot to mention in my previous post--check to see what the ratio of owners to renters is. The higher the number, the better. Where I owned in Houston, it was 81%, and that was considered good. You start getting down in the 60% range and you're going to regret it. Owner occupancy generally means a better property overall.

When I hear "in between Potranco and Culebra" I think ghetto. Sorry. That whole area sucks right now, I know because I live very near it.

I would stay with established areas, or up-and-coming (but not too new) areas. You can't go wrong with a nice place by the medical center, if you follow the right criteria. Alamo Heights, the Riverwalk area, etc...
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Old 04-15-2011, 09:28 AM
 
4,145 posts, read 10,399,158 times
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Quote:
Originally Posted by Hedgehog_Mom View Post

I looked at some houses that were short sales and our realtor said she'd never had a short sale actually go through and she'd heard that when it did, it could take months. Also, if it's a short sale, it means the seller is trying to avoid foreclosure. It doesn't sound like the seller would be in a position to pay closing costs.
You're correct in that the seller wouldn't be able to pay any closing costs. When you make an offer, the bank will look at your offer and what the seller owes them + the cost to foreclose. Whichever is less is most likely the one they'll pursue.

Short sales are definitely a monster, but they can be done if you know how. The most important part is the listing agent on the property. I've done lots of them as the listing agent, though I REALLY try to avoid them if possible, as they're a nightmare. I've closed one in 18 days, but you have to know the ins and outs of the bank you're dealing with, and each one is different. As a buyer agent, I usually recommend we stay away, because if the listing agent doesn't know how to do one correctly (and most don't), it's an exercise in futility.
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