Condo Style Questions
How do I sell my condo when the building (not my unit) is in foreclosure?
In March of 2008 I bought a beautiful loft-style condo in Wisconsin. Later that year, the developer that owned the building defaulted on the loan and went into foreclosure. Another developer bought the loan but not the building, which is going to go to sheriff’s sale hopefully sometime this year. As I understand, the developer that bought the loan wants to buy the building as well but we don’t know what will happen until the time of the sheriff’s sale. The developer that was foreclosed upon is now out-of-business, and a court-appointed receiver is now in charge of managing the building. I now have someone who is potentially interested in buying my unit, and I’d be selling it to him on my own without a real estate agent. Does anyone have any idea how to go about this? Email me if necessary. If you are experienced in this field, think of it as racking up some good karmic bonus points for advising me pro bono?
wow,i hope you are letting the new owner in on this news.I believe you can sell it,but im not positive.I bought a condo in the early 90′s that was in a similar problem, there was 30 units and 25 were empty and the place was in receivership, try calling a real estate attorney and see what he says,don’t worry about being charged a lot of them will speak to you for free.GL
BTW that condo I bought back then worked out beautiful,as soon as the economy turned around,I ended up selling it right before this crash and made a KILLING ,GL
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Condo Checklist
Condominium buildings are sprouting like mushrooms everywhere. More and more people are realizing the advantages of acquiring a condominium unit for whatever purpose they may have. Some people, especially young professionals, purchase a Makati condo as their own dwelling place. There are some, mostly established professionals, who acquire a Makati condo for themselves without any concrete plans of using it and instead, rent it out.
A Makati condo may be a good idea for some people but it’s not the best choice for everyone. The perfect property for anyone depends on one’s needs and preferences. However, once you’ve determined that you definitely want a condo, below is a checklist of things you might want to consider whether you are buying one or just planning to rent one.
- Price. The nearer a condominium building is to a business area, the more expensive it is. Also, the bigger units cost more. Determine the amount you are willing to spend.
- Location. Make sure the condominium you will be buying or renting is located in an area that’s ideal for you.
- Condo Style. Low-rise, mid-rise, or high-rise? If you want a view then a unit on the upper floors of a high-rise building is the one for you. If you want something with a homier feel, there are a lot of low-rise and mid-rise resort types of condos.
- Unit Size. Studio, one bedroom, or two bedrooms? This mainly depends on the number of people who will be living with you.
- Developer. Is the developer of the building reliable and trustworthy?
- Noise. How is the noise level in the vicinity of the building? Any nearby construction going on?
- View. Choose the location of your unit well. Make sure you like what you see outside your window.
- Facilities. Do you want a condo that offers gym facilities or a swimming pool?
- Association. How much are the association dues? What are the condo rules and regulations?
- Direction. Which direction does your unit face? Be aware of the direction of the sunlight.
- Parking Space. Is there a parking space that comes with the unit? How much is the additional amount if you’ll purchase a parking space? Any parking space available for rent?
- Elevators. How near is the unit to the elevators? Although a unit that’s near the elevator may be easily accessible it also means heavier foot traffic outside your door.
- Fire Exit. How far away is the unit to the nearest fire exit?
- Visit the website http://www.atayala.com.
About the Author
Deirdre Gonzales is a business entrepreneur from Cebu City Philippines. She’s now based in Florida and writes in her spare time for various websites including Atayala.com
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