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Top 10 Tips to Find a Condo Bargain

Top 10 Tips to Find a Condo Bargain

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Once you have determined that condo ownership is right for you, you will need to find a condo that matches your needs. Many home buyers or real estate investors want to find a condo bargain so they can get into a home for a lower price and maybe even get some instant equity. Read on for some tips on how to find a condo bargain in your area.

Top 10 Tips to Find a Condo Bargain

  1. Look for foreclosure properties. Many condo owners were facing foreclosure as a result of the 2008 and 2009 financial crisis. If you can find bank owned condos, you may be able to get a great deal.
  2. Read condo rental listings. Many condo owners decide to rent out their condos when they move into ownership of single family home. If they are having difficulty renting or are tired of being a landlord, they may be willing to sell you the condo at a bargain if you just ask.
  3. Search for distressed condo owners. If there is an area with a lot of foreclosures or if you can find out about pre-foreclosure notices or lawsuits filed to start the foreclosure process, you may be able to find a condo owner who needs to sell before his home actually enters foreclosure. This can give you an opportunity for a great deal, especially if a bank is willing to accept a short sale for the condo and you can buy for less than it is worth.
  4. Watch for apartment/condo conversions. Some apartment buildings will convert to condo units and you may be able to get in on the ground floor.
  5. Consider tenant-in-common to condo conversions. In San Francisco and other major cities, properties are sometimes owned in a form of ownership called tenants-in-common. It is usually less expensive to buy this type of property, and often the units convert eventually to standard condo units, allowing you to get into a condo for less in an expensive real estate market.
  6. Contact builders and investors. A builder or investor may have bought or built a condo unit during a real estate boom and may be having difficulty selling in a down market. You could potentially get a deal if your timing is right and you get in touch with the person in charge.
  7. Look for for-sale-by-owner condos. The owners may be willing to give you a lower price since they don’t have to pay an agent’s commission.
  8. Search the multiple listing service daily and set up alerts when new condos are listed. You may be able to be the first to spot a listing and find a condo bargain.
  9. Check online classified services for condo sales. Craigslist and other local classified services may have your perfect condo home listed. Pay attention to how long it has been in the market as well. The longer it has been listed, the more eager the homeowners may be to sell.
  10. Work with a realtor who has experience in your area. A real estate agent will have the connections, knowledge and know-how to find local condo bargains.

When it comes time to find a condo, make sure you focus on the sale price and on any dues or association fees you have to pay that add to your monthly tab. It is only a good deal to find a bargain condo if you can afford all of the costs associated with it and if the condo is right for you, so take your time, be thorough and follow these ten tips to find the condo of your dreams.

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