Real Estate

condo at 1500 Presidential Way West Palm Beach fl.33401, I would like to list it For Sale

Ok?

It may or may not. Comps are only part of the tools you use to determine a price on your home. Location, certain amenities, age of appliances, upgrades, etc. all can figure into things if they’re expensive enough. Obviously if you don’t know them you can’t consider them but if you do-it may help you win in a bidding war. Then again without knowing them yet still being the best bid around could win you the condo anyway. Just remember that all these prices are virtually meaningless at the end of the day because a place is only worth what someone is willing to pay for it.

nearby properties of similar description are also used, especially when there are few recent sales within the target complex. adjustments for size and difference in features are generally made.

I’m renting a room from someone whose condo is in short sale. My name is not on this property at all. She claims this won’t affect me for quite some time as she’s not going anywhere for at least a year. Any thoughts about how long i actually have left to live here? (aside from the obvious, that i should look for a new place to live…already am). It’s in South Florida.
I don’t have a lease.

At least 6 months. Your lease should be fine.

I have a condo I’ve been in since 1998. Like many, I’m upside down. I owe about 130k and it’s worth MAYBE 60k. I’ve never been late 30 days on it. I make about 70k/yr and my payment is about $670/mo now as I did qualify for a remod last year which brought int.rate down to 4.37% over 40 years so brought payment down.

I really want out and into a new home. I can’t rent in my community because of the cap they’ve reached. So now I either have to qualify for 2nd home with my income which I may be able to do OR short sale the condo but I’d rather not have to wait another 2-3 years to repurchase.

Other pertinent info:

I have VA certificate which I’m currently NOT using on current property.
I have BK that will fall off my credit report in October of this year.
On CCCS to alleviate credit card debt and will be through with that within 6-12 mo.
Credit clean other than that.
With Wells Fargo on current mortgage. I don’t have a 2nd. Only a first.

Thanks for your knowledge if you can share.

You had me until you mentioned CCCS.
With your income and your current mortgage payment, you would qualify for another home under the VA program with no money down.
When you say your BK will fall off your credit report, that happens after 10 years. If you had a bankruptcy 9 1/2 years ago, that won’t affect anything as long as you have rebuilt your credit.
The CCCS, however, is challenging.

Here are VA’s guidelines on CCCS (and VA is one of the most lenient on the subject):
Participation in a consumer credit counseling program does not automatically render a borrower ineligible; however, transactions where the borrower has made monthly payments to a counseling agency or other debt pro-rating service instead of directly to the creditors within the previous year will be subject to a second level review by VA to verify that the payments have been made under a valid, bona fide counseling program and not a predatory ‘debt reduction’ service.
To be eligible, the borrower must have completed at least one year of the payout period. In all cases, the borrower must provide documentation of satisfactory payment performance.
In addition, the borrower must receive written permission from the counseling agency to enter into the mortgage transaction.

In other words, if your CCCS is truly a CCCS and your accounts do not show late pays or other derogatory remarks such as "settled for less than full balance" AND you have paid on time for at least one year, you may be eligible. Everything else would need to be in line. The fact that you had a bankruptcy at some point, and then qualiied for a loan modification at some point, and then had to go into CCCS may be too much for underwriters.

You should have a good lender really analyze your credit and explain each item to you and how it affects your chances of becoming approved.

Feel free to message me for more specific information.

My condo has been listed as a short sale since march what kinds of things can i do to speed up the process or am i just waiting for the price go down again like my agent said?craigslist?sale ads?This is the final option and i am okay with it.

If you are trying to speed up the sale of your home it has to be aggressively priced. A shortsale means it is already underwater. Reduce the price further and have the bank approve the short sale.

i’m trying to get a really good deal on plane tickets. all the websites i’ve found are in the 400+ range. and i only need 2 nights in a hotel! i need to buy 6 tickets!!
i’ve been to florida and have gotten good deals like if you go to a 2 hr sales of like condos or townhomes you get like cheaper airfare or hotel stay. anybody know any good websites with good and cheap family packages? (i’ve already tried the expedia, travelcity, things like that)

(by the way i’m trying to go to las vegas)

there are quite a few sites that you can search that will likely give you the best prices available. just go here: http://bookme.com/ and you will be able to compare prices on all the reputable travel sites in just a couple minutes. it’s very convenient and will save you a bunch of time and money. Also, make sure you buy them online… otherwise they charge much higher fees for phone orders. good luck.

What is a good website or resource to find townhouses and condos for sale. We really like the social community and low maintenance of townhomes/condos. (not highrises)

You need to contact townhomecondoliving@yahoo.com they helped us find our townhome. The team has extensive listing updated daily

I currently own a condo which is for sale. I have lived there for the past two years. I have been offered a package with my job which will allow me to get an apartment rent free in another state for an extended period of time. Is there a restriction on the amount of time that I must purchase a new place after my current place sells? I would like to avoid paying capital gains on the condo.

The rule about purchasing a new house (or condo) went out years ago. Now if you live in the residence you sell for at least two of the five years right before the sale, and own it for two of those same 5 years, you can exclude up to $250K of gain from being taxed, $500K on a joint return.

Here’s a crazy situation for you… I am getting married in May and live with my fiancee in his apartment. My condo, that I previously lived in for 4 of the past 5 years, is vacent (is was rented for 6 months, but I had to kick them out and can’t re-rent it) It has been on the market for 6 months. I owe 130,000, and finally go an offer for 35,000. I am 6 months behind on my mortgage, but don’t qualify for HAFA or any of those plans. So here is my questions – do I wait to see if the offer gets accepted (which I’m thinking it wont), or should I go ahead and file bancrupcy? I have an attorney for both on the backburner, and will qualify for chapter 7. Another factor is that I may get a raise in January (I’m a teacher, so you never know) and then who knows if I will qualify for anything.
In my situation, do I continue to wait another couple of months to see if the ss goes through and then risk not qualifying for chapter 7? Or, should go ahead with the bancrupcy filing?

BK doesn’t wipe out mortgages, so filing for that reason won’t help. The short sale may go through, I know it sounds like a long shot but believe me I see them accepted every day. Another option is deed in lew. This is where you deed the property back to the lender and avoid foreclosure. It will show the same as a short sale on your credit (settlement). If you have other liens on the property (like a second) they may sue you later and obtain a deficiency judgment (because they won’t be paid) that would be a good time to file that chapt 7, then it’s an unsecured dept and it will be wiped out. Good luck