condo can't do

I would suggest you pay your own inspector so you can take care of any problems before your condo goes on the market. Might run you close to $400 for an inspector - and then any repairs that might need to be made.

 

http://thisboardrocks.com/forum/private.php?do=newpm&u=2949

 

I don't think I'd do that, especially on a condo that's in reasonable repair. Each inspector is different, and the likelihood is that the buyer's inspector will turn up something yours didn't. Let the buyer pay for an inspection, but build some anticipated repair expense into your asking price and negotiation strategy. Also, in NC, the seller is not obligated to make repairs. If you say no to the repair request, the buyer can get out of the contract, but you'd be surprised how many are willing to go ahead if the repairs aren't huge.

So, the calculation would look something like this:

$100,000 to pay off your mortgage
+ $1500 toward buyer's closing costs as an enticement
divided by .94 (to account for a 6% commission to realtors)
gives you a break-even base of $107,978.72.

Now, to that you will need to add prorated property taxes (if any) and attorney fees for preparing the deed and other seller documents (in my area--Asheville--$75-$300, depending on various factors).

Let's say $500 in taxes and $200 for attorney. That brings the break-even up to about $108,700. There may be some small charges as well for couriers and other clerical items, so round up to $109,000.

That's about what you'd need to avoid having to write a check at closing. If you're looking to get out of the home everything you've put into it, the calculation above does not take into account what you put into the unit in down payment, principal and interest. For that, I'd need to know your purchase price, the terms of your mortgage, and how long you've been paying on it. All stuff your realtor can help you figure out.

And yes, I am one. (If you need a referral in your area, I'm in a network. PM me.)

Edit: Forgot to give you room to make repairs, if any: Make the bottom-line figure $110,000 or $111,000 if you anticipate some repair cost. Asking price would be a little above that to allow for negotiation. If recent sales have been at 95% of asking, then $110,000 becomes about $115,800 list.

 

damn. Thanks fan,attic.

well, all in all, I think the condo shouldnt have any major items that need repairs. If it does, they're outside which is the jurisdiction of the HOA and not me. And while I can ask that they make those repairs, the board must vote to do so.

Inside, I've put a lot of work into this place over the last 3 years. I don't expect to recap any of that money but hope that it makes a difference in the length of time it's on the market. In a development where there are 38 condos currently occupied and the possibility of another 24 going up for sale by the developer, I've tried to make mine stand out with small items that make a big difference. Hardwood stair treads instead of carpet, landscaped patio, new carpet and paint, stainless backspash to match the appliances, ceramic tile in the bath, etc etc etc. Those costs, I have already chalked up as a loss. Sales here have been dismal partly due to an unmotivated developer and somewhat due to the area. But things are changing. Gov't subsidised housing has been sold to a developer, as have the apartments next to us. Beginning Feb 5th, they will be eliminating some of the residents to remodel and create condos much like ours for about the same as what I paid originally. Sucks, yeah cause I wanted this to be an investment as well as a home. I got neither, mostly.

 

Sorry it hasn't worked out better for you, cs. Condos can be hit-or-miss like that. My sister had one for a couple years and was fortunate to sell at break-even. She had an underfunded HOA, and a penny-pinching troublemaker who pretty much forced the assoc. board to let repairs wait too long. They ended up with a series of high assessments for roofing, painting, etc. that killed her investment.

Anyway, sounds like things may be looking up for the surrounding properties there, so hopefully you can get what you need to out of it.

One small item I forgot to add to your calculations: Tax Stamps at $2 per $1000 sales price. On a sale at $110K, that would add $220 to your cost.

 

Does Goatfur go with the place, or is he going with you?

 

topher is in atlanta, I guess. If he's still alive. Havent heard from him in 2 years and would like to keep it that way.

 

Are you talking about break even based on the original price or what you owe?

 

Dude...I'm not even concerned with the original price now. I just don't want any out of pocket expenses. seriously. Nothing here is selling worth a damn. Maybe it's the Somolians, or the Mexicans, or the black people that rent the apartments next door. Or maybe it's the fact that the landscapers don't do what they should do. Or maybe it's just that I bought something I could walk away from after 3 years and make a little cash but ended up getting swindled, lied to, and cheated by the fucktard developers. In any case. I just want the damn thing sold. I've gotten my interest decuctions on the mortgage for 3 years. Can't do much better than that.

 

Condos are a crappy investment because there's always more exactly the same, unless the location is so desireable that everything sells high no matter what.

Builder, you need to buy an uptown apartment. I think they're probably a no lose investment. I'm looking at them myself. Of course, I'm not a realtor and don't know much about much.