Foreclosed Condos

Foreclosed condos seem to be the rage and for very good reason.  The opportunities to buy a Chicago condo, New York condo, Miami condo or Los Angeles condo have never been better than now.  The prices have dropped so dramatically that it almost feels as if someone is giving them away.  It’s absolutely crazy right now.

Foreclosed condos can be purchased many ways.  The best way is to go to a realtor that specializes in condos. A condo realtor will have several choices in many areas and price ranges.  The first thing you need to figure out is how to finance the condo.  Once you’ve figured out the amount down you can afford and have a good idea on how to finance the condo, the choices are overwhelming.  Foreclosed condos are usually auctioned off first and if they do not get sold on the first round, they go back to the bank that foreclosed on them.  Many realtors have access to the banks inventory of foreclosed condos allowing them to sell a portion of their condo inventory.

There are several companies in today’s market place that specialize in selling lists of foreclosed condos.  Be careful that you can get all the detailed information on the list or the list is really not worth it.  Many of these foreclosed lists are more teasers than anything else.  As recommended earlier, one of the best sources is going to a real estate firm that knows what they are doing when it comes to foreclosures.  There a re thousands of foreclosures in the last twelve months and many more coming.  The news is not getting better and the inventory is mounting.  We’re expecting to see double the amount of foreclosed condos in 2009 that we had in 2008.  And that number was doubled in 2008 from 2007. 

When will the volume of foreclosed condos end?  Only time will tell.  Until then it’s time to go on a shopping spree.  There are hundreds to choose from in just about any area of the country that you’re in.  Chicago condos, New York condos, LA condos or Miami condos, studio condos, penthouse condos or your simple two bedroom condo are all in the group.  The list is endless along with the price range.  If you have cash right now, you are king. 

Make sure to insure the condo once you buy.  The more investment condos you buy today, the richer you will be five years from now.  In twenty-five years of being in the real estate business, I’ve never seen a better time to buy.