Sometimes it's always good to do a little research when investing in any property. I was reading about the amount of foreclosures with properties such as homes, condos and town homes. I think you have to be aware fees could rise if you are looking into buying a condominium, co-op, town home or any property that has HOA dues. Because of the amount of foreclosures the association still has a responsibility to keep up the maintenance of the complex even though a percentage of the units may be vacant. If the association is falling behind in these funds because of the increased vacancy they could levy a special assessment and raise the HOA dues. Everyone who owns a unit in the complex is a part of that association so in turn everyone will have to pay that higher dues to keep up with expenses of the complex. I would say look over the complex, check out the grounds and see if they are well maintained.
Another guide is to check to see if the complex is at least 50% owner occupied as banks may not approve a loan if it's lower. Most condo's or town homes in default ask for cash only as one cannot get a FHA loan because it's a heavily rented complex. Good news is it's never been a better time to invest in real estate especially now when the interest rates are so low. With my experience with many of the complexes and homes in this area I would love to help you find the right one so you can call it home.
