Advice for purchasing Las Vegas condo foreclosures

Posted by Astonrealtygroup on August 16th, 2014

There are so many Las Vegas home buyers who are getting deals in condo foreclosed. But before they put an offer there are a few things that they have to consider. Las Vegas condo foreclosures specialists suggest a few things.

Buyers should find out the state association

Financial institutions are not going to approve mortgages for condos in a building where over fifteen percent of the owners are behind paying their assessments. Buyers can request such kind of information from the association only. In most cases the seller might give the information including property details. If a condo association is stable the more attractive it is going to be to the buyers.

State of the assessment for the condo

It is a must that you know if there is any back assessments owned on the property because in Las Vegas the buyer is going to be held liable for six months for unpaid dues on Las Vegas high-rise condos for sale. This kind of information needs to be included on the sheet of the property listing.

Is the condo considered as financeable?

Mortgage brokers will list high-rise condos for sale in Las Vegas that have been considered as unfinaceable for different type of reasons. It is imperative for buyers to find out which building are these in order to avoid wasting a lot of time searching at foreclosure condos in the properties.

What is the owner ratio?

You might have difficulties to get financing on a foreclosure. Owner occupation is considered as low risk and it is desirable to lenders compared to a building that has renters. The buyer needs to have this information from the condo association.

Condition of the condo

Before buyers put an offer it is good for them to know what they are purchasing. The bank is not going to give credits to carry out repairs or fixing the unit. Due to this reason it is good that you have an inspector or contractor who will check the condo and estimate how much you should expect to spend. Keep this in mind that condo foreclosures are never in good condition and they might require a lot of work for them to be livable.