A condominium is another real estate option other than a traditional stand-alone home. Usually condos are purchased with mortgage, but in difficult markets or selling situations they may be rented as apartments. Learn more here about condominium housing.
When you bought your condo, did you think it would be the beginning of your real estate investing career? Perhaps you planned to rent it out for a few months while you were vacationing, or maybe you thought that you could one day move into a bigger place and rent out the condo as an [...]
You open the door to your condominium after a long day of work, but before you settle in for the night, you notice water dripping from the ceiling and a large discolored spot on your living room carpet. It appears as if a toilet or bathtub belonging to your upstairs neighbor has overflowed, causing damage [...]
More and more condo owners find themselves in a situation where they're sharing a building with renters. In some cases, developers convert apartments into condos and in years past they could sell the units. Selling condos has become more difficult during the credit crisis. What can a condo owner do when he can no longer afford to make payments and the lender won't work with him? His options include recourse against the lender or seller and working with a new lender to stay in the condo.
A condo owner recently installed replacement windows and his homeowners association notified him that he broke the homeowners association covenant. The replacement windows are similar to his neighbors' windows. Ilyce says he may have to pay a fine or contact a real estate attorney.
Today on the Ilyce Glink show, Ilyce invited noted condominium association attorney George Nowack to spend some time on the show discussing some of the issues facing homeowners and homeowner associations during the current housing crisis. Nowack, a partner with the Atlanta law firm of Weissman, Nowack, Curry & Wilco, talked about how foreclosures are sapping HOA coffers, forcing HOAs to become creative in terms of the fees they charge to local homeowners. If you live in a development or condominium that has an HOA, this is a show not to be missed. To find out more, tune into the show. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
How do you split up the investment in a condo after it's sold? Two friends contributed to the condo's down payment but only one of their names is on the mortgage. How much of the proceeds are each of them entitled to after the sale? Can the friend who's not responsible for the mortgage claim a significant amount of the sale proceeds? A real estate attorney can help determine who gets what and to set up a partnership agreement the next time someone buys property with a friend.
A condo owner asks about how a condominium declaration affects her ability to rent out her condo. If the condominium declaration does not discuss renting out condo units, the condominium association usually relies on state law. The condo owner could sue to change the condominium declaration but that could lead to upsetting her neighbors. What should the condo owner do?
A former condo owner describes losing his condo to foreclosure and asks how defaulting on a home equity line of credit will affect his credit score. Will defaulting on a HELOC affect his credit score after the condo foreclosure? What are the ramifications of a foreclosure on credit and obtaining credit in the future?