Should I buy ?

Hello Everybody! I have been looking for a condo to buy all 2012! every single offer I’ve made has been declined because of cash buyers… I have finally found a property but now my bank won’t lend me the money unless I put 25% down… which is not my problem… the thing is that 19 out of 70 properties are delinquent more than 30 days, with 220K as total debt and only U$ 300 on the association reserve…
I really like this place, and want to buy it, but im afraid that this not a good idea… Althought 3 apartments were in MLS this month and the three are closing by now… so I’m sure the 19 properties will sell fast once they are put back on the market… Should I think like this and hope the building will do good and I wont be incurring in asestments and loose the value of the home? Or am I being optimistic? I mean… everything is selling so fast in Miami, there aren’t many properties on the market I don’t want to loose this opportunity… but definetaly need experts opinions… It is my firt time buying and don’t want to make a bad investment with all my savings… Thanks everybody for your help!!! Ana


Run anaxg run!!!!   If you buy in a complex where owners are underwater especially in a complex where 27 percent are delinquent you are going to lose your shirt! 

Run away, wait and find a condo unit in a stable complex with a solvent HOA!


man, I wish I can find more motivated buyers with your financial situation, perfect for my rent to own property.

Gold River is pro, you should run with your skirt

Run forest RUNNNN!!! lol. Man there are way more deals out there. Good you came here first for help. :cool

Why don’t you take a help of a professional realtor in this situation, if you are finding difficult to decide ?

The Miami Association of Realtors reports that 49% of single-family homes and 76% of condos that sold in December were cash-only transactions.
Because Miami’s home prices are constantly surging, a large portion of the purchases right now are being made by investors. In fact, these investors are bypassing lenders and doing all-cash transactions. That way, they can obtain ownership of the property much quicker, and in some instances, don’t even have to make repairs to the home to make a profit. In fact, home prices in Miami-Dade County are increasing so quickly that investors are making huge profits by simply purchasing a home then relisting it a few months later at a higher selling price.
I don’t know whether such statistics are encouraging enough for you to go forward with the purchase.