Condos in Gulf Shores Blog » 2008 » September

If you’re like many buyers, you probably think that a foreclosure is the best real estate value you’ll find. While it’s true that Gulf Shores real estate in foreclosure is often priced lower than similar properties for sale, foreclosures aren’t right for everyone. Before you decide to buy a foreclosed property, do some research and make sure it really is your best deal.

• Price. Gulf Shores real estate in foreclosure is often priced lower than other properties on the market. This is because the bank is only interested in getting back the money they loaned the seller. However, if the seller has more than one mortgage because they took out a home equity loan, the home can be priced even higher than the current market value. Don’t assume that a foreclosure is automatically a better deal.
• Inspections. Foreclosures are sold as-is. The bank will not make any repairs to the property. If it has been well maintained by the seller, this makes the home an excellent value. Unfortunately, sometimes sellers damage homes before they move out or don’t take care of their homes while they live there. In that case, you may have to spend considerable time and money making needed repairs.
• Negotiations. When the bank is eager to sell the property, they are sometimes willing to negotiate terms like down payment and closing costs. However, since the bank’s only goal is to recoup their costs, you won’t have the same bargaining power with them that you would with a traditional seller.
• Closing Time. Perhaps the greatest disadvantage of a foreclosure is the length of time it takes to close. The bank will usually require additional paperwork and qualifications that can delay closing. If the seller had more than one mortgage, you will have to wait until the bank decides how much each lender receives from the sale.

Right now is a great time to find a deal on Gulf Shores real estate! Let me help you find one. Call me today at 251-978-7118 or email me at John@JohnRicks.com.

Choosing a condo in the Gulf Shores area as you might expect is similar in some ways to choosing a single family home, but there are basic differences as well. You want something that fits in both your lifestyle and your budget. Finding the right condo takes some time and careful consideration. Here are a few questions to ask before you buy a condo.

1. 1. Location, location, location! You want a Gulf shores area condo that fits with your lifestyle. Find out how far it is from work, your children’s school, hospitals, shopping, and entertainment facilities. It just doesn’t make sense to buy something far away from where you work and play.
2. Do I like the floor and the view? Think about how the floor you choose will fit into your life. You may love the view from a second floor unit, but do you really want to carry groceries up the stairs each week? A first floor condo in Gulf Shores may be convenient, but are you willing to deal with the pool noise? Likewise, find out what is planned for nearby properties. Your view of the Gulf can easily turn into a view of another condominium if you choose to purchase a condo that is across the street from the beach.
3. What kind of amenities does the complex have? Find out exactly what you get with your unit, like the number of parking spaces. You also want to know the location and conditions of common areas. Most of the complexes have at least one swimming pool.  But you may also want to check to see if there is an indoor pool as well and maybe a fitness center or tennis court.
4. Will it rent well or do I even want to rent?  If you are buying strictly for investment or if your finances dictate that you will have to rent the unit out to help make the payments, you will want to choose a complex that is popular for rentals.  We can get rental histories on individual units.

If you think the condo ownership is for you, I can help. Let me help you find a condo in Gulf Shores. Call me today at 251-978-7118 or email me at John@JohnRicks.com.