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Why is this house so cheap?

Originally posted by: minendo
It's a condo.
Click to expand...

And the Kitchen is 8'x8'. I think if you went and saw how small it really is you would know why it's so cheap. Something that size would be a bit more here so if your real estate is normally higher then the price is a warning flag that there is something wrong, possibly with the HOA.
 
doesnt sound like a bad deal. you'd pay about $500/month for a place like that around here. You'd recoup what you would normally rent for in under 5 years, minus maintenence costs and taxes.
 
It's a small 1 bed/1 bath condo with no garage or W/D hook-ups in an older complex that probably used to be apartments. I don't know about the location or the Houston market but I get the feeling that it might be inferior. Still... that is cheap. Around here that would be ~$90k or more.

Couple of things about condos. First, financing on only $27k will not be easy. Many lenders don't do loans that small, and many lenders don't like lending on collateral that is valued that low. Second, many condo complexes are built on land held by leasehold. In order to secure conventional financing, the remaining term on the leasehold must be at least 10 years longer than term on the loan.
 
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