Gold Supporting Member
- Mar 23, 2010
- Reaction score
Only knowing what you have written in this thread, I would not. You would be gambling a lot on the hope that the bidder would bump his offer up a few percentage points. The fact that the condo has a large number of rentals indicates it is not in high demand by homeowners. I bought a condo unit 8 years ago. One of the criteria I used in selecting the unit was the very low rental rate, only 1 unit rented out of 65 units. Today there is still is only 1 rental and the unit has doubled in value. Prospective homeowners tend shy away from condos with many renters fearing that absentee landlords will be more interested in keeping current cost down and less interested in the long term future of the condo than resident owners.Generally, a high percent of rentals is a red flag in purchasing condo units because the majority of condo owners buy a unit as home, not as a source income. Renters unlike resident owners general have little interest in the condo activities. In short resident owners have different goal than renters and HOA's often clash with owner/landlords. Thus many HOA's create obstacles for owners considering in renting.
Ours didn't... probably because when the crash happened in 2008, they were happy ANYONE was buying up all these units that got foreclosed on.
Anyway, I'm waiting on the investor's counter offer to see how many people change their minds. I"m halfway tempted to vote no this time out of spite.