4.21.2011

My Dad Just Bought a Condo!

The condo mania buying frenzy story continues... it's a buyer's market right now because as I inevitably spoke to my dad last night, he and my stepmom bought their first condo! It's amazing to me that I have 2 families that are completely different. My mom bought her first home in her 20's when she started working and kept on making equity and buying larger homes with huge down payments. Now she and my stepdad live in a home they purchased for $550,000 that is worth a million dollars, and it's completely paid off. My dad, on the other hand, has always lived a life of renting. I'm ecstatic that he finally bought his first condo and that I get to share in his excitement.

Actual photo of one of the units in the complex. In beautiful Anaheim Hills.
They were lucky to buy a beautiful like-new 3-story condo with an attached garage and it's a 1 bedroom 1.5 bath. It was a short sale, and the list price was $200k and they put in an offer of $210k. The bank approved it within less than a month! They only offered 5% above list price but the bank wanted to sell it since it has been on the market for 89 days. Since my dad is a veteran they took off $4,000 off the closing costs so in total they are paying $216,000 for the place.

We're in a pretty comparable situation since the condo we want is listed at $180k BUT it's a 1 story 2 bedroom 2 bathroom condo with an underground garage. The hard decision to make now is how much to offer. We were thinking of going 10% above list price but it has been on the market for over 100 days, does that mean we should try for lower? I am getting super anxious right now! We're going to see the condo today... I'll update you guys with the findings. Thanks for hanging with me on this condo hunt!

5 comments:

babybluewater said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Congrats to your Dad! The place sounds great. Good luck with your condo. I hope it all works out :)

Counting all my stars and saving it said...Best Blogger Tips[Reply to comment]Best Blogger Templates

That is awesome!! and your mom sounds like a great person to talk real estate to.

Victoria Taylor said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Congrats on your dad's new place! Looks really nice from the outside, bet he's loving it :) I think that you should try for a lower bid on your own condo and if the offer is denied then aim higher. It will all work out in the end! All the best - Vicky New Car Insurance Expert

Emmy said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Congrats to your dad E! That's exciting news! And good luck with your condo! I hope you get it! I actually have my house on the market because it's too big for my husband and I, but no one is buying houses around here :(

Pia's blog said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Oh' that was so cool! I am also planning to buy a condo.. I just don't have time to look for it. Anyway, thanks for sharing your story. I enjoyed reading it.

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