Madison short sale condos and REO condos may offer buyers an opportunity to get into the Madison condo market at a very affordable price. Most folks, when they think about Madison short sales have a single family residence in mind, but Madison short sale condos are also on the list of distressed properties. Both Madison short sale condos and Madison REO condos are worth your attention if you are in the market for a Madison condo.
Madison Short Sale Condos Available in Many Price Ranges
One of the best aspects of Madison short sale condos and REO condos is their affordability with a considerable number of condos priced under $175,000. Of course it is best to rememberthat in the distressed property market, all offers will be subject to lender approval and it will likely take a little longer to get to closing because of the relative complexity of the transactions. But, if you have a little time to pursue Madison short sale condos or REO condos and you are a qualified buyer… you might just score a pretty good deal.
See the Latest Madison WI Condo Short Sale and REO ListingsMadison WI short sale and REO real estate listings are provided courtesy of multiple SCWMLS brokers. Please click on the thumbnails for expanded Madison WI short sale and REO details including the listing brokerage.
What Makes for a Qualified Buyer of Madison Short Sale Condos ?
I always tell my buyer clients that the first thing they need to consider is do they have the time to let the short sale or REO process play out? Buying Madison short sale condos is a more time-consuming transaction than buying a traditional property that is not subject to a short sale. So if you are not particularly pressed for time a short sale may fit your situation nicely.
Next you will want to make sure all of your financial ducks are in a row and your lender has pre-approved you for a purchase of a short sale property. Getting pre-approved is a strategy that will help you be prepared to act as soon as your short sale offer is approved by the seller's lender. Often, once approval is received the lender will want to close as quickly as possible. Of course we can't guarantee that the lender will approve any given deal, but if they do they'll be raring to go!
Finally, keep in mind that you may have some repair work to do before you are comfortable in your new digs. Sellers of Madison short sale condos, by definition are having financial trouble and will be unlikely to be prepared to make any repairs to the property. And, the financial institutions that are selling Madison REO condos are also unlikely to want to repair anything. They are taking the concept of "sold as is" very seriously. Sometimes, if we get to them early enough, we can negotiate a price reduction based on your inspection results but financial institutions in general tend to believe that they have already priced any required repairs their REO needs into their list price. But… earlier notification of defects are easier to negotiate around than are defects that turn up very late in the game. So as a savvy buyer of Madison short sale condos, you will probably want to have your inspection done within the first few days of acceptance.
Nelson & Associates REALTORS can Help You Find and Negotiate a Fair Price for Madison Short Sale Condos
As principal broker and owner of Nelson & Associates REALTORS I can help buyers and sellers with distressed property sales. I am a Certified Residential Specialist (CRS), an Accredited Buyer Representative and am among the small group of Madison REALTORS who have completed the National Association of REALTORS special training as a Short Sale and Foreclosure Resource (SFR). I would be very happy to help you explore the market for Madison short sale condos and REO condos. Call me today and we can get started right away!
Jon Nelson, MBA CRS, ABR, GRI, SRES, SFR Principal Broker/Owner Nelson & Associates REALTORS www.MadisonREALST8.com Jon@JonNelson.com 608-438-5230