In today’s post, we’re covering property types. In essence, there are three different property types available for purchase: homes, condominiums, and townhomes.
This is the bread and butter of your typical search. The property is defined as detached and a single family residence. Usually, the homeowner will also hold the property rights for on which the home sits. Some communities require homeowners association dues and SIDs and LIDs. Speak to your realtor about which communities you’re interested and the association dues possibly associated with these communities.
A condominium is a single unit within a multi-unit complex such as the Veer, Platinum, or One Queensridge Place. Although you own your condominium, common spaces like the fitness area or the swimming pool are shared spaces by all condominium owners. Now, you must understand what it means to own a condominium… What this really means is that you own the airspace between the four walls and the floor and ceiling. That is it. You do not own the building by which your condominium is housed.
You will typically pay higher homeowners association dues to live in a condominium or high rise due to the amenities available to you in this type of living space.
There are several townhome communities within the Las Vegas valley. They are usually constructed as two units for which a common wall is shared with the adjacent unit. Unlike a condominium, you own the physical structure of your home and benefit from the shared spaces like a community pool.
Now… What about those other property types?
What is a short sale?
Understanding the facts regarding short sales is important so you know what to expect. The amount for which the property will be sold must be approved by the bank who owns the liens against the property. The sale price must be approved since the property owner cannot afford to repay the amount of the lien in full.
Unfortunately, the property may still be foreclosed upon due to the amount of time it takes to receive approval from the bank for the sales price. Though they aren’t totally impossible, homebuyers must be patient with the process.
What is a foreclosure?
Foreclosure is the process in which the bank takes possession of the mortgaged property due to the inability of the property owner to pay the mortgage payment. It is important to understand that a foreclosure property is purchased “as-is.”
What is a FSBO?
A FSBO or For Sale by Owner property is not listed for sale with a real estate agent but instead is being sold directly by the homeowner, potentially saving the homeowner from paying a listing agent’s commission.
Have we answered your burning question yet? If not, we’re not surprised! Stay tuned for more top FAQs next month. We’re just getting started!
P.S. If you missed Top FAQs for Home Buying Part One, read it now.
P.P.S. If you can’t wait for our next installment, call us! One of our super agents is available to answer your real estate questions, 24/7 at 702.625.3202.