Short Sales in San Marcos and Escondido: Buying a Condo
By Melissa Zavala, Broker, Escondido Real Estate, San Diego County
(Broadpoint Properties)
If you are considering buying a condominium in San Marcos, Escondido or beyond, then you may be looking at short sales. There are many, many condos on the market right now in North San Diego County, and many of them are short sale listings. These are wonderful deals. If you can afford it, you can get a condo and your mortgage payment would probably less than your monthly rent. But . . . there's a little something that I'd like to make you aware of . . . especially if you are a first-time buyer with an FHA loan: there are many guidelines with regard to FHA loans. One specific guideline is with regard to the percentage of owner occupancy in the condominium complex. Say, for example, 76% of the condominiums in the complex are owned by investors who rent them out to tenants. Well, buyers ob...
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