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As the selling price of housing and condos fall, it means bad news for those who are losing their homes. However, it spells good news for investors. People who couldn't afford to buy a condo or a detached house some years ago are coming out of the woodworks to buy foreclosed condos.

In fact, except for expensive areas in San Diego, Orange County or the Bay Area in California or New York, the prices of condos all over America have bottomed out. Experts say that they may fall further. However, a lot of it is also speculation.

Condos that were going for quarter of a million dollars with five star facilities have dropped down to 200's. Despite the HOA and Mello Roos, it is still a great time to invest. All you need is a cash for downpayment and a decent credit rating.

FHA loans may ask for a mortgage insurance, however they are more than willing to give loans for a mere 3% down. Even conventional loans by banks require a mortgage insurance for foreclosed condos or a single detached home.

Realtors are now specializing in foreclosed condos. All are trying to cash in on the demand for foreclosed condos.  Whether you are looking for a bank owned condo in Atlanta, Texas or a California, try to choose an informed real estate agent. It can help you to make or break the deal.
Beware of 'short sales' unless they are approved by the bank or the lender. Always ask your real estate agent to show you foreclosed or bank owned condos. Banks are eager to close and they move quickluy.

Realtors  can assist  you in condos inspection, finding a lender, and walk you through the mortgage approval process. In fact, the investor is shown the condos 'online' and once shortlisted, they can be shown the property and subsequently all the documents and legal papers.
Investing in foreclosed condo has many advantages. The price is the first factor. When the prices has dropped more than 30% it makes sense to invest before the property gets grabbed by another investor. Community facilities like spa, gymnasium and swimming pool are usually included as part of the package. The HOA and MELLO ROOS you will pay are responsible for these facilities along with fire and damage insurance so your condo can remain protected.
Before putting an offer on a foreclosed Condos can offer, check the quality of construction. Second, check if it is close to to work, shopping and schools. Does it offer open floor plans, luxury upgrades and acceptable storage area. You can also compare selling price of the last condos to sell in that community.