Remeber, with condos, you'll NEVER own them free and clear and there will ALWAYS be special assessments.

The annual fees are bad enough, but from time to time you can be hit up for special assessments.

Last tax assessment was in recorded in 92, a little over 310K for land and improvements.

A correct ROR assessment should take into account the possibility of default on the note, and any expectations thereof.

“ In the event of default and termination of the contract by Seller, Purchaser shall forfeit any and all payments made under the terms of this contract including taxes and assessments as liquidated damages, Seller shall be entitled to recover such other damages as they may be due which are caused by the acts or negligence of Purchaser.â€raz

They probably won't care what the tax assessment is.

I'm new at this, but if I see in the trustee's sale ad that someone owes $300,000 on a house that's assessed at $200,000, they're probably not going to be able to sell it to me at a price I can work with.

However that is uncapped the year of a sale – so the year of a sale the TV will always become equal to the SEV….in this case your TV will jump from $35K to $60K (technically not really $60K as assessed values in most counties in the country – wayne included have come down – so your 60K may be 52K or something – so your new TV will be say $52K meaning your new taxes will be approx. $4,000 plus the 300 or 400 for garbage and your tax bill will be around $4,300……WAY different from the $2,000 you thought it would be.

They're generally easier to maintain, but monthly cash flow is usually not as easy or not as much because of the condo fees or any assessments that may come up.

i.e home inspection, lead risk assessment, due diligence period, approval of written leases, etc, there are many ways to build outs into the contract that make it fully legal to get out of a contract.