Real estate prices in Texas crazy cheap?

[Jonathan Whatley]

The typical reason that a condo unit in the U.S. would appear exceptionally cheap for its location is that the condo building or complex is non-warrantable, and therefore a unit there will not qualify for a conventional or a Federal Housing Administration-insured mortgage.

If you're buying, that limits you to financing from cash on hand or from arranging a non-conforming mortgage, if you can. When you resell in the future, that will limit your buying pool to buyers who have cash on hand or who can and will arrange a non-conforming mortgage.