|Southeast Florida Condo Short-Sales - Beach Area|
These are Southeast Florida Condo Short-Sales Listings in the Beach Areas of Aventura, Boca Raton, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale Beach, Highland Beach, Hillsboro Beach, Hollywood Beach, Lauderdale By The Sea, Lighthouse Point, Pompano Beach and Sunny Isles.
|Broward County Short-Sale Listings||Palm Beach County Short-Sale Listings|
Southeast Florida Condo Short-Sales
Condo Short-Sales in Southeast Florida
A Short-Sale is when a bank agrees to accept a purchase amount "short" of what the bank is owed.
The Seller places the property on the market for an amount set by the Seller. When a prospective Buyer is found, they sign a contract contingent upon Bank approval. Be aware, some Seller's price the property low to generate interest with no basis for Bank acceptance. The Bank has not yet approved the sale, nor the sales price. The Seller still has to go through a process of qualifying for the Short-Sale (inability to pay). After the Seller is approved, the Bank orders a BPO (type of appraisal) to analyze the present value of the property. The Bank then responds to the offer based on the BPO analysis of present value. This price might be considerably higher than what is on the signed contract. It may include delinquent association fees, property taxes and potential second mortgages that need to be negotiated.
If the Buyer does not accept the Bank's initial counter, then it is opened to "Highest and Best Offers". Meanwhile, the Buyer has given a deposit and waited for approximately 4 to 5 months to get to this point. Now they must bid with all other interested parties. Short-Sales are required to be actively marketed for sale throughout the review period until there is a Bank accepted contract on the property. If you do not have the patience, time or flexibility to "work the deal", engaging a Short-Sale transaction is not the endeavor for you.