Pompano Beach Condos for sale

                    (Including Lauderdale By The Sea Condos For Sale)

Real Estate Insider: Are there any Short Sale Condos for Sale in Pompano Beach, FL?

If you are in the market for short sale condos for sale in Pompano Beach, you may be surprised to find that there are still several condos available to make offers on. There was a time not too long ago, where if you were searching for condos for sale in Pompano Beach, over 10% of the condos would be short sales or foreclosures.

First, what is a short sale, and how can you find short sale condos for sale in Pompano Beach? A condo short sale is a condo for sale that the owner cannot sell for an amount that will cover the balance owed on the loan(s), condo fees, taxes, liens against the condo, and other costs, including closing costs and real estate commissions.  For example, suppose Mr. Smith owns a beautiful 2-bedroom condo in Pompano Beach that he purchased in 2007 (right before the market was about to take a dive) for $200,000. Mr. Smith has made all of his monthly payments and he now owes his bank $193,000. In addition to his loan, Mr. Smith is four months behind on his condo maintenance fees, and owes his condo association $2,500. Mr. Smith contacted a realtor and asked how much condos for sale in his condo community in Pompano Beach were currently selling for. The realtor gave Mr. Smith the unfortunate news that the condos for sale in Pompano Beach that were located in his building were currently selling for a maximum of $175,000.  A quick calculation told Mr. Smith that if he were to sell his condo for $175,000, after he paid off his mortgage, closing costs, taxes, and real estate commissions, he would be short over $30,000, requiring him (as the seller) to cover the difference by writing a check at closing for $30,000, just to sell his condo. Since Mr. Smith does not have $30,000, his only alternative is to request that his lender consider reducing the amount that they are owed in order for Mr. Smith to sell the condo successfully. This is how a short sale actually works, and sometimes the lender will agree, and other times they will not, depending on certain factors.

If you are looking for short sale condos in Pompano Beach, there are currently several available, and you just need to confirm if they are ‘approved’ or ‘not approved’. If the condo for sale in Pompano Beach that you have interest in is an approved short sale, this means the lender has already been contacted by the seller/owner, and the lender is receptive to allowing a short sale transaction. Does this mean that the lender will take a huge loss so that you can buy the short sale condo for sale in Pompano Beach? Not necessarily, but it does not hurt to put in a reasonable offer for consideration.

To learn more about the short sale condos for sale in Pompano Beach, visit: http://www.pompanobeachcondo.com.  Click on the Contact Us tab at the top left, and provide your contact information in the form provided. Denise Stewart, realtor and local condo community expert at Keller Williams Realty, will be in touch promptly to provide you with information about the short sale condos for sale in Pompano Beach, and how you can take advantage of an amazing opportunity to purchase one. Or call: (954) 303 -8885, to speak with Denise directly. The team at Keller Williams will find you the best value in short sale condos for sale in Pompano Beach, or any property on the Gold Coast of Florida!

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