Saturday, April 18, 2009

Associations may not approve you

I recently had a buyer for a $47,900 condo foreclosure. It was a cash deal, but their credit report was pulled. They filled out a condo association application, but they did not have to state their earnings. The association turned them down on the basis of their credit scores. She had an Experian score of 520 and the husband's score was 568. Together they make $135,000 a year. They were both college graduates and under 30. They had messed up their credit when they were younger and were disputing some of the charges in the report. The association would not even interview them.

So, the motto of this story is: associations are so afraid of foreclosures and the resulting unpaid maintenance fees that they are scrutinizing buyers very carefully.

To see the latest real estate market trends in Broward County Florida visit my blog at

Wednesday, March 18, 2009

Great Market

While many people are in financial distress, many others are taking advantage of the terrific prices that exist on many properties in Broward County. It is possible to get a nice 2 bedroom condo in a good area for $50,000. Some of these foreclosure sales require cash, but many will allow financing. Be aware, though, if a seller receives a cash offer of $50,000 and another offer for $50,000 that requires financing, the seller will probably choose the cash deal. Why? Because there is no financing contingency in a cash deal. You will have to show proof of funds when you make a cash offer. If you decide to back out of the deal once your offer has been accepted, you will most likely lose your escrow money. Typical good faith money is 5% - 10% of the purchase price for a cash deal. If you are seeking a loan, you should have a pre-approval letter from a lender to submit with your offer. Otherwise, they may not even consider you.

Monday, March 16, 2009

Broward County Median Price Changes

The graph represents the change in the median sales price of single family homes in Broward County over the past year. To see a more complete market analysis, please visit