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.