We will be having closing next week on our new place. It took the bank what seems like forever, because this was a short sale. What I have learned during this process is that a short sale is when the bank realizes the mortgage holder is not going to make good on their contract. The bank in this case can either sit on the property or they can sell it for much less than what is owed on it. Since financial institutions don't want to be property managers, they have a tendency to approve the sales eventually. The thing about a short sale is that you cannot get a loan for the property; it has to be paid for in cash. Before the institution will start the paperwork, you have to provide proof you have the money.
When I first Googled this particular property, I found the site that had the initial offerings when the complex was new. The units were advertised for $300-350,000. With the tanking Florida economy as well as country-wide, I can guarantee you they are no longer that price. Bargains are to be had and there are still plenty of people wanting rentals even if these properties are being sold by snowbirds.
It is a 3 bedroom - 2 bath unit with a garage and 2 assigned parking spaces. It is at 4035 W. McNab Road in Pompano Beach, Florida. Four of the seven property managers I contacted as possible hires, declare we can get between $1,100-1,300 a month for it. I am not giving the unit number, because I know how generous you all are and I just don't want you rushing over with housewarming presents, since we won't be home that day.
Photos of the place pre...
Pre - painting
Pre - getting the new refrigerator, microwave, stove, washing machine and dryer put in
Pre - replacing the kitchen tiles
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