I think someone from the Bank must have seen my ActiveRain blog because yesterday I got an email and call that the Bank had approved our Short-Sale contract offer. The purchase is set to close in four weeks.
My clients are very excited because they will soon own a brand new, large, two bedroom two bath ocean front condo and paying much less then comparable condos are selling for today.
In the Myrtle Beach area if you are interested in an ocean front or ocean view condo be prepared to pay cash. Short-Sales almost always have to be a cash offer but during the past year Lenders have almost stopped making loans for the condos along the ocean. They base their fears on a word they invented, "condotel". Every Lender has a different definition but if they determine a building is a "condotel" they do not want to lend money to anyone to make a purchase. So if you have a dream of owning an ocean front condo there are some fantastic units available but you'll need to get with your financial planner to work on the best way to pay for your dream.
