Luxury condos for sale in Palm Beach are readily available as the once rich are having to quickly sale or abandon their Palm Beach condo real estate. With today’s precarious job market, many condo owners are finding they can no longer afford their massive, custom-designed properties any longer. Luxury Palm Beach condos are usually not the owner’s primary residence, but rather a second home or vacation getaway. Therefore, the owner is more motivated to sell quickly as to be free from the financial burden of a second mortgage payment.
Palm Beach short sales and foreclosures can be an ideal way to purchase the luxury condo of your dreams. While there are many horror stories associated with both short sales and foreclosures, if you seek the advice of a Golden Bear certified short sale expert, you can certainly take advantage of the current sour market. Consider the following guidelines:
- As previously mentioned, find a Golden Bear Realty agent who has experience with distressed real estate in Palm Beach.
- Research sold properties. Make sure the condo for sale is a good deal by comparing the price to other luxury condos that have sold in the area. Your Golden Bear real estate agent and condo expert can give you valuable information and data to review.
- Practice patience. When making a large purchase, it is common to be anxious. Recognize that Palm Beach short sales and foreclosures are by definition properties that are in turmoil. Thus, it can take a good bit of time to resolve the ownership issues and financial circumstances.
- Have a home inspection. Luxury Palm Beach condos for sale, even ones that are in dire situations, cost a lot of money. Before investing big bucks, pay a home inspector to check out the property and report any potential damage or repairs that will need to be made.
- Be quick with your offer. Palm Beach is an incredible place to own a condo so it is no surprise that investors are always looking for a good deal on a Palm Beach condo. Be ready to make an offer and be prepared for competition.
- Get your finances in order. Short sales and foreclosures typically move much faster for cash buyers. Pay as much as you can in cash because this will be enticing to the lender. If you need additional financing, get pre-qualified for a loan and the condo owner or lender will take you seriously.
Luxury Palm Beach condos for sale and condo real estate at a discounted price will not be on the market long. Call a Golden Bear Realty Palm Beach County condo specialist and/or a Golden Bear certified short sale specialist at 561-721-2626 to find the best deal on a luxury condo in Palm Beach.