Orange Beach Short Sale Condos
A short sale is when an owner decides to sell their condo when the mortgage is more than the sales price of the condo creating a deficit. The bank must allow the owner to short sell their condo and when allowed, the money from the sale will go back to the lender and the balance will be charged to the owner post closing. For example, if an owner of an Orange Beach condo owes $400,000 for their condo and they can only sell the unit for $300,000, then the lender would get the $300,000 from the sale and then have a bill from the bank or lender for $100,000. This is not a common scenario during normal economic conditions, but when the U.S. economy suffered problems, like the mortgage crisis, that lasted from 2007 - 2010, short sales were a way for owners to reduce their financial liability. While even then, this was uncommon, it was helpful for those looking to reduce debt.
Not to be confused with a Orange Beach condo foreclosure, the short sale does not negatively impact credit scores and is actually viewed by the banks as the stand-up thing to do in the event of over-extension. We've listed short sales in Orange Beach below and this info is constantly changing, so check back frequently to find possible Orange Beach condo short sales.
(*Note: We can also set up an automatic search that will forward email notifications as short sales become available. For help with this, please email firstname.lastname@example.org or call 251-Area-Pro (251-273-2776) for immediate assistance)
Orange Beach Condo Short Sales
Listing information last updated on January 21st, 2019 at 8:00am CST.