A short sale or PreForeclosure is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The home is sold for less than the outstanding balance of the loan; the proceeds are turned over to the lender for full satisfaction of the debt. In these instances, the lender has the right to approve or disapprove of the proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance - such as current real estate market or seller's financial situation. A short sale is what is tried before a home goes into foreclosure. Banks will often allow this method in hopes it will result in a smaller financial loss than foreclosing. When making an offer on these properties, the bank requires a Proof of Funds Letter, if paying cash or a Pre-Qualification Letter, if getting a loan. Trying to purchase a home through a short sale can takes months and months. It is best to submit your best and highest offer - remember others are looking for the same great deals you are. TIP #1: Buyer's be aware of liens attached to properties you are purchasing through a bank. If they insist you use their Title Company, hire your own to do a separate search to make sure you will receive a clear title. Do one during your inspection period (if using an "AS IS" contract, your inspection period is one of your contingencies) and do one the day of closing. TIP #2: State in the contract that the seller is only allowed to accept back up offers - this will help ensure that you will not be outbid if a higher offer comes in. The Short Sales listed below are throughout the entire Keys. You can click on any of the headers and sort them either ascending or descending. Click here to preview Short Sales Listings are updated on a daily basis KEY LARGO (Key Largo) ISLAMORADA (Plantation Key, Windley Key,
Upper Matecumbe, Lower Matecumbe) MIDDLE KEYS (Long Key, Conch Key, Duck Key,
Marathon, Key Colony Beach) LOWER KEYS |