*Scroll down for active residential short sale listings in Cape Coral.*

 

About Short Sales......

  • Comparable home sales show that the property is worth less than the mortgage balance.
  • A qualified hardship is required (i.e. job loss, medical emergencies, divorce, bankruptcy, death).
  • The mortgage usually has to be close to default status.
  • The distressed property owner has minimal assets.
  • The seller needs to provide the lender with an offer contract.

If the lender agrees to review the seller documents, they will most likely order a Broker Price Opinion, known as a BPO, to evaluate the current market value of the property.  During this time they will also review the sellers hardship and the contract terms between the seller and the buyer.  After the BPO comes back, the bank will review the file, accept, reject or counter the sellers contract with the buyer.

Keep in mind that the contract is between the seller and the buyer, but in order for the seller to be able to transfer the property, the bank has to accept the contract and the hardship.  If the bank says to the seller that they need more money or different terms, the seller can go back to the buyer and request this or the seller can make up the difference if possible (not very common since they can't afford their mortgage payments anymore, but maybe they can find a friend or family to gift the difference).

The seller can't afford mortgage payments anymore due to a hardship, the seller owes the bank more money than what the property is worth, hence the shortfall amount, which creates the opportunity for a short sale.  Please keep in mind that different lenders may have different requirements and procedures for short sales.

A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly.  Homeowners often try to accomplish a short sale in order to avoid foreclosure.  (A deed in lieu of foreclosure can be an option to lessen the credit damage for homeowners who can no longer pay their mortgage, if you need more info on this, just ask me.) But a SHORT SALE holds many potential pitfalls for buyers.

Note: This article provides general information only.  Information is not provided as advice for a specific matter.  Laws vary from state to state.  For advice on a specific matter, consult your attorney or CPA.

*Not all real estate practitioners are REALTORS®, a REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR's strict code of ethics.

Source References: REALTOR® magazine (REALTOR.org/realtormag) Copyright 2008. All rights reserved; The Balance, https://www.thebalance.com/how-to-qualify-for-a-short-sale-1798181


Active
This is a Short Sale subject to existing lender's approval which could result in delays. DON'T LET THE SHORT SALE SCARE YOU - LISTING AGENT HAS A HIGH SUCCESS RATE...
  • 3 Beds
  • 2 Baths
  • 1,488 sq ft
  • 15,507 lot
  • $200,000
  • Listed with RE/MAX Realty Team
Active
DON'T MISS THIS GREAT HOME ON A CORNER LOT IN THE QUIET NW CAPE!!...CLOSE TO MAIN ROADWAYS...WELL MAINTAINED WITH UPDATES THROUGHOUT INCLUDING LIGHT AND BRIGHT KITCHEN WITH OPEN FLOOR PLAN....HIGH...
  • 3 Beds
  • 2 Baths
  • 1,666 sq ft
  • 10,846 lot
  • $213,900
  • Listed with The Infiniti Realty Group
Active
THIS IS A SHORT SALE SUBJECT TO CURRENT MORTGAGE HOLDERS'S APPROVAL AND MAY HAVE TIME CONSTRAINTS.
  • 3 Beds
  • 2 Baths
  • 1,401 sq ft
  • 9,975 lot
  • $170,000
  • Listed with Mirimar Real Estate & Invest
Active
This Tremendous Home is a Potential Short Sale subject to existing Lender's Approval which could result in Delays. This Spacious 2006 Custom Built Home has been Tested POSITIVE for Chinese...
  • 3 Beds
  • 3 Baths
  • 2,620 sq ft
  • 11,499 lot
  • $219,900
  • Listed with Right Choice Realty, LLC
Active
** Great Open Floor plan ** Like New ** Convenient location ** Screened Patio ** Spacious Yard ** Kitchen has Granite Countertops ** Tiled Living areas * Carpet in bedrooms...
  • 3 Beds
  • 2 Baths
  • 1,616 sq ft
  • 10,018 lot
  • $204,900
  • Listed with Century 21 Selling Paradise
Active
Check out the 3-D interior virtual Tour Link! Rent to own terms available, no credit check, $15,000 down, $1850 per month, 3-5 year term. Seller does not want to short...
  • 4 Beds
  • 2 Baths
  • 2,560 sq ft
  • 10,018 lot
  • $255,000
  • Listed with Re/Max Realty Partners
Active
SHORT SALE - THE SELLER HAS EVERYTHING SUBMITTED TO THE LENDER AND LOOKS LIKE THEY WILL WORK QUICKLY TO APPROVE ONCE WE SUBMIT AN OFFER. NE Cape Coral home with...
  • 3 Beds
  • 2 Baths
  • 1,458 sq ft
  • 10,018 lot
  • $174,900
  • Listed with Thomas Ryan Real Estate Manage
Active
***BACK ON THE MARKET BUYERS COULD NOT WAIT 30 DAYS~SHORT SALE~ MUST SELL ASAP***This SPACIOUS SPLIT PLAN 3 bedroom 2 bath home is move-in ready! From the moment you walk-in...
  • 3 Beds
  • 2 Baths
  • 2,026 sq ft
  • 10,001 lot
  • $215,000
  • Listed with EXP Realty, LLC
Active
Great SE location just off Del Prado Blvd and No Flood required here! THIS IS A SHORT SALE . This 2 bed, 2 bath, 2 car attached garage home makes...
  • 2 Beds
  • 2 Baths
  • 1,081 sq ft
  • 10,001 lot
  • $149,900
  • Listed with Re/Max Realty Partners
Active
Short sale, and is subject to the lenders approval process. This is a rare find 4 full bedrooms + a den which can be used as a downstairs master bedroom...
  • 4 Beds
  • 3 Baths
  • 2,615 sq ft
  • 10,885 lot
  • $279,900
  • Listed with Far Florida
Active
This waterfront, Gulf access, pool home is custom designed, with 4 bedrooms, 3 baths & a 2 car garage. Nestled in a quiet & desirable SW Cape neighborhood, both the...
  • 4 Beds
  • 3 Baths
  • 2,604 sq ft
  • 10,528 lot
  • $319,000
  • Listed with LVCC Real Estate Inc
Active
This is a potential short sale contingent on 3rd party approval* Over 2000sqft great room floor plan with separate dining area and Den! Screened in lanai and room for a...
  • 3 Beds
  • 2 Baths
  • 2,050 sq ft
  • 10,001 lot
  • $194,500
  • Listed with EXP Realty LLC
Active
This is a potential Short Sale awaiting third party approval. Home does not qualify for FHA/VA financing at this time as the AC is not working and there are some...
  • 3 Beds
  • 2 Baths
  • 1,274 sq ft
  • 10,001 lot
  • $175,000
  • Listed with Universe Realty Group, Inc
Active
ONE OF THE BEST WATERFRONTS IN CAPE CORAL! Located within walking distance to the Beach and Yacht Club Pavilion. Enjoy stunning Southwestern views over the River! This home offers a...
  • 3 Beds
  • 3 Baths
  • 2,528 sq ft
  • 12,571 lot
  • $1,075,000
  • Listed with Premiere Plus Realty Company
Active
This is a short sale subject to lender approval. Don't miss out on this rare find. Extra Deep pool. Must sell, Being Sold as is Where is, seller will NOT...
  • 5 Beds
  • 3 Baths
  • 2,670 sq ft
  • 10,554 lot
  • $275,000
  • Listed with Right Choice Realty, LLC
Previous Next

The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of Naples, Inc. Copyright 2019 M.L.S. of Naples, Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.