*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 4 bedroom home features a ton of extras. Walk through the upgraded front door into a spacious entry that opens into a large great room with vaulted ceiling. Easy...
  • 4 Beds
  • 2 Baths
  • 1,753 sq ft
  • 10,558 lot
  • $199,900
  • Listed with Vista Group Realty
Active
Short Sale Approved Price! Need under contract ASAP! Over 2000sqft great room floor plan with separate dining area and Den! Screened in lanai and room for a future pool. A...
  • 3 Beds
  • 2 Baths
  • 2,050 sq ft
  • 10,001 lot
  • $189,900
  • Listed with EXP Realty LLC
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 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
This is a Bank Approved Short Sale - Experience amazing long distance Water Views from this luxuriously updated 8th-floor condo in Cape Coral's Premier Waterfront Community of Cape Harbour. 3BR...
  • 3 Beds
  • 2 Baths
  • 1,737 sq ft
  • -- lot
  • $379,000
  • Listed with Experience Real Estate Group
Active
This is a potential Short Sale: Welcome to one of the nicest most affordable homes in Cape coral fl right off Pine Island rd and Santa Barbara. A prime corridor...
  • 3 Beds
  • 2 Baths
  • 1,458 sq ft
  • 11,891 lot
  • $164,900
  • Listed with Old Glory Realty
Active
This first floor unit has an amazing view of Lake Louise. This ground floor condo is in a wonderful location and provides easy access to shopping and dining. Needs some...
  • 2 Beds
  • 2 Baths
  • 1,187 sq ft
  • -- lot
  • $129,900
  • Listed with Cape Realty Inc
Active
Short Sale subject to existing Lender's Approval which could result in Delays. Rare find in north east Cape Coral. Not in a flood zone or current Assessment zone. Very up...
  • 3 Beds
  • 2 Baths
  • 1,629 sq ft
  • 10,001 lot
  • $194,900
  • Listed with Schooner Bay Realty, Inc.
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
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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.