*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
APPROVED SHORT SALE! READY TO CLOSE! PRICED WELL BELOW APPRAISED VALUE. Beautiful and immaculate custom-built home located in desirable SW Cape Coral. Less than 2 years old and built with...
  • 4 Beds
  • 2 Baths
  • 1,993 sq ft
  • $315,000
  • Listed with Gulf Gateway Realty, Inc.
Active
Investors please pay attention. This is a 3 bedroom, 2 bathroom pool home in Cape Coral. This is a short sale subject to existing lender's approval which could result in...
  • 3 Beds
  • 2 Baths
  • 1,409 sq ft
  • $210,000
  • Listed with Keller Williams Realty Fort My
Active
Western view from the end of a wide gulf access canal. Those sunset views are fantastic. Gulf access is via 1 bridge and it is a mere 10 minutes to...
  • 3 Beds
  • 2 Baths
  • 2,188 sq ft
  • $409,000
  • Listed with Weichert Gulf Coast Group
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
  • $204,500
  • Listed with EXP Realty LLC
Active
2 Bedroom 2 Bath Condo with great western lake view. Open floor plan with pass through kitchen. Laundry is located in the unit. Convenient location close to restaurants and shopping....
  • 2 Beds
  • 2 Baths
  • 978 sq ft
  • $124,900
  • Listed with Vista Group Realty
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
  • $175,000
  • Listed with Universe Realty Group, Inc
Active
***This is a potential Short Sale***Fabulous Solid Well Maintained Pool Home is waiting for YOU!! Just under 1800 Square Foot Of Living Space, This Home Lives Large And Open With...
  • 3 Beds
  • 2 Baths
  • 1,797 sq ft
  • $244,000
  • Listed with Jones & Co Realty
Active
BANK APPROVED SALE PRICE OF $170,000 PLEASE BE SURE TO SEND ALL ADDENDUM(S) INCLUDING THE PROPERTY DISCLOSURE AND LEAD PAINT DISCLOSURE WITH YOUR OFFER. **attached to the MLS. THIS IS...
  • 2 Beds
  • 2 Baths
  • 1,473 sq ft
  • $170,000
  • Listed with Sellstate Priority Realty
Active
This large home with over 2200 sq. ft. of living area is located close to the Del Prado and Pine Island Road Corridor. Beautiful Open Kitchen with Corian Countertops. Nice...
  • 3 Beds
  • 2 Baths
  • 2,211 sq ft
  • $198,000
  • Listed with Century 21 Selling Paradise
Active
POTENTIAL SHORT SALE: Perfect for an investor or first time home buyer. Live in one of the best Cape Coral neighborhoods! This Surfside Blvd residence is ready for new owners...
  • 3 Beds
  • 2 Baths
  • 1,855 sq ft
  • $204,000
  • Listed with Sellstate Priority Realty
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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 2018 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.