Florida Foreclosures & Short Sales
When purchasing Florida foreclosures or short sales, it is important to become knowledgeable about the differences between buying a foreclosed property and a traditional home purchase.
It is particularly a good idea to get a home inspection before purchasing a foreclosed home so that you are fully aware of any issues. Keep in mind to include the expenses of repairs or renovations and include those costs in your calculations. That said, foreclosures and short sales can offer exceptional savings for the educated homebuyer.
Learn more about short sales & foreclosures in Florida below the following bank-owned properties for sale!
Foreclosures and Short Sales in Southeastern Florida
This Double Waterfront Compound Within The Sout...
- Price:
- $4,900,000
- City:
- Fort Lauderdale
- Beds:
- 8
- Baths:
- 10
- Type:
- Single Family
- MLS® #:
- F1177047
- Provider:
- Coldwell Banker Residential Re
This Double Waterfront Compound Within The South Las Olas Isles Sits On .51 Acres And 200 Feet Of...
Unique Aventura Mansion On The Water.built On 4...
- Price:
- $3,900,000
- City:
- Aventura
- Beds:
- 6
- Baths:
- 8
- Type:
- Single Family
- MLS® #:
- A1732437
- Provider:
- Aventura Real Estate, Inc.
Unique Aventura Mansion On The Water.built On 4 Lots, 9,508 Sq Ft, 160 Ft On The Intracstal.renov...
Approved Short Sale For A Quick Closing!absolut...
- Price:
- $3,400,000
- City:
- Miami Beach
- Beds:
- 5
- Baths:
- 6
- Type:
- Single Family
- MLS® #:
- A1694325
- Provider:
- Keller Williams Realty Premier
Approved Short Sale For A Quick Closing!absolutely Gorgeous Mediterranean Waterfront Home On One ...
This Is The Best Of Luxurious Waterfront Living...
- Price:
- $3,300,000
- City:
- Surfside
- Beds:
- 6
- Baths:
- 7
- Type:
- Single Family
- MLS® #:
- M1426283
- Provider:
- Dynamic Realty Group, Inc.
This Is The Best Of Luxurious Waterfront Living**corner Lot**boaters Dream With 280 Ft Of Prime W...
Gated Pinecrest Estate On A 48,351 Sf Lot. Magn...
- Price:
- $2,899,000
- City:
- Pinecrest
- Beds:
- 7
- Baths:
- 10
- Type:
- Single Family
- MLS® #:
- A1779249
- Provider:
- Avatar Real Estate Services
Gated Pinecrest Estate On A 48,351 Sf Lot. Magnificent Classic Mediterranean Residence Features 7...
Open Ocean Views. Brand New Const. Walled & Gat...
- Price:
- $2,695,000
- City:
- Fort Lauderdale
- Beds:
- 5
- Baths:
- 6
- Type:
- Single Family
- MLS® #:
- A1653009
- Provider:
- Esslinger-wooten-maxwell, Inc
Open Ocean Views. Brand New Const. Walled & Gated Villa Enclave With Private Pool. Across The Str...
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What Is The Difference Between Foreclosures & Short Sales in FL?
Florida Short Sales
In simple terms, a short sale is the sale of real estate in which the proceeds fall short of the balance owed on the mortgage. The Lienholder (Bank) agrees to release their lien on the property and accept less than the full amount of the debt owing. The shortfall is known as a deficiency, and the borrower may still be liable for that obligation, depending on the agreement made between both parties.
A short sale occurs when it is determined by the Seller’s Lender that the listing price, or purchase price, of the property is not sufficient to cover all liens and costs such as taxes, commissions, prorations, mortgages, etc. Only the Seller’s Lender can make this determination, and not all such circumstances will qualify. The Seller will have to contact the Lender to discuss their unique circumstances.
A Short Sale is often chosen as a means to try to avoid foreclosure.
Foreclosures in Florida
Again, in very basic terms, a foreclosure is the legal process by which the Lender (Bank) takes back the asset when the Mortgagor (Borrower) stops making payments. When the process is complete, the Lender (Bank) then sells the property and keeps the proceeds to pay off the mortgage, any legal fees, etc. and the process is known as a foreclosure.
Both short sales and foreclosures reflect negatively on the borrower's credit.
As a Buyer of Foreclosed Homes or Short Sales, What Should I Consider?
- The experience of the agents involved for both the Buyer and the Seller. Do they have experience in short sales or foreclosures?
- The results of the inspection – how many repairs or renovations will be needed to 1) bring the property to code, and 2) to make it livable for you?
- The amount of time until closing – are you willing to wait?
If you're interested in short sales or foreclosures in Florida, contact us today! We'll help evaluate your needs and determine what real estate options are best for you.
The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the REALTOR® Association of Greater Miami and the Beaches, and is updated as of May 21st, 2013 at 10:30am EDT (date/time).
All information is deemed reliable but not guaranteed by the MLS and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Adler Realty shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. © 2013 MLS of RAMB.
The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing
IDX information is provided by the Greater Fort Lauderdale REALTORS® exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Listing information last updated on May 21st, 2013 at 10:30am EDT.