Ah, the dreaded short sale.  Possible good buy? Yes.  Got lots of patience?  No? Then don’t focus your search only on short sales. You could miss a good deal somewhere else!

Marathon, Duck Key, Key Colony Beach Short Sales

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Upper Keys- Key Largo, Islamorada, Tavernier Short Sales

Lower Keys Short Sales

Key West Short Sales


A short sale occurs when the mortgage on a property is more than the current value. For example, your mortgage is $500,000 but the value of the home in today’s market is $300,000.

This is the short sale process:

1. We list the property at current market value. Listing agent sets the listed price.

2. A buyer makes an offer that is contingent upon the lender agreeing to a ‘short sale’; accepting less than the amount owed on the property.

3. The seller must sign the offer. It is still his property and it is his decision to accept it or not.

4. Offer goes to the lender. An approval from the lender can take from 45-90 days, during this time the lender orders an appraisal to determine value. Seller’s financial documents are reviewed as well to determine their hardship. Generally, if a bank can get 85% of the appraised value, they will approve the sale. From contract to closing, expect 3 to 5 months. It can take longer.  Patience is key.

Here’s a  more formal definition of short sales.


Keys-Wide Bank Owned & Short Sale with Percentage Listed and Sold – History 2008 to

September 2012

June 2012

June 2011