Potential Short Sales and Bank Owned Properties
Bank Owned Real Estate (REO)
Bank owned properties, also know as REO's, appear in almost every marketplace across the nation and the Florida Keys are no exception.
REO stands for "Real Estate Owned" and it refers to real estate property that was previously a security for a mortgage loan. The previous owner defaulted on the loan and the lending institution foreclosed on the owner and took ownership of the property.
Click the button below to see a list of properties being offered in the Florida Keys that are currently being marketed as bank owned properties.
Just a few years ago, the term "short sales" was a relatively unheard of term in the real estate market. Now they are as mainstream as a traditional real estate sale, if not more so.
What is a short sale?
A short sale is when a seller attempts to sell the property for less than what they owe on the property. Some lenders will consider a short sale of the property if certain criteria are met. Important factors to consider when purchasing a short sale listing are:
Has the lender approved a short sale process for the property?
This is an important question. Many sellers today are advertising their property as a short sale listing when in fact they have no idea whether their lender will actually accept a short sale process for the property.
Are you willing to wait through the process?
If you are in need of moving quickly, a short sale circumstance is probably not going to be the best route for you. The short sale process can be long and exhausting and will require a lot of patience from both you and your Realtor.
Click the button below to see a list of properties being offered in the Upper Florida Keys that are currently being marketed as potential short sale properties.