Homes for Sale
Luxury Homes for Sale
Search the MLS
Information and Help
Florida Keys Maps
Now Is The Time To Buy!
Information about Florida Keys
Bank foreclosures, which are also referred to as REO's, Real Estate Owned, and Short Sales, are definitely a part of today's real estate market. In a short sale the lending bank has given the approval for the property owner to sell the property for less than the amount owed on it. The question is, are these types of sales right for all buyers? Here we hope to help you answer that question.
Home Foreclosures, Bank Owned, and Short Sale Properties
In the Florida Keys, foreclosures and short sales are not as prevalent as they are in other parts of the country, but they do exist. Demand for waterfront and non-waterfront homes still remains strong as the Florida Keys are a unique place. When properties reach a price threshold for there area, demand for that home heats up and they usually go under contract quite quickly. Currently, the price threshold for a stilt built 900 or less square foot waterfront home that has not been update, located in the Lower Keys is right around 315,000. However many factors come into play, such as location, condition, design, size and construction.
Also a factor that a buyer should consider if they are looking to purchase a home in a distress sale such as a short sale or foreclosure, is the fact that there maybe additional hidden costs such as outstanding liens or violations to building codes along with conformity issues with the structure. Conditions of these homes are usually not as good as a home when the seller is not distressed. Many times a seller in a short sale will not pay attention to the property because they know they are giving it up, and it is just a matter of time before they lose ownership in the property. Once the home has gone to foreclosure, the same applies along with other factors that affect the price. Such as the tendency of vandalism that occurs causing the removal of air conditioning units, doors, plumbing fixtures and a lack of repairs to critical areas of the structure such as roofs, which when left unfixed, can cause other problems like mold and rot.
When dealing with short sales a buyer's offer must be approved by the seller and a third party. Such approval from the third party bank or banks can delay the sale for months. At times responses can be quicker if the bank has a preapproved price they are willing to accept. During that time a buyer may miss the opportunity to purchase another property that may fit their needs and may be in better condition than one in a distress situation. Sellers in non distressed homes realize that they are competing with homes that are short sales and foreclosures, so in most instances, they are priced only slightly higher than distressed sales. Remember the cheapest property is not always the best deal.
With foreclosures, the bank sets the list price at what they will accept, and usually will not discount that price for the first 30 days the home is marketed. The response to an offer on a foreclosed property usually takes much less time that one made to a short sale and can be as quick as 24 hours.
If foreclosed property or short sales are the type of transaction you want to pursue, remember the less the contingencies the better the chance of your offer being accepted. Usually cash deals with quick closings will give you the best chance to obtain a distressed property in a reasonable amount of time. However that is not guaranteed. Do your homework and know which homes give you the best value. Realize that many distressed homes will need work and understand what the cost to bring that home up to marketable standards may be. Let our experience and knowledge help you through the process.
Below are some of the Short Sale and Bank Owned properties currently available. If you would like additional information on these properties or would like to be notified as soon as additional distressed properties are available, please fill out the form below. You can also fill out the form if you are interested in non distressed properties and want to be auto-emailed as soon as a property fitting your criteria becomes available or a price reduction occurs to a property moving it into you price range...
Short Sale Properties and Bank Owned Properties
Inquire about these properties in the form at the bottom of this page.
201 7th Street, Key Colony, FL|
1 Bedroom / Bath
$120,000 SOLD for $120,000
Bank Owned. Located on the backside of par 3 golf course. Walking distance to beach, restaurants, shopping. Old Floridian style complex. Updated kitchen and bathroom. Offers must include pre-approval letter or proof of funds.
57560 Morton Street, Grassy Key, FL|
2 Bedrooms / 1 Bath
This Bank owned home, located across the street from the Gulf of Mexico on Grassy Key MM 57.5 was recently remodeled with tile throughout, custom kitchen cabinets, tiled counters, new bathroom fixtures and tiled shower. Seller will credit buyer up to a maximum 3% of sales price towards closing costs if negotiated in final signed counter offer. Don’t miss another Keys Sunset. Contact Karen at 305.923.9074.
568 Powell Avenue, Little Torch Key, FL|
2 Bedrooms / 2 Baths
$257,400 SOLD for $280,000
New Listing. Foreclosure on Little Torch Key. This bank owned 2 bed 2 bath home has a solid back-bone and is awaiting your personal touch. Great boating on a crystal clear canal. Call Karen or John for additional information.
573 Pine Lane, Big Pine Key, FL|
3 Bedrooms / 3.5 Baths
Call for details.
This Short Sale offers plenty of square footage in a custom built, CBS, 3 BR 3 1/2 bath home. Lots
of light with high transom windows & glass slider doors thru-out. Over 200 feet of concrete dock and
water on 2 sides. 2 master suites have large bathrooms & sitting areas,one has open water views.Top
floor has a huge game room/office/bar area with high ceilings.
27387 Tobago Lane, Ramrod Key, FL|
2 Bedrooms / 2.5 Baths
$384,000 SOLD for $385,000
This bank owned property, located Oceanside in Breezeswept Beach Estates, Ramrod Key, sits on two
lots with 12,000 square feet of property. Situated on a quiet street with easy access to both the
Atlantic and Gulf, the home has 1878 square feet of living area, two large decks, one screened under
roof and the other open to enjoy the evening stars.
145 Dove Lake Road, Key Largo, FL|
3 Bedrooms / 1 Bath
$229,900 SOLD for $200,000
Bank-Owned 3bd/1ba ready for your personal touch. This property is located within walking distance
to Harry Harris Park which includes boat ramps, playgrounds, ball fields, beach, picnic areas, and
courts. Off- street parking with carport and room to store your boat or motor home.
1563 Lantana Lane, Big Pine, FL|
3 Bedrooms / 2 Baths
$345,000 SOLD for $325,000
Short Sale on this 3 bed 2 bath custom canal home with almost 1500 sq ft of living area. Home is
located on quiet street. Master suite on second floor. Concrete seawall with davits.
13 Cindy Place, Key Largo, FL|
3 Bedrooms / 2 Baths
$180,900 SOLD for $189,000
3bdr/2ba home in Key Largo, close to shopping. This property is in move-in condition.
Priced to sell!
3206 Duck Avenue, Key West, FL|
3 Bedrooms / 2 Baths
$185,000 SOLD for $180,000
Remodeled with bump-out for extra square footage. Deck with sunken hot tub.
Awaiting your personal touch.