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Michael Duffin's Blog

By Michael Duffin | Agent in Naples, FL

Canadian Florida short sales

Canadian's buy South West Florida homes on Short Sales. A short sale in the U.S. is when  the seller's lender agrees to take less than is owed on the mortgage.  Mike Duffin of Downing Frye Realty specializes in helping Canadian's buy short sales in South West Florida. One home was purchased for $322,000 in 2007 and just sold on an approved short sale for $54,000. The sellers lender agreed to take $200,000 less than was owed on the mortgage. Most of these short sale are cash tranactions and some require some work. However many of these homes are still owner occupied and in relatively good condition. The waiting period between the initial offer and the acceptance by the lender has been shortened to around three months. But the wait is worth it with tremendous savings for the buyers. Homes in Naples Florida have increased six percent in value since January 2011 and are expected to increase in value another ten percent in the next eighteen months. Canadians can search the local multiple listing service at www.swfloridahomes.net

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