Naples Fl Real Estate & Homes For Sale

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Lely Resort Short Sales

NAPLES SHORT SALES IN LELY RESORT FOR HOMEOWNERS - First Off, You Are Not Alone!  There are many people facing the same outcome!    Let me Ask you this.....Are you overextended?  Do you owe more on your home then what it is currently worth?  Are you experiencing a Hardship in paying your mortgage?  If you answered YES to these questions, then you may qualify for a short sale on your home.  If you are interested in listing your LELY RESORT home on a Short Sale please call or email me - I am working with a local Naples Short Sale Negotiator Company that does not charge any fees. All closing fees and commissions are paid by the bank/lender.  I am a certified foreclosure and short sale specialist in Naples Florida.  Fill out the form HERE to request your Free short sale package information or Call me Direct at  (239) 272-0751   

Here are some of my Successful Short Sale Transactions:
Note - Not all outcomes are successful.  The address is not shown to protect the owners identity.  Also note - Some circumstances involve seller contributions at closing or the signing of a promisory note. 

North Naples Town Home  $374,000                 $170,000          Approved and Sold For $160,000
Bonita Condo $174,000 $60,000 Approved and Sold for $56,000
North Naples Condo $175,000 $64,500 Approved and Pending Closing
 North Naples Townhome  1st $230,300
 2nd $28,800
 $106,000 Approved and Pending Closing
Independent Brokers Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.”


The Short Sale Process for Sellers:

  1. Contact the lender to discuss the chance of a short sale of the mortgaged property and determine the lender’s process for completing a short sale, successfully.
  2. The borrower is to send a lender of hardship to the lender. The letter is to include all financial difficulties, in which the lender can research to validate the seller’s financial situation. Additional documents are to be included with the letter, including bank statements, investment accounts, paystubs and other financial records.
  3. A lender will review the settlement package and consider forgiving the remaining loan balance and all expenses (property taxes, etc.), real estate commissions and other expenses associated when closing.
  4. A BPO will be ordered by the mortgage lender to determine a Broker Priced Opinion (BPO) to examine the prices of the home in the market by looking at comparables.
  5. The lender then will review the purchase agreement and determine if the real estate commission is acceptable.

Short sales can be quite lengthly and need a good real estate agent, a lender willing to work with you on the loan and a buyer.

Success Rate? Success rate can range from 6% to 50% depending on the lender holding the loan, how many loans are on the house and the Realtor’s experience. There are many factors involved in making a successful short sale. The Realtor has be prepared and present to the bank all the required documents to prove to the bank that the owner can no longer afford the house and also prove the home is worth less than the surrounding market.


  • Be ready for anything. A short sale can be finalized with the bank in 2 weeks or take as long as 5 months.
  • If time is an issue. Stay away from short sales, they are unpredictable.
  • Be aware that the owner is still living in the home and depending on their situation, they may take things from the home prior to closing. Make sure your realtor is on your side.
  • Find out how many loan the borrower has on the home and how much they owe.
  • Continue to take additional offers while the bank is reviewing an accepted offer to keep your options opened. The buyer may have an addendum that allows them to back out at any time.
  • Consult an accountant, lawyer or real estate with your important decision in deciding on a short sale.

Short Sale Buyers

The Short Sale Process for Buyers:

  1. Hire a Realtor to protect your best interests, especially when dealing with short sales.
  2. Search for Short Sale Propeties
  3. Make an offer on a short sale property and include a Short Sale Addendum which allows you to back out prior to and after a lender has sent written approval of the short sale. This way you can continue looking at homes if the short sale is taking too long or you can back out at any time if something better comes onto the the MLS.
  4. Make escrow to start AFTER the lender has submitted written approval to your agent before getting your earnest money tied up in possibly many months into a limbo account.
  5. Get an appraisal and home inspection AFTER the lender has approved your offer.


  • Many short sales fail because the mortgage company is unfamiliar with the local market. Don’t expect a quick answer as they research the comparable home sales.
  • The lender may request the real estate agents reduce their commissions to minimize costs.
  • The lender may demand the seller to sign a promissory note to pay back the short sale. If the seller refuses, it may sour the deal.
  • The mortgage company does not want to own the property, that’s the last thing they want to do.
  • Make sure to include an escape provision if the process takes longer than you want or a better property comes along.


 Call me to get your home listed as a short sale today...

 Foreclosure vs Shortsale





Issue Foreclosure Successful Short Sale
Future Fannie Mae Loan-Primary residence(eff May 21, 2008) A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.  A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.
 Future Fannie Mae Loan-Non Primary (eff May 21,2008) An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years. An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment after only 2 years.
 Future Loan with any Mortgage Company On any future 1003 application, a prospective borrower will have to answer YES to question C in section VIII of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years? this will affect future rates. There is no similiar declaration or question regarding a short sale.
 Credit Score Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years. Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's affect can be brief as 12 to 18 months.
 Credit History Foreclosures will remain as a public record on a person's credit history for 10 years or more. Shortsale is not reported on a credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled'.
 Security Clearance Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated. A Short Sale on its own does not challenge most security clearances.
 Current Employment Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. A Short sale is not reported on a credit report and is therefore not a challenge to employment.
 Future Employment Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. A Short Sale is not reported on a credit report and is therefore not a challenge to employment.
 Deficiency Judgement In 100% of foreclosures (except those states where there is no deficiency) the bank has the right to pursue a deficiency judgement. In some successsful short sales it is possible to convince the lender to give up right to pursuit a deficiency judgment against the homeowner.
Deficiency Judgement (Amount) In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgement. In a properly managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.



The Distressed Property Institute and Independent Brokers Realty assumes no responsibility nor guarantees the accuracy of this information. The Distressed Property Institute, LLC and Independent Brokers Realty and it's agents are not engaged in the practice of law nor give legal advice.

 See if you qualify for the Home Affordable Foreclosures Alternative Program (HAFA) - Click Here for more information


   Want to Purchase a Short Sale - See Listings Below...





    One viable alternative to foreclosure is a short sale. In a market where prices are declining, or when a homeowner finds that his or her loan amount exceeds the value of the property, a short sale enables the property to be sold at market value with the lender taking a loss for the difference between the sales price and the amount left on the homeowner’s loan. Short sales do require the lender’s cooperation since the lender will be taking a loss on the homeowner’s mortgage.  Despite the loss, lenders agree to short sales because short sales are often much less expensive for them than foreclosures. These days, mortgage lenders are more willing to agree to short sales. This can be good news for borrowers who owe more than their homes are worth, also known as being underwater or upside-down in your mortgage.


The Obama Affordability Plan now offers mortgage lenders incentives up to $1,000 if they allow borrowers to sell their homes at a loss. Lenders can also get the $1,000 for accepting a deed-in-lieu, which releases the mortgagor from all future obligations on the loan in exchange for the deed. Second mortgage holders will also get $1,000 to release the borrower from obligations on these loans.

A short sale can stop the foreclosure process, but you don’t have to wait until foreclosure proceedings have begun to initiate a short sale. Short sales can take place at any time, as long as the lender authorizes the transaction.

The reason that short sales are a viable alternative to foreclosure or bankruptcy is because they have potentially fewer consequences to your credit.  Foreclosures can be very damaging to your credit rating.  If you’ve made the decision that you’re willing to move out of your home, a short sale can offer the relief of getting out of an unaffordable mortgage without having to go through a foreclosure. Remember, foreclosure is always the last resort option for homeowners that are unable to afford their mortgage payments.

How to Initiate a Short Sale

In the current economic climate, short sales are not uncommon. In fact, lenders have special “loss mitigation” departments set up to process short sales.

The first step is to contact your lender and submit a letter of authorization. This allows a lender to communicate and share your information. Some short sellers often work with a real estate agent or attorney. If you work with either an agent or attorney your letter of authorization should grant your lender permission to talk to those parties. Include their names and contact information, along with your basic information, such as your name, address and loan number.

You’ll need to prepare other documentation as well. These documents can include a hardship letter that tells how you got into the situation of needing to sell your home at a loss to the lender.  Your hardship letter should be honest and accurate. You’ll also need to document your income and assets, such as savings accounts, cash or other valuable items. Prepare to provide copies of bank statements, pay stubs and tax records.

If the lender agrees to a short sale, it’s up to you to come up with a buyer. Many short sellers enlist the help of a real estate agent or attorney to find a buyer. When you get an offer the lender will need a copy of it. The lender may argue over fees and commissions before approving your short sale.

Roadblocks to Short Sale

You and your lender may not be the only parties involved in a short sale and these other parties may offer roadblocks to completing your short sale.

If you have a second mortgage (sometimes known as a home equity line of credit, home equity loan or HELOC) or if your property carries other liens, like those from a homeowner’s association, those lien holders will have to approve the short sale. Mechanic’s lien holders and tax lien holders often object to short sales. If the borrower carried mortgage insurance, the matter can be further complicated.

Short sales are often difficult transactions, but they’re certainly worth a try if you want to avoid a foreclosure.  Because of their complexity and the number of stakeholders involved, short sales often fail, or don’t close in time to stop a foreclosure.

Short Sale Benefits and Drawbacks

The benefit of a short sale are that once the transaction is complete, your loan is considered closed. You will not owe any more money. Since foreclosures are considered a last-resort option, a short sale will probably not have as negative an impact on your credit rating. Although short sales can stay on your credit report for seven years, people who have completed a short sale have been known to obtain another mortgage in as little as one to three years, depending on other variables. By contrast, foreclosure could seriously impede your chances of obtaining another mortgage for up to seven years.

You may ask your lender not to report the short sale to the credit monitoring agencies, but they’re under no obligation to honor that request.

A short sale is only one of your options. You may also be able to refinance or do a short-fi.  There are also state assistance plans to help homeowners who are in danger of foreclosure.






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