Short Sales: a "potential short sale" is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. The homeowner or debtor sells the mortgaged property for less than the outstanding balance of the loan and turns over all the proceeds of the sale to the lender in full satisfaction of the debt. In such instances, the lender would have the right to "approve" or "disapprove" a sale price. Extenuating circumstances influence whether or not bank(s) will allow discounting your  principal balance. The circumstances are mainly related to current market and/or homebuyer's financial conditions. You can now search for Key West Real Estate "Active Short Sales" with link below

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