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Short Sale

Short Sale
A home that is listed for sale at a price lower than the amount owed on the mortgage. Homeowners hope to sell their home as a short sale to avoid going into foreclosure. What can make it difficult to buy a short sale is that there are often two mortgages on the home and both lenders must approve the sale. The ownership of the mortgages on a short sale home usually belong to more than one party, so you'll likely have to convince multiple banks and lenders to take a loss on their original loan. This is why it often takes so long to approve a short sale offer. If the short sale fails and the homeowner can't afford to pay his mortgage, then the bank forecloses on the home.
If you plan to make an offer on a short sale, be prepared for a long haul. And keep in mind that even if your offer is accepted, the bank will usually ask you to buy the home As-Is and won't pay for any repairs.
Source:  Redfin – www.redfin.com (Real Estate Glossary)

Advise for Foreign Buyers
If you are considering purchasing Real Estate in Florida the process should be as comfortable as possible for you and the transaction should be finished successfully in the shortest time possible.
You will find good Real Estate offers on the market without going through the time-consuming Short Sales procedure. There are similar and fairly priced properties on the market we can find for you.

Foreclosure is a process that transfers the right of home ownership from the homeowner to the bank or lender. A home goes into foreclosure when the owner defaults on his mortgage loan payments. Once a homeowner receives a notice of default, they'll usually have 2 - 3 months to make payments before the bank officially forecloses on the home. Foreclosure is a costly process and can have negative impacts on the homeowner's credit score.
Source:  Redfin – www.redfin.com (Real Estate Glossary)

Please consider:
Purchasing a foreclosed home could be a great way to pick up a terrific deal on a house and the process is not complicated. But often foreclosed homes that have been abandoned or neglected for months—or even years—often come with hidden costs that can turn that bargain into a money pit.
Foreclosed properties often present with substantial damages or defects, like defect or missing appliances, A/C’s, mold, overgrown backyards and unmaintained pools, water damages and plumbing problems, wiring issues, cracks in foundation or bad roofs. The previous homeowner has no reason to spend the money or effort to make repairs, as the property is no longer his, and he sees no benefit if the house fetches a higher sale price. A bitter homeowner may go so far as to purposely cause damage to the property.
This, coupled with the fact that you likely will not get to inspect the property prior to buying (especially if auctioned), creates a significant risk for you as a buyer. While it is certainly true that you can save - you must seriously consider the effort and the risks you undertake and what you will truly receive in exchange
Info source: SFgate.com Home Guide