Short Sales in Jacksonville-Preforeclosure help and real estate sales

What Is A Short Sale?

A short sale occurs when you sell your home at today's market value, even if you owe
more than the home is worth. The bank agrees to release your lien even though they will
receive less than full payoff for your mortgage. You are able to sell your home and you
avoid having a foreclosure on your credit report.

Why Would My Bank Approve My Jacksonville Short Sale?

It's simple. Smart banks understand that they need to mitigate their losses. If you can
secure a buyer at today's fair market value a bank will usually consider releasing the lien
to allow the short sale to go through. With this method, they will lose far less money in
the long run than if they foreclose on the property. In summary, a Jacksonville Short Sale
is less of a hit to the bank's bottom line. A recent study show that their losses more than
double in a foreclosure than in a Short Sale. The bank is looking for a hardship showing
that you can no longer afford the payment. Short Sales are the best case scenario for
both the lender and the homeowner.

How Did We Get Here? Summary Of The Jacksonville Real Estate
Market And The Need For Short Sales.

You are not alone! You are in the same position as many Jacksonville homeowners. Due
to the current economic environment the Jacksonville housing market has taken a big hit.
In Jacksonville short sales have become an option for those who never would have
dreamed they would ever be in this situation.

It is a well known fact that 2007 was a depressed real estate market in Jacksonville.
Even so, at the end of 2007, distressed properties only accounted for only 6.2% of all
sales in the Jacksonville Real Estate Market. At the end of 2008 this number had made a
remarkable climb to 22%. In the last quarter of 2008, the number of distress sales (short
sales and foreclosures) had climbed to over 30% of all sales for October, November and
December. The year 2008 saw a rise in the rate of Jacksonville foreclosures. As
foreclosures rose, the prices fell. Because we are seeing a high level of distressed
property sales, there has been incredible downward pricing pressure. Because banks are
not in the business of holding real estate, they try to get rid of a foreclosed property as
quickly as possible. This means pricing the property at a level that is clearly the best
priced property in the neighborhood.

Most people remember the craziness we saw in 2004 and 2005. At that point every sale
was higher than the last. Sellers did not have to take less for their properties because the
longer a home stayed on the market the more it was worth. What we are seeing now is
that same phenomenon...in reverse.

As the number of foreclosures began to increase, homeowners attempting short sales
had to lower their prices to match the market. Likewise, the sellers that had the
necessary equity lowered their prices in order to get their homes sold.

In the current Jacksonville real estate market buyers only care about price. A few years
ago it was about the color of the tile, the fenced yard, the crown molding or even the
countertops. Now buyers are hungry for a bargain. The want the cheapest house they
can find that meets their basic criteria. They figure if they save enough money on their
purchase, they can put in whatever they want. The mentality of buyers has totally
changed and the successful sellers and the ones who can adjust to this change.

This means the price has to be right or the buyers will simply not buy. If you put your
home on the market, but price it above your competition you are wasting everyone's time.
Your home must be priced to be the next home to sell. To do this, many sellers today
have to look into the possibility of selling their home in a short sale.

Some of the Hardship Situations We've Seen With Jacksonville Short
Sales.

Being in the situation where you owe more than your home is worth is nothing to be
ashamed of. Many, many sellers are in the same position as you are. Some examples of
hardship situations we've seen: job losses, health problems, accidents, increases in
mortgage payments, reduction in income, increase in medical expenses and more. This
list is not all inclusive, but is meant to give you an idea of some situations that are
usually acceptable for short sales.

How Do I Get Started Selling My Home With A Jacksonville Short Sale?

Contact us and we can help you get started right away. Because we recognize that if you
are in this situation, your time is limited, we often have same day appointments available
to assist you. We give you a list of documents to have ready when we meet with you
which are necessary to evaluate your situation and determine whether or not you qualify
for a Jacksonville short sale. We will develop a pricing strategy with you including
pre-established pricing decreases should the home not sell immediately. We will explain
the process to you and have you sign a listing agreement. Our listing agreements for
Jacksonville short sale sellers do not include a penalty should your situation change and
you are able to remain in your home. We put your home on the Jacksonville MLS (and
St. Augustine, if applicable) right away and begin our intense internet marketing
campaign to help bring your buyer to your home. We put multiple pictures in the MLS
and in our internet advertisements to entice the buyers to view your home and hopefully
purchase it. After we get a contract on your property we follow through and solve the
many problems that arise throughout the process. Our end goal is to help you have a
successful Jacksonville short sale and avoid foreclosure.