Short Sales In Jacksonville Florida

If you are like many homeowners in Florida your house may be underwater, not literally but finically. Many people purchased or refinanced their home during the real estate boom and are now looking to get out.
If you need to short sell your home in the Jacksonville area there are a few things you need to know.
You need to consult with a real estate agent who can take a look at your home and make an assessment as to the current fair market value. A major misconception is to list the home really cheap to get it sold quickly since the seller will not walk away with any cash anyway. Although the home should be priced aggressively it should not be priced too far below fair market value and should spend a reasonable amount of time on the market. The reason for this is banks will require 3^rd party valuations called BPOs (broker price opinion) to determine the market value of the property, if the BPO is significantly higher than the offer on the property the lender will reject the deal costing the seller precious time and the buyer in most cases becomes inpatient and walks from the deal. Here in Jacksonville Florida Short Sales are the name of the game, with more than 70% of the transactions being distressed sales, we agents are on the front line on a daily basis putting and keeping these deals together.
Another key to completing a short sale in Jacksonville Florida is the owner of the property needs to be qualified to do a short sale. Banks require 2 years tax returns, income and bank statements to determine the seller’s ability to repay the loan. Also a hardship needs to be established, meaning a reason why the seller must sell the home and can no longer repay the loan. Once it is determined the seller is eligible the agent markets the property to receive and offer which is then agreed upon between the seller and the buyer pending the lenders acceptance of the short sale. This can be a lengthy process with many lending institutions but some have streamlined the process to where we are seeing Jacksonville Short sales closing in 2 months!! If you feel you are a candidate to do a short sale in the Jacksonville or Beaches area give me a call to set an appointment.