March 2010

Found 5 blog entries for March 2010.

Wells Fargo has been one of the easiest banks to work with on Short Sales.  They are a bank, so they still have red tape, longer wait times, etc, but they are by far one of the best banks to work with - hands down!

Go directly to the banks website:  Wells Fargo Short Sale information.

In Jacksonville, FL we have a large percentage of home owners under water on their existing mortgages....about 46% to be a little more precise.  With such a large number of loans upside down, we deal with Wells Fargo on a daily basis.

Wells Fargo goes 1 step further to be better on Short Sales:

The Brad Officer real estate team was recently given a Wells Fargo Short Sale "Field Rep" to help manage our volume of short sales.  This rep is available to us when we

71 Views, 0 Comments

The #1 most important item when selling a house:  PRICING!

Demand for housing is very low and inventory very high which results in lower prices.  However, many owners and agents still price homes too high.

4 Reasons Owners Price their homes too High:

  1. Good Ole Days:  "3 years ago our neighbor sold for $xx".
  2. Purchased too High:  Many owners purchased the home for just less than they are trying to resale for.  Problem being they purchased between 2004-2008.
  3. Leave room to Negotiate:  I hear this a lot, "Someone will make an offer and we want to have room to negotiate".
  4. Owners Personal Opinion:  Many owners just think their home is worth more than their neighbors.

4 Reasons Agents price homes too high:

  1. To get the listing:  Many
61 Views, 0 Comments

Supply and Demand is always in control of the real estate market.  Too much supply & very low demand and prices go down.  This is where we are in today's real estate market and it's tough for many home owners to understand.

When prices go down, many are left owing more than the home is worth.  If those upside down owners need to sell, a Short Sale is their best option.

A common misconception of Short Sales is that they take forever to sell.  This is True and False as much of it depends on your real estate agent who is doing the Short Sale.  I have a personal goal of 45 days or less to sell the home. 45 days is FAST in any market, especially in this horrible real estate market, however I hit the goal more often than I don't.

5 Keys plus 1 Bonus to

71 Views, 0 Comments

It's been widely noted on this site and others that discuss short sales:  Bank of America has been one of the most painfully slow banks ever imagined when trying to complete a Short Sale.

Bank of America Short Sales are starting to Speed Up!

Bank of America introduced a new automated system that we use to upload our Short Sale information.  The system is called Equator.  Equator has its problems too, however it has drastically changed Bank of America's 1st phase of the short sale process.  You can read about BOA Short Sales directly from their website:  Bank of America Short Sale

The Brad Officer real estate team works hand and hand with a Short Sale Attorney in order to represent the seller to the best of our ability.  We are starting to see

65 Views, 0 Comments

Just Served Foreclosure Papers,  What to do?

After about 4 months of not paying your mortgage, most banks have an automatic button that gets pushed to start the foreclosure process.  You will know when this happens as they will "serve" you papers.

Being served foreclosure papers is not fun.  The first thought is that you must move by morning....which isn't true.

You will have to move, but not for some time.  The average time in Florida is 12-18 months for a bank to file suit and finally auction off the house.  You have time on your side.

Important items to know about Foreclosure in Jacksonville:  

  1. When served papers, Lis Pendens, you have 20 days to respond to the suit.  Talk with an attorney immediately.  Just about every attorney on
67 Views, 0 Comments

Listing information last updated on March 26th, 2019 at 8:23am EDT.