December 2010

Found 6 blog entries for December 2010.

Chase Short Sale Information

Consider yourself lucky if you have a Chase mortgage and you need to complete a Short Sale in Jacksonville Florida.

Chase has long been one of the slowest banks to work with in Short Sales, however they have recently started to turn the ship.  They now are attempting to get ahead of the potential short sale.

Recent Chase Activity: On every listing we have that has a Chase mortgage, Chase has reached out to us first.  They are analyzing the list price vs. the mortgaged amount and the internal red flag goes up.  Once they have identified a potential for short sale, they are calling us!

This is major proactive bank activity!

Need to complete a Short Sale and have a Chase mortgage?  Contact a professional Short Sale

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Many homeowners are struggling to keep a mortgage paid and at some point the home selling discussions begin.  Not a fun place to be, however it is what it is.

The first step is to obviously understand your finances.  Assuming you've already completed that and you've decided you must sell the house. go to step 2.

The second step is to determine the house's market value vs. the mortgaged amount.  If you've bought the home from 2003 to now or you refinanced during the same time frame pulling cash out and increasing the loan amount, you are most likely underwater.  If that is the case, selling would require bringing cash to the table or asking the bank for a short sale.  An article about Asking Prices vs Market Value was just published here a few days

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If you are trying to decide when is the appropriate time to put your home on the market, my answer is simple:  As soon as possible....just after Christmas!

Traditionally, Spring was a great time to list your home for sale, however that's in a more normal real estate market.  In this market, you need to think like a buyer is thinking.

This is what home buyers are thinking:

  • Prices have bottomed out, and I want to buy before they start going up.
  • Sellers are desperate to sell and will take low ball offers.
  • If there is ever a time to get a great deal, now is the time.
  • Interest rates are starting to rise and I want to lock in a low rate.
  • There is so much to choose from, I can hand pick a great home and get a great deal.

I'm sure

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Question of the Week:   How much is my home worth?

Every week I get this question, and my response is almost always less than the owners anticipated.  It's very easy to look up all the asking prices within a neighborhood, but those are asking prices only. A property is only worth what buyers are willing to pay, and they usually aren't paying the asking price.

Asking Price is NOT Market Value!

Right now, I see asking price vs. sold price being 2 totally different numbers in most neighborhoods throughout Jacksonville and Ponte Vedra.   It's up to the real estate agents to advise the home owner on pricing appropriately, but it's disturbing of how many over priced homes are on the market.

"Maybe someone will just fall in love with the home and

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2 examples of homes selling extremely fast in Jacksonville:

  1. Short Sale in Eagles Hammock:  26 days flat. Here's the scoop.  The owners, knowing the home needed to be in tip top condition, volunteered to install new carpet after moving out of the home.  Not only did they install new carpet, but they also had the home professionally cleaned, paint touch ups throughout the home, and they continue to keep the yard in top condition.  The home by itself, was a gem.  End of cul-de-sac, very large fenced yard, and a large open floor plan.  We took photos of every room, wide angle photos of the incredible yard, and marketed the home on the internet.  We had about 12 showings and 2 offers.  Sold and now waiting to close.
  2. Short Sale in Bartram Springs: 4
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The government was kind enough to intervene with a new plan called HAFA, which was intended to give incentive to both the Seller and the Seller's bank for completing a short sale.  The Seller would receive $3000 for successfully completing a short sale.

Real World $3000 HAFA program: See Flying Pig to the left

The program is so riddled with red tape and qualifications that barely anyone is actually TRULY qualified.  If the seller is qualified, it's up to the sole discretion of the bank to participate!

If the bank participates, they waive their right to collect the deficiency in the future - in Florida.  (All states have different laws for collecting balances....speak to your friendly short sale attorney).

How many people have been approved for

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Listing information last updated on September 22nd, 2019 at 3:38am EDT.