80% of our Jacksonville Real Estate business has been short sales in 2010 and there is no signs of this trend slowing. Many home owners owe more than their homes are worth and after months of frustration in an attempt to modify the loan, they are turned to doing a short sale. (Short Sale is selling for less than is owed to the bank - the bank allows the short sale - You can read all about how to Short Sale).
Short Sales are Getting More Difficult
The process to get a short sale completed was the wild wild west in 2007, 2008, and 2009. It was chaos controlled only by outlaw banks. Now the suits have taken over and have attempted to put process in place in 2010. What has resulted is nothing short of massive red tape for all involved.
We have made progress forward with the banks by working exclusively with a Jacksonville Short Sale Attorney to manage the process and negotiate with the banks. Working with our attorney, the home owners have the most current and relevant information as the banks change processes daily.
Home Owners can help Speed up the Short Sale Process
Speeding up the process of a Short Sale does fall partly on the owners/sellers of the property. Here is an easy check list:
- Submit all Documents when requested. Don't let a day pass, this is mission critical if you want a smooth short sale.
- Submit Correct Documents. Too often owners submit faulty documents. When asked for specific years tax returns, specific bank account statements, etc., be precise and submit the correct docs.
- Prepare for some out of pocket. If you aren't making payments, you need to stash away some cash for just in case repairs. Most buyers are getting FHA or VA financing and have little to no extra cash to make required repairs. If you have no money and they have no money, we have no deal - no closing - your property heads toward foreclosure.
- Your not out UNTIL the Closing. Once we get the house under contract, it's not a done deal. The hardest part is getting the bank to let us move forward with the short sale. You should be diligent with documents when requested, keep the house and yard in great shape, and be flexible.
- Yard and House upkeep. The buyers will go through months of anguish waiting and not knowing if they will get the house. They go through buyers remorse and deal with continual emotional roller coasters. Nothing turns a buyer going through buyers remorse off faster than a yard filled with weeds. Keep the house in great condition and keep the yard up....pay a service if you are moving out.
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Give us a call at 904-234-5196 if we can help you buy or sell real estate in Jacksonville, FL.
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Listing information last updated on October 18th, 2019 at 8:08pm EDT.