Double lot on Trout River. Complete with boat dock and boat lift. From Trout River you have access to some of the best fishing and water sports in North Florida via the St Johns River, the Intracoastal, and the Ocean. House is well cared for and ready for move in. Contact Brad Officer if you would like to see this house or have your REALTOR schedule a showing for MLS# 514438.
Brad Officer – Short Sale RE/MAX Specialists – Jacksonville and Ponte Vedra, FL
Step 1: Get pre-approved before shopping for your Waterfront Home
Human nature dictates that we must always go shopping for a new waterfront home before we line up financing. It’s a fact of life. Rarely have I ever met anyone that gets their financing lined up first before they started shopping. I’m guilty as well.
The current mortgage market has made it increasingly difficult for home buyers of luxury homes, waterfront homes, and vacation homes to get financing. CNN Money covered the issue very well: $8mm in assets and can’t get a mortgage.
The worst hit is the vacation home market. Many of my contacts throughout the vacation home developers have stated that the only buyer is a cash buyer. Most of the buyers who would normally qualify for a million dollar property are being turned away despite having 50% to put down on a piece of land.
All the more reason to find out if you can get a loan first, before you get emotionally attached to a new home. Contact Brad and ask for a Mortgage Broker referral to get started!
Waterfront Homes and Properties For Sale – Jacksonville – Ponte Vedra – Florida
Hot question of the day: I owe $X, do you think the bank will take $y?
When selling your home via Short Sale, most people think the bank is concerned about what is owed on the property. Regardless of what is owed, the bank’s only concern is what the property is currently worth.
That means, if you owe $1.5mm dollars on a beautiful waterfront home and the surrounding waterfront comparable sales point towards a price of only $900,000, the bank wants an offer around $900,000. Will they do their due diligence to make sure they aren’t giving it away: YES.
If you need to sell and find yourself upside down in value, it’s time to Short Sale. It’s the best option if a Loan Modification doesn’t work or doesn’t help. It’s the best option as opposed to a Foreclosure.
Short Sales are about to finally speed up! The Treasury department is putting big pressure on mortgage companies to speed up the short sale process. The MAJOR change:
Answers within 10 days from the bank when a Short Sale offer is submitted
This change can’t happen soon enough! However, the time line actually starts April 1oth, 2010. Lenders can go ahead and start complying sooner if they choose. They have financial incentives to approve these sales and get them off their books.
Short Sales have been a grueling process for just about everyone involved. Mostly due to the extremely long process it takes to get any information from the lender. This big change will finally force banks to make a decision one way or another.
A mortgage company has incentives to move the property through a short sale rather than a foreclosure. Other than the financial bonus from the government, the bank benefits in that the house is sold by a willing owner. A willing owner keeps the house up, keeps its curb appeal in good condition, and genuinely works to help get it sold. A foreclosed home is the opposite. The bank spends money through attorneys repossessing the home which is often left in ruin due to an unhappy and irritated homeowner vacating fast.
I anticipate the sales of short sales will start happening much quicker as Buyer Agents will be able to show potential buyers the property even if the buyers have a tight time frame to purchase, close, and occupy the home. This is good for Sellers and Buyers!
Short Sale Realtor in Jacksonville Florida – Jacksonville RE/MAX Agent
The Wall Street Journal is reporting that the national average mortgage rate for a 30 year fixed loan is sitting at 4.78%. That ties the record low!
4.78% is LOW
There is always speculation on where mortgage rates are headed. Right now, they are being held low by the governments federal funds rate. However, they will always bounce around regardless of the feds intervention.
My buddy Dan Green at theMortgageReports.com post about the rates over the next 30 days. The next 30 days is expected to start rising slightly but the rates will still be bouncing around these record lows.
Bottom Line:If you are a potential home buyer – You have more buying power! Call me and let’s find you an incredible deal or a perfect waterfront home! Read about my Home Buyer Services.
Jacksonville Waterfront Real Estate – Jacksonville RE/MAX Agent
Choosing where to live is all about lifestyle choices. Most home buyers choose where to live based on their location to several key places: work, schools, and friends and family.
Jacksonville is a unique city in that there is an opportunity to live in just about any location in the city and either be near the water or on the water. If you are considering a home purchase, consider a home on the water. You may need to stretch your budget a little, however a waterfront home will always be in demand when you are ready to resell in the years to come!
Top 5 Reason to Buy a Waterfront Home in Jacksonville Florida
Demand: There is always a demand for waterfront homes when you are ready to resell.
Boating: Fishing, water sports, or just pleasure cruising – once a boater always a boater!
Entertaining: Nothing says a party like a party at a house on the water!
Access: Access to the river, intracoastal, and the ocean and all the great activities surrounding each.
Lifestyle: Sunrise to Sunset a waterfront home creates the best lifestyle.
BONUS #6: BUYING POWER: Last but not least – due to the slower market, you have buying power. Sellers that wouldn’t typically be motivated to sell are currently more motivated. Many Sellers got caught with a speculative purchase that they intended to “flip” and now must Short Sale the property.
Jacksonville Waterfront Homes For Sale – RE/MAX Real Estate Agent
More news coming out on why this may be the bottom to the real estate market. I doubt we will see a spike back up any time soon, however we will all be glad if this is the bottom of price drops. Time will tell. Check out this video below from Yahoo Finance.
A short sale is a loooong and tedious process for the seller, the buyer, the agents, and the bank/s holding the mortgage. No matter what, it takes more time to close a short sale than a regular real estate transaction. Can you speed it up? Yes, absolutely. However, it requires knowledge on the front end.
Keys to speeding up a Short Sale:
Work with Professionals: First and foremost, you must choose the right REALTOR to sell your home. Choose the wrong REALTOR from the beginning and you have pretty much sealed your fate. Questions to ask? How many years have you been doing short sales? Have you ever closed a short sale deal? Do you negotiate with the bank or do you have a team that does it or an attorney that does it? What % of your business is short sales? What % of your short sales are under contract? KEY POINT: Choose wisely on the front end and the rest will fall in to place. Check out Short Sale INFO for Sellers Here.
Document submission: Your REALTOR team should be doing this for you, but if they aren’t: Don’t submit one document at a time to the bank. Get it all together at once. Get everything & leave nothing out. Submit it all to the bank and call them every day until they have confirmed that they received your documents. Bank of America often takes a week or more before they will confirm they have received the docs.
Contract: ALL Short Sale contracts should be AS IS with NO repairs to be done by sellers. Can the buyers get a home inspection, yes – however they should get one PRE-CONTRACT.
Contract Offer Price: The offer price should be the TRUE market value or close to it. Will the bank take a little less? Yes but not by much. If you are a buyer looking to “Steal” a property, honestly you will probably never get what you are looking for as those properties are not the properties that you would agree to live in. Submitting a very “Low Ball” offer to “see if the bank will take it” is a complete waste of time. If the house is in a war zone or in complete shambles, and I’m talking basically destroyed, you can get away with submitting a low ball offer, otherwise don’t waste the time writing up the contract. KEY POINT: Submit a realistic contract and offer price supported by recent comparable sales.
Follow up: Call, call, call, call, and continue to call the bank. Squeaky wheel. Your agent should do this, your attorney should do this, and you the seller should do this. It only helps to keep the pressure on. Squeaky wheel them!
Expectations: If you are a Seller, Buyer, Buyer’s Agent, Seller’s Agent, set the appropriate expectations. The expectation is that this is a contract, it all hinges on the bank’s approval and it will take 60+ days in most cases.
Jacksonville Short Sale – Ponte Vedra Short Sale – Jacksonville RE/MAX Real Estate Agent
Jacksonville Homes rank as a Top 5 for best deals in the country!
Check out this video! This is one of the leading experts in the real estate world, Barbara Corcoran, talking about the top 5 best places to get a good deal in the country in a good location.
In the report she states that Jacksonville homes have seen a nearly 50% drop in value from 2008 numbers driven by one of the highest foreclosure rates in the country. She’s right, the values have dropped considerably from the over-inflated values of yesterday.
Realistically, most home owners in Jacksonville are coming to terms with the value of their home. It’s less than last year…..especially if your neighborhood has many homes that are selling for bank pricing.
Two distinct rules that will hold value better than just about anything else available in real estate:
Location: This has been the biggest rule in real estate that we all have been taught. When buying, buy location. Many failed at this with the lure of “Bigger better house, not so good location”. Of course, ask anyone how they like living in _________, and they will tell you its the best location. However, you know what is good and not so good.
Waterfront: Really, just a subset of rule #1. Waterfront homes are always in demand. It’s highly attractive to just about everyone. It provides lifelong fun, activity, social, and a lifestyle that only a few will ever have the chance to experience.
BONUS Rule: Great location and Waterfront. If you have the means, buy it before someone else does!
Jacksonville Homes – Jacksonville Waterfront Homes
Stand back! The positive real estate news has started!
Many are calling the bottom of the housing market this past April as more stats keep hitting the market on sales volume and pricing. For now, there are still too many homes on the market to meet the demand which would point us towards the supply and demand curve of our Econ 201 days. However, it appears to be picking up and there is even a a little buzz in the air.
This is a short round up of the latest news housing news:
Case Shiller Report: This report indicates 95% of markets are seeing home price improvements. That’s 95% of the markets they track. Their gauge isn’t exactly scientific as it only tracks 20 markets. That being said, it is very positive to see 19 of the 20 showing positive up swings.
Single Family Homes Construction Spending Grows: The first time in more than 3 years, the spending on single family homes construction has increased. Many of my contacts in the new homes communities are telling me the same. They are seeing a pick up in visitors and their sales are absolutely increasing.
We are not out of the woods yet. With an abundance of homes on the market, Florida’s tourism industry still feeling the full effects of the recession, and the expiring $8000 tax credit, we have a few hurdles to overcome before we see a stabilized housing market.
This still remains one of the best buyer’s markets in history. If you have been considering a home purchase, this is it! It’s the perfect time and you have the best negotiating strength. Contact us if you are ready to find the perfect home.
The real estate market has presented an incredible opportunity for Florida vacation home buyers. Values have dropped off their highs in 2005 and many sellers are now very willing to start negotiations at much lower prices. This has prompted many vacation home buyers to get back in the market.
What’s most important for Florida vacation home buyers? If you were to ask 10 prospective buyers the same question, you would get several common answers:
Proximity to the beach or ON the beach
Golfing in the community or very close by
Waterfront home or boating access
Close to the airport for easy access
High Quality medical facilities nearby
TOP 2 Misconceptions of Florida Vacation home buyers:
Condos Only: Some vacation home buyers require condos only, however many don’t want the condo or townhome feel. They want a home where they can bring their children and grand children. A vacation home to build memories of catching crab in the marsh, fishing in all the waterways, and spending fun family time at the beach.
Peace and quiet – in the middle of nowhere: A vacation home is just that, a vacation. It should provide fun and relaxation from the day to day grind. However, I’ve always found that vacation home buyers coming from their busy lives in most places north of Florida, get bored with “middle of nowhere”. After a few days of relaxation by the beach and pool, most people need to get out and do something. Fine dining, shopping, and local events are always high on the list. None of which are easily found far off the beaten path.
Vacation Homes in Jacksonville and Ponte Vedra Florida
Northeast Florida provides an incredible opportunity for vacation home buyers – especially when interested in waterfront. The Jacksonville area is unique in that it hasn’t had the same demand for vacation homes as South Florida which in turn has kept the homes very affordable. Start your Search here.
Key factors for considering the Jacksonville FL area for a vacation home:
Pricing: Highly affordable when compared to South Florida.
Temperate Climate: The summer is hot just like you want in a Florida location and late fall through spring is incredible.
Waterfront availability: Miles of coastline and even more riverfront and intracoastal land and homes.
Hurricane factor: Limited exposure considering other Florida locations.
The city: Dining, shopping, culture, and sports are all available
Medical: MAYO Clinic – need I go any further
Residents vs Vacationers: Odd to include this one, but it is a key factor. This area of Florida is not a “seasonal area”. If you get here in May – everyone is still here!
Considering a visit to the First Coast to search out your perfect spot of vacation heaven? Contact me ahead of time and I can help you narrow down a few key areas. Also, check out our Buyer’s Services.
Jacksonville vacation homes – Waterfront Homes – Ponte Vedra Florida
I’ve had continued interest from waterfront home buyers looking for foreclosures and bank owned homes in Jacksonville and Ponte Vedra FL. There are several great deals out there on these homes, but you have to know where to look.
Searching for Waterfront Foreclosures?
Bank Owned Waterfront Homes: I did a quick search this morning and found 10 homes that are waterfront bank owned homes. These are homes that are classified as “navigable” waterfront. A list of 10 is not many, but they are sure to result in a good deal for the right buyers! A bank owned home is a home that has already gone through the foreclosure process and has ended up back in the banks hands. The banks don’t want these homes & they take legitimate offers from legitimate buyers.
What do I mean by legitimate? Once you have decided on the perfect home (owned by the bank), make a realistic offer that they will truly consider with binder money to show you are serious. The banks will not work with you if they sense you are “fishing”.
Short Sale Waterfront Homes: I also searched “Short Sale waterfront homes” in Jacksonville and Ponte Vedra, FL. Get ready for this: Over 70 homes in and around Jacksonville and Ponte Vedra are available for bank pricing. Again, great pricing on these homes for the right buyers who are willing to make a legitimate offer (see legitimate info above).
Traditionally, foreclosures and short sales have had the stigma of being trashed and abused. That stigma still exist and yes, it’s true, some short sales and foreclosures are trashed. However, in today’s real estate market many of these homes are in great condition as the economy has fallen hard on all types of people. What does this mean for you, the home buyer? A GREAT DEAL on a prime waterfront home.
If you are in the market for a waterfront home in Jacksonville or Ponte Vedra FL, contact me if you would like a list of these waterfront deals.
Need a Short Sale real estate agent in Jacksonville FL?
Why go through foreclosure if you can Short sale the home in Jacksonville? Wiki definition of short sale here. If you are underwater in Jacksonville, FL, here is the correct path to take if you have a hardship and need assistance:
Loan Modification: Not easily done these days as you have to have the ability to make the payments. The current white house administration has been very open about their level of irritation towards the mortgage companies. In their opinion, these loan mods should be much easier to get than they actually are. If you can get one, great! This is choice #1.
Short Sale: You must qualify, but this is option #2. The house is sold out on the open market for the going market value….which is typically much less than is owed. The lenders are much more open to taking a short sale in today’s market. The New York Times recently wrote an article on short sales. You need a real estate agent who does short sales in Jacksonville. I’m helping many home owners with short sales every day. Contact Brad for short sale assistance.
Deed in lieu of foreclosure: Option #3, happens if you can’t get it sold through a short sale process. You work with the bank for them to take back the home by you deeding it to them. The banks have been reluctant to go through with this as they would rather take their medicine by short sale.
Foreclosure: Your absolute last choice. If you start working with a short sale specialist soon enough, you should never get to this stage. The banks don’t want your home – they already have plenty.
Frequently asked Short Sale Question:
QUESTION: By far, the most frequently asked question, “When you help me do a short sale, how much does this cost me?”.
Answer: Zero out of your pocket for my services. There is a listing agreement to get the home on the market and a commission is paid once we find a buyer and close on the property. The commission is paid from the funds of the sale which reduces the amount the bank receives from the sale. You as the original owner, walk away with no money from the sale and no money out of pocket to pay any closing service or commissions.
Several short sale articles are below. If you find yourself facing foreclosure, consider the much better alternative of a short sale. It is a better option and much less hard on your credit score.
