Posts tagged as:

Short Sale

Short Sale Bank Report

April 17, 2011

Bank of America Short Sale: Instituted a system called Equator to better handle the process.   It has!  They’ve gone from the worst to one of the best and to make it even better, BOA is often ordering a full appraisal on the property rather than hinging their entire valuation on a random Broker Price Opinion [...]

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Why Short Sales are Getting Faster in Jacksonville

April 15, 2011

Let’s be honest, short sales in Jacksonville are a part of our life and will be for some time to come.  Let’s also be honest about the process of selling or buying a short sale, it can be painful as you wait for months and months not knowing if the bank will accept the offer. [...]

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Loan Modification Denied? Short Sale your Jacksonville House

March 1, 2011

HAMP or Home Affordable Modification Program has been a complete failure.  Here are some of the more recent articles on the failures: Home Owners Protesting that it’s a SCAM Only 1 in 4 got mortgage relief And the most honest, realistic article of them all comes from Fox Business:  HAMP UPDATE:  Foreclosure More Likely Than [...]

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Why this Jacksonville home sold in 5 days

February 15, 2011

Why did this home sell in 5 days? The Owner: Fully understanding the competition, the owners of this home made every possible cosmetic repair, curb appeal, and cleaning effort to a home that was already in great condition. The Price: We studied the comparable homes that had sold recently, and priced aggressively from the beginning. [...]

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Promissory Notes and Cash Contributions on Short Sales

January 21, 2011

Short Sale TREND ALERT: Banks are saying “Show me the money”. Promissory Notes and Cash Contributions are becoming very common in Short Sales Over the past few months, I’ve seen numerous request for a Promissory Note and/or Cash Contribution in order to allow the short sale.  Many times this is requested by the investor (Fannie [...]

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Update or Drop the Price? Jacksonville Real Estate Question of the Week

January 20, 2011

Deferred maintenance, old school appliances, worn out carpet, bathrooms from the 60′s 70′s 80′s, outdated kitchens, big brass light fixtures.  These are just a small fraction of the updates and renovations that many homes need.  When trying to sell, these are big negatives.  This brings up the question of the week: Should I update my [...]

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Top 5 Reasons to buy our Short Sale Listings

January 12, 2011

Buying a Home in Jacksonville? Have you noticed how many are short sales? Be careful! Not all Short Sales are created equally! Top 5 reasons you should buy our Short Sale Listings: . Sellers are screened: Who wouldn’t want to bail out of an upside down house right?  Well, not everyone can.  In fact, it’s [...]

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Chase Short Sale

December 21, 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 [...]

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Why I Require a Jacksonville Attorney For Your Short Sale

December 13, 2010

Top 4 reasons I require you to use an Attorney for your Short Sale: Professional Legal Representation vs. Real Estate Agent Representation:  Who would you rather have negotiating with the bank, your short sale attorney or your real estate agent? LARGE amount of money negotiations:  This is not a $1000 credit dispute with your Dillard’s [...]

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To Short Sale or not to Short Sale that is the question

December 11, 2010

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 [...]

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How fast are homes selling in Jacksonville Florida

December 8, 2010

2 examples of homes selling extremely fast in Jacksonville: 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 [...]

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$3000 HAFA Short Sale and Unicorns, Flying Pigs, and Oceanfront real estate in Arizona

December 7, 2010

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 [...]

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Sell your Jacksonville Short Sale FASTER

November 24, 2010

Short Sales are not short as the name suggest.  Often called “Long Sales”, they are notoriously slow and seem to take forever to get to the closing table. You can speed this up by reducing the first phase of a short sale:  the amount of time that the home is on the market (selling it [...]

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Cost for doing a Short Sale in Jacksonville

November 24, 2010

Through the last 2 years of becoming very fluent in Short Sales, I’ve started seeing a growing trend in the cost for doing a short sale.  The cost have gone up…..a little. 5 legitimate expenses for doing a short sale based on experience. Attorney Fees: $500 to retain the Short Sale Attorney.  The attorney’s office [...]

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Why Short Sales take so Long

November 17, 2010

A very smart man with plenty of time on his hands, just spent a year trying to track his own mortgage.  I originally heard about this from Fox News, and then found the chart below on ZeroHedge.  Trying to figure this out is nearly impossible.  This is why Short Sales take forever and have become [...]

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Short Sale Low Ball Offers Don’t Work

November 12, 2010

Banks agree to take a less than is owed on the mortgage due to a financial hardship on the Seller.  To do this, banks go through a valuation process to determine the market value of the real estate being sold.  In my professional opinion, the valuation process is flawed, but that’s an article for another [...]

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Stop Shopping and Start Making Offers on your next Jacksonville Home

November 3, 2010

It’s Time to Stop Shopping and Start Making Offers Working on behalf of the Home Seller, I am present at many of the showings as buyer’s agents bring their buyers through the seller’s home.  I do this as a service for the waterfront real estate owners in Jacksonville, Ponte Vedra, St Augustine, and Orange Park.  [...]

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Steps to start and complete a Short Sale – Hot topic of the week

September 14, 2010

We get calls from home owners in Jacksonville and Ponte Vedra who need to sell a home, but have been unable to get the mortgage company to give them an answer on doing a short sale.  These home owners are upside down in the mortgage, and attempt to get some kind of approval to do [...]

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Walking away from a home is a bad idea – Choose Short Sale

September 14, 2010

In Jacksonville Florida, many homes have been abandoned by the owners after frustration of dealing with a mortgage modification.  It’s happening in every neighborhood and in every income bracket. I blame the mortgage companies! The general public is not aware that a Short Sale is the best option versus just walking away from the mortgage.  [...]

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SunTrust Short Sale completed in Jacksonville

August 26, 2010

The elusive short sale of a SunTrust mortgage has undoubtedly caused many REALTORS to question their chosen field. The first Short Sale that I ever accomplished was in 2007 and it was a SunTrust Mortgage.  Back then, it was very smooth.  We spoke directly to the loss mitigation negotiator within a week, we had an [...]

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