A hot topic surrounding short sales is the potential credit impact that will happen after short selling. 

There is no doubt that a short sale will impact your credit.  In fact, it's reported the same way a Foreclosure is reported on your credit report.  Most of our short selling customers have either already stopped paying the mortgage or are just about to run out of cash and will have to stop paying at some point in the near future. 

Why do a short sale instead of just letting it foreclose? 

  1. Deficiency balance:  In Florida the bank has the right to collect on the deficiency (amount owed vs amount the home sold for in a short sale or a foreclosure sale) for UP TO 5 YEARS after the sale happens!  Ouch, that's a lot of time!  So:
    • In a short…

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Bank of America Short Sales are finally speeding up! 

Several BOA Short Sale approvals as of lately and I can't help but notice they are picking up the pace..........FINALLY.

Is it due to their processes finally getting in check? 

Is it their preemptive planning for the major speed up in short sales coming in November? 

Is it just that they've been doing mass quantity for 5 years now and they finally have their act together? 

Don't know.  But for whatever the reason - I don't care, I'm just very happy for my short sale customers who are doing a Bank of America Short Sale. 

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It's like a tale of 2 markets: On one side:  Reports of limited inventory of homes for sale causing price increases and multiple offers. On the other side:  This graph below pulling some equally credible source:  Trulia Housing Misery Index. My take:  We just aren't out of this trouble yet.  Regardless of the national real estate market, we here in Jacksonville Florida were one of the hardest hit areas in the bubble burst.  Prices increased well beyond what they did in most areas of the country, therefore we are seeing this huge decline in prices.  

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Interesting chart showing the real estate market shift currently happening.  This highlights the Average Days On Market and the Median Price for homes in Jacksonville.
4 Informational Points about the Jacksonville Real Estate Market:

  1. Shifting Market:  The first time in 3 years that you see the intersection of the Median Price trend line going up and the Average Days on Market going down.  This trend could continue for quite some time as we are hitting a lower inventory time period of the year.....Fall and Winter.
  2. Economics 101:  This chart illustrates what a limited supply of homes for sale can do to the local real estate market.  Limited supply of homes hitting the market, but why?  One theory exists that banks have less homes in their…

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