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 answer from the bank in just under 3 weeks, we received the clear to close letter and went to closing within 5 weeks of the offer.

Long gone are the days of "short" in the Suntrust short sale.  Most often we wait at least 60 days to finally be assigned a negotiator and then another 30 + to get Suntrust to sign off on the short sale.  That's 90+ days for a Suntrust short sale....very painful for everyone involved.

During the 90 days the…

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A home is only worth what someone is willing to pay for it and not a dollar more.  The value of the home instantly changes once the purchase is completed through a closing at which time the value changes again.

In consulting with many home owners who owe more than their home is worth, we always discuss how to complete a short sale and the value of their property.  Many times I'm told that they will contact the bank to find out what price they should list the property for.  This doesn't work and is a waste of time.

Who determines the list price of a Short Sale?

The listing REALTOR determines the list price.....not the bank nor the home owner. Here are the steps I go through to determine the listing price:

  1. Comparable Sales: I look at what…

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I've argued this point many times and I'm not backing down!

Real Estate pricing across the United States continue to drop in almost every market.  Yes, I believe it is still too high due to the Supply and Demand principal.  We have too much Supply and not enough Demand which forces prices lower.

My Argument: Short Sales Hold the KEY to the Real Estate Market Stabilization

Problem #1:  Banks are causing Supply to increase.

With over half the market as "distressed" the majority of the distressed homes are Short Sales.  Short Sales take 60+ days to get approved and are becoming increasingly more difficult......however, banks would rather a home owner short sale vs. going through a foreclosure or a Deed in Lieu of Foreclosure.  Therefore, home…

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We are #1 !!!

Not that we should be, but we (Jacksonville) are #1 on a recent report for price reductions.  The data showed that out of all the major housing markets in the United States, Jacksonville surged ahead with 54% of all current listings on the market have had a price reduction.  (that's really not good)

Important Points to pull from the Data:

  1. Price is everything in a Buyers market!
  2. REALTORS price properties too high (I've been guilty as well)
  3. The Market price of your home is still going down.  Remember, the property is only worth what someone is willing to pay for it.  Not many people will tell you this and it's hard to hear, but it's the truth.

The Good News:

  1. Houses are Selling!
    • Clay County Closings since June…

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This report includes the latest sales for waterfront homes in the Jacksonville area. Coverage Area: includes Duval, Clay, and Saint Johns counties. Type of Waterfront Home: Single family homes.   (This does not include waterfront condos or oceanfront condos in Jacksonville, Ponte Vedra, etc) Waterfront Description: Ocean, River, Creek, Canal, or Intracoastal. Date Range: January 1st 2010 - August 3rd 2010 Data Source: North East Florida Multiple Listing Service

Jacksonville waterfront homes 2010 sales report august 3, 2010

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We hear a lot of mixed messages about the housing market in the United States, the housing marketing in Florida, and in Jacksonville.  It makes it tough to decipher what is true and what is fluff.  The graphic below courtesy of Visual Economics does a great job of showing just what is happening in the housing market.

The bad news: homes aren't selling like they used to.

The good news: Homes are still selling, but yours must be in great condition with great curb appeal, it must be marketed correctly, and priced aggressively if it is to be one of the home sales for 2010.

Good news Bonus: In the graphic below, there is a slump that happens in the 70's, another in the 80's, and yet another in the 90's.  After each slow down, it always rebounds in…

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Just Served Foreclosure Papers, what happens now?

The bank has given you legal notice that they intend to take the house back through Foreclosure.  The fastest I've seen a foreclosure happen in Jacksonville is 6 months after being served with Foreclosure you have some time.  If you do nothing, you will get a series of legal notices, and finally the property will be auctioned off at the court house.  You will either choose to move or be removed from the house within a few days from the court auction date.

What to do when Served with Foreclosure?

You have 5 choices:

  1. Pay your balance owed to the bank.  Not feasible for many, but it is your #1 best option.
  2. Defend against the Foreclosure by hiring a Foreclosure attorney in…

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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…

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Thinking of Selling your waterfront home in Jacksonville, Ponte Vedra, or Orange Park?  Finding the right real estate agent is critical to success!

As your Waterfront Real Estate Agent, our focus produces results.

  • Marketing is everything! Your home must be presented where the buyers are, and that is online!  Regardless of previous thoughts on who is on line and who isn't, the stats are strong.  The stats state that some 90% of home buyers start their search online and they average 40 hours searching for homes online.  That is huge!
    • We market your waterfront home to the most searched websites including the other real estate brokerage sites!  If they are looking for waterfront, your house is there.
  • Google sends waterfront, oceanfront,…

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Deciding to sell your house in the Jacksonville Area?  Choosing the right real estate agent is the difference between sold and sitting on the market forever. This is undoubtedly a very tough market to sell a home, which is even more reason you should do your homework on the right agent.

6 Requirements when Choosing a Real Estate Agent in Jacksonville:

  1. Marketing Plan: This market requires more than putting your home on MLS and putting a sign in the yard.  It requires a complete marketing plan.  The key to a successful marketing plan:  Your house must be where the potential buyers are looking for houses....and upwards of some 90% search online for an average of 40 hours during their home search!
    • We (the Brad Officer Real Estate Team) market…

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