Jacksonville Oceanfront Homes Sales Stats January 2010 through May 2010

Oceanfront homes below are from Duval and St Johns Counties.  Homes sold from January 1st, 2010 - May 24, 2010.  The Jacksonville and Ponte Vedra areas have great opportunities for those looking for an oceanfront home.  Many of the homes selling have been priced very aggressively and marketed correctly in order to bring the right buyers.   This data was pulled from the North East Florida Multiple Listing Service.

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New Better Much Improved Jacksonville Waterfront Homes Search now Available

Jacksonville and Ponte Vedra Waterfront Homes For Sale Search

It only took about 20 days after a very painful site crash to get the website back in gear.  However, the site is now better than ever!

Very Good News: For any waterfront homeowners who are considering selling this season, I am seeing a spike in website searches for waterfront homes.  A few key factors come into play:

1. It's the season...sort of: Most home buyers search during the spring and summer as many scheduled moves are determined by the end and start of the school year.  Obviously with the Jacksonville area being such a great city to live waterfront, most relo's should consider waterfront living as a first choice.  The Sort of Part......we see a good amount of snowbirds…

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Wells Fargo Short Sale

Wells Fargo has been one of the easiest banks to work with on Short Sales.  They are a bank, so they still have red tape, longer wait times, etc, but they are by far one of the best banks to work with - hands down!

Go directly to the banks website:  Wells Fargo Short Sale information.

In Jacksonville, FL we have a large percentage of home owners under water on their existing mortgages....about 46% to be a little more precise.  With such a large number of loans upside down, we deal with Wells Fargo on a daily basis.

Wells Fargo goes 1 step further to be better on Short Sales:

The Brad Officer real estate team was recently given a Wells Fargo Short Sale "Field Rep" to help manage our volume of short sales.  This rep is available to us when we…

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#1 Most important when Selling a House in Jacksonville or Ponte Vedra

The #1 most important item when selling a house:  PRICING!

Demand for housing is very low and inventory very high which results in lower prices.  However, many owners and agents still price homes too high.

4 Reasons Owners Price their homes too High:

1. Good Ole Days:  "3 years ago our neighbor sold for $xx".
2. Purchased too High:  Many owners purchased the home for just less than they are trying to resale for.  Problem being they purchased between 2004-2008.
3. Leave room to Negotiate:  I hear this a lot, "Someone will make an offer and we want to have room to negotiate".
4. Owners Personal Opinion:  Many owners just think their home is worth more than their neighbors.

4 Reasons Agents price homes too high:

1. To get the listing:  Many…

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Short Sales can Sell Fast in Jacksonville FL

Supply and Demand is always in control of the real estate market.  Too much supply & very low demand and prices go down.  This is where we are in today's real estate market and it's tough for many home owners to understand.

When prices go down, many are left owing more than the home is worth.  If those upside down owners need to sell, a Short Sale is their best option.

A common misconception of Short Sales is that they take forever to sell.  This is True and False as much of it depends on your real estate agent who is doing the Short Sale.  I have a personal goal of 45 days or less to sell the home. 45 days is FAST in any market, especially in this horrible real estate market, however I hit the goal more often than I don't.

5 Keys plus 1 Bonus to…

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Bank of America Short Sale

It's been widely noted on this site and others that discuss short sales:  Bank of America has been one of the most painfully slow banks ever imagined when trying to complete a Short Sale.

Bank of America Short Sales are starting to Speed Up!

Bank of America introduced a new automated system that we use to upload our Short Sale information.  The system is called Equator.  Equator has its problems too, however it has drastically changed Bank of America's 1st phase of the short sale process.  You can read about BOA Short Sales directly from their website:  Bank of America Short Sale

The Brad Officer real estate team works hand and hand with a Short Sale Attorney in order to represent the seller to the best of our ability.  We are starting to see…

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Just Served Foreclosure Papers What to do

Just Served Foreclosure Papers,  What to do?

After about 4 months of not paying your mortgage, most banks have an automatic button that gets pushed to start the foreclosure process.  You will know when this happens as they will "serve" you papers.

Being served foreclosure papers is not fun.  The first thought is that you must move by morning....which isn't true.

You will have to move, but not for some time.  The average time in Florida is 12-18 months for a bank to file suit and finally auction off the house.  You have time on your side.

Important items to know about Foreclosure in Jacksonville:  

1. When served papers, Lis Pendens, you have 20 days to respond to the suit.  Talk with an attorney immediately.  Just about every attorney on…

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Short Sale becoming a House Hold Name

A few years ago, if you mentioned a Short Sale, most people would look at you with a puzzled look on their face.  Today, many are becoming educated on exactly what a short sale is...first hand.  It's becoming a common term in every household.

I predict over the next 12 months the term "Short Sale" will be used almost as much as "Foreclosure".

The driving factor:

1. The banks are increasingly more willing to allow a seller to sell a home for less than is owed = A Short Sale.  The banks would obviously rather sell while an owner is keeping up with the property trying to get it sold vs. a Foreclosure where an owner has usually bailed out months if not years before the bank puts the property up for sale.
2. HAFA which stands for Home Affordable…

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Pay the Mortgage or Walk Away

An almost daily question:  Should I keep paying my mortgage with my house being so far upside down or should I just let it go? The real answer is:  It's up to you. Some things that may help you decide: Pay or Go (no longer available):  Handy tool for doing an actual cost basis/financial approach to the decision making process.  Make sure to read some of the links to national stories on the subject. Watch this ABC prime time news story.  It not only talks about the growing trend of strategic defaults, but also the irony of the Mortgage Bankers Association recent Short Sale of their own corporate building.
What ever you decide, know that you have several options including a Short Sale.  None of the options are "pain free" as most will come with some form…

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What to do when your Loan Modification gets Denied

One of the many issues with loan modification is that you must "qualify" for the modification.   A modification is complicated with a good amount of red tape.  Many home owners sit and wait, not knowing their housing status fate, just to find out that they get denied due to one of many factors including but not limited to:  "not enough income".

When your Loan Modification gets Denied, you have Options

You basically have 3 options after a denied loan modification:

1. Find a way to Pay the Mortgage and stay put.  Many go this route if they still have the income to support the mortgage, albeit barely enough income.
2. Short Sale and move to something Cheaper.  If you just can't pay and you value your credit score, do a Short Sale.  Move to a rental…

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