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.  Again, the only real number is what the property is worth in today's real estate market.

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…

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In the past month there has been numerous real estate predictions from hundreds of sources.  Economist, local papers, national papers, National Association of Realtors, local realtors, mortgage brokers, talk show host, etc.  Just about everyone of them fall into one of 3 categories:

  1. The Prices are going down
  2. The Prices are stabilizing
  3. The Prices are going up

I decided to unveil the Official Officer 2010 Real Estate Prediction:

Buyers will buy because they want a home.  They will choose the best location that their money can buy.  Their money will go further this year than last year and they will be happy with the purchase for many years to come.  Sellers will be able to sell their home in 2010 - if it is priced competitively, in…

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Short Sales Speed Up!

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…

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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

  1. Demand: There is always a demand for waterfront homes when you are ready to resell.
  2. Boating: Fishing, water sports, or just…

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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. 

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Reported this morning on a national news channel, only 5% of Americans are either in the market or about to be in the market to buy a home.

This number is very low, but not surprising considering the current economy.  The really good info was the demographic as they reported the MAJORITY of that 5% were under the age of 35.  The "under 35" category is made up of Gen-X and Y, and they believe the market has bottomed out and now is a great time to pick up good values.

Jacksonville home buyers support the national news report

The majority of homes that I have sold in the past few months were purchased by first time home buyers which supports the national trend as well.  Not surprisingly, the homes that were neutral in color, very clean, with well…

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I get this question often:

How do I speed up a Short Sale in Jacksonville?

A short sale is a long 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 before making the offer.

Keys to speeding up a Short Sale:

  1. 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…

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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…

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"Chasing the market down":  What Jacksonville Home Owners need to know

This term has been tossed around more frequently over the last few months.  I've heard sellers use it, buyers, mortgage professionals, and appraisers.  Just what the heck does it mean?

The best definition is an example of what is happening every day in Real Estate during a declining or flat market.   It's happening everywhere and it's definitely happening here in Jacksonville.  Here are the steps as it most often occurs:

  1. Real estate agent suggest house price of $280k as comparable sales support that price.
  2. Owners insist on $300k.  "Our house is nicer and we've added a _fill in the blank_"
  3. 3 months go by, little action after multiple potential buyers look at the home.
    4. …

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