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.  If an owner attempting a loan modification actually hangs in there with his mortgage company after months and sometimes years of frustration and red tape, eventually the mortgage company may finally deny the modification and then recommend a Short Sale......occasionally.

Short Sale is an option, and most often the best option.

Do not call the bank and ask if you can do a short sale!

If you call the bank and…

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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 the short sale from the bank.  DO NOT DO THIS.

The correct steps to Start and Complete a Short Sale:

  1. It's important to have the correct expectations, so spend the time to read this page about Short Sales.
  2. Contact a licensed real estate agent who is an expert in Short Sales.  Meet Brad.
    1. We discuss your financial situation, house, bank, etc.
    2. We discuss the short sale process
    3. We discuss working with our Short Sale Attorney who will represent you.
  3. Meet…

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Question of the month: Is it a good time to buy a home in Florida?

Much of the web traffic BradOfficer.com receives is from out of state home shoppers looking for waterfront homes in Jacksonville, beachfront homes, oceanfront in Ponte Vedra, etc. Inquiries come from all corners of the U.S. often asking questions about specific properties being showcased on the site, questions about the area, and questions about the market.

I've been getting the question above more often in the last few months as many are starting to think it may be a good time to make a purchase.

Top 3 Reasons why it's a good time to buy real estate in Florida

  1. As one of my mentors says:  "It's always a good time to own real estate".  Real estate is not the stock market and…

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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 papers....so 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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