#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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Mortgage Banker Association short sells their building

This story is crazy. MBA Mortgage Short Sales. or read it in the WSJ.

The Mortgage Banker Association has completed a short sale on their office building after owning it for a very short period of time....less than 2 years.

Not a big deal, other than the fact that they represent an industry that has made it very very very difficult for struggling homeowners to complete a short sale or do loan modifications.

Funny thing about all this:  the cheif executive of MBA, John Courson, was recently asked about owners walking away from homes or stopping payment after trying to do the right thing by reaching out to the mortgage bank via a loan modification or a short sale.  He responded with,  "What about the message they will send to their family and their…

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Jacksonville Boat Show 2010

Save the date: Jacksonville Boat Show - April 16, 17, and 18, 2010!

There is no better addition to your Waterfront Home lifestyle than a boat!

Boats will be on display at the Metro Park and Marina downtown Jacksonville.  See this handy map for location of your favorite boats and accessories.

This annual event always pulls a large crowd of boaters from every walk of life.  Food and entertainment surrounded by every boat imaginable from sea kayaks to yachts.   Check out the official Jacksonville Boat Show here.

See you there!

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Short Sales Strategic Default on the Mortgage or true Hardship?

Looking at a home owners options to sell a home is difficult when their home is worth less than is owed on the mortgage.  Many owners have decided that being upside down in a home is not worth it, and they decide to stop paying the mortgage.  This is known as Strategic Default.

Without arguing the "ethical" dilemma that many face in a Strategic Default, it's better to just acknowledge that it is happening in every neighborhood in Jacksonville and Ponte Vedra Florida.

Avoid Foreclosure: Do a Short Sale

If you are in the situation where you need to stop making payments on your home, it is inevitable that at some point the bank will choose to start the foreclosure process.  This can all be avoided by completing a Short Sale.  Check out Short Sale…

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