I constantly scan the market in the hottest areas of town and hottest private communities in Jacksonville and Ponte Vedra.  I'm looking for the best deals and the best houses.  It's an easy process.  Either the home is attractive inside and out and it's priced well enough that I want to see it.....or it's not. I believe home buyers do the same search.

One thing I dislike seeing in this buyer's market:  Overpriced Short Sales!

There is only 1 thing worse than seeing an overpriced short sale:  A bank owned home that was a short sale listing!

Truth be told, I've had my close calls with banks either purposely or accidentally attempting to foreclose on a home while we are trying to get a short sale contract approved.  Occasionally, I've sold the same home 3 or 4 times while constantly pushing the bank to approve the short sale within a reasonable 90 day timeline.  (buyer's cancel usually due to slow response from the short sale bank).  BUT AT LEAST I'M SELLING THE HOME!  I'm doing my part, my service to get the home sold and closed for the home owner.

How a short sale listing, in good condition can sit on the market for sale for so long without being sold is beyond me.  However, I do see this in the Jacksonville real estate market.  It's unfortunate and the result is a foreclosed home and home owner who now has the big F on their credit report despite their efforts to short sale.

Why would a home owner stick with a real estate agent that can't get the home sold?  I know why.  It's usually because of one of these main factors:

  1. Neighborhood Expert:  The seller used the, and I use this term loosely, "neighborhood expert".  I think this was a more valid term back before the internet was in such major usage for our real estate needs.  Too often, the "expert" knows the history of the community, some people who live there, and info on the association, but are they really an "expert" on selling homes in this real estate market?  Can they market a home correctly to today's home shoppers?  Can they market, negotiate, and close a short sale?
  2. Obligation:  The seller is/was obligated to use a specific agent to sell their home.  A friend, family member, or their previous agent, etc.  Was this really the best choice?  The best agent to get the job done?
  3. Lack of Due Diligence:  The seller did little to no research on short sales ahead of time and are now greatly unarmed with pertinent information on short sales.  Furthermore, most agents are greatly unarmed themselves and now we have an uneducated seller and under-experienced agent attempting a complex short sale.

If I'm a home seller in Jacksonville, doing a short sale on my home, I'd demand results from the agent.  If the agent can't get the home at least under contract, something is wrong with the house, the price, or the marketing.  If that's the case, I'd find an agent that knows how to short sale a home and get the results the home owner deserves.

Posted by Brad Officer on
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