We just received another Jacksonville short sale approval! 

 

  • Borrower status: They were already far into the foreclosure process and a judgment of default had already been entered when we started helping them with their Bartram Springs short sale listing.
  • Amount paid for the home in Bartram Springs: $255,000 in 2007.
  • Contract price: $181,000 (price approved by Bank of America with no counteroffers being made.)
  • Bank accepted payoff amount: approx 70% of payoff balance
  • Seller contribution required: $$$ None $$$
  • Promissory Note required by BOA: $$$ None $$$
  • Amount of closing costs paid by seller: $$$ None $$$, everything paid by bank
  • Mortgage Servicer: Bank of America
  • Noteholder: Fannie Mae
  • Days on Jacksonville real estate market before first offer: ONE
  • Number of offers received on the Bartram Springs home: 3
  • How this seller found us: We were contacted by a fellow Jacksonville real estate agent who was a family member. She did not have an expertise in Jacksonville short sales and knew that she should refer them to someone who did.

Our Jacksonville real estate team is helping this couple get out from under their home that they can no longer afford when their only remaining option was foreclosure.  They had experienced a severe income reduction after purchasing the home.  Although a foreclosure default judgment had already been issued against them prior to us listing the property, we were able to postpone the Duval County foreclosure sale and help them get a Jacksonville short sale approval for the fair market value of the price. 

The Bartram Springs seller will now be able to get out without bringing any money to the table.  This will help them get back on their feet and begin to recover financially.  In addition, this will save them from having a foreclosure on their credit report, something that would have followed them for years.  With current loan underwriting guidelines you can purchase another home faster with a short sale on your record.  That is because when you short sale this is recorded on your credit report as some variation of "settled for less than amount owed" instead of the incredibly damaging foreclosure notation.