Today a buyer for one of our Jacksonville short sale properties just "changed their mind."  There was no contractual reason, so the buyer will lose their binder deposit that was put down at the time of the contract.  But that doesn't make up for the fact that the sellers have lost a month of marketing time and are a month closer to foreclosure.

Jacksonville short sales are serious business.  A Jacksonville short sale buyer needs to understand the importance of being serious when they put down a short sale offer.  I've heard some agents joke that since short sales take so long, they just get their buyers into several contracts.  Kind of like throwing darts and seeing if one sticks.  This is entirely unacceptable and this practice needs to stop.

When you put down an offer on a short sale and it is accepted, the status in the MLS has to be changed to "Contingent" or "Pending."  This turns away other buyers.  Why would you want to see a home already under contract when there is plenty of inventory to chose from, right?

Once the home goes under contract, buyers quit coming.  You have effectively taken the home off of the market.  The short sale package is submitted and the listing agent begins to work with the bank to negotiate the short sale.  This is very detailed and time consuming work, and a great deal of effort, and number of hours,  is put into this by the listing agent.  Depending on the bank the answer can come back in a week, or it could be a couple of months.  This can not be controlled by the listing agent, but the wait can be minimized by a knowledgeable listing agent correctly and completely putting the Jacksonville short sale package together and submitting it promptly to the bank.

In the mean time the home moves closer to foreclosure.  The payments are usually still not being made.  Every day is another day that the seller is late.

So when the buyer "changes their mind" the seller does not get any of this time back.  They are unquestionably harmed by this behavior.  This is especially true if the educated and knowledgeable listing agent made sure the offer was at a price that would be acceptable by the bank and the package was correctly submitted.  These Jacksonville short sales are usually approved.  So what has happened is that the buyer walks away from an offer that would have been accepted by the bank.  When the contract falls through the bank usually continues the foreclosure process, if you were lucky enough to have it halted due to the short sale.

While the home was not on the market due to the slippery buyer, a sincere buyer who might have purchased the home didn't even have an opportunity to see the home.  The seller lost serious buyers because of a buyer who doesn't take it seriously and has no respect for the seller who is experiencing a hardship and trying desperately to avoid foreclosure.

Do NOT be this buyer.  If you don't fully intend on following through with a contract...DO NOT put in an offer in the first place.  The ramifications to the seller are so much more severe than to a straight resale property where the seller is not behind on payments.  Please be respectful of this fact.

We have gotten calls from agents who told us that they were putting in several offers on several short sales with the intention of getting them all under contract.  They just want to see what closes first.  We explain to them why this is not an acceptable option.  Generally they understand.  Just this week we found out that a buyer that we have under contract on one of our other short sale homes closed on a different property.  We had been in constant contact with the buyer's agent.  We are STILL technically under contract because a release has never been signed.  This agent could have gotten the buyer into a lot of trouble.  They had binding contracts on multiple properties and were obligated to buy both.  This is a dangerous game.

The purchase contract states that "In the performance of the terms and conditions of this Agreement each party will deal fairly and in good faith with the other."  This is not dealing in good faith.

If you are contemplating buying a Jacksonville short sale, please be sure you chose an agent who is experienced in short sales and knows how to handle the transaction.  This is even more important if you owe more on your home than it is worth and need to sell.  Successfully closing a Jacksonville short sale transaction requires dedication, education and experience.  Please make sure your agent qualifies.

If we can help you buy a Jacksonville Short Sale, let us know.  We would be happy to help you purchase a Jacksonville distressed property for a bargain price.  If you are no longer able to afford your home and have to sell your Jacksonville Real Estate and suspect that you owe more than your home is worth, please let us know.  We can explain the process and begin trying to find your buyer.