Jacksonville distressed properties are here to stay.  Jacksonville short sales and Jacksonville foreclosures are usually priced so well in the Jacksonville real estate market that it is pretty hard for many homeowners, who hope to accomplish a straight resale, to compete.

Around 56% of the pending contracts in the Jacksonville Real Estate market are on distressed properties.  Straight resales account for only 31% of the pending contracts. 

The simple reason is price.  Most sellers who purchased their home in the past several years can not compete with the short sales and foreclosures on price.  This leaves them forced to become a Jacksonville short sale themselves if they are in a situation in which they have to sell their home.

In a short sale the seller owes more than their home is worth.  We get a contract on the property for what the home is worth now that is subject to the lienholder's approval.  That gets submitted to the lender who evaluates the complete situation and decides whether to release the lien and allow the sale to take place.  If the lender agrees, the closing takes place and the seller no longer owns the home.  Depending on the lender, the circumstances and the type of loan they may do a lien release only or possibly forgive the remainder of the debt.