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Buying Jacksonville Short Sales

Buying Jacksonville Short Sales

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  • Have you been told you should not even look at, much less try to BUY, Jacksonville short sales?
  • Have you been told that Jacksonville short sales never happen?

  • Have you been led to believe short sales are impossible and a waste of your time? 

  • Have you been discouraged by others about trying to buy a Jacksonville short sale property?

Buying a Jacksonville short sale property can be the best way to get the best deal!  There is a lot of fear that surrounds short sale properties, much of it is put out there by uneducated real estate professionals and lenders.  Because it is unpredictable and there is no guarantee that the transaction will go through, some will try to discourage you.

The truth is that Jacksonville short sales ARE harder than a normal real estate transaction.  Because of this, many agents and lenders routinely talk buyers out of looking at or pursuing a short sale property.  This is a disservice to you if you are not under strict time constraints and are flexible.  While the buyer and seller negotiate and sign the contract, there is a clause put in that the contract is dependent upon bank approval. 

You should not go into a short sale if you have to be moved into a home within a month.  We recommend you plan on allowing two months for the transaction to go through.  Do they always take that long?  No!  However, you need to set your expectations correctly going in and be committed to seeing things through.  You should not be upset if there is no quick response from the bank.  This does not mean it will not be approved.  If you can not reasonably wait 60 days to know for sure that the bank (or banks, as is commonly the case) is going to release the liens of the seller, you should not try to buy a short sale.

We've seen answers from banks come in within a week of submitting an offer.  At the same time, we've seen it take a month for the bank to even assign a loss mitigation specialist after they have received the contract.  A lot of it depends on the case load of the loss mitigation department of the particular bank as well as their procedures.  The biggest thing to remember is that short sales are not routine and predictable...and no two are alike, even with the same bank.

We see Jacksonville short sales as the perfect scenario for getting a great Jacksonville real estate bargain.  Why?  Because when the lender is evaluating whether to allow the lien release, what is owed by the seller is irrelevant.  What matters is the fair market value of the home.  Most lenders will take a net amount that is a reasonable amount under fair market value at this point.  That is because they will be saving a tremendous amount on the foreclosure process if they let the home be sold rather than having to foreclose.  In this environment no bank wants another home on their books.  At the same time, they are more than willing to foreclose if the short sale contract is not reasonable and within their margin of acceptance.

We love helping buyers with Jacksonville short sale properties.  It is very rewarding, because it's a win for the buyer and a win for the seller.  For the buyer it is much less risky than a foreclosure property, and often a better deal.

We will help you with any short sale property in the Jacksonville, Ponte Vedra Beach, Jacksonville Beach, or St Augustine area.


 Call us now at 904.371.9654 to get started!

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The Lim Team, Stephanie Lim CDPE, CPA, ePro, REALTOR and Jay Lim, REALTOR at RE/MAX Unlimited -  904.371.9654

Ponte Vedra Beach Real Estate * Jacksonville FL Homes for Sale * Jacksonville Florida Real Estate * Jacksonville Beach * Atlantic Beach * Neptune Beach * St Augustine* Nocatee* St Johns

Serving the Jax, Ponte Vedra Beach Northeast Florida Areas of: Jacksonville FL real estate, Ponte Vedra Beach FL homes for sale and real estate, Jacksonville Beach, Neptune Beach, Atlantic Beach, World Golf Village, Nocatee, Julington Creek Plantation, Bartram Springs, St Johns, Palencia, Durbin Crossing, St Augustine, St Augustine Beach, Vilano Beach, Green Cove Springs, Orange Park.  Duval County, St Johns County and Clay County.

The Lim Team at RE/MAX Unlimited - Re/Max in Ponte Vedra Beach FL can help you buy or sell: Jacksonville homes for sale, Ponte Vedra Beach homes for sale, condominiums, foreclosures, short sales, new homes, builder inventory and new construction from builders, Jacksonville real estate resales, bank owned properties.

About the Jacksonville MLS real estate listings on our site:

The listings on our website shown on the different community pages and area pages come from the local MLS through IDX program as a data feed.  These listings are not input by The Lim Team or Re/Max Unlimited.  We do not have the ability to change anything in the listing...add any information or correct any information.  We are not responsible for any errors or mistakes in the information as we are not the source of the data.  Any problems with the listing information should be directed to the listing broker, not us.

All listings ©2014 Northeast Florida Multiple Listing Service, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of the Northeast Florida Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Re/Max Unlimited are marked with the listing broker's name and detailed information about such listings. Data provided is deemed reliable but is not guaranteed. IDX information is provided exclusively for consumers personal, noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data up-to-date as of the date on the detailed listing information.