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Selling Jacksonville Short Sales

Selling Jacksonville Short Sales

IMPORTANT NOTICE: Re/Max Unlimited is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

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Jacksonville Short Sales explained. 

Jacksonville short sales are a way to sell your Jacksonville home for less than what you owe the bank.  If you are underwater on your mortgage and can not keep your home, this may be the only way to avoid a foreclosure.  The way a short sale works is that we list your Jacksonville home for fair market value based on the comparables, inventory level, pending level and statistics.  We make regular price reductions until we find a buyer for your home.  Once we find a buyer, we negotiate with the buyer and get the home under contract.  We then negotiate with the bank to accept a "short" amount to release the lien and allow the home to be sold.

How much will our services cost you? 

You will not pay us anything directly!  The bank covers our commissions and the cost of the sale.  This happens on the settlement statement as a reduction to the proceeds received by the bank.  The amount the first lienholder agrees to pay to the second is taken out of this too. If you don't close, we don't get paid anything at all. 

After We Get Your Jacksonville Short Sale Under Contract... 

After the home is under contract, we send a complete short sale package to the bank including the sales contract that has been signed by both the buyer and seller.  The bank will look at everything, order an appraisal or BPO, and either agree to release the liens and allow the sell to proceed, or ask for different terms before they will allow the sale to proceed.

 Jacksonville Short Sales are Unpredictable and Frustrating...

 
  • Sometimes the bank will ask for a note for a portion or all of the shortage.‚Äč
  • Sometimes the PMI company who insured your loan will ask for a note for a portion of the shortage. 
  • Sometimes the lienholder will approve it as the contract is written. 
  • Sometimes the bank will come back with a fair market value that is considerably above what the true fair market value is. 
  • Sometimes we will find out that you had PMI on your loan when you had a non-PMI loan because of lender placed mortgage insurance. 
  • Sometimes your second lienholder will not agree to release the lien and allow the home to be sold for what the first lienholder is willing to pay them.
  • Sometimes your second, ESPECIALLY if it's a HELOC, will demand a large payment from you to release the lien.
  • Etc., etc., etc.!

Jacksonville short sales are not predictable and they are not a science.  Each one is different, even with the same bank.  The process and outcome will depend not only on who the investor is, but also who the negotiator assigned to your file is.  You always have the right to accept or reject the banks proposal.  Short sales require a lot of patience and expertise to navigate.  You should only hire someone who specializes in Jacksonville short sales since this is a unique type of real estate transaction and MUCH HARDER than a normal transaction.  Short sales can be VERY challenging to pull off, and requires a great deal of knowledge and strategic thinking to work effectively!

We NEVER Charge a Penalty if You Find a Way to Keep Your Home - Short Sale Listing Cancellations 

When we take your Jacksonville short sale listing, we still encourage you to try to obtain a work out with your lender to keep your home.  Our genuine hope is that everyone in trouble will find a way to save their home.  This is the best possible outcome for you, your family, your neighbors and the real estate market overall.  After we have found a buyer and you have signed a purchase and sale agreement, we will ask that you remain 100% committed to selling your home at that point. We do NOT provide any mortgage modification services at all.  

Benefits of a Jacksonville Short Sale Instead of a Foreclosure 

  • A short sale is far less damaging to your credit.
  • In most cases, with current loan underwriting guidelines, you can purchase your new home years sooner than if you have a foreclosure on your credit report.
  • In a short sale you have control over what the home is sold for, thus limiting your deficiency.  In a foreclosure the bank has total control and these homes are usually priced below fair market value!
  • In a Jacksonville short sale you have the opportunity to negotiate the terms of the release with the bank.  In a foreclosure this is not the case.

A short sale is a better alternative to foreclosure, but just like in a foreclosure, you will not be able 

to keep your home in a short sale.  The benefit is that you are somewhat in control of the process and all control is lost in a foreclosure.

A short sale is also much easier on your credit than a foreclosure.  A short sale allows faster recovery of your credit and allows the seller to purchase their next home years faster than in a foreclosure. 

 If you can no longer pay for your home, the bank will foreclose.  In a foreclosure you will not be able to control what the bank sells the home for even if they sell the home for much too low!!! In practice, we see bank-owned properties being priced FAR too low in our market many times.  This in itself has contributed to the downward spiral we have experienced in the Jacksonville real estate market.

The bank will get a deficiency judgment against you in a foreclosure for the shortage between what you owe and what they recovered after all of the foreclosure expenses.  This amount can be staggering.

In a short sale, although it is not the goal, it is possible to end up with a deficiency judgment just like in a foreclosure.  However, the amount of the deficiency will be less since the bank's expenses should not be nearly as high and the home will usually be sold for a higher price in a short sale.  Banks are not in the business to hold real estate.  Once a home forecloses and it is back in the bank's name, they are eager to get rid of the home as quickly as possible.  Because of this, foreclosures are usually priced far below the comparable properties to so they will sell quickly.  This is not the same way we approach pricing in a short sale.

 Jacksonville Short Sale Listing Requirements

 You should not even consider a short sale if you are not willing to list your Jacksonville home for fair market value and allow us to adjust the price as necessary.  We ask our short sale sellers to maintain their home in excellent condition while we market the home.  We also ask that they home is available for showing even with no advance notice.  When you turn a buyer away they do not come back given the immense inventory level in the Jacksonville area market.

 DON'T WAIT ANY LONGER!  Fill out our internet form here for Jacksonville Short Sale help right away!  We can help you get started today!

 DO YOU OWE MORE THAN YOUR HOME IS WORTH?  Will you be short on funds to close?  CLICK HERE to try our closing cost estimate tool to find out!

 If you are ready to get started, fill out our information form today!  We can also be reached at 904.371.9654 to get started.  

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.

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