What is a Jacksonville Short Sale?

 

A Short Sale is the sale of a home where the owner owes the bank or lienholder(s) more than the home is currently worth. The bank or lienholder(s) agrees to allow the home for sale for less than what is owed.

 

Would I Qualify for a Jacksonville Short Sale?

 

Possibly. Its actually not difficult to qualify for a Short Sale. A qualified Short Seller has no equity in their home and are not able to sell their home and be able to pay off all of the outstanding loans/debt.

If you owe more on your home than it is currently worth and want OR need to sell it OR can't bring cash to closing to make up the deficiency between what you owe and what your home is worth, then you could be candidate for a shortsale.

Is a Jacksonville Short Sale right for me?

 

Maybe. Here are a couple of important things to consider:

  • Are you behind on your mortgage payments and unable to keep up with all of your monthly obligations? Some of the reasons for falling behind on your mortgage payment may include sudden change in monthly household income, loss of job, divorce, or one of many other hardsips.
  • You are NOT currently behind on your monthly mortgage payment but know that you will soon be unable to keep up with all of your monthly obligations and therefore you will become deficient on payments in the near future.
  • You are NOT behind on your monthly mortgage payment but need. Reasons could include a job transfer, a health reason, retirement, and more.

If you match any of these scenarios then a short sale could be a possible solution.

Why would a bank agree to a Jacksonville Short Sale?

 

With the number of foreclosures in Florida, banks are looking for ways they can to decrease the amount of loss due to these foreclosures.

Basically, it can be more cost effective for a bank to do a short sale rather than a foreclosure.

Banks are not in the business of owning real estate but like collecting monthly mortgage payments, so a bank will take a minor loss in a short sale to start that payment cycle again.

The truth of the matter is that a bank can minimize their loss by 10%, 20% even 30% in a short sale over a foreclosure.

Do you work with all the banks?

 

Yes, currently work with all banks. Unlike some agents, we do not “selectively choose” which banks we work with and which banks we don’t. 

How long does a Jacksonville Shortsale take?

 

That depends on a number of factors, however 4-7 months is not uncommon.

What is the Short Sale process like?

 
  1. The First Stage requires working with you as the homeowner to get all of the required documentation that your bank will require us to send them – we refer to this as completing the Short Sale Package. This stage shouldn’t take longer than a couple of days to a week but this stage lies solely in your hands.

  2. The Second Stage involves us preparing the listing paperwork and scheduling an appointment with you to see your home and prepare your home to be listed for sale. This stage only takes a few days to a week as well. 

  3. The Third Stage entails us aggressively marketing your home for sale and producing a willing, ready, able, and committed buyer. This stage can take as little as a few days or as long as a few months.

  4. The Fourth Stage is the actual presentation of the offer to your bank. This is where our team and partner's expertise and experience in working with Short Sales takes place. The actual approval process can take as little as 30-45 days or as much as 90-100 days. On average most Short Sales take between 60-90 days from the date the offer is presented to the lender to the date of the Short Sale approval. In most cases, 75-90 phone calls, emails, and faxes back and forth between the lender and our team are required. The process would not typically be described as “fast” on the banks side of things, but with the right team working on your behalf, you can be at rest knowing that everything is being handled diligently and with much care. 

  5. The Fifth (Last) Stage to the Short Sale process is the period of time between Short Sale approval from the bank and the buyer closing on the home. We prepare all of our buyers that we work with to be ready to close in as quickly as 3 weeks from the time of Short Sale approval. Often buyer’s will even close in as little as 10-14 days.

What does is cost me?

 

Sometimes Nothing!!!  However, depending on your situation it is sometimes possible that the lienholder will ask you to make a contribution to the loss at closing.  However we have seen cases where the lienholder actually gives the shortseller relocation monies to help!  It simply all depends.  Call to find out more!

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