Sunday, March 30, 2008

Jacksonville Short Sale Market Update

I can't believe it! In less than 24 hours I sold one short sale home and listed another one! I learned enough in my seminars to make them both happen fairly smoothly. Just in case, I brought in a back up agent to watch my back and to help me with the bank negotiations. I think that after submitting our offer on a cute house in the West Beaches area, it's time to "hurry up and wait!!" I've been warned that sometimes it takes 3-6 months to close on a short sale! I think this one just might happen faster. I hope to get a response to our offer in less than 2 weeks. If our offer wasn't enough, then I hope to have the opportunity to go back to my clients lender and get more money!! I don't know if that will fly or not. I feel like our offer was fair. My client really likes the house and I went by and met one of the neighbors over the weekend. They would love to have my client as a neighbor!! I hope it all works out.

In a perfect world, here's the way it will play out. The lender will review our offer, compare it to the amount owed on the loan. Decide whether or not they want to keep paying the interest and insurance and other fees on the house, or do they want to cut their losses and take our offer. I'm thinking they'll choose the latter. The house needs a roof, there are NO appliances in the house, so it needs a dishwasher, range, microwave and a refrigerator. I don't think the bank wants to fool with all of that. I'm hoping they'll just cut their losses and run...with us!

My seller is in a real bind. This is a text book short sale. My seller just got overextended and now the payments can't be paid. So, tomorrow, the negotiations will begin. The house is fabulous. It's in Neptune Beach and it's East of A1A. A real cream puff. Now, I'll be sitting on the OTHER side of the fence! I'll be getting beat up by a buyer!! That's okay. This house needs to be sold ASAP. I think the lender will entertain offers for sure. We'll see how it all plays out....

To be continued...

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