Friday, September 19, 2008

Jacksonville Short Sales

The developments in the finance and mortgage world come as no real surprise to those of us in the trenches. Currently there are 15,000 homes on the market in Jacksonville and of those, 20% are distressed sells. I define a distress sell as either a preforeclosure, short sale, or REO property. A REO property is owned by the bank and has already had all foreclosure proceedings completed. There are 2604 condos listed in MLS and 13% of those are distressed properties. It didn't take an MBA from Harvard to know that something had to give. When buyers can't get financing--Realtors are out of business. When lenders require a credit score of 720 and at least 20% down--Realtors are out of business. When homes drop by 15-20% in value in 6 months--Realtors are out of business.

I now have 5 short sale listings. They are located all over town! I think that this is why I really got into Real Estate. I am trying to help alleviate the pain and pressure that a homeowner suffers through when upside down on their mortgage. Once a seller lists their house with me, I take over the role of negotiator with the lender. I speak on their behalf and determine the rules of the game with that particular lender. They're all different and each case is different. They take every home on a case by case basis. Once I list the home, pretty much all communicaton is through me. This eases the burden on the homeowner. That's what being a Realtor really is all about: helping you solve a problem! Put me to work for you today.

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