Archive for Michael Linkenauger

Jacksonville Short Sale Q & A

Short Sale Q & A

What is a short sale?CC000552 A short sale takes place when a lender agrees to allow a borrower to sell their home at a price where the proceeds from the sale would be less than what the borrower owes their lender.

Who qualifies for a short sale?
In order to qualify, a borrower typically must prove to their lender that they can no longer afford to make the mortgage payments on the home. This includes writing a hardship letter explaining in detail the borrower’s current situation. Hardships can include loss of income or job, divorce, relocation or job transfer, increased medical expenses, and more.   Most of the time, simply owing more that the current market value of a property will NOT qualify a borrower for a short sale.

If I choose to short sale my home, where do I start?
Give us a call at (904)733-4911. My team and I will provide you with all of the information you need to get started after finding out a little more about your current situation. We will guide you through the entire short sale process, which includes listing your home and negotiating all offers with your lender.  We are the experts and have closed hundreds in Northeast Florida.

What if I can’t afford Realtor fees or other closing costs?
Your lender will pay all of your closing costs, which includes our commission.

In what ways can a short sale benefit me?
A short sale allows you to avoid foreclosure and sell your home, for free! Additionally, we will work with your lender to get you completely forgiven of the debt that may remain after the short sale.  In addition, some lender programs offer $3,000 up to $20,000 BACK to a borrower to complete a short sale transaction.

Why would my lender allow me to short sale my home?
On average, it costs a bank $58,000 to foreclose on a property. After the foreclosure the lender still has to manage the property and get it sold, usually for less than what they could get for a short sale. Too many foreclosures look bad to a bank’s investors, which could hurt them in the long run. Therefore, a short sale usually benefits all parties within the transaction, compared to the alternative. It is truly a win-win situation in most cases.

How To Short Sale A Home

Can my lender come after me later for the remaining debt?
We will work with your lender to make sure they give up their right to pursue a deficiency judgment at closing. This would completely forgive you of the debt, forever!  In rare instances, a lender or mortgage insurance company can ask a borrower to pay back all or part of the deficiency, usually in the form of a promissory note over time. Occasionally, a lender may also ask a borrower to make a cash contribution. This is happening less and less frequently.

What will a short sale do to my credit?
A short sale will show up on your credit as “Settled in Full” or “Paid as Negotiated.” This looks much better to future lenders, employers, and future employers than foreclosure.  A short sale itself typically lowers one’s credit score by only 30-70 points. The major damage to a credit score is usually the missed mortgage payments, which can average around 30 points each or more.  If a borrower is in default and then completes a short sale, the short term effect on a credit score can be similar to a foreclosure.

Is a short sale better than a foreclosure?
A short sale is much better than a foreclosure!

  • A short sale causes less harm to your credit. While a foreclosure puts a hard dent in your credit permanently, a short sale simply appears as “Paid as Negotiated” or “Settled in Full.”
  • Qualifying for a loan after a foreclosure is quite difficult. In most cases, it can take up to 7 years to qualify for a new loan. After a short sale you may qualify for a new loan in one year, in fact, some borrowers have short sold their home and bought a new one in the same day.
  • As I have mentioned, we will work with your lender to make sure they can’t come after you for the debt that remains after the sale. After a foreclosure, a lender can pursue judgment even years down the road in the state of Florida.
  • With borrower incentives of $3,000-$20,000 in some cases, it pays to complete a  short sale!

If I already have a Realtor, can he/she short sale my home?
In most cases, the answer is no. It takes a Realtor especially knowledgeable in the arena of short sales to successfully complete one. This is not a process for just any real estate agent. Ask your Realtor how many short sales they have closed and find out how familiar with the process they seem to be. Some Realtors would rather not associate with short sales because it is such a specialized process that requires hard work. I have personally closed hundreds in Northeast Florida, and am known as an expert in the industry on a national level.

How long is the short sale process?
The short sale process can last as little as a couple of months to over a year, but the average is around 6 months. It depends on many different factors. The transaction tends to be quicker when motivated sellers and buyers are very cooperative throughout the process. Also, if a high offer is received, the bank is more likely to approve the sale quicker. However, buyers who are not very motivated tend to slow down the short sale process. Inexperienced Realtors on either side of the transaction also slow down the process tremendously. Other than buyers and sellers not cooperating, the other main factors that contribute to the time process are: 1.) Multiple liens and mortgages to negotiate, 2.) Mortgage Insurance company approval, and 3.) Investor approval. If you have only one mortgage, that is being serviced by the company that actually owns the loan, we have closed them in as little as thirty days.  We have had a few drag on for upwards two years.

Can I live in my home throughout the short sale process?
Yes! You are not required to move from your home until closing. Most lenders actually prefer you to stay in the property.

If you are in search of more answers, give us a call! We would be glad to further explain any
questions you may have regarding Jacksonville short sales.


Buyers Services

Now is the time to buy!

short sale floridaIf you are considering purchasing a home, NOW is the time! Interest rates are at historic lows and home prices are very affordable. In many cases, you can purchase a home for cheaper than renting a property. Buying a short sale property is a great way to get the most out of your money! Home buyers are saving up to 50% by taking advantage of the market’s current situation.

View Current Short Sale Listings

Our short sale Realtors are ready and waiting to help you! We will answer any questions you may have regarding the purchase of a home, or more specifically a short sale property. Our Realtors will provide you with the latest list of short sale properties offered for sale that match your criteria as well as showing properties you find of interest. Please contact us today and we will happily send you free reports on purchasing short sale homes. 

LinkUp Realty (904)733-4911

Sellers Services

Important: First of all, I would like to make it clear that all of our services are absolutely free to you! The entire short sale process should never cost you a penny! Your lender will pay all traditional sellers’ closing costs; including our commission.

Selling your Jacksonville home is an involved process that may seem overwhelming at times. We would like to tell you what you need to know to get your home sold quickly and successfully in the current market.

When should you sell?
How do you determine the perfect price?
How should you prepare your home for the sale?
for sale sign short sale

Please contact me and my team with any further questions you may have!We’d like to make sure you are armed with the information you need before even beginning the sale. This combined with the right Short Sale Specialist Realtor will ensure your home is marketed effectively to bring forth a quick, painless sale! As your personal short sale agent, we will walk you through the entire short sale process, making sure you receive every benefit possible.


What exactly is a “Short Sale”?
A short sale takes place when a lender agrees to allow the borrower to sell their home for a discounted price, often below what is owed on the loan. Why would a lender agree to do this? Well for starters, on average it costs a bank $58,000 to go through the foreclosure process not including the additional headache. A short sale provides an easier solution and allows them to count their losses.

Who qualifies for a short sale?
It is not difficult to qualify for a short sale at all. It is important that you prove to the bank you have recently faced a hardship that has hindered your ability to afford the loan. And that’s basically it! They’ll ask you for bank statements among other documents. These will serve as hard evidence of your current situation. Some of the main hardships we see are job or income loss, divorce or legal separation, job transfer, relocation, increased bills, vacant rental property, and repairs needed on the home with no resources to do so. In most cases, any of these automatically qualify you.

The Short Sale Process
Many homeowners facing foreclosure may consider a short sale, but after some research become overwhelmed and just allow their home to be foreclosed on. We take all of the confusion out of the process! As Jacksonville short sale specialists, we know what we’re doing and that is the most important factor to getting your short sale closed. Experience is key and nothing else is equivalent. A short sale is really no work to you; we will handle everything! It’s our job to assess, list, and competitively market your property in hopes of a quick offer. After the offer is received we will handle all of the negotiating with your bank, updating you along the way. Once an offer is approved and the closing date is set, we will work with your lender to make sure they provide you a full release from any deficiency that could remain after the short sale.

Avoid Foreclosure at all costs!

 Never come to the conclusion that foreclosure is your only option! Regardless of what any Realtor or lender has told you, there is hope outside of a foreclosure. Unfortunately, many Jacksonville Florida home owners are not aware of alternatives, such as a short sale, and their home is foreclosed on.

Not only will a foreclosure ruin your credit, but it also looks bad to present and future employers. In addition, after a foreclosure (up to 20 years!) your lender holds the right to pursue a deficiency judgment of the remaining debt. I many cases, banks will wait until the borrower is back on their feet to pursue judgment, but in others they don’t.

In conclusion, you do not want your home foreclosed on! Find out more information on Jacksonville Fl short sales, as it is the best solution in many cases. Even if your lender has already contacted you with intentions of foreclosing, if you prove that you are attempting to short sale your property they will likely push back the auction date. Remember, a foreclosure will cost them around $58,000, making it a headache to your lender as well as you.

Call us at no obligation to learn more about short sales and how we can help you! My team and I would be more than happy to speak with you about your current situation and what options are best for you.

Keep in mind, none of this will cost you a penny!

Northeast Florida Short Sale Realtor

As a lifelong resident of Northeast Florida, I am very familiar with the area and more specifically, Jacksonville’s real estate market. I enjoy working with each customer, whether that involves getting them into the home of their dreams or helping them avoid Northeast FL foreclosure through a short sale. My team and I are sure to make you feel at ease throughout the entire process.

Short sales are a fairly new trend in the real estate market due to the current situation of the U.S. economy. Banks are now better than ever when it comes to short sales. Just a few years ago, getting a short sale approved seemed nearly impossible at times. However, lenders have realized that short sales can benefit them as well as the sellers. Because of this, short sale departments within the banks have experienced vast improvement. We are now seeing cooperation from every party which results in a quicker sale!

If you are looking to buy or sell a Northeast Florida short sale property you’re going to need an experienced, local short sale specialist Realtor by your side. That’s where we step in! As your personal Northeast Florida Realtor, we will make sure you are properly informed and dealt with fairly. If you are looking to sell your Jacksonville home, we will get your home on the market as soon as possible! Our marketing techniques far surpass most in the business. If you’re interested in purchasing a Jacksonville distressed property, we’ll find the perfect home for you at the right price!

Call us for any additional information you may need!

I am your Northeast Florida short sale specialist


The Jacksonville Short Sale Process

Over the years working as a real estate agent I have gained extensive knowledge and experience in handling short sales in Jacksonville Florida. I understand this is a stressful time in your life and am here to help make the short sale process as stress free and as easy on you as possible. With my team of realtors by your side, I am confident that we will be able to get your home approved for a short sale and sold as quickly as possible in this current market. I will arm you with all the information you need before the sale, guide you through the process of the sale, and be here for you even after the sale. The best part about a short sale is that there is typically no expense in any way to you as a homeowner. All traditional closing costs are covered by your lender in the approval letter. Below are the basic steps of the Jacksonville short sale process, but please contact us today if you have any additional questions or are ready to short sale your home. 

Step 1: Contact me or call me 904-733-4911 to about about your current situation. I will then determine whether or not you may qualify for a Jacksonville fl short sale. If it seems as if you have all of the qualifications, I will provide you with the documents you will need to fill out and submit to your lender in order to be approved to short sale your home. This includes examples of actual hardship letters you can use as a guide to write your own. From this point, I will walk you through the entire process.

Step 2: We will then come to your property and assess its value.  A lender will typically accept close to the current market value of a property in a short sale. The property will then be listed for sale and aggressively marketed to bring forth a quick sale.

Step 3:Once an offer is received on the home, I will submit it to your lender. This starts the negotiating process which at times can be lengthy. The good news is, banks are getting much quicker at replying to an offer!

Step 4: Your lender can then choose to accept or deny the offer made on your home. If accepted, a closing date will be set. If denied, I will continue to market your home in hopes of a higher offer or an offer that will meet their requirements.

Step 5: Closing! Remember, your lender will pay all of your closing costs, including my commission. Also, I will work with your lender to ensure you are fully forgiven from any deficiency that may remain after the sale. Now you can move on with your life, debt free! Congratulations!

Jacksonville Short Sale Defined

The term “short sale” describes a real estate transaction in which a lender agrees to receive a discounted payoff from a borrower. This takes place when the borrower owes more on the home than it is currently worth in today’s market.

The Borrower’s Benefits

  • First of all, your home is sold!There are however also many other benefits.
  • A short sale is free to you! We will charge you no fees throughout the entire process. The bank will pay all of your closing costs which includes our commission.
  • Many programs pay $3,000-$20,000 BACK to home owners to complete a short sale.
  • Foreclosure is avoided when a home goes through the short sale process. This is a great relief to your credit and allows you to qualify for future loans much more quickly.
  • We will work hard with your lender and try to ensure you are completely forgiven of the remaining deficiency after the sale. This means they would forfeit their right to ever pursue a deficiency judgment for the debt. The debt would typically no longer exist!  Lenders rarely ask part of the deficiency be repaid to them.
  • Unlike a foreclosure, A short sale shows up on your credit as “Paid as Negotiated” or “Settled in Full” just like any other debt that was paid off.

 The Lender’s Benefits

  • The foreclosure process costs a lender $58,000 on average.
  • Too many foreclosures looks bad to a lender’s investors, harming their reputation.
  • Some government sponsored programs, such as HAFA, offer incentives to lenders and servicers for cooperating in the short sale process.
  • After a property is foreclosed on, the lender becomes somewhat of a property manager, wasting their time, effort, and money.

It is for these reasons that a short sale is usually in a lender’s best interest. In fact, if you mention a short sale to your lender they would probably be more than happy to work through the process, as opposed to foreclosing on your property.


In order to qualify for a short sale in Jacksonville, FL, a borrower
must prove to their lender that they are in a financial hardship.
This could include:

  • Loss/reduction in income
  • Job loss
  • Divorce
  • Increased living expenses
  • Vacant rental properties
  • Relocation or job transfer
  • Medical bills/illnesses
  • Death in the family
  • Lack of resources to make
    needed major repairs

Getting Started

First, give us a call! Explain your situation to us and we will explain the Jacksonville short sale process more in depth to you, as well as determine whether or not this may be your best option. You will also be informed of programs that can provide you with incentives and benefits.

If it is determined that a short sale is your best option, we will provide you with all of the forms that will need to be sent in to your lender in order to get the process started. My team and I will walk you through the entire process as well as handle all of the work with your lender to get the transaction completed.

Let us help you!