Jacksonville Florida Short Sale Specialist
What is a real estate short sale?
A quick sale in real estate, also commonly called a short sale, happens when a lender is willing to accept a lower payoff on a loan than what is currently owed due to the borrowers inability to continue making payments.
What does it take to qualify for a Short sale?
While lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for a Jacksonville short sale.
- Negative Equity – The proceeds from the sale of the property, after all closing costs are paid, are less than the amount currently owed on the property,
- Financial Insolvency – Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
- Financial hardship – Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few. Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell.
Is it possible for me to get money back for completing a short sale?
Until recent times, it was almost unheard of for a home owner to get money back in a short sale. Things have changed for the better. The HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program. We have seen home owners get as much as $35,000 back to complete a short sale.
Who will pay the short sale Realtors© commission?
In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including your Jacksonville short sale specialist as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.
How Can a short sale specialist help me?
As a local short sale specialist, I have helped many home owners who are in a difficult financial season get a fresh start with a short sale. Short sales are not part of our “basic training” as real estate agents, and are something that should only be left to those of us who are especially qualified and experienced. Experience is everything when it comes. I’ll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender. Visit my website for more information on the short sale process.