We are Jacksonville Real Estate professionals with Re/Max Unlimited in the Jacksonville, Jacksonville Beach, Ponte Vedra Beach, World Golf Village, St Johns and St Augustine Florida area. We specialize in helping buyers and sellers in short sales.
"@AL You should confirm but I believe the 15 day marketing period may not be required for the PFS program if the property is in foreclosure. Typically an offer is needed to get an appraisal ordered if a FHA borrower is in…"
"Started Working on a FHA short sale with a foreclosure sale date scheduled in well over a month. Bank has agreed to do a short sale and 1st legal has been filed. We have submitted an offer and the bank has order an appraisal. My understanding is the…"
"I was just informed by NOVAD that the back taxes that were just paid by them will need to be added to the sales price for approval. In other words, the buyer has to reimburse HUD for the taxes paid above the 95% of value. Anyone ever dealt with…"
"What's the process to escalate a file? I've been dealing with this one for over a year. First appraisal was lower than offer but we didn't get approval in time. Second appraisal was higher than offer and buyer wasn't willing to…"
"Thanks, Brent. I'm finding this out. Buyer repping himself but he's an investor with a a license so it's a little different. They are reducing from 6% to 3%. In the scheme of things, I would never let it get in the…"
"@deb who's representing the buyer? What are they trying to reduce commission too? Pretty common for commission to be reduced when a buyer is representing themselves.
Yah!!!! I agree with that one hundred percent, however too late someone else told them. Yes, your input is very helpful, that is how I feel across the board. I did contact their attorney and that is what he advised them to do :) Thanks so much Fiona
Dear Stephanie, in reference to HUD short sales. I have a client who owes $280k on his mortgage and his house is comped at $330. We have it priced as a non short sale at $319, tons of showings no offers, house needs some work and updating at that price. Someone suggested to him to stop paying his mortgage and short sell it at $279. Given the big difference in price I feel this would arouse a suspision with the bank (rightfully so) and suggest we drop the price in 30 day incriments by $10k if no offers, right now a $305k offer will break him even with no foreclosure on his credit. He refuses to and just wants to drop it so he can get out. Thoughts???
Hi Stephanie, Welcome aboard. You are officially our first Short Sale Superstar!! Wendy and I are here to help in anyway we can. Please bare with us as we build this site. Also, feel free to add any information related to short sales that you choose.
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