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What is a Short Sale?
A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage payoff as well as closing costs. If the seller is unwilling or unable to cover the difference, it would be considered a short sale.
Some short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, home owners who bought at the top of the market, or who took out large amounts of equity with a refinance and need to seel may be upside down. A short sale may be the solution to when you owe more than the home is currently value.
Many of today’s short sales are not handled by a proven Real Estate Professional the problem with this is that offers made on short sale properties are sent directly to the the sellers lender for approval. This approval currently takes 2 – 4 months, and there is no guarntee the bank with approve or accept the offer.
This can be a very stressful process for both the buyer and the seller. It is highly suggested that you work with a proven real estate professional to guide you through this lengthy and complicated process.
At Jacksonville Regional Real Estate and Management, our agents have extensive knowledge in short sales, pre-foreclosures, and bank owned foreclosures (REO). We work closely with local attorneys and CPAs who provide additional legal and financial support.
Speak with a Real Estate Professional (904)-394-3196
