What is a Short Sale?
A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.
Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit.
The best part, the existing lender pays most of the all sale and closing costs, including realtor commissions, escrow and title fees. The seller has the advantage of having the loan paid off and gets to avoid foreclosure.
Is a Short Sale right for me?
Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship that makes it likely you will be unable to meet your payments on your mortgage, your mortgage company would prefer to settle the matter with you as opposed to taking the property through foreclosure. As you consider the option of going through with a Short Sale, remember your mortgage company is looking to limit any potential loss on your loan. By completing a Short Sale, your lender has arrived at a solution that is, for them, more cost effective than a foreclosure.
Trust me! your lender would rather do a short sale than foreclose on your loan!
How much will I have to pay to sell my home in a short sale?
This costs nothing to the homeowner. The mortgage holder pays almost all of the fees inclusing real estate commission, title fees and closing costs
How do I get started with the Short Sale Process?
You can fill out the form below to contact one of our Jacksonville Florida short sale specialists and pre-qualify for the short sale process.
What does the mortgage company consider a legitimate hardship?
Inability to pay your mortgage, inability to pay bills, divorce, job relocation, illness or injury.... Late on bills. loss of Job....the reasons are virtually endless.
We suggest that you work with our team to craft a hardship letter from one of our templates and submit it to the mortgage company.
The Hardship letter is delivered to the Loss Mitigation department of the mortgage company and explains why you are delinquent and why they should forgive your debt.
Will my Mortgage company consider a Short Sale?
The answer is, maybe. Some banks will accept a Short Sale file for approval on loans that are not delinquent. Some banks will not accept the file until the loan is delinquent. We can put your Short Sale file together within a couple of days and submit it for approval. (Remember, there is no charge for this). That is the best way to determine if your bank will accept a file for approval on a loan that is not late or "past due".
Why would a mortgage company agree to accept a Short Sale?
Often a mortgage company will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency. Additionally, a short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.
Do lenders approve all Short Sales?
In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction.
Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market climate and the individual borrower's financial situation.
I have two loans, can I still do a Short Sale?
Yes. We can work with both lenders (many times the same lender holds the 1st and the 2nd loans) to put together a Short Sale transaction. Even if the value of your home is below the balance of the 1st mortgage, we can normally get the two lenders to cooperate.
In the end, neither lender wants to own another home through foreclosure.
My property is in rough shape and needs work, can I still do a Short Sale?
Absolutely. In fact, lenders are more motivated to do a Short Sale on a property that needs work than on a property that doesn’t. The lender knows the risk of loss goes up when they foreclose on a property that needs lots of work.
Aside from expense of completing the work, lenders are simply not set up to get the work done. They are in the loan business, not the fix- it business.
I am concerned about my credit, how will a Short Sale affect my credit?
The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event your credit status can encounter - worse than bankruptcy. In the course of getting your short sale approved you may miss your mortgage payments, and these will show on your credit.
By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly
My income problem was temporary. Do I need to sell my home?
You may be able to keep your home. You need to convince your mortgage company of two things:
- The problem that caused the mortgage payment disruption was beyond your control – illness, injury, temporary disability or forced job change are a few examples
- You are now solidly in a position to stay current on your mortgage payments and make some progress towards making up the delinquent amount.
Getting lender approval on a Forbearance or Loan Modification Agreement
What is a Forbearance Agreement?
A Forbearance Agreement is a written agreement with your mortgage company in which you arrange to keep your home. The agreement will normally include two primary elements:
- The borrower’s promise to remain current on the mortgage going forward
- Some plan for making up the delinquent interest and other charges. It may mean making additional payments to the mortgage company or the delinquent amount could be added to the loan to be paid later.
We can help. Fill out our Short Sale information form below for more information:
Jacksonville Florida Short Sale Information Request Form
(Fields marked with * are required.)
A Jacksonville Florida Short Sale Specialist will contact you to help you protect your credit and have a smooth transaction.
Here are a few Short Sale Listings in Jacksonville Florida
52 Search Results Found. Showing Results 0 - 15.
- Listing #:
- 519322
- Address:
- 2039 Holly Oaks River Jacksonville Florida 32225-4884
- Subdivision:
- Holly Oaks Forest
- Price:
- $200,000
- Sq. Feet:
- 2,930
- Bedrooms:
- 3
- Bathrooms:
- 3
- Office:
- Middleton Realty, Inc.
This Wonderful 3/2.5, 2-car Garage Home Is Located On A Tidal Canal. It Has A Family...
- Listing #:
- 509611
- Address:
- 4349 Boat Club Jacksonville Florida 32277
- Subdivision:
- St Johns Cay
- Price:
- $200,000
- Sq. Feet:
- 2,512
- Bedrooms:
- 5
- Bathrooms:
- 3
- Office:
- Terry Mccue Real Estate
Beautiful Gated Community..stunning Two Story House In Need Of Some Tlc..five Bedrooms...
- Listing #:
- 471415
- Address:
- 6749 Fincannon Jacksonville Florida 32277-2130
- Subdivision:
- Ft Caroline Club Est
- Price:
- $199,900
- Sq. Feet:
- 2,889
- Bedrooms:
- 4
- Bathrooms:
- 3
- Office:
- Vanguard Realty, Inc
Very Spacious & Very Special! Price Reduced $25k. Not A Short Sale! 4 Bedrooms Plus...
- Listing #:
- 497981
- Address:
- 6105 Reflections Jacksonville Florida 32277
- Subdivision:
- Eagles Roost
- Price:
- $179,000
- Sq. Feet:
- 1,949
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Exit Real Estate Gallery
3/2 With Bonus Room! Perfect For Entertaining, Separate Living Room, Office, Child's...
- Listing #:
- 499146
- Address:
- 967 Townsend Jacksonville Florida 32211
- Subdivision:
- Alderman Park
- Price:
- $175,000
- Sq. Feet:
- 1,503
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Dahill International Realty
This Home Is On A Large Corner Lot - With New Tile Floors - Living Room With Fireplace...
- Listing #:
- 506517
- Address:
- 7301 U S Open Jacksonville Florida 32277
- Subdivision:
- Ridgemoor
- Price:
- $169,900
- Sq. Feet:
- 2,135
- Bedrooms:
- 4
- Bathrooms:
- 3
- Office:
- Watson Realty Corp
2-story On The Lake With Stucco Front And Ready To Move In! Kitchen Bar Separates...
- Listing #:
- 520097
- Address:
- 4631 Misty Dawn Jacksonville Florida 32277-1387
- Subdivision:
- Emerald Bay
- Price:
- $169,900
- Sq. Feet:
- 2,001
- Bedrooms:
- 4
- Bathrooms:
- 2
- Office:
- Watson Realty Corp
Great Home On Quiet Street Near Riverfront Park With Boat Launch And Fishing Dock....
- Listing #:
- 483814
- Address:
- 8265 Bengalin Jacksonville Florida 32211-5115
- Subdivision:
- Arlingwood
- Price:
- $164,900
- Sq. Feet:
- 2,178
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Watson Realty Corp
Great Space Inside And Outside. Sep. Living Room & Huge Family Room With Fireplace....
- Listing #:
- 507811
- Address:
- 6404 Heidi Jacksonville Florida 32277-2049
- Subdivision:
- Ft Caroline Club Est
- Price:
- $150,000
- Sq. Feet:
- 1,856
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Re/max Coastal Real Estate
Formal Living/dining, Family Room With Fireplace, Large Eat In Kitchen, Wood Floors...
- Listing #:
- 506857
- Address:
- 6713 Barkwood Jacksonville Florida 32211
- Subdivision:
- Lake Lucina
- Price:
- $149,900
- Sq. Feet:
- 1,407
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Realty Executives The Elite
Beautiful Upgraded Home With Newer Roof,cabinets,screened Porch With Lots Of Upgrades....
- Listing #:
- 492845
- Address:
- 6931 Greenholly Jacksonville Florida 32277-2674
- Subdivision:
- Lake Lucina
- Price:
- $149,900
- Sq. Feet:
- 2,047
- Bedrooms:
- 4
- Bathrooms:
- 2
- Office:
- Magnolia Properties
Nice Investment Home In Settled Arlington Neighborhood. Short Sale Home Priced To...
- Listing #:
- 509892
- Address:
- 5505 Paulbett Jacksonville Florida 32211
- Subdivision:
- University Park
- Price:
- $145,000
- Sq. Feet:
- 1,573
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Watson Realty Corp
Affordable All Brick Home On Large Lot With Majestic Trees--large Bedrooms-plenty...
- Listing #:
- 492385
- Address:
- 8314 Bengalin Jacksonville Florida 32211-5116
- Subdivision:
- Arlingwood
- Price:
- $139,900
- Sq. Feet:
- 1,575
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Watson Realty Corp
Still Time For The $8000. Tax Credit ---pool Plus All Brick- Convenient Location-not...
- Listing #:
- 511417
- Address:
- 2314 Misty Jacksonville Florida 32211
- Subdivision:
- Arlington Hills
- Price:
- $139,900
- Sq. Feet:
- 1,635
- Bedrooms:
- 4
- Bathrooms:
- 2
- Office:
- Re/max Atlantic
Lovely Split Bedroom Floorplan, And Sunken Den And Master Suite, Offer Nice Bit Of...
- Listing #:
- 514731
- Address:
- 3520 Marsh Creek Jacksonville Florida 32211
- Subdivision:
- Marsh Creek
- Price:
- $139,900
- Sq. Feet:
- 1,459
- Bedrooms:
- 3
- Bathrooms:
- 2
- Office:
- Watson Realty Corp
Location Location Location. This Is Great Home Located In The Arlington Area. Very...
