Jacksonville Real Estate Agent

The first one really isn't much of an alternative but needs to be discussed, however briefly.......

Do Nothing-  When you're faced with the possibility of losing your Jacksonville home and your stress level has hit an all time high, you might want to throw in the towel, move out and let your house go into foreclosure. Then it's over, done with, a chapter in the book written and time for the new chapter to begin (unless your house is sold for less than the loan amount at the auction and you receive a deficiency notice saying you still owe the difference) However, you're faced with a foreclosure on your credit for about 7 years. It will be difficult to purchase a home again with foreclosure on your credit. You may decide not to buy a house, but having a foreclosure can affect other things, for example car insurance. You will pay more with poor credit then you would if you had good credit.

Refinance- You may be able to refinance your existing loan, however with the subprime lending in it's current state, that may be difficult or nearly impossible.

Reinstatement- You pay the entire default amount including attorney fees, late fees, before your house goes to auction.

Loan Modification- Your mortgage company may be able to extend the terms of your loan. 

Forbearance- The lender may agree to provide a temporary payment reduction or suspension of payments.

Partial Claim- A loan from the lender for a second loan to include back payments, costs and fees. 

Deed in lieu of foreclosure- You give the property back to your lender without going to foreclosure. This option could be as damaging to your credit as a foreclosure.

Bankruptcy- This could allow you more time and get rid of some of your debt. This may affect your credit for 7-10 years.

Sale- You can sell your home before your house goes to auction, it's possible to sell it even if you don't have enough equity. Your agent may be able to negotiate a short sale (when the bank accepts less than what you owe on your mortgage) with your lender.

If your facing foreclosure or just having a hard time making your payments, contact me  and we will discuss your options!

Read also: April 2008 Market report for Jacksonville Florida

As a seller wanting to sell your Jacksonville real estate, you want to get the most out of your home. What most sellers do is price high and let the buyer bring them an offer. It sounds good but it will cause you to lose thousands of dollars.

FACT: Buyers are not going to waste time looking at overpriced listings.

Think about it, in today's market buyers have literally hundreds of houses to choose from. They are not going to go and personally look at every single home, it would take too much time. They're going to pick the best ones based on what they're looking for: bedrooms, bathrooms, neighborhoods, etc... Then they're looking for a deal. As a buyer, what would you do?

Let me show you an example: Let's say there are 5 homes in a neighborhood that fits the buyer's needs. One is your home, overpriced, but hoping for a buyer to bring an offer and 4 others which are priced competitively. Which houses are they going to go look at? Assuming they have been looking for a couple of weeks, have seen 20 plus houses and are wanting to get their piece of real estate in Jacksonville. They're going to look at the ones priced competitive and not give yours a second glance.

FACT: Buyers see an overpriced listing and assume the seller will be unrealistic in all their negotiations.

Now you may be saying, I'll gradually lower my price, it won't seem like such a shock. All you're doing is prolonging the inevitable and reducing your net even more.  Here's why:

FACT: By chasing the pack, you set yourself up for a lower net.

You're chasing the pack (competing houses priced competitively) By chasing the pack you're never getting a second glance from a prospective buyer because the pack is where the deals are. If some houses in the pack are owned by desperate sellers they keep lowering their price, the rest of the pack follows suit. As those homes sell (desperate owners, meaning short sales, foreclosures or other desperate situations) they cause the values to decline because they are representing what a buyer will pay. So, even if you were able to get a contract on your home, chances are good, the appraisal will come back low and if you want to sell, you'll still have to lower your price.

If you're thinking about selling and you want to talk to an agent who won't lie to you just to list your home, then call me directly at 904-910-3516 or contact me via the Internet.