I’ve seen too many homes for sale that have garages piled with junk. 

Boxes, give away items, garage sale items, and just your normal messy garage items. It’s of my opinion that you can draw a conclusion how a home has been cared for based on the garage.  Messy garage = deferred maintenance house.  Clean and organized garage = well cared for home.  It’s not scientific, but I bet you can think of friends and family members that support the theory. 

Further reasons to care about the garage:  If momma buys because of kitchen and baths, what turns on daddy?  Garage, yard, and office/man room.  Knowing this, home sellers should pay more attention to the garage. 

Clean it.  Organize it.  Paint the floors.  It is after all, part of your home.  If it looks great, is well organized, and even has some “toys” prominently displayed it says “this is how life will be when you live here”.

Brad Officer is a Jacksonville Realtor, consistently recognized as a top producer within the RE/MAX offices. 

Home Selling Tip of The Week – The Garage originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on April 24, 2012.

Spring is here for the Real Estate market in Jacksonville Florida!

Traditionally, Spring brings a lot of new listings followed by a flood of home shoppers.  Sellers are anxious to get their home on the market as one of the hottest home buying seasons is just around the corner. 

This Spring follows the traditional trend, however a few interesting facts about the Jacksonville Real Estate market thus far:

• New listings have been hitting the market, BUT overall available inventory is WAY DOWN!  I’m talking half compared to 4 years ago.  
• Will this trigger a Seller’s market in the months to come? 
• Could the coming wave of bank owned properties finally be released on the market for sale?
• Multiple offers on Investment condos in the $50k – $80k price range.  I have a growing list of investors buying these type investment properties site unseen.
• How much longer will these deals exist with the growing demand?
• These are CASH ONLY purchases as most banks will not finance many of the condo communities in Jacksonville.
• Waterfront homes demand is up as buying power has increased. 
• It’s of my expert opinion, that well financed or cash buyers have a great opportunity in the current market as waterfront homes have been just out of reach for most buyers but many of these home Sellers are ready to make a deal. 
• Waterfront buyers continue to search for quality vs the fixer upper.
• The Fixer Upper continues to be a turn off for most buyers regardless of the deal available. 
• There has been such a huge supply of great deals for so many years that buying a fixer upper hasn’t always been the best deal available.
• With the market on the edge of a shift, will this revert back to being the hottest buy around?
• New Listings are WAY over priced!  Smart Money did an article about “Cities with the Least Realistic Home Prices” and Jacksonville FL was 2nd on the list.  Ouch!
• The problem:  Median list price = $184,775 and the Median sales price = $121,600 which is a whopping 34% difference.
• My theory:  Many are upside down in their mortgage or right on the edge.  Which means the house will never sell for more than it’s really worth. 

Spring 2012 Jacksonville Real Estate originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on April 23, 2012.

Bad news first:  It is so difficult to catch up on late mortgage payments.

The good news:  If you have the income, your mortgage company may work with you to help you catch up on the payments.

More bad news:  It’s not that easy to get your lender to help….even if they have the ability to help.

Good News:  There is no “did not pay mortgage jail”.  All they can do is hound you via non-stop phone calls, people knocking on your door, and eventually foreclosure.  The worst that could happen is being sued for the deficiency after the foreclosure….which in Florida, they can do and many bank will do. 

Over 6 million home owners are behind on payments.  That is a HUGE number!  Because of this, the mortgage companies are flooded with request for help.

If you can’t pay, you really only have a few options:

1. Mortgage Modification:  Almost impossible if you have no income or heavily reduced income.
2. Short Sale:  Sell for less than is owed.
3. Foreclosure:  Do nothing, and your bank will proceed with a foreclosure.
4. Bankruptcy:  File bankruptcy by consulting with an attorney, and you’ll be moving out very quickly.  

If all you have is an income and mortgage expense problem, or you are being relocated by your job, or you are moving do to medical or family medical issues, a short sale is most likely your best option.  Take the time, study our free guide:  How To Short Sale.

What to do if Behind on Mortgage Payments originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on March 23, 2012.

Based on the recent RealtyTrac year end report, it appears short sales are up and bank owned real estate sales are down.  Statewide, short sales were up 3 percent in the fourth quarter of 2011 compared with the same time in 2010, while bank-owned sales were down 32 percent.  REO down 32%!

One big explanation for the heavy slow down in foreclosures is the robo-signing hangover from 2010.  The system is currently overloaded with homes in some stage of foreclosure but just stalled out in the process.  Estimates of homes late on payments, homes in a stage of foreclosure, and homes already owned by the banks but not released for sale run in the 4-6 million range. That’s 4-6 million homes!  Think garden hose with a basketball stuck in it. 

Another explanation is that banks don’t want the homes.  Banks want short sales not foreclosures.  Foreclosures sell for an average of 24% less than what a short sale will sell for.  The banks have finally started realizing and agreeing that short sales are part of their business.  They helped people get into the homes and now they have to help people get out of the homes.  Welcome to real estate after a bubble.

A large portion of my business is short sales, and at any given time we have a large number of pending sales just waiting for bank approval.  I can’t say I’ve seen any overall speed up in the process, but I can say the banks have started putting processes in place.  The big slow down appears to be all the governmental red tape with all the different gov programs that almost no home owner qualifies.  However, the banks seem to be required to at least attempt qualifying each short selling home owner.  Frustrating, but part of the business.

2012 is the year of the short sale…and maybe the first of two or three years of short sales.  Main points as to why this is the year:

• Banks net more cash in a short sale vs a foreclosure
• Banks aren’t in the property management business, and don’t want to be
• Debt foregiveness act of 2007 expires at the end of 2012.  This is the ability to null and void the taxes from a 1099 you receive after being relieved of debt on your primary residence.
• Banks are offering cash incentives to some home owners if they agree to short sale.  This is a big sign the banks are serious about short sales.
• Foreclosures take an average of 600+ days in Florida and in that time period a property declines in condition.

Brad Officer is a Short Sale Realtor in Jacksonville FL.  Make sure to read our info on How to Short Sale.

2012 The Year of the Short Sale originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on March 6, 2012.

Short Answer is YES!

Top 8 Reasons to Buy Florida Real Estate in 2012:

1. Be like Buffett:  Buy when others are fearful.  In a recent interview, Warren said he’d like to buy up a “Couple Hundred Thousand” single family homes!  Warren Buffett CNBC interview for buying up single family homes.
2. Prices are Fragile:  Floridians are usually very proud of what they have.  We know real estate in Florida is always in demand, but right now the prices are a little more fragile.  Is the bottom here or not?
3. Sellers are Anxious:  Sellers are anxious to sell and move on.  They are anxious to know their return from selling the home.  They may be willing to take lower offers to just cut the losses.
4. Money is Cheap:  Rates are hovering around 4%!  This may be the only time in our lifetime that we see rates sustaining at this extreme low.  Get ready for 8, 9, and 10% rates in the next decade.
5. Be an Investor:  Rents are up, home prices are down.  Buy low and rent high.
6. It’s Florida:  Warm weather year round with moderate winters in North Florida.  Surrounded by water.  Outdoor activities are endless.  All this equals healthy living.
7. Waterfront Living:  There is a plethora of waterfront living opportunities available.  Search for waterfront homes for sale in Florida.
8. Life is Too Short:  How long have you been thinking of buying real estate in Florida?

Brad is a Jacksonville FL REALTOR and Florida Licensed Real Estate Agent.

Is Now a Good Time to Buy Florida Real Estate originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on March 1, 2012.

Average time a Foreclosure takes in Florida:  600+ days!  That’s a snails pace!

Proposal SB 1890 is one step closer to becoming law in Florida.  And it’s a good thing in my opinion.

Two Major Changes this Bill aims to Change:

1. Speed up Foreclosures:  Any lien holder, 1st mortgage, 2nd, HELOC, etc., could file for a “hastened” foreclosure in cases where the home is abandoned or the mortgage is delinquent.  In these cases a judge can side with the lien holder and file an immediate final judgement notice, which gives only days before a house is taken back by the bank.  This has the ability to go retroactive to ALL home owners currently in foreclosure in Florida.  Some 368,000 home owners. 
2. Reduced time limit for Deficiency Judgements:  The bill aims to reduce the time period in which a lender can seek the deficiency balance after a foreclosure from 5 years to only 1 year after the foreclosure.  Lenders currently have 5 years to go after the deficiency balance, and they are going after them.  They sell the rights to collect to debt collection attorneys, and these attorneys are relentless.  

If this Bill becomes Law, how will it affect home owners who are currently not paying their mortgage?

• The free rent is over for those who are seriously delinquent.
• If you can’t pay, you’ll have to start short selling ASAP!  No more waiting for the planets to align
• The 1 year collection period will reduce stress:  At least you know after 12 months that you either have major financial issues or you don’t.  As it stands now, you’d be just waiting for the knock on the door for 60 months. 

If this Bill becomes Law, how will it affect short sales?

• Since Banks want short sales not foreclosures, they’ll speed up the short sale process in Florida. 
• Banks will get serious about offering a short sale to delinquent or soon to be delinquent home owners.
• Get ready for a “streamlined short sale” that will be offered by many banks who don’t want more housing inventory to have to manage, repair, and retail.
• More incentives offered to home owners for short selling.  Right now some banks are offering cold, hard cash at closing for home owners who agree to short sale.
• Deficiency judgement time period is the same as in foreclosure, it will be reduced to 1 year from 5 years. 
• Promissory notes or small cash contributions will become normal “payoff” to the banks in order to avoid any future deficiency balance. 

The one big negative I see from this streamlined foreclosure bill:  Some short sales are extremely complex.  Multiple lien holders, mortgage insurance companies, multiple servicing companies, etc.  In some of these cases, getting all parties on board for a short sale is time consuming to say the least.  If these parties don’t get in line quickly, a streamlined foreclosure could take the house during a short sale.  Will that cause more litigation against the banks?  Probably. 

Brad is a Jacksonville REALTOR representing home owners who need to sell their Jacksonville or Ponte Vedra Real Estate or their waterfront homes in Jacksonville.

Florida Bill to Speed Up Foreclosures originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on February 29, 2012.

I constantly scan the market in the hottest areas of town and hottest private communities in Jacksonville and Ponte Vedra.  I’m looking for the best deals and the best houses.  It’s an easy process.  Either the home is attractive inside and out and it’s priced well enough that I want to see it…..or it’s not. I believe home buyers do the same search.

One thing I dislike seeing in this buyer’s market:  Overpriced Short Sales!

There is only 1 thing worse than seeing an overpriced short sale:  A bank owned home that was a short sale listing!

Truth be told, I’ve had my close calls with banks either purposely or accidentally attempting to foreclose on a home while we are trying to get a short sale contract approved.  Occasionally, I’ve sold the same home 3 or 4 times while constantly pushing the bank to approve the short sale within a reasonable 90 day timeline.  (buyer’s cancel usually due to slow response from the short sale bank).  BUT AT LEAST I’M SELLING THE HOME!  I’m doing my part, my service to get the home sold and closed for the home owner.

How a short sale listing, in good condition can sit on the market for sale for so long without being sold is beyond me.  However, I do see this in the Jacksonville real estate market.  It’s unfortunate and the result is a foreclosed home and home owner who now has the big F on their credit report despite their efforts to short sale.

Why would a home owner stick with a real estate agent that can’t get the home sold?  I know why.  It’s usually because of one of these main factors:

1. Neighborhood Expert:  The seller used the, and I use this term loosely, “neighborhood expert”.  I think this was a more valid term back before the internet was in such major usage for our real estate needs.  Too often, the “expert” knows the history of the community, some people who live there, and info on the association, but are they really an “expert” on selling homes in this real estate market?  Can they market a home correctly to today’s home shoppers?  Can they market, negotiate, and close a short sale?
2. Obligation:  The seller is/was obligated to use a specific agent to sell their home.  A friend, family member, or their previous agent, etc.  Was this really the best choice?  The best agent to get the job done?
   
3. Lack of Due Diligence:  The seller did little to no research on short sales ahead of time and are now greatly unarmed with pertinent information on short sales.  Furthermore, most agents are greatly unarmed themselves and now we have an uneducated seller and under-experienced agent attempting a complex short sale.

If I’m a home seller in Jacksonville, doing a short sale on my home, I’d demand results from the agent.  If the agent can’t get the home at least under contract, something is wrong with the house, the price, or the marketing.  If that’s the case, I’d find an agent that knows how to short sale a home and get the results the home owner deserves.

Brad Officer is a licensed Realtor in Jacksonville and a Short Sale Specialist serving  Jacksonville and Ponte Vedra Real Estate.  If you are thinking of doing a short sale on your home, make sure to read How to Short Sale.

Short Sale Listing Not Selling originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on February 28, 2012.

Everyone comes out ahead in a Short Sale!

Sellers:  Avoid the F word…..Foreclosure!  Sellers get a respectable way out of a home they can no longer afford or a home they are being relocated from and can’t afford to rent it out. Don’t be an upside down, reluctant landlord who is subsidizing the rent to make up enough for the mortgage payment….that’s an inevitable train wreck happening sooner than later! 

Buyers:  Get a home in much better condition.  It’s a known fact that bank owned, Foreclosed homes have usually been sitting with NO AC for months and sometimes years.  The yard is a mess, the bug situation is a mess, and the homes are a breeding ground for the big M word….MOLD.  Short sale homes are lived in and cared for, costing far less out of pocket expenses to bring the house up to standards.

Banks:  24% higher return on a short sale home vs a foreclosed home.  In other words, the banks make a LOT more money when they agree to a short sale vs foreclosing on the property and selling it off some years later.  Check out the study on Short Sales are better for Banks than Foreclosure.  Some banks are even giving cash bonuses for sellers who agree to short sale!  Maybe the banks are finally figuring it out?

It still baffles me as to why short sales take SOOOO long!  I don’t think the banks are purposely taking a long time on short sales in order to discourage them.  I don’t believe the banks are taking so long in order to penalize the home seller by having more negative hits on their credit for “late pays”.  I think it’s just a completely overloaded system. 

Either way, Short Sales in Jacksonville FL will be around for quite some time!  With meager signs of home price declines barely starting to slow, almost half the city is upside down in their mortgage.  Values have to get back to 2006 levels before we are nearly completely out of the woods.  How long will that take?  Short answer: YEARS!

If you need information on Short Sale Info or go here for How to Short Sale, info on Jacksonville Real Estate, or need to consult with a Professional Jacksonville REALTOR to list and sell your house,  contact Brad Officer.

Banks Want Short Sales Not Foreclosures originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on February 27, 2012.

TOP Question of the week…..asked by no less than 6 people this week: 

How soon can I buy a home after I short sale this home?

First off, it’s worth noting that buying a home after a short sale is much easier and sooner than after a foreclosure.  I beg home owners to not “walk away” as it is truly a major hit to your ability to secure financing for a home purchase in the many years to come. 

Buying a home after Short Sale:

FHA underwriting guidelines, that are always changing, currently state that a home owner can receive financing 3 years after they sold their home in a short sale.  Although, that time penalty CAN be waived in certain cases, including long term job loss/loss of income. 

Another possibility, slim as it may be, there is NO time limit on another purchase using FHA if the short sale home owner was current on payments for the previous 12 months before the date of short sale closing.  That’s a homeowner who stays current on payments during a short sale.  

Current on payments for a short sale?  I’ve seen one or two short sales get approved while an owner is current on payments, but it’s very rare.  After all, the banks are looking for a hardship, and they’ve made it almost impossible to have a positive short sale outcome unless the hardship is financial.  Most banks even require you to be 90 days or more late before they will even look at you for a short sale. 

So 3 years or sooner for FHA financing. 

Have a 20% down payment?  Fannie Mae will approve you for conventional financing 2 years after your short sale.  If you only have 10% down, it’s 4 years for a Fannie Mae backed loan. 

FICO credit score.  You WILL need a good credit score.  After a short sale, you get an initial hit to the score, and then you should start seeing a rebound in about 6 months to 1 year.  That being said, you have to pay all your bills on time, and use your credit cards to only about 30% available balance and continuously pay them off. 

Get your FICO back to 700+, get 3.5% of total purchase price for an FHA down payment, get 2% of total purchase price for closing fees and moving expenses, and wait 3 years from your anniversary date of short sale.  Do this, and you’ll most likely get a mortgage with about as good an interest rate as exist at the time. 

Thinking of doing a short sale? Some info you will need:  How to Short Sale, Short Sale Info, Short Sale Realtor in Jacksonville

How Soon Can I Buy a Home After a Short Sale originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on February 24, 2012.

This is a list of Waterfront Homes For Sale in Jacksonville under $500k.  This list is pulled from the MLS as “Navigable” waterfront.  A word of caution:  Navigable is defined as having the ability to launch a boat and get to a major waterway like the intracoastal, the St Johns River, or the ocean.  Often, some listing agents attempt to make a pond “navigable”.  I do not do this with my listings, and there is no way to filter out those bogus listings from this report.  Therefore, make sure you check the map on the bottom of each listing to see it’s true location. 

Ready to set up some showings?  Send me an email and we can put you on the schedule!

Showing properties 1 - 10 of 65. See more Waterfront under $500k.
(all data current as of 5/16/2012)

1. $500,000 : 13903 North Captain Hook, JACKSONVILLE
   
   4 beds, 3 full baths

   Home size: 2,956 sq ft

   Year built: 1966

   Parking spots: 2

   Listed with MAGNOLIA PROPERTIES
2. $499,900 : 2100 Beach, JACKSONVILLE BEACH
   
   3 beds, 2 full baths

   Home size: 1,432 sq ft

   Lot size: 35,550 sqft

   Year built: 1940

   Listed with OCEANSIDE REAL ESTATE
3. $498,500 : 14557 Pablo, JACKSONVILLE
   
   3 beds, 2 full baths

   Home size: 2,370 sq ft

   Lot size: 12,150 sqft

   Year built: 1983

   Listed with WATSON REALTY CORP
4. $494,000 : 4220 Tradewinds, JACKSONVILLE
   
   4 beds, 3 full, 1 part baths

   Home size: 2,600 sq ft

   Year built: 2000

   Parking spots: 2

   Listed with SESSIONS REALTY INC.
5. $489,900 : 149 Greencrest, PONTE VEDRA BEACH
   
   4 beds, 3 full baths

   Home size: 2,685 sq ft

   Year built: 1990

   Parking spots: 2

   Listed with RETOPIA INC.
6. $479,000 : 3817 North Brampton Island, JACKSONVILLE
   
   4 beds, 2 full, 1 part baths

   Home size: 2,832 sq ft

   Lot size: 32,234 sqft

   Year built: 1994

   Parking spots: 2

   Listed with WATSON REALTY CORP
7. $475,000 : 915 Yacht Harbor Ct, JACKSONVILLE
   
   3 beds, 3 full, 1 part baths

   Home size: 2,717 sq ft

   Year built: 1996

   Parking spots: 2

   Listed with WATSON REALTY CORP
8. $467,000 : 4228 Coquina, JACKSONVILLE
   
   5 beds, 4 full, 1 part baths

   Home size: 3,815 sq ft

   Lot size: 22,500 sqft

   Year built: 1964

   Parking spots: 2

   Listed with WATSON REALTY CORP
9. $459,900 : 4205 Harbour Island, JACKSONVILLE
   
   4 beds, 3 full, 1 part baths

   Home size: 3,648 sq ft

   Lot size: 11,210 sqft

   Year built: 1989

   Parking spots: 3

   Listed with BASS PRO REALTY, INC
10. $459,900 : 14493 Pablo, JACKSONVILLE
    
    3 beds, 2 full baths

    Home size: 2,190 sq ft

    Year built: 1983

    Parking spots: 2

    Listed with RE/MAX COASTAL REAL ESTATE

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Waterfront Homes Under $500k in Jacksonville originally appeared on Jacksonville Real Estate | Waterfront Homes | Jacksonville Short Sale | Brad Officer - REALTOR Jacksonville Real Estate Agent on February 23, 2012.