Are Jacksonville short sales and Jacksonville foreclosures comparable to straight Jacksonville FL resales?
Yes.
Say that again?
Yes.
As we are in the fifth year of the real estate market downturn I would have assumed that this would be common knowledge. Working in Jacksonville short sales and Jacksonville foreclosures like we do, our team is always surprised with this myth is resurrected.
It usually happens something like this...
"Your listing on 123 Short Sale Lane is only worth 300,000 because regular resales have been going for $350,000 and this is a short sale..."
or like this...
"Of the 10 homes that closed in the last 3 months in Ponte Vedra community A--the smallest had 3500 square feet -- I have emailed you the the MLS listings for those solds-- only one of them was a short sale. "
Please take note. It doesn't matter if you are bidding on a foreclosure or short sale...you can not discount the price solely for that fact...then use that as an excuse for a low offer. Jacksonville home values incorporate all types of sales (assuming they are arms-length transactions).
Fair market value is what matters! The bank will order an analysis of fair market value, whether that be a BPO or an appraisal. When an appraisal is done, they are not going to discount for the fact that a home is a Jacksonville foreclosure or short sale. They are going to compare apples to apples...
