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Short Sale Potential - What It Means Today

Have you ever been looking at homes for sale online and seen the term "short sale potential" used with a listing?

After our recent post on how to buy a short sale without a lot of frustration, a few people contacted me with questions about the meaning of short sale potential and why they see it on so many homes for sale in Tallahassee.

The answer is short and simple.

Short Sale Potential Defined

When you see a home for sale that specifies that it has short sale potential, it means that the homeowner is trying to sell a home for an amount of money that will not satisfy what is owed on the home. Simply put, the homeowner is "upside down" on the home and wants or needs to get it sold.

Short Sale Potential Tallahassee FloridaIt really is that simple. It means that if you want to buy a home with short sale potential, the contract you make with the seller must first be approved by any and all lien holders (lenders) on the property.

Since the lien holders will not be receiving everything they are owed, and the home with short sale potential is collateral for their loan(s), the lien holders have the right to decide whether or not the home is selling for a high enough price or with terms best suited for their needs.

Because of this, it is common for the sale of homes with short sale potential to take many more months than traditional arms length transactions. Additionally, it is not uncommon for these homes to return to the market and be listed for sale again (due to the original contract failing to close).

Homes With Short Sale Potential

In the past 90 days, roughly 14% of the homes listed for sale at a price above $100,000 were listed showing short sale potential.

You can see a list of all distressed homes listed for sale in the Tallahassee MLS at this link.

The following is a list of homes that recently entered the market priced above $100,000. The final column shows whether or not the home was listed with short sale potential.

Neighborhood Address Price Price Per SQF Year Built SQF Short Sale Potential
Rococo Farms 7542 Molly Frances Dr $339,900 $110 2007 3,100 No
Arvah Branch 2000 Bushy Hall $185,000 $97 1994 1,899 No
Los Robles 1569 Cristobal $350,000 $130 2006 2,700 Yes
Betton Oaks 1464 Goodwood Court $185,000 $107 1984 1,728 No
None 3118 Middlebrooks Circle $389,900 $120 1967 3,258 No
None 1831 Collins Landing Road $349,000 $134 1980 2,604 No
Southwood 3286 Salinger Way $314,900 $133 2004 2,368 No
Azaela Park 1689 Mayhew Street $136,000 $99 1958 1,377 No
Mcbride Hills 7627 Mcclure Drive $379,000 $101 1999 3,769 No
Belmont Park 309 GarnerCourt $150,000 $106 1963 1,420 No
Hickory Ridge 2675 Hickory Ridge Road $449,000 $114 1978 3,955 No
Bull Run 2594 Manassas Way $269,900 $148 2012 1,822 No
Betton Hill 1444 Spruce Avenue $384,000 $107 1948 3,600 No
Hartsfields Village 2369 Foster Court $129,000 $89 1993 1,444 No
Oakhill Farms 11115 BexhillLane $480,000 $138 1989 3,488 No
Woodgate 1449 Woodgate Way $217,500 $124 1971 1,751 No
None 2046 Creek Hollow Trl $199,000 $116 1986 1,718 No
Ox Bottom Manor 6327 Sinkola Dr $375,000 $129 2001 2,918 No
Killearn Estates 3822 Longford Dr $324,900 $116 1974 2,801 No
None 3761 Dugan $575,000 $126 2007 4,551 No
Killearn Estates 4002 Ardara Drive $149,900 $84 1973 1,780 Yes
Walden Place 7125 Atascadero Lane $369,900 $131 2007 2,824 No
Killearn Acres 3131 Lookout Trail $205,000 $114 1983 1,797 No
Foxwood 3766 Chaseridgecourt $220,500 $89 2004 2,484 No
Mcbride Estates 7889 Maclean Road $220,000 $114 1995 1,935 No
Northwood Estates 1909 Greenwood Dr $135,000 $79 1954 1,709 No
Dry Creek 940 Indigo CreekWay $110,000 $82 2008 1,347 Yes
Westbury 2746 Corrie Adrian Lane $164,900 $112 1992 1,472 No
Crescent Hills 5316 Falling Star Drive $114,000 $76 2005 1,500 No
Piney Z 849 Piney Village Loop $225,000 $100 2005 2,245 Yes
Lakeshore Estates 209 Ridgeland Road $249,000 $133 1972 1,877 No
Golden Eagle 9114 Shoal Creek Drive $510,000 $170 1997 3,003 No
Antlers 1052 Alameda Drive $310,000 $162 2001 1,910 No
Meridian Heights 315 Beard Street $310,000 $115 1937 2,700 No
Los Robles 1574 Cristobal Drive $795,000 $185 1937 4,307 No
Betton Hill 1443 Marion Avenue $350,000 $147 1980 2,378 No
Southwood 4257 Summertree Drive $329,900 $148 2006 2,227 No
Betton Hills 2106 Lee Avenue $199,900 $152 1954 1,312 No
Settlers Creek 3090 Mccord Blvd $135,000 $110 1991 1,230 No
The Ravines 3726 Daggerwing Court $297,500 $121 1991 2,454 No
Forest Heights 1721 Sharon Road $109,000 $76 1986 1,438 No
Rivers Landing 6278 Rivers LandingCourt $155,000 $131 2010 1,187 No
Crescent Hills 5355 Falling Star Drive $110,500 $89 2005 1,237 No
Killearn Estates 3089 Bay Shore Dr $180,000 $92 1978 1,957 No
Kimmer Rowe 3018 Kimmer Rowe Dr. $349,000 $146 2012 2,394 No
Ox Bottom 6379 Mallard Trace Dr $295,000 $125 1994 2,353 No
Burgess Circle 3126 Louise St $115,000 $87 1962 1,322 No
Lakebreeze Unrec 2613 Neuchatel Drive $159,900 $97 1986 1,650 No
Capital Park 2950 Capital Park Drive $134,500 $109 1997 1,236 No
Greenwood Unrec 2027 Greenwood Drive $225,000 $104 1970 2,160 No
Golden Eagle 9682 Pebble Beach Way $495,000 $157 2012 3,160 No
Eagles Ridge 9011 Eagles Ridge Drive $300,000 $133 2004 2,257 No
Pebble Creek 3348 Piping Rock $259,900 $112 1998 2,328 No
Eastgate 2220 Branbury Lane $162,500 $118 1978 1,374 No
Huntington Woods 2993 Byington Circle $105,000 $80 1984 1,308 Yes
Parramore's Lake 22534 Frances Way $449,000 $195 1996 2,300 No
Eagles Ridge 9070 Eagles Ridge $259,000 $125 2004 2,071 No
Adiron Woods 3052 Bidhurst Court $279,900 $142 2012 1,966 No
Mahan Circle 1816 Jasmine Dr $125,000 $122 1966 1,025 No
Eastgate 2543 Whisper Way $137,900 $105 1978 1,314 No
Ox Bottom Manor 397 Meadow Ridge Drive $212,000 $91 1994 2,325 No
Killearn Estates 2925 Tipperary Ct $179,900 $103 1970 1,750 No
Adiron Woods 3043 Adiron Way $275,000 $122 2007 2,260 No
Killearn Estates 2817 Roscommon Drive $319,900 $115 1968 2,781 No
Richland 1101 Pinecrest Drive $179,900 $104 1966 1,736 No
Tower Oaks 5541 Green Meadows Ct. $109,900 $80 2003 1,376 No
Victory Terrace 533 Collinsford Road $110,000 $77 1995 1,422 No
Lee Manor 912 Tanner Drive $129,000 $80 1958 1,611 No
Landover Hills 6605 Landover Circle $220,000 $105 1994 2,100 No
Southwood 3240 Appleton Drive $514,500 $137 2006 3,751 Yes
Nothshire Replat 7992 Tennyson Drive $280,000 $124 1988 2,263 No
Luna Manor 1477 Manor House Drive $349,000 $136 1987 2,575 No
Buckwood 4080 BothwellTerrace $145,000 $94 1986 1,540 No
Weems Plantation 3505 Torrington Way $165,000 $103 2003 1,596 No
Melody Hills 1928 Lawson Rd $149,900 $84 1974 1,792 Yes
Timber Lake 4121 Sugar Bear Dr $110,000 $96 1988 1,140 Yes
Shannon Forest 3733 Forsythe Way $227,000 $112 1973 2,033 No
Thomasville Green 845 Wilmon Court $225,000 $125 2001 1,794 No
Easton Glen 1858 Celtic Rd $210,000 $117 2000 1,791 No
Tower Oaks 5520 Green Meadows Court $100,000 $75 2003 1,338 Yes
Pine Tip Hills 3688 Pine Tip Rd $395,000 $115 1985 3,425 No
Avondale 1329 S Alshire Court $165,000 $98 1990 1,677 Yes
Los Robles 1520 Cristobal Dr $475,000 $168 1994 2,832 No
Lambert Heights 211 Edwards St $125,000 $118 1950 1,062 No
San Luis Ridge 2402 Miranda Avenue $189,500 $67 1964 2,808 No
Killearn Lakes 3453 Cedarwood Trl $170,000 $115 1987 1,483 No
Buckhead 4627 Sparrowhawk Court $399,000 $135 2005 2,962 Yes
Avondale Unit 3 1321 Avondale Way $190,000 $96 1990 1,985 Yes
Magnolia Add 219 Britt Street $150,000 $113 1944 1,324 No
None 6723 Treasure Oaks Circle $375,000 $120 1973 3,131 Yes
Killearn Acres 6708 Hill Gail Trail $172,000 $122 1986 1,412 No
Avondale 1542 Avondale $189,000 $104 1988 1,824 No
Vill Of Killearn 4422 Stratfordshire Ct $129,000 $94 1990 1,372 No
Victory Garden 1110 Albritton Drive $100,000 $76 1976 1,308 No
Centre Court 2318 Kinsely Courts $139,900 $108 1998 1,301 No
Arvah Branch 6505 Pickfair Court $234,900 $101 1992 2,324 No
Southwood 3151 Mulberry Park Blvd $149,000 $113 2002 1,324 No
Killearn Estates 2835 WhittingtonDrive $278,000 $122 1998 2,272 No
Westbury 2756 Mcfarlane Ct $165,000 $122 1994 1,353 No
Meridian Place 2700 Woodside Drive $1,700,000 $278 1958 6,115 No
Coventry Banks Xxxx LanternlightCourt $595,900 $166 2013 3,589 No
Lehigh 1312 Lehigh Drive $120,000 $78 1960 1,532 No
University Park 409 Georgetown Drive $100,000 $45 1972 2,237 No
Greystone 7974 Greystone Drive $434,900 $156 2012 2,790 No
Lakeshore 3430 Lakeshore Drive $359,000 $106 1961 3,391 No
Ox Bottom 6379 Mallard Trace Drive $295,000 $125 1994 2,353 No
Pine Tip Hills 490 Frank Shaw Rd $452,000 $124 2004 3,645 Yes
Golden Eagle 9191 Shoal Creek Drive $459,900 $121 2005 3,794 No
Huntington Woods 3208 Aldenwood $115,000 $84 1994 1,372 Yes
Bobbin Trace 3840 E Millers Bridge Rd. $650,000 $152 1999 4,266 No
Brockswood Park 1413 FrederickDrive $209,900 $116 1958 1,817 No
- 8846 Faithful Trce $472,000 $119 2001 3,981 No
Settlers Creek 3963 Magellan Trl $150,000 $96 1989 1,562 No
Killearn Estates 3037 Fermanagh Drive $315,000 $109 1977 2,881 No
Golden Eagle 3418 Osprey Ridge Court $670,000 $177 2007 3,952 No
Wellswood 224 Sinclair Rd $130,000 $126 1950 1,033 No
Killearn Acres 3204 Lord Murphy Trail $184,900 $121 1984 1,534 No
Brighton Place 1575 Paul Russel Road $113,900 $67 2006 1,705 No
Brockswood Park 1417 Shuffield Dr $199,000 $79 1951 2,523 No
Benjamin'S Run 1920 E Wagon Wheel Circle $214,900 $114 1994 1,882 No
Buck Lake Estates 1997 Charlias Street $155,000 $92 1984 1,680 No
Killearn Acres 3228 Apollo Trail $175,000 $118 1996 1,481 No
Woodland Drives 1210 Circle Drive $160,000 $105 1955 1,530 No
Killearn Lakes 9109 Birch Run Ln $150,000 $114 1990 1,313 No
High Halden 1794 Benjamin Chaires Road $220,000 $107 2013 2,050 No
Southwood 3806 Piney Grove $450,000 $136 2003 3,321 Yes
Piney Z 868 Piney Village Loop $309,000 $125 2007 2,475 No
None 4624 Scawthorn Drive $269,000 $97 1996 2,760 No
None 804 Brevard Street E $119,500 $98 1946 1,224 No
Ventanas 2140 Delta Boulevard $135,000 $86 1999 1,565 No
Homestead Ridge 3497 Almanac Road $150,000 $62 1976 2,428 No
Hawks Landing 3184 Hawks Landing Dr. $370,000 $138 1996 2,676 No
Chateau Lafayette 3464 Daylily Lane $105,000 $80 1995 1,308 No
Killearn Estates 3517 Dundalk Drive $195,500 $124 1986 1,583 No
Southwood 4264 Four Oaks Blvd $199,900 $110 2009 1,818 No

If you want to know more about selling a home or buying a home where short sale potential is possible, just drop me a note and we can schedule a time to discuss your specific situation and needs.


*Joe Manausa Real Estate is a brokerage company headquartered in Tallahassee, Florida. Its unique business model provides specialists to both home sellers and home buyers, and the results speak for themselves. JMRE has significantly more 5-star reviews on google than any other local competitor. Joe Manausa Real Estate is a leader in internet marketing and utilizes search engine optimization, email marketing, social media and data analytics to get their clients’ home sold faster and for more money than any other Tallahassee brokerage firm. For more information, visit www.manausa.com or call us at (850) 366-8917.

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