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.
It 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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