Short Sale Process Is Different Than Arms Length Home Sales
We have closed a lot of short sales in Tallahassee, and I can tell you that there is a lot of confusion among home buyers and home sellers alike, so I thought a quick article could help explain the process that you will likely encounter if you decide to sell your home through a short sale.
Currently, 526 out of the 2,473 homes for sale in Tallahassee are listed as short sales, which represents roughly 21% of the listings. The current trend of closed home sales are up to 13% (1 out of every 8).
Short Sales - By The Numbers
The process that buyers and sellers undergo in a Tallahassee short sale is very different than what occurs in an arms-length home sale. Because a lender(s) must approve of the agreement reached between buyer and seller, there is a third-party involved in the decision making flow. This means that the buyer and the seller will have multiple opportunities to decide how they plan to proceed.
The Five Steps In The Short Sale Process
There are five key junctures that occur during the short sale process, and the transaction is contingent upon several factors all the way through the fifth point.
- The Short Sale Contract - The buyer makes an offer to the seller, and the seller accepts the offer with the provision that lien holders must first approve the contract.
- All lien holders (most often just one bank) receive the contract and decide whether or not they are willing to allow the seller to do a short sale. In today's real estate climate, they most often accept a short sale and then they provide terms to the seller for how the deficiency will be handled.
- The lender proposal to the seller contains all of the terms that the lender will require of the seller for the short sale to proceed to closing.
- The seller now has to make a final decision on whether or to proceed to closing. If the terms are not acceptable, the seller may send a counter-proposal to the lender. If terms cannot be agreed upon with the lender, the buyer is notified that the contract is void and the deposit is returned to the buyer. If the seller is happy with the terms of the proposal, then the buyer is notified that the bank has approved the short sale.
- The buyer has a short period of time to agree to the close on the property, or cancel the contract and have the deposit returned to the buyer.
As you can see, there are a lot of "outs" in a Tallahassee short sale, but this process has been fairly efficient at helping Tallahassee home sellers who are upside down in their homes to get them sold. If you think you might have a home that needs to be sold in this manner, just drop me a note and we will schedule some time to explore the situation and opportunities that are available to you.
List Of Recently Closed Short Sales In Tallahassee
| Neighborhood | Address | SP | Price/SQF | Closing Date | Year Built | SQF |
| Fairview | 3101 Meridian St | $25,000 | $29 | 7/1/2011 | 1958 | 856 |
| Burr Sub | 3268 Longleaf Road | $280,000 | $76 | 6/30/2011 | 1953 | 3,679 |
| Wolf Creek | 1824 Nena Hills Drive | $90,000 | $52 | 6/30/2011 | 2005 | 1,744 |
| Campbell Park | 613 Alpha Ave | $78,795 | $54 | 6/30/2011 | 2006 | 1,464 |
| None | 11711 Evergreen Hills Court | $118,000 | $81 | 6/30/2011 | 2008 | 1,461 |
| Buckwood | 4065 Bellington Ct | $116,682 | $89 | 6/30/2011 | 1989 | 1,312 |
| Killearn Lakes | 8201 Hunters Ridge Trail | $119,000 | $100 | 6/30/2011 | 1988 | 1,196 |
| Tower Oaks | 5531 Tower Wood Trail | $94,000 | $70 | 6/29/2011 | 2002 | 1,338 |
| Sable Chase | 8416 Ivy Brook Lane | $175,000 | $100 | 6/29/2011 | 2004 | 1,745 |
| Killearn Lakes | 8377 Hunters Ridge Trail | $86,000 | $86 | 6/27/2011 | 1993 | 1,000 |
| Woodland Drive | 909 Circle Drive | $340,000 | $139 | 6/27/2011 | 1954 | 2,443 |
| Bobbin Trace | 3815 E Millers Bridge Circle | $739,779 | $159 | 6/24/2011 | 2003 | 4,660 |
| Homestead Ridge | 9370 Settler Avenue | $210,000 | $106 | 6/24/2011 | 2007 | 1,983 |
| Camellia Gardens | 3400 Old Bainbridge Road #306 | $68,000 | $49 | 6/24/2011 | 2004 | 1,386 |
| Camelot Park | 870 Kingsway Rd. | $182,000 | $79 | 6/24/2011 | 1978 | 2,300 |
| Glen Pointe | 4100 Mission Trace Blvd | $57,500 | $55 | 6/21/2011 | 1997 | 1,050 |
| Hartsfield Circle | 2103 Darnell Circle | $60,500 | $54 | 6/21/2011 | 1977 | 1,112 |
| None | 1829 Woodgate Way | $200,000 | $89 | 6/20/2011 | 1977 | 2,251 |
| Brighton Place Condos | 1575 PAUL RUSSELL RD | $103,000 | $60 | 6/20/2011 | 2006 | 1,731 |
| Meadows at Woodrun | 8713 Manchester Court | $80,000 | $70 | 6/17/2011 | 1980 | 1,148 |
| Hidden Lakes | 1813 Gina DR | $52,000 | $43 | 6/16/2011 | 1993 | 1,222 |
| Landmark | 253 Briley Ct | $58,000 | $51 | 6/15/2011 | 2003 | 1,128 |
| Forest Heights | 1907 Sunset Lane | $155,000 | $124 | 6/15/2011 | 1974 | 1,252 |
| Buckhead | 2630 S Hannon Hill Drive | $303,900 | $118 | 6/14/2011 | 1999 | 2,567 |
| Camellia Gardens | 3400 Old Bainbridge #402 | $84,900 | $62 | 6/13/2011 | 2004 | 1,368 |
| Timber Lake | 1499 Grey Fox Run | $93,465 | $75 | 6/9/2011 | 1995 | 1,240 |
| Sable Chase | 1833 Acorn Ridge Trail | $159,650 | $108 | 6/8/2011 | 2005 | 1,477 |
| Killearn Lakes | 8747 MINNOW CREEK Drive | $120,000 | $96 | 6/3/2011 | 1991 | 1,255 |
| Villas Of Westridge | 2272 SANDPIPER STREET | $25,000 | $27 | 6/2/2011 | 1983 | 928 |
| Glen At Golden Eagle | 1858 NEWMAN LANE | $155,000 | $118 | 5/31/2011 | 1998 | 1,319 |
| Southwood | 3570 Four OaksBLVD | $145,000 | $104 | 5/31/2011 | 2005 | 1,394 |
| Stoney Creek Crossing | 1204 Sandler Ridge Road | $245,000 | $100 | 5/31/2011 | 2004 | 2,438 |
| None | 735 Carr Lane | $399,000 | $125 | 5/31/2011 | 2007 | 3,200 |
| Meadowbrook | 2509 Bluebell Place | $153,100 | $82 | 5/30/2011 | 1987 | 1,856 |
| Westover | 4533 WESLEY DR | $125,000 | $84 | 5/27/2011 | 1995 | 1,490 |
| Southwood | 2545 Twain Drive | $207,000 | $102 | 5/27/2011 | 2005 | 2,033 |
| Killearn Estates | 3900 Shamrock W | $215,000 | $86 | 5/27/2011 | 1977 | 2,493 |
| Woodbriar | 3297 SAWTOOTH DR | $62,000 | $46 | 5/26/2011 | 2005 | 1,338 |
| Southwood | 2988 Verdura Point Drive | $225,000 | $97 | 5/26/2011 | 2002 | 2,308 |
| Lakeview | 1326 N Duval Street | $240,000 | $96 | 5/26/2011 | 2007 | 2,493 |
| Four Points | 210 RIDGE RD | $17,500 | $21 | 5/25/2011 | 1962 | 840 |
| Mabry Manor | 2616 Ridgeway Street | $36,000 | $30 | 5/25/2011 | 1962 | 1,194 |
| Residences At Whispering Pines | 2731-147 S Blairstone Road | $30,000 | $34 | 5/25/2011 | 1972 | 875 |
| Waverly Hills | 2816 Rebecca Drive | $415,500 | $86 | 5/25/2011 | 1965 | 4,807 |
| Rockbrook Village | 1093 Sutor Road | $27,000 | $43 | 5/24/2011 | 1983 | 628 |
| Longwood Estates | 1262 Poplar Drive | $98,000 | $74 | 5/18/2011 | 2006 | 1,318 |
| Golden Pheasant | 6537 Cedar Chase Way | $255,000 | $86 | 5/18/2011 | 2005 | 2,955 |
| Lakewood Village | 5713 Doonesbury Way | $104,750 | $71 | 5/16/2011 | 1980 | 1,479 |
| None | 3137 MIDDLEBROOKS Circle | $550,000 | $129 | 5/16/2011 | 1984 | 4,255 |
| Villas Of Westridge | 2260 Parrot Lane | $50,000 | $46 | 5/13/2011 | 1991 | 1,088 |
| Southwood | 3258 Newberry Boulevard | $158,000 | $112 | 5/13/2011 | 2003 | 1,416 |
| Mcbride Estates | 7783 McClure Drive | $250,000 | $82 | 5/13/2011 | 1992 | 3,066 |
| None | 3252 Pioneer Road | $170,000 | $73 | 5/12/2011 | 1973 | 2,324 |
| Woodbriar | 3263 Sugar Berry Way | $61,000 | $46 | 5/11/2011 | 2005 | 1,338 |
| Sawgrass Plantation | 2840 Saw Palmetto LN | $100,000 | $76 | 5/10/2011 | 1996 | 1,308 |
| None | 595 Fulton Rd | $225,000 | $187 | 5/6/2011 | 2003 | 1,204 |
| Buckwood | 1905 Buckwood Drive | $150,000 | $96 | 5/6/2011 | 1992 | 1,567 |
| Chesapeake Place | 2744 Tess Circle | $51,000 | $43 | 5/2/2011 | 2000 | 1,178 |
| Hutchinson Heights | 2038 Holmes Street | $19,000 | $18 | 4/29/2011 | 1940 | 1,034 |
| Adams Place Condominiums | 3000S Adams Place | $55,000 | $44 | 4/29/2011 | 2005 | 1,264 |
| Richview Park | 2824 Richview Park | $89,000 | $85 | 4/29/2011 | 1991 | 1,044 |
| Cottage Grove Estates | 1912 Katherine Speed Ct | $50,000 | $37 | 4/29/2011 | 1967 | 1,346 |
| Olson Landing | 2968 Olson Landing | $95,000 | $65 | 4/29/2011 | 2002 | 1,458 |
| Carolina Oaks | 438 W Carolina St | $115,000 | $75 | 4/29/2011 | 2005 | 1,524 |
| Walton Corners | 6123 Cody Trail | $290,000 | $110 | 4/29/2011 | 2007 | 2,640 |
| Pine Tip Hills | 532 Moss View Way | $310,000 | $110 | 4/29/2011 | 2001 | 2,827 |
| Foxwood At Old Bainbridge | 3712 Trevor Court | $170,000 | $84 | 4/28/2011 | 2004 | 2,027 |
| Durward | 510 Vinnedge Ride | $250,000 | $107 | 4/28/2011 | 1960 | 2,335 |
| Chase's Ridge | 1189 Brafforton Way | $65,500 | $68 | 4/27/2011 | 1990 | 964 |
| Huntington Woods | 3117 Huttersfield | $105,050 | $85 | 4/27/2011 | 1990 | 1,235 |
| Lake Cassie | 1792 Benado Lomas Drive | $200,000 | $83 | 4/27/2011 | 2004 | 2,417 |
| Summerbrooke | 7130 Nesters Drive | $289,000 | $95 | 4/27/2011 | 1995 | 3,027 |
| Mabry Manor | 2569 Mcelroy Street | $53,000 | $50 | 4/25/2011 | 1996 | 1,056 |
| Villas Of Westridge | 2390 Parrot Lane | $49,000 | $45 | 4/22/2011 | 1990 | 1,088 |
| Bull Run | 2704 Breton Ridge Dr | $400,000 | $121 | 4/22/2011 | 2006 | 3,305 |
| Westbury | 3828 Mcfarlane Dr. | $98,000 | $59 | 4/21/2011 | 1994 | 1,656 |
| Summerchase Condos | 4434-2902 Gearhart Road | $80,500 | $60 | 4/20/2011 | 2006 | 1,344 |
| Residences At Whispering Pines | 2731-85S Blairstone Road | $29,000 | $28 | 4/15/2011 | 1972 | 1,031 |
| Belmont Road Townhouses | 220-3 Belmont Road | $59,100 | $39 | 4/15/2011 | 1973 | 1,512 |
| Starview | 245 Nabb Loop | $200,000 | $108 | 4/15/2011 | 2004 | 1,852 |
| Killearn Acres | 4736 Pimlico Drive | $145,000 | $71 | 4/15/2011 | 1984 | 2,042 |
| Middlewood Unrec | 2020 Middlewood Drive | $520,000 | $133 | 4/15/2011 | 1991 | 3,918 |
| Turkey Run Unrecorded | 13227 Ring Neck Road | $155,000 | $102 | 4/14/2011 | 2000 | 1,523 |
| Kenilwood Townhouses | 2949 Shamrock N | $70,000 | $45 | 4/14/2011 | 1971 | 1,569 |
| Residences At Whispering Pines | 2731 BlairstoneRd | $29,900 | $29 | 4/11/2011 | 1972 | 1,023 |
| Victory Garden Townhomes | 426 Victory Garden Dr | $48,000 | $44 | 4/8/2011 | 1985 | 1,100 |
| Apalachee Ridge | 929 Kendall Drive | $24,000 | $19 | 4/8/2011 | 1975 | 1,242 |
| Westover | 4408 Westover Drive | $96,500 | $74 | 4/8/2011 | 1996 | 1,308 |
| The Timbers | 787 Timberwood Circle East | $85,000 | $67 | 4/6/2011 | 1993 | 1,268 |
| Arbor Hill | 3309 Woody Way | $150,000 | $105 | 3/31/2011 | 1978 | 1,428 |
| Hall Property Unrecorded | 17521 Frank N Margret Lane | $16,800 | $21 | 3/30/2011 | 1971 | 800 |
| Miccosukee Pines | 3491 Torchmark Ln | $60,000 | $68 | 3/29/2011 | 1990 | 880 |
| Southwood | 3972 Shumard Oaks Boulevard | $135,000 | $91 | 3/29/2011 | 2005 | 1,483 |
| Killearn Estates | 4052 Roscrea Drive | $155,000 | $67 | 3/29/2011 | 1980 | 2,309 |
| Hadley Crossing | 2353 Hadley Crossing | $250,000 | $100 | 3/28/2011 | 2007 | 2,502 |
| Meridian Hills | 230 Meridian Hills Road | $170,000 | $108 | 3/25/2011 | 1992 | 1,580 |
| Bull Run | 5636 Burnside Circle | $275,000 | $122 | 3/25/2011 | 2006 | 2,257 |
| Dry Creek Run | 3573 Coyote Creek Dr. | $105,000 | $77 | 3/23/2011 | 2005 | 1,364 |
| None | 6023 Veterans Memorial | $290,000 | $94 | 3/21/2011 | 2008 | 3,074 |
| Brighton Place Condos | 1575 Paul Russell Building #4004 | $100,000 | $59 | 3/18/2011 | 2005 | 1,705 |
| Killearn Acres | 6719 Johnstown Loop | $136,000 | $95 | 3/17/2011 | 1979 | 1,429 |
| Southwood | 3799 Esplanade Way | $179,900 | $106 | 3/17/2011 | 2002 | 1,695 |
| Lynndale | 2816 Tartary Drive | $30,000 | $29 | 3/15/2011 | 1959 | 1,040 |
| China Grove | 1551 China Grove Trail | $115,000 | $80 | 3/15/2011 | 1997 | 1,432 |
| Lafayette Oaks | 5002 Touraine Drive | $185,000 | $73 | 3/15/2011 | 1983 | 2,541 |
| Lakeshore | 3002 Southshore Circle | $220,000 | $82 | 3/15/2011 | 1989 | 2,698 |
| Bradford Manor | 2212 Berkshire | $65,000 | $42 | 3/9/2011 | 1959 | 1,562 |
| Ox Bottom Manor | 6266 Hines Hill Circle | $240,500 | $113 | 3/8/2011 | 1992 | 2,123 |
| Alameda Heights | 175 Ross Road | $40,000 | $32 | 3/7/2011 | 1955 | 1,237 |
| Southwood | 4097 Faulkner | $406,500 | $134 | 3/4/2011 | 2008 | 3,033 |
| Wilson Green | 4267 Ridge Haven Road | $99,900 | $75 | 3/2/2011 | 2008 | 1,328 |
| Northwood Unrec | 6121 Graypell Trl | $325,000 | $100 | 3/2/2011 | 2007 | 3,255 |
| Lakeshore Estates | 3368 Argonaut Drive | $95,500 | $77 | 3/1/2011 | 2000 | 1,242 |
| Capital City Estates | 4716 Hibiscus Ave. | $52,000 | $47 | 2/28/2011 | 1999 | 1,102 |
| Westwood Condominiums | 513 Westwood | $35,000 | $29 | 2/28/2011 | 1973 | 1,220 |
| Killearn Lakes | 1653 Copperfield Circle | $236,334 | $99 | 2/28/2011 | 1992 | 2,390 |
| Lenox Mill | 3461 Lenox Mill Rd | $225,000 | $94 | 2/28/2011 | 1992 | 2,392 |
| Tallahassee Ranch Club | 6824 Painted Post Lane | $250,000 | $102 | 2/28/2011 | 2007 | 2,452 |
| Woodbriar | 3325 Woodbriar Lane | $115,000 | $93 | 2/25/2011 | 2006 | 1,234 |
| Lake Cassie | 7931 Bernard Street | $235,000 | $108 | 2/25/2011 | 2004 | 2,178 |
| Piney Z | 4718 Planters Ridge Drive | $165,000 | $95 | 2/23/2011 | 2004 | 1,743 |
| The Timbers | 2191 Timberwood Circle | $86,000 | $67 | 2/22/2011 | 1993 | 1,280 |
| Villages At Wilson Green | 336 Chastain Lane | $85,000 | $68 | 2/18/2011 | 2006 | 1,251 |
| Apalachee Hills | 1583 Quazar Road | $80,000 | $68 | 2/18/2011 | 2006 | 1,173 |
| Savannah Crossing | 2738-2901 W Tharpe Street | $80,000 | $66 | 2/18/2011 | 2004 | 1,211 |
| Waverly Hills | 818 Lothian Dr | $310,000 | $112 | 2/18/2011 | 2006 | 2,772 |
| Laruel Trace | 2624 Fenwood Court | $140,000 | $84 | 2/17/2011 | 2006 | 1,665 |
| Crawfordville Trace | 4411 Anastasia Court | $100,011 | $84 | 2/15/2011 | 2007 | 1,191 |
| Dry Creek Run | 3570 Jim Lee Rd | $105,000 | $81 | 2/15/2011 | 2005 | 1,300 |
| Woodbriar | 3209 Sawtooth | $65,500 | $49 | 2/11/2011 | 2004 | 1,328 |
| Royal Oaks | 3008 Barclay Court | $175,000 | $93 | 2/11/2011 | 1986 | 1,890 |
| Countryside At Benjamin's Run | 5833 Countryside Dr | $177,500 | $112 | 2/8/2011 | 2000 | 1,588 |
| Golden Eagle Plantation | 9221 Shoal Creek Drive | $411,000 | $127 | 2/8/2011 | 2005 | 3,249 |
| Glen Hawk | 2920 Viking Way | $95,000 | $80 | 2/2/2011 | 2000 | 1,185 |
| Camellia Gardens | 3400 Old Bainbridge Road #309 | $85,393 | $62 | 1/31/2011 | 2004 | 1,368 |
| Killearn Lakes | 2392 Tuscavilla Road | $120,430 | $87 | 1/31/2011 | 1989 | 1,388 |
| Barron Parc Unrec | 4016 Dutchess Court | $187,000 | $82 | 1/31/2011 | 1990 | 2,271 |
| Wolf Creek | 1953 Nena Hills Drive | $86,000 | $64 | 1/28/2011 | 2005 | 1,344 |
| Ox Bottom Manor | 6332 Glasgow Dr | $315,000 | $115 | 1/28/2011 | 1996 | 2,750 |
| Villas Of Westridge | 2336 Sandpiper St | $33,000 | $35 | 1/26/2011 | 1983 | 942 |
| Southwood | 3169 Mulberry Park Blvd | $135,000 | $91 | 1/26/2011 | 2002 | 1,483 |
| Bull Run | 5632 Burnside Circle | $242,000 | $125 | 1/21/2011 | 2006 | 1,941 |
| The Plantation At Heritage Oak | 4292 Old Plantation Loop | $156,500 | $84 | 1/20/2011 | 2006 | 1,862 |
| Sunny Hill | 2032 Warwick Street | $20,303 | $12 | 1/19/2011 | 1958 | 1,702 |
| Woodbriar | 3395 Woodbriar Lane | $120,000 | $87 | 1/18/2011 | 2005 | 1,375 |
| Terrence Heights | 2415 Banyan Drive | $110,000 | $66 | 1/14/2011 | 1968 | 1,655 |
| Turkey Creek | 14248 Anders Hammock Trl | $250,000 | $114 | 1/14/2011 | 2005 | 2,196 |
| Woodbriar | 3316 Sugar Berry Way | $71,000 | $53 | 1/13/2011 | 2005 | 1,338 |
| Southwood | 3049 Merchants Row Blvd | $143,000 | $94 | 1/13/2011 | 2007 | 1,521 |
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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