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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).

Tallahassee Short Sales

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.

Short Sale Process

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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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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