Gainesville short sales

Gainesville short sales

June 14 2012 –

There are 236 Gainesville area short sales (Alachua County) currently available for sale. The lowest priced Gainesville area short sale is a 3 bedroom, 2 bathroom, 1248 square foot Cross Creek area home built in 1948 listed for $14,000.

The highest priced short sale in Gainesville FL currently available is listed for $995,000 in the Haile Estates neighborhood. It is a 4 bedroom, 3 bathroom, 3682 foot home on 9.84 acres built in 1988.

Ninety one (91) Gainesville area short sales sold from January 1-May 31 2012.

The lowest priced short sale that sold through May 31 2012 was a 3 bedroom, 2 bathroom, 1418 square foot home in the Mgm Plat neighborhood built in 1987 which sold for $33,000. The highest priced short sale that sold in the Gainesville area this year was a 5 bedroom, 4.5 bathroom, 4421 square foot home in the Turnberry Lake neighborhood built in 2009. It sold for $530,000.

What does “backup offers accepted” mean?

If you see in the property description that backup offers are being accepted, it means that an offer has already been accepted by the seller and sent to the lender for approval. If you submit a backup offer, it means that if the offer with the lender fails for any reason, your offer is in backup position.

Backup offers are NOT submitted to the lender unless the original offer that is with the lender fails. If you are told that all offers are submitted to the lender for consideration, RUN. A short sale is MUCH more likely to close when the short sale lender only has one offer for consideration.


Buying a Gainesville short sale – 3 tips for success

  1. Get preapproved by a local lender – this process is quick – usually 30 minutes or less over the phone.  If you are planning to buy a short sale, you need to submit your offer with a preapproval letter.  Buying a Gainesville FL short sale with cash? You’ll need to submit your offer with a proof of funds letter.
  2. Submit your highest and best offer the first time around – hearing back from the short sale lender can take several months. If you are serious about buying a short sale in Gainesville FL, submitting your highest and best offer with no contingencies the first time around is the quickest way to approval.
  3. Be prepared to wait! Buying a short sale in Gainesville FL takes patience! It can often take several months before you hear from the short sale lender if your offer was accepted and approved. The payoff, though, is often a much nicer home than what you could otherwise afford.

About Coleen DeGroff

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