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St Petersburg Short Sales | Short Sale as a “strategic” move?

A lot of people have not heard that word before but then again, a lot of people actually do a strategic Short Sale here in St Petersburg.

handsThese are the people that still have a job, their finances are still in order but they are very frustrated that their property value has gone down so much over the last few years. In 2007 they bought a home for $800,000, paid $100,000 down and financed $700,000 at 7% interest only. Now at the end of 2011 their house is worth $500,000 they pay $5000 each month in mortgage, taxes and insurance alone.

These St Petersburg homeowner just don’t see how they can ever repay their mortgage or even recover the $100,000 down payment. They have tried to apply for a loan modification but the Bank just laughed at them, they have tried to refinance to get a lower interest rate but of course no bank would touch them and on top of everything else they see the lenders like Bank of American is offering St Petersburg homeowners up to $20,000 in cash if they do a Short Sale in St Petersburg.

Something is fundamentally wrong with our system and these people just have had it.  Yes, their credit rating  will go down for a little while, but than again, what do you really need a good credit rating for in this economy.

A good credit rating used to be worth a lot but now a days ?  So, we actually see a lot of strategic Short Sales in St Petersburg especially with Properties over $300,000. Pick up the phone now and call us at  727 410 7777. No strings attached, we make an appointment and talk aboutbuying or selling a St Petersburg Short Sale and the options you have.       We are St Petersburg Short Sale Agents and are glad to assist you.

Click here to see the current Short Sale listings in Pinellas County

 

St Petersburg Short Sales | Short Sale as a “strategic” move?

St Petersburg Short Sales | Weigh all you options carefully before filing bankruptcy

We are St Petersburg Short Sale Agents  and we get the question often “do you think I should do a Short Sale or simply file for bankruptcy with my St Petersburg home?

Short Sales in  St petersburg | cash investorWell, if it was us, we would do a Short Sale anytime over a bankruptcy and depending on the outcome of the Short Sale you might not even need to file for bankruptcy anymore.

It might sound like a tough questions to some people, to us  it isn’t. Please keep in mind, we are  Short Sale Realtors here in St Petersburg and not  Lawyers  or Accountants, so we cannot give you legal advice but PLEASE check with your Accountant and a Short Sale Lawyer before you file for bankruptcy.

See, it doesn’t have to be the one or the other.  Of course, if you get your advice from a bankruptcy Lawyer, there is a very high possibility that they recommend a bankruptcy because they will not get paid if you don’t.  Please keep this in mind when you make a decision.

We always recommend talking to a St Petersburg Short Sale Realtor before making any decision. Ask all your questions, talk about your options, understand the Short Sale process and only then can you make an educated decision.

A Short Sale is not a walk in the park but it is not a horror story either.  We have had a lot of clients over the last few years that were every scared about their St Petersburg Short Sale but in the end they all said that it was easier than they thought and all were happy that we helped them through this tough time.

Call us today 727 410 7777 and make an appointment, you will see how much better you already feel after talking to a professional that knows the St Petersburg real estate market and that knows Short Sales.

St Petersburg Short Sales | Weigh all you options carefully before filing bankruptcy

St Petersburg Short Sales | furniture included

St Petersburg Short Sale, everything including the furniture include! Excuse me?

Short Sale St Petersburg Fl |Some things never stop to amaze us as St Petersburg Short Sale Agents  in a  Short Sale situation. We had the beautiful condo as a Short Sale listing in St Petersburg not too long ago and it had really nice furniture in it. A few weeks down the road another real estate agent presented an offer and it was spelled out in the offer that “all furniture with an approximate value of $10,000 is included”.

We had to read it twice to believe it. Everybody please take a note, there is a difference between personal property and real estate.  Unless for whatever very strange reason the bank gave you the loan with furniture as collateral, the lender doesn’t own your furniture and therefore can’t sell your furniture.

The Short Sale homeowner as well as a none Short Sale seller can take the furniture with them when they move, they can sell it in a yard sale. Please let’s not complicate a Short Sale deal even more by trying to include the furniture.

The sales contracts we typically use in St Petersburg have standard language like  “Personal property is included in the purchase price, has no contributory value, and shall be left for the buyer” ,   or  “Personal property listed in this Contract is included in the purchase price, has no contributory value and is being left for Seller’s convenience.”

Again, we are selling real estate not personal property. St Petersburg Short Sale or not, you do not put a value on things that the sellers leaves for the buyer. Selling furniture and selling a house or condo here in St Petersburg are two separate things and two separate deals and should be on two separate contracts.

As St Petersburg Realtors  and  Short Sale Agents  we can only sell real estate not personal property.

Call us at 727-410-7777 with any question you may have about buying or selling a short sale.

St Petersburg Short Sales | furniture included

Click here to see the current Short Sale listings in Pinellas County

St Petersburg Short Sales | Can I just “swap” things around?

In this particular St Petersburg Short Sale, the home  had a deeded boat slip.

Our seller got approached by another condo owner that also had a boat slip but much smaller. He asked our  Short Sale seller if it was ok to switch boat slips, since the seller  would not be needing it anymore after the sale.

Short SaleAs you might know boat slips in St Petersburg are very thought after and the bigger the better. Not really thinking about it too much and being all occupied with getting his paperwork for his St Petersburg Short Sale together, our seller said ok, why not. We, as the Short Sale Agents in St Petersburg  did not know anything about this until we got a phone call from yet another condo owner in the complex.

This condo owner was complaining about us advertising a Short Sale in St Petersburg with a huge deep water boat slip when that wasn’t true anymore. As you can imagine, we were very puzzled and had no idea what he was talking about.  It took us a whole day and about 20 phone calls to straighten this situation out.

So, please if you are thinking about doing a Short Sale here in St Petersburg and you have a boat slip that is deeded to the property,  PLEASE do not make any deals with your neighbors or anybody other that the buyer of your Short Sale listing.

Trust us,  you cannot simply “detach” a deeded boat slip. In a Short Sale situation you need the bank approval for pretty much everything you do. You can take out or sell NONE deeded items or none attached items like furniture or potted plants but no boat slip. And that is true for all Short Sales, not only the St Petersburg Short Sales.

Call us today 727 410 7777 if you want to list your property or want to buy a Short Sale in the St. Petersburg area.

St Petersburg Short Sales | Can I just “swap” things around?

Click here to see the current Short Sale listings in Pinellas County

St Petersburg| Do I have to keep the utilities on in a Short Sale?

As  Short Sale Agents in St Petersburg,  Florida we see this very often to a point where we now include it in our  MLS description and the contract that “buyer might be responsible for  having water and electric hooked up for inspections and walk thru.”

See, most people that list their home in St Petersburg as a Short Sale simply do not have the money to keep their utilities connected. Once they have moved out, they disconnect the services, they just can’t afford to pay for electric and water.

It is already difficult to show a house or condo here in St Petersburg that has no electric or water but it can be done. The real problem comes in after we receive an offer and the Short Sale buyer wants to do his inspections.

Well, there is no way that you can do a property inspecting without utilities. So, now we are stuck. In the standard real estate contracts it says that the Short Sale seller has to provide the utilities for inspections on a St Petersburg home or condo BUT he or she doesn’t have the money.

This is a real problem and you can lose your contract over this issue and have to start all over again. Buyers can get very aggravated during a Short Sale process, nothing moves fast enough, a ton of additional signatures for all kinds of addenda are needed, nobody can give them a real timeframe and one goes the list.

If then all of a sudden they hear that the utilities are an issue they get very upset but if you tell them right away, before they make an offer, they already know that might be coming and it doesn’t upset them.

So, Short Sale buyers and sellers in St Petersburg, keep this in mind. Add it to the purchase offer and nobody is unpleasantly surprised if this situation comes up.

Call me today  727 410 7777 if you have questions about a Short Sale here in St Petersburg.

Click here to see the current Short Sale listings in Pinellas County

St Petersburg| Do I have to keep the utilities on in a Short Sale?

St Petersburg Short Sales| How long can I hang on until the market comes back?

We, St Petersburg Short Sales Realtors, really do not know how to say this without sounding negative. For the last couple of days we have heard,  read and seen on TV that “St Petersburg real estate market is bouncing back”.  “St Petersburg properties see an increase in value”.   “St Petersburg properties see an increase in buyer’s activity”.  “St Petersburg real estate statistics show an upward curve”.  “St Petersburg homes sell in a shorter period of time than last year”.   “St Petersburg Short Sale rate is lower than last quarter” and on goes the list.

As a consumer | seller that must sound like the best news you have heard in 5 years and you are already seeing your property values coming back where they were in 2006 and 2007. As  St Petersburg Realtors and also doing a lot of Short Sales we are way more skeptic.

Yes, we personally believe that there are some good signs about the St Petersburg real estate market but not nearly enough to jump up and down.  We see new Short Sales listings come on the market every week, see Bank owned properties advertised for rock bottom prices.

We are just afraid that this euphoria about “everything looks good again” will mislead sellers that are thinking about listing their home as a Short Sale here in St Petersburg.

How much value has your house or condo lost over the last 5 years?  Do you really think that prices will just jump up again within month and all your problems will go away? Sorry guys, we hate to  be the ones that bring you the bad news,  but it will take years and years for our prices to bounce back.

It takes more than a few “good signs”. Americans and the world’s economy have to get much stronger for people to have enough money to buy at 2007 prices.

So, please if you are thinking about doing a Short Sale here in St Petersburg or buying a St. Pete Short Sale, pick up the phone and call us at  727 410 7777.  Let’s talk about your situation and your options. Do not waste anymore time by WAITING.

St Petersburg Short Sales| How long can I hang on until the market comes back?