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

Can I Do a  Short Sale?
A homeowner will choose to sell a home as a short sale if the home’s value is less than what he or she still owes the bank on mortgage. Lenders will generally accept to take a loss on short sales since they incur more losses on foreclosed homes in their portfolios.

The Basics of a  Short Sale
In a short sale, you sell your Treasure Island home for less than what you owe the lender. If you have a second mortgage or home equity line of credit, then more than one lien holder can be involved in the short sale and you have to wait for both lenders to agree to take a loss on the sale. Your Treasure Island short sale depends greatly on the bank or lender’s approval and you have to learn to wait patiently for their approval, which could sometimes take months.

Characteristics of a Short Seller
Sellers of short sale homes usually owe a large mortgage or multiple mortgages, because they refinanced or borrowed against their Treasure Island home and got loans at temporarily low interest rates. Sellers are often anxious to get out of volatile loan arrangements, which significantly increased their payments and made it unaffordable. Most sellers of short sales also obtained loans at low or no-down payment schemes, meaning the loan covered almost all, if not the entire sale price of the home. If you have experienced one of these cases, then your loan is most likely underwater and you may qualify for a short sale.

Financial Hardship
As a short seller, you must first be able to prove your financial hardship as the main reason why you can no longer make your mortgage payments. You may qualify for a short sale for the following reasons which are considered as financial hardship:
• loss of employment
• salary reduction or reduction of hours
• serious illness of the borrower or a family member that adds up to the monthly expenses
• death of spouse
• divorce
• relocation for a job
Lenders may accept other reasons if they are beyond your control. The key to proving your financial hardship is providing a detailed hardship letter, supporting documents, and a list of expenses showing that your monthly obligations are greater than your current sources of income.
Specific Requirements
Generally, lenders require that your total monthly obligations make up about 50% of your gross income in order to prove your financial hardship. You should also have a debt-to-income ratio of above 36%, which is the healthy debt-load. You should also be at least 30 days behind on your mortgage and are not qualified for a loan modification. A loan modification changes some terms in your loan to make your payments more affordable. It also requires a financial hardship and proof that you can afford the new lower payments.
If you feel you are qualified for a short sale or want to know if you are, you can call us and speak to our St. Petersburg short sale agents to get their help and advice.

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 Short Sales | I have a mortgage and an equity line, can I still qualify for a short sale?

In a St Petersburg Short Sale, yes, you can have more than one mortgage in order to qualify for a Short Sale. It is a bit difficult, but possible.

Here is the reason why it might be a bit more difficult, since both mortgages have to approve the sale. Let’s just say you do have 2 mortgages with 2 different Banks. The first mortgage offers $5,000 to the 2nd mortgage. However, the 2nd mortgage wants $15,000. There are ways around that a few different ways.

  •       You could go back to the 2nd mortgage and re-negotiate
  •       You could ask the Buyer, if he would be willing to make a contribution towards the  2nd mortgage
  •        You as the Seller, if you have the funds available, make a contribution towards the 2nd mortgage

Each and every Short Sale negotiation is different. In some cases, the 2nd mortgage simply agrees to the amount given to them by the 1st mortgage.

Another important factor is timing. We are currently working on a St Petersburg Short Sale, where the 1st mortgage has approved the Sale and wants us to close in 25 days. However, we can’t since the 2nd mortgage has not approved the sale yet. Most likely, by the time the 2nd mortgage gets around to it, we’ll have to get an extension from the first mortgage. In these cases, it is a very fine line, since once you have an approval, nothing is worst than not being able to get the deal done while everybody is on board.

That is one of the reasons, why we always prepare our Short Sale Buyers, to have their loan application ready to go, so as soon as you’ll the receive the approval on your St Petersburg Short Sale you made an offer on, you as the Buyer need to be ready to go. If your lender told you, they will need at least 45 days in order to issue your new mortgage to purchase this St Petersburg Short Sale, you need to let your Short Sale Realtor know right away. Most Short Sale Banks once an approval has been issued, will only grant 30 days until closing.

As we said, each and every St Petersburg Short Sale is different. Call us at 727-399-9990, we’ll be glad to assist. St Petersburg Short Sales | I have a mortgage and an equity line, can I still qualify for a short sale?

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

 Short Sales| “abandoned” properties only because they are not occupied?

Short Sale St Petersburg Fl |

St Petersburg Short Sales, who determines that a property is abandoned? We got so mad the other day. We had a Short Sale listing in St Petersburg with the lender being Bank of America.

After years of doing Short Sales here in St Petersburg we have to say that Bank of America is usually the slowest lender to complete a Short Sale process.

We were very happy to see that this particular file was moving along nicely and faster than we thought. The Short Sale seller was also very cooperative in producing all necessary paperwork and it looked like this one was a walk in the park.

We keep telling our Short Sale buyers and seller that it is not “sold” until the actual closing date and to not get to excited just because we are making good progress. There are all kinds of last minute things that can happen in a Short Sale situation and it is not closed till we all sign the HUD 1.

Well in this particular case we must have forgotten our own good advice. We were really excited how smooth and fast everything was going until we got a phone call from the buyer’s agent 3 days before closing, telling us there is a note on the door saying “That XYZ property management company working on behalf on Bank of America has determined that the property is vacant and abandoned and therefore the locks will be changed within 3 days of this notice” Unbelievable!!!

Yes, the property was vacant since it was supposed to close 3 days later BUT the property was not abandoned. The grass was cut; the property looked great, there was a real estate sign in front of the house and our realtor lockbox on the door.

How on earth can you come to the conclusion that the house is abandoned???   We do not know how many calls we made to Bank of America but as always, nobody was in charge, it was out of their hands etc. We placed a not so friendly phone call to the property management company XYZ and were told that they have instruction from the Bank and they will change the locks but it would not be a big deal, they could send the keys to the buyer a few days after we prove that this  Short Sale was actually closed.

No Big deal? When the buyer shows up with a moving truck full of furniture and wants to move in the day of closing?  Long story short, we went to the property and replaced their note saying “Don’t you dare change the locks, we are closing on Friday and if the closing falls apart because the buyer can’t do a walk thru YOU will be held responsible”   Well,  guess this helped. We checked  the locks everyday till we closed and it was ok.  Things like this just do not show up in a Realtors job description.

St Petersburg Short Sales| “abandoned” properties only because they are not occupied?

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

You are not alone, Short Sales in Treasure Island and St. Pete Beach | Zip 33706

A lot of our Short Sale sellers are worried about things like, “What is the neighbor going to say? What will my friends think? What if people at work find out? How am I going to tell the rest of my family?

If you are in financial trouble, have lost a job, facing divorce, or your house is totally under water and the prices won’t come back to where you need them for a few years, you should be thinking about listing your home as a Short Sale.

This is one of the few times in life when it doesn’t matter what friends, family or neighbors think. This is all about you and your financial future. Trust me, you are not alone, we have all been in though spots in li\fe and we just need to do whatever it takes to get out of the situation and move on.

A Short Sale for your home or condo in St Petersburg might be the answer. Do not worry about anybody else, YOUR life is on the line.

See the list below, you are not alone. Many homeowners here in St. Petersburg had to make this difficult decision and there is no shame in trying to get out of a bad situation and get a fresh start.

Call us today 727 410 7777  We will explain the Short Sale process to you in detail and I promise you will feel much better after you heard all the information. No strings attached.

  You are not alone, Short Sales in Treasure Island and St. Pete Beach | Zip 33706  

Subdivision WF Pool Gar/Car Prop Style Sq Ft Heated BR Full Baths List Price
Isle of Palms Y Private 3 Car Garage Single Family Home 3,508 3 3 $790,000
BELLE VISTA POINT 2ND ADD Y Private 1 Car Garage Single Family Home 1,644 3 2 $789,000
SUNSET VISTAS CONDO HOTEL ON THE GULF CONDO Y Private, Community None Condo-Hotel 1,740 3 3 $449,000
Capri Isle Y None 2 Car Garage Single Family Home 1,954 2 2 $425,000
SILVER SANDS BEACH AND RACQUET CLUB THREE CONDO Y Community, Private 1 Car Garage Condo 2,070 2 2 $400,000
Intrepid condo Y Private, Community None Condo 1,191 2 2 $349,000
GULF 5000 ASSOC INC CONDO Y Community 1 Car Garage Condo 1,420 2 2 $289,900
STARLIGHT TOWER INC CO OP (UNRECORDED) Y None, Community None Co-op 645 1 1 $265,000
VLG OF PARADISE ISLAND PH I CONDO Y Community 1 Car Garage Condo 1,750 2 2 $264,900
CAPRI LAGOON UNIT V CONDO Y None 1 Car Garage Townhouse 1,260 2 2 $250,000
VLG OF PARADISE ISLAND PH I CONDO N Private, Community 2 Car Garage Townhouse 2,025 3 2 $250,000
CAPRI HARBOR CONDO N None 1 Car Garage Condo 1,450 2 2 $239,900
BEAU MONDE CONDO Y Community None Condo 1,505 2 2 $233,275
SOUTH BEACH CONDO HOTEL Y Private None Condo 623 1 1 $204,999
JACARANDA BEACH VILLAS CONDO Y Community None Condo-Hotel 300 1 1 $199,900
GULF STRAND RESORT CONDO N Private, Community 1 Car Carport Condo 740 1 2 $190,000
LAGOON LANE CONDO N Community 1 Car Garage Condo 1,110 2 2 $189,000
CONSTELLATION THE CONDO Y Community None Condo 1,175 2 2 $180,000
NORMANDY PINELLAS CONDO Y None, Community 1 Car Carport Condo-Hotel 425 1 1 $175,000
BELLEVISTA BEACH 3RD ADD N None 1 Car Carport Single Family Home 1,080 3 2 $170,000
BELLEVISTA BEACH 5TH ADD N None 1 Car Garage Single Family Home 1,392 2 2 $169,900
SOUTH BEACH CONDO HOTEL Y Community Under Building Condo-Hotel 623 1 1 $169,290
JACARANDA BEACH VILLAS CONDO Y Community None Condo-Hotel 535 1 1 $169,000
CAPRI MNR CONDO Y None 1 Car Carport Condo 697 1 1 $164,900
POINTE CAPRI ADULT CONDO Y Community None Condo 670 1 1 $131,000
GULF WINDS APTS CONDO N Private, Community None Condo 780 2 1 $130,000
EL CERRITO CONDO N None None Condo 620 2 1 $129,900
THREE PALMS POINTE CONDO N Community None Condo 1,240 2 2 $120,500
PARKSIDE CONDO N None, Community None Condo 630 2 1 $69,900
CAREFREE APARTMENTS CONDO N None None Condo 580 1 1 $69,900
YUM YUM TREE THE CONDO N None Under Building Condo 489 1 1 $65,000