St Petersburg Short Sales | Why won’t I qualify?

St Petersburg Short Sales, why won’t I qualify?  Well, how do you know?

There are all kinds of myth and rumors and false information going around when it comes to Short Sales.  Where did you get your information? Who did you get it from? A St Petersburg Short Sale Real Estate Agent or a Short Sale Lawyer OOOR was it just all the “stuff” you heard from friends, read in the newspaper and watched on TV?

If you are thinking about doing a Short Sale on your St Petersburg home or condo, talk to the experts. This is a tough, frustrating and depressing time for you and you need the help of true professionals, not the good will of friends. It is important that you talk to people who are involved in Short Sales on a daily base. Things change all the time and what was true 3 month ago might not be true today.

Talk to a local Short sale Realtor first and he or she will tell you who to talk to next. It is important to start the short sale process with a clear plan of action in mind. You have to have all your paperwork in order. You need to write a hardship letter and on goes the list. With an expert Realtor on your site a short sale is not scary !

Pick up the phone now and call us at  727 410 7777. No strings attached, we make an appointment and talk about a Short Sales and the options you have, do not get discouraged by all the “stuff” you hear.

St Petersburg Short Sales | Why won’t I qualify?

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?

Short Sales in zip code 33706 Treasure Island St. Pete Beach.

Short Sale St Petersburg

Here in Pinellas county we currently have 31 properties listed as short sales in zip code 33706, which is Treasure Island and St. Pete Beach.

I am mentioning this because we have a lot of Short Sale buyers that think only small homes or condos in St. Petersburg are Short Sales and all of them are surprised to find out that the “beaches” meaning the little beach towns like Treasure Island, St. Pete beach, Madeira Beach, Tierra Verde, Indian Rocks, Indian Shores, Redington beach North Redington etc are also affected by the economy  and people had to list their home or condo as a Short Sale.

Currently the lowest asking price for a Short Sale on the Barrier Islands here in Pinellas County is $92,000 for a 2 bedroom 1 bath 680 sf. condo at Parksite and the highest listed Short Sale is a 3 bedroom 3 bath3 car garage single family home with 2940 sf on Boca Ciega dr.

We have Short Sales in neighborhoods like Bella Vista, Isle of Palms, Isle of Capri, Village of paradise, Sunset Chateau and on goes the list.

This year alone and it is only 2/20/12 9 Short Sale listings have closed in zip code 33706 and another 51 listings are currently under contract and supposed to close within the next few month.

So, the answer is yes, there are Short Sale deals on the Barrier Islands in zip code 33706 Treasure Island, St. Pete Beach.

Call or e mail us if you have questions or need more information or want to list your house or condo as a Short Sale. 727 410 7777

Short Sales in zip code 33706 Treasure Island St. Pete Beach.



St. Petersburg Short Sales | you never know what to expect from the lender

We are tempted to say “We have seen it all” but I know there will be anther St. Petersburg Short Sale situation soon  where the bank manages to flabbergast us.

Stressed Over MoneyThese lender just never stop to amaze us and after years of doing Short Sales here in St Petersburg  we  can honestly say “never a dull moment”

We have had a Short sale situation in St Petersburg with 3 mortgages and 3 different lenders and it closed within 7 month, then we have had a St Petersburg Short Sale with only one mortgage one bank and it took 10 month to finally sell the house.

We have seen a bank declining an offer for $200,000 and the same buyer made another offer about 6 month later from 460,000 and the bank accepted it.

We have seen a bank forgive $400,000 on a St Petersburg Short Sale listings and the SAME bank refused to forgive $30.000 on anther Short sale listing in St. Petersburg.

We have resubmitted a Short sale file to Bank of America 4 times because the first 3 times they lost it somewhere.

We have seen 5 different bank negotiators working on the same file and nobody knew what the other was saying or doing. On the other hand we had a St. Petersburg Short Sale listing with Chase bank and it took 3 month for the bank to assign one negotiator.

Here in St Petersburg we have seen different banks forgive the mortgage balance on a second home or investment property and other will not agree to a Short Sale if they do not get a small cash contributing from the Short sale seller or a note from the seller.

What all this mean to St Petersburg Short sale sellers, homeowners that are thinking about a Short Sale is

You simply have to try. You never know what is going to happen but you need to take the first step and call a St Petersburg Realtor that specializes in Short Sales. All the above sounds like a lot of drama and you are already stress out enough but, with the right Short sale Realtor on you site you can get it done.

There are a lot of road blog from banks when it comes to a Short Sale process here in St. Petersburg but in the end, nearly all of them go to closing and you have a happy buyer and seller.

As always, give us a call today 727 410 7777 if yu want to list you property in St. Petersburg

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

St. Petersburg Short Sales | you never know what to expect from the lender

St. Petersburg Short Sales | are you sure you want to do a Short Sale?

Nobody is sure that they want to do a Short sale. A lot of  homeowners are stressed out enough already and they are depressed about their situation. They just do not see a way out and when you are in this state of mind it is very difficult to make any decision let alone the Short sale of your real estate property.

As listing agents for Short Sale homes and condos here in the St Petersburg  area we understand that doing a Short sale on your property is not an easy decision to make. There are all kinds of reasons why people do a Short Sale here in St Petersburg.

  • Loss of job, divorce,
  • job transfer,
  •  financial distress,
  • mortgage payments too high,
  • too much loss in property value and being upside down with your St Petersburg home or condo,
  •  illness and the list goes on and on.

To list your home or condo as a Short Sale is a decision that nobody takes lightly but most of the times it is your best option. Prices for real estate here in the St Petersburg area will not go up anytime soon and waiting might mean that you lose even more value  and your dept will just keep growing.

Some people even think foreclosure or bankruptcy but before you head into that direction, talk to a St Petersburg Realtor that specializes in Short Sales, talk to an accountant and or a lawyer, but most importantly, pick up the phone and talk to your bank.

Their answer might surprise you. In all the years that we have been working with Short Sales here in St Petersburg and we asked the seller to call the bank to see what options are available and how to get out of the stressful and frustrating situation, the banks suggested a Short Sale. In very few case the lenders suggested loan modification and in even fewer case the loan modification actually worked out.

So, if you are considering a Short Sale for your St Petersburg home, take the first step, call you bank or us and we will help you with the process and stay on your site all the way to closing. 727 410 7777

St. Petersburg Short Sales | are you sure you want to do a Short Sale?


St. Petersburg Short Sales | you really wonder what banks are thinking  (if anything at all)

I got a Short Sale listing in St. Petersburg right before Christmas.

The house had been for sale for a year, asking $850,000. After not getting any offers this St. Petersburg seller decided to change realtors and the house came back on the market with an asking price of $650,000, still another year later, no offer.

Now the seller realized that it was time to do a Short sale on his St. Petersburg home and hired yet another Realtor.

Within the next year they got a few offers with the highest one being $375,000. I do not know the specifics but someone in the process messed up and the bank for whatever strange reason closed the file.

By now this St. Petersburg Short Sale seller is majorly frustrated and he fired his Realtor and decided to argue with the bank himself. Well, nobody really understood what happened but after a few month he got a letter from the bank stating that they approve a Short Sale for his St Petersburg home, and to find a Realtor in St. Petersburg that specializes in Short Sales and set the asking price to $600,000.

That when I got a call from the seller and got the Short Sale listing. The seller and I agree that the offer for $375,000 was a good offer and now we have to convince the bank that there price tag for this St. Petersburg Short Sale home is completely ridiculous.

Long story short, I gave the bank all comparable sales which came out to $380,00, wrote a few long e  mails of why we can NOT get anything close to $400,000 let alone $600,000 etc…..The lender finally responded (6 weeks later) and asked us  to reduce the price to $582,000.

Needless to say the lender is Bank of American.  Our Short Sale seller is besides himself and doesn’t understand what the bank is doing (well he is not alone) the mortgage on this St. Petersburg home has not been paid for 3 years now, the taxes have not been paid and the bank is still in some kind of fantasy world.

Instead of trying to get this Short Sale finally done and over with, they are standing in the way and the dept is growing by the day.

Anyway, this is probably the strangest St. Petersburg Short Sale I have seen so far but never the less, we will get it done somehow. The seller and I are not ready to throw in the towel and we will outlast the lender. At one point they simply have to come to their senses and agree on a fair market price for this St. Petersburg Short Sale.

St. Petersburg Short Sales | you really wonder what banks are thinking  (if anything at all)

St. Petersburg Short Sale | please do not make a low ball offer.

I recently had a buyer that wanted to buy a Short Sale in St. Petersburg. After showing him a few condos he was ready to make an offer.

The asking price was $250,000 when the listing first came on the market. After 30 days it was reduced to $235,000 and another 90 days later it was reduced again, this time to $220,000.

All of a sudden the listing agent got a ton of call for showing inquiries and there were buyers going in and out on a daily base. This was a huge condo complex in St Petersburg and the units were pretty much all in the same condition, the same square footage and same view.

So, here is my buyer to whom I had explain how a Short Sale in St. Petersburg is handled and what to expect from the Short Sale process. I made it very clear right from the start that when we find a property here in St. Pete that he liked, I would research  the comparable sale in the area for the last 6 month and we would base the offer on that price.

So,  the comparable sale came out to $225,000 and an offer for $190,000 would have probably been ok, knowing that the bank will most likely counter that offer and when that happens we look at the comparable properties again and go from there.

Well, my buyer wanted to make an offer of $100,000 because “it is a Short Sale” and the bank should be happy to get rid of it.

IT DOESN”T work like this. Yes, you will get a good deal when buying a Short Sale condo or house here in St. Petersburg but there is a difference between making a realistic offer or a ridiculous one. (sorry to be so blunt)

Needless to say, his offer  on the St. Petersburg Short sale was not accepted by the bank ( they got another offer the same day for $215,00) and he just wasted a lot of time and energy.

Please everybody out there, St. Petersburg Short Sales are good deals but by good I mean maybe 10,15.20% under asking price NOT less than half.

Call us 727 410 7777 if you have question on a Short Sale situation or want to list your home or condo here in S.t Petersburg

St. Petersburg Short Sale | please do not make a low ball offer.