St Petersburg Short Sales | Talking about tough decisions
You are upside down on your house or condo in St Petersburg, your partner has lost his job and no new employment in sight. You have exhausted your savings and maxed out the credit cards to make payments. It’s time to make one of the hardest decisions to sell your home or condo in St Petersburg as a Short Sale.
Real estate values in our area have gone down by 40 to 50%. We are looking at prices from 2001 or 2003. So “just” selling your home or condo in St Petersburg it out the door so to speak. You won’t be able to sell it for what you owe on the home or condo.
For those Sellers in St Petersburg, who have suffered hard ship, not all is lost. The solution is doing a Short Sale. The sooner you are facing it heads on, the sooner you will be able to get this chapter of your life behind you.
There is a lot of helpful information on various websites. To gather all this information and to make sense out of it, might be a bit overwhelming. The first rule in a Short Sale situation in St Petersburg, don’t get frustrated.
Same rule applies for dealing with your bank. Perhaps you already reached out to your bank and applied for a loan modification. If you don’t qualify, let them know that you can’t make the mortgage payment any longer on your home or condo in St Petersburg, that you have to sell the house and it looks like a Short Sale.
The Lenders will tell you, to hire a Short Sale Realtor, in order to list the home as soon as possible. Perhaps they are even recommending to get yourself an Attorney, who will negotiate on your behalf. However, facing a Short Sale in St Petersburg, who has the money to hire an Attorney? So a qualified Realtor it is.
It is really important, to select the right Agent. Someone, who will be straight forward with you, and has knowledge of the Short Sale process. Nothing is worst, then signing with an Agent, who sugar coated everything, told you everything will be a walk in the park and then finding out that he or she doesn’t know what they are doing. Valuable time could be wasted and in a St Petersburg Short Sale, time is not on your site.
Here is why every day counts in a Short Sale situation.
A) The maintenance, taxes, insurance, electricity for the house/condo has to be paid
B) The amount of the unpaid balance of the loan gets higher and higher
C) The value of the home goes down pretty much by the day
Now to the actual Short Sale process, once you have found the right Short Sale Realtor in St Petersburg and have listed your home or condo.
You will receive a “Notice of Default” from you bank and the bank will call you pretty much on a daily basis. Please keep in mind, they are trying to collect on the debt. So remain friendly, and explain your situation. Tell them, you have listed the house with a Short Sale Realtor and the Realtor will be in touch soon, to submit the Short Sale package. Trust us, the calls will stop.
In order to be pro-active, the St Petersburg Short Sale Realtor or better, the Short Sale Negotiator, who will negotiate on your behalf, will have a lot of paperwork for you to fill out. Financial sheets, authorization forms and you have to collect pay stubs, fax returns etc. all for the banks “Short Sale package”.
Now, that the condo or home is listed, you will hopefully sooner than later then receive an offer on your St Petersburg Short Sale comes in. Your Short Sale Agent should have prepared you for the fact, that most at the time, buyers will present lower offers. Since Short Sale buyers here in the Tampa Bay area will have to deal with uncertainties, hurdles and unknowns, so they want to get the best deal. That offer needs to be accepted by you as the Short Sale seller, however, it is contingent upon third party approval. Which is the bank who holds the mortgage.
In the end it up to the current market value to determine the banks counter offer or perhaps acceptance of the offer. The bank will send out an Appraiser or Realtor, to perform a BPO – a Brokers Price Opinion, to determine the true market value.
Now the “waiting” and anticipation starts. Will the bank forgive you the remaining balance? Will the bank hold you liable? Will the bank issue a counter offer? That time is extremely important and you should stay in close contact with your St Petersburg Short Sale Agent or Short Sale Negotiator.
Our Real Estate landscape has changed, Short Sales and pre-foreclosures are part of our every day work. It isn’t easy, it’s a stressful time for everybody in a St Petersburg Short Sale involved, but it can be done and we get it done every day for our Short Sale Sellers and St Petersburg Short Sale Buyers.
Here are some bullet points why we are successful in our Short Sales
a) We know our St Petersburg, Tampa Bay real estate market and we know Short Sales
b) We give you all the facts and by knowing what to expect, you can make an educated decision
c) We don’t waste time and make it as easy and efficient as possible for everybody involved
d) We come prepared. We do our homework before we’ll meet for the first time
e) We stay informed and continue our education
f) We do answer our phone and keep you updated every step of the way
We work Short Sales in the greater Saint Petersburg Tampa Bay area, like Seminole or Largo, Madeira Beach, Gulfport, Treasure Island, St. Pete Beach, Redington Beach, South Pasadena, Indian Rocks and Indian Shores. Pretty much everywhere south of Ulmerton Road.
Call ustoday 727 410 7777 with your St Petersburg Short Sale questions. We’ll do Short Sale consultations in person or over the phone, however you feel more comfortable.
St Petersburg Short Sales
Paperwork you need to start a Short Sale negotiation with your bank.
- 3rd Party (we will attach)
- Lender Workout Package (we will attach)
- Listing Agreement
- Purchase Contract
- Hardship Letter
- 2 Months Current Bank Statements
- 2 Months Current Pay Stubs
- Tax Returns for the last two years