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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.

St. Petersburg Short Sales and common sense don’t always go hand in hand.

Short Sale St Petersburg Fl |

In our society and in politics common sense is a rare find anyway but when it comes to Short Sales in St. Petersburg you really wonder.

When I go to a Short Sale listing agreement and explain the St Petersburg Short Sale process to the seller I very often get the statement “but that doesn’t make sense” Well the  St. Petersburg Short Sale sellers are right.

It doesn’t make sense that the banks  in a Short Sale situation

  • take month and month and sometimes a year or so to make a decision.
  •  It doesn’t make sense that the Title company ruins a deal because they had “estimated” the unpaid association dues instead of verifying them.
  • It doesn’t make sense that seller, Short sale negotiator , lender and title company missed an IRS lien on a St Petersburg Short Sale and a day before closing we have to start all over again,
  • or a Short sale seller of a St Petersburg condo doesn’t produce the condo docs, therefore the buyer can not file the application with the association.
  •  It doesn’t make sense that a lender refused the first offer for $200,000 and 8 month later they accept one for $160,000,
  •  it doesn’t make sense that the bank changes the locks on an approved Short Sale supposed to close the next day and on and on I could go.

A lot of things in a St. Petersburg Short Sale do not make sense and they can go wrong but in the end, most of them close anyway. Look at all these things as road blocks not deal killers.  If you have the right Realtor and Short Sale negotiator  working for you, they will deal with all these things and you do not have to worry.

Call us if you are thinking about selling or buying a Short Sale in St Petersburg.  727 410 7777

St. Petersburg Short Sales and common sense don’t always go hand in hand.

St Petersburg  Short Sales | Should I have done the Short Sale sooner?

As a St Petersburg  Short Sale Realtor we talk to a lot of different homeowners that are considering a Short Sale.

Every situation is different,  some of them have lost their jobs, other have medical bills that are just killing them, some have charged way too much to their credit cards and can’t keep up with the payments, other got transferred by their company and have to leave the area, business owners are just not making the money they used to make, some just can’t see how they can ever catch up with the loss in Value of their property, other do the numbers and find that it will be cheaper to rent.

There are lots and lots of reasons why people do a Short Sale here in St Petersburg, like we said, every Short Sale situation is different BUT they all have one thing  in common. They should have done it sooner.

The home or condo owner of every single Short Sale we have done in St Petersburg  lost a lot of money,  time and energy by making the final Short Sale decision too late.

Don’t get me wrong, I am not blaming anybody, I know that this is simply human nature. We see that the situation might get out of hand, we don’t really know what to do about it, we steal from Peter to pay Paul, we stick our heads in the sand, we hope that somehow the situation will change for the better soon, that the real estate market and the economy will turn around over night etc.

In the meantime, what actually has happened is that the market got worst, prices went down even more and homeowners have spent countless hours worrying about their future and how to go on.

If you are in a situation where you might be thinking aboutbuying or selling a St Petersburg Short Sale, pick up the phone and call us today 727 410 7777.

Let’s talk about your options and what to expect when doing a Short Sale, don’t waste any more money or time, you need to make a decision. Remember, any decision is better than none. The sooner you attack the problem the sooner  you are getting out of this mess and can start over again.

St Petersburg  Short Sales | Should I have done the Short Sale sooner?

St Petersburg Short Sales |  How much money have you lost by waiting?

St Petersburg Short Sales started years ago. In 2006 the real estate market started to lose its momentum here in St Petersburg,  Florida. Many people did not see it and it wasn’t until the end 2007 that the word got out.

People who bought their St Petersburg property in 06 and 07 paid top dollar for it. If you are one of them, chances are that you’re upside down on the value, meaning to own more than the home or condo here in St Petersburg will sell for right now.

There are a lot of investment properties like vacation homes and condos in St Petersburg and most buyers typical paid 20 down and had 80% financing.  Back then, it all made sense, If you bought a condo on the beach in St Petersburg with a 7 day rental policy for let’s say $400,000 and you had a down payment of 80%  and an interest rate of 6% you yearly mortgage payment was $19200.

That is about the same amount you would get in rental income. Ok you still had to pay the taxes and monthly maintenance fees , altogether maybe another $10,000 but if you  came to Florida 4 times a year and stayed for a week at the time this would save you about $6000 in moneys you did not have to spent  in renting.

That leaves us with $4000 per year that this condo was actually costing you. Something you could easily afford and in fact you were thinking of making a ton of money when you sell your St Petersburg property in 4 or 5 years after the purchase.

At this time we had a 10% appreciation in some cases even more. So, you would have pretty much made about $36,000 per year by owning this St Petersburg condo. Hey, even if the appreciation would go down to 5% you would have still made $16,000 per year with your St Petersburg home or condo.

Everybody knew that the market would eventually slow down; nobody realized that it would completely crash and property values would decrease faster than they had increased.

So, here is our question again, how much money have you lost by waiting?

Maybe you should have considered a Short Sale here in St Petersburg  two or three years ago. Every body’s situation is different but maybe it is time for you to consider a Short Sale on your St Petersburg condo.

Short Sale is a scary word and there is a lot of misinformation floating around. If you are thinking about buying or selling a Short Sale or just want to know what a Short Sale really is, give us a call today 727 410 7777 and we can talk about your options.

St Petersburg Short Sales |  How much money have you lost by waiting?

St Petersburg Short Sales| Worried about what everybody else is thinking?

As  St Petersburg Short Sale Realtor, we hear thinks like “I have lived in St Petersburg  for over 20 years and I know a lot of people and I am worried what my friends and neighbors might think if my home here in St Petersburg goes up for a Short Sale”   a lot when homeowners call  us.

We do understand the situation and we do understand the concerns, but to be very blunt, your neighbors do not have to pay your mortgage, you do. They did not lose their job, you did and on it goes.

In a Short Sale in Petersburg  you have to think about yourself,  your family and your future first, not your neighbors or friends. You have a bunch of good reasons why you need to do a Short Sale and these reasons most likely are not going away anytime soon.

You didn’t do anything to cause the real estate market crash and it is not your fault that prices for homes and condos here in St Petersburg are down by 30 to 50 percent.  Again, we know being in Short Sale situation in St Petersburg or anywhere else is not fun. It is very stressful and depressing but you do not need to feel guilty on top of everything else.

Short Sales in St Petersburg have become a part of our new real estate market condition in St Petersburg and many other homeowners are in the same position you are in. Do not worry about anybody else, it is your life and your future and you need to make a decision on listing your property as a Short Sale in St Petersburg as soon as possible.

The real estate market is not going to turn around anytime soon and St Petersburg real estate prices will not jump back up as fast as they have fallen. The sooner you make a decision the sooner you are on the road of recovery and out of this mess.

Call us anytime for a buying or selling Short Sales consultation at 727-410-7777. We are Short Sale Agents in St Petersburg

St Petersburg Short Sales| Worried about what everybody else is thinking?

St Petersburg Short Sales | what about furniture.
Excuse me?  Some things never stop to amaze me in a 
St Petersburg Short Sale situation.

We had the beautiful condo as a Short Sale listing on 

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.  


St Petersburg Short Sale homeowner as well as a none Short Sale seller can take the furniture with them when they move, they can sell it on a yard sale but 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. 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  Real estate agents and a Short Sale agents in St Petersburg  I can only sell real estate not personal property.


Please give me a call 727 410 7777 if you want to list your property or have a question.
St Petersburg Short Sales | what about furniture.