short sale condo

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Understand your Credit Score when facing a short sale or foreclosure

Let me present the bad news first.  In any short sale or foreclosure your credit score will be hurt, Short sale by about 200 points; in a foreclosure about 400 points.

Hopefully you have realized this website is not about how terrible short sales are, this site is designed to help you through a difficult and emotional time and we want to make sure you come out of this with enough knowledge to correct and repair your credit as soon as possible.
Please read this article to the end as our goal is for you to understand credit scores when facing a short sale and what you can do to increase your credit score as soon as the short sale is complete.

Short Sales in  St petersburg | money house

Now for the good news!
There ARE ways for you to improve your credit score after a short sale!
When creditors look at your credit report they are looking to determine if you are a high risk or low risk borrower. They are looking for people that are most likely to repay their debt on time.  Your goal is to return your credit score to a higher score as soon as you are able after the short sale.

To improve your credit score after the Short Sale: Understand your credit score and how it is calculated.
There are 3 major credit bureaus – Experian, Equifax and TransUnion.  These companies are continually updating your information.  They collect data from public records and all the companies that you have and do business with.  With this information they compile a report, which is your credit score.
Every year you are entitled to request a credit report from all three of these agencies without having to pay for it.  Request these reports annually, review for accuracy, and dispute any discrepancies immediately to all agencies.

There are several criteria that are used to measure your credit score:
Payment history
holds a lot of weight.  So, please strive to always pay your bills on time, as this criteria is the major criteria and carries the hugest weight in calculating and therefore increasing your credit score after the short sales. Set yourself reminders, open your mail each day, write checks a day earlier so it won’t matter if the post office takes a day longer.

Decrease your amount of debt compared to your available income. Just wait a few more month till you buy the new car or mattress or vacation and use these month and the money you have NOT spent to pay down you r credit cards.

Also, try to keep your credit card balances low and your credit limits high.  Call the card company every few month and see if they can increase your limits. a good rule of thumb is to keep your credit card balance less than 20% of your  credit limit it.

Length of your credit history is calculated by how many credit cards you have, how long you have used your credit cards taking into account your management of paying. Beware of opening too many cards because each time you do your creditors inquire and can affect your score negatively. Conversely closing credit cards can also affect your credit score as that decreases your available credit

After the short sale pay all your bills on time, have a written budget and try to stick to it as much as you can. Yes, again a Short Sale will hurt your credit score BUT it isn’t as bad as a foreclosure and it absolutely isn’t the end of the world ! Trust me, I have worked with a lot of people that went through a Short Sale situation and they were surprised how fast they got their credit score back up.

For more detailed information check out this website.  (be aware it has advertisements) BUT they are clearly marked as such.

Please give a quick call 727 410 7777 or send the form below with any questions you might have. When you list your property as a Short Sale with us, you are not alone. We will walk you through the short sale process step by step and we are always here for you to listen, give you feed back, bounce ideas around and give you helpful tips.

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

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

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.