short sale home

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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

 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

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 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.