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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 | Why did I wait that long?

We are  Short Sale Agents here in St Petersburg,  and have seen a lot of homeowners totally stressed out about their Short Sale situation.

Let’s be honest, it is only human nature to stick our heads in the sand when we face a problem that we do not know the solution for. The longer we do this,  the worst the situation is going to  get and the more frustrated, depressed and confused we get.

Deep down we all know that listing the house or condo as a Short Sale in St Petersburg  is the right thing to do,  but somehow we wait and wait and wait to make the decision and that doesn’t solve our problem, it makes it bigger and makes us feel worst by the day.

Every single time we met with a homeowner here in St Petersburg  that just could not make the mortgage payments anymore, was under water with the home value and was thinking about doing a Short Sale in St Petersburg, we have seen the same thing.  People in denial, people not really understanding a Short Sale, people afraid of their future, people in need of help.

After we answered all their questions and explained the whole Short Sale process and they signed the listing agreement, they INSTANTLY feel better, it happens every single time.

Talking to a Short Sale Realtor that understands your situation and knows  the real estate market will make all the difference for you.

Pick up the phone, call us today  727 410 7777 and get all the information you need to make an educated decision about buying or selling a Short Sale in the Saint Petersburg area.

Do not listen to all the horror stories you hear or try to do your own research, simply pick up the phone, make an appointment and talk to a St Petersburg Realtor that has experience in Short Sales and we promise, you will feel like a huge load is off your shoulders.

St Petersburg Short Sales | Why did I wait that long?

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.  

The 

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.

St. Petersburg Short Sales | can I switch my boat slip?

We recently had a Short sale listing in St. Petersburg that had a deeded boat slip.

 

Our seller got approached by another condo owner that also had a boat slip but much smaller. He asked our Short Sale seller if it was ok to switch boat slips since the seller would not be needing it anymore after the sale.

As you might know Boat slips in St. Petersburg   are very thought after and the bigger the better. Not really thinking about it too much and being all occupied with getting his paperwork for his Treasure Island Short sale together, our seller said ok, why not.

We (the Short sale listing agents) did not know anything about this till we got a phone call from yet another condo owner in the complex.
That guy was complaining about us advertising a Short Sale in St. Petersburg with a huge deep water boat slip when that wasn’t true anymore. As you can imagine, we were very puzzled and had no idea what he was talking about.

Took us a whole day and about 20 phone calls to straighten this situation out. So, please if you are thinking about doing a Short Sale here in St. Petersburg   and you have a boat slip that is deeded to the property PLEASE do not make any deals with your neighbors or anybody other that the buyer of you Short Sale listing.  

Trust me, you cannot simply “detach” a deeded boat slip. In a Short Sale situation you need the bank approval for pretty much everything you do.

 

 

You can take out or sell NONE deeded or none attached items like furniture or potted plants but no boat slip. And that is true for all Short Sales, not only the St. Petersburg Short Sales.  St. Petersburg Short Sales | can I switch my boat slip?