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St Petersburg Short Sales | I have a mortgage and an equity line, can I still qualify for a short sale?

In a St Petersburg Short Sale, yes, you can have more than one mortgage in order to qualify for a Short Sale. It is a bit difficult, but possible.

Here is the reason why it might be a bit more difficult, since both mortgages have to approve the sale. Let’s just say you do have 2 mortgages with 2 different Banks. The first mortgage offers $5,000 to the 2nd mortgage. However, the 2nd mortgage wants $15,000. There are ways around that a few different ways.

  •       You could go back to the 2nd mortgage and re-negotiate
  •       You could ask the Buyer, if he would be willing to make a contribution towards the  2nd mortgage
  •        You as the Seller, if you have the funds available, make a contribution towards the 2nd mortgage

Each and every Short Sale negotiation is different. In some cases, the 2nd mortgage simply agrees to the amount given to them by the 1st mortgage.

Another important factor is timing. We are currently working on a St Petersburg Short Sale, where the 1st mortgage has approved the Sale and wants us to close in 25 days. However, we can’t since the 2nd mortgage has not approved the sale yet. Most likely, by the time the 2nd mortgage gets around to it, we’ll have to get an extension from the first mortgage. In these cases, it is a very fine line, since once you have an approval, nothing is worst than not being able to get the deal done while everybody is on board.

That is one of the reasons, why we always prepare our Short Sale Buyers, to have their loan application ready to go, so as soon as you’ll the receive the approval on your St Petersburg Short Sale you made an offer on, you as the Buyer need to be ready to go. If your lender told you, they will need at least 45 days in order to issue your new mortgage to purchase this St Petersburg Short Sale, you need to let your Short Sale Realtor know right away. Most Short Sale Banks once an approval has been issued, will only grant 30 days until closing.

As we said, each and every St Petersburg Short Sale is different. Call us at 727-399-9990, we’ll be glad to assist. St Petersburg Short Sales | I have a mortgage and an equity line, can I still qualify for a short sale?

Click here to see the current Short Sale listings in Pinellas County

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?