st petersburg short sale process

All posts tagged st petersburg short sale process

What Is A  Short Sale and How Does It Benefit the Seller?
Short Sale St Petersburg Fl | House Supported by Money

 

Short sales happen when a home is sold for less than the mortgage owed by the homeowner on it. The proceeds of the short sales go to the lender. The lender will accept short sales even at a loss since having the property go into foreclosure will actually be a greater loss for both lender and seller. A  St. Petersburg short sale is therefore a better alternative to a foreclosure and has many benefits for the seller.

 

1. Avoiding Foreclosure. A short sale is an alternative to foreclosure. This helps lessen the damage to your credit. Although you must bear in mind that your missed and late payments will still reflect in your credit. Nevertheless, a short sale is still more beneficial to you than a foreclosure.
2. Avoiding Deficiency Judgments. In some states, your lender could require you and legally hold you liable to pay the amount you still owe after a foreclosure.This is called a deficiency judgment. In a short sale, it is possible to negotiate a release with the lender and have them agree not to pursue you for any deficiency as part of the short sale. This could be the biggest benefit to the seller of a  short sale.

3. You get to live in your home without having to pay your mortgage. At least for the duration of the short sale process, that is. Short sales usually take a long time since you have to prepare and organize your short sale package, submit it to the lender, wait for an approval, list the home as a short sale, wait for a buyer’s offer, and close the deal. The months it takes for this entire process equates to time you get to live in your home without having to pay any mortgage. This could be the perfect time to build up a financial reserve so you won’t fall into the same financial hardship in the future.

4. You get a sense of closure. Losing your home due to financial hardship can take its toll on you emotionally. One benefit of a St. Petersburg short sale is that it gives you a sense of closure to your home. During the months it takes to process the short sale, you will have enough time to adjust to your new financial status and you get a clear idea of when you will have to leave your St. Petersburg  home.

5. Leaseback Opportunity. A short sale may give you the chance to stay in your home in case you find a buyer who is willing to agree on a leaseback setting. In this deal, the buyer purchases the home at a discount as a short sale and leases it back to the seller at a lower payment. Some leasebacks even have a buy-back option which allows the tenant to buy back the home from the new homeowner.

These are just some of the benefits of a short sale over a foreclosure. If you need help with your  short sale, call us to speak with one of our highly skilled  short sale agents / realtors and we will help you through the entire process of the short sale.

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

 

 

 

 

St Petersburg Short Sales | Short Sale as a “strategic” move?

A lot of people have not heard that word before but then again, a lot of people actually do a strategic Short Sale here in St Petersburg.

handsThese are the people that still have a job, their finances are still in order but they are very frustrated that their property value has gone down so much over the last few years. In 2007 they bought a home for $800,000, paid $100,000 down and financed $700,000 at 7% interest only. Now at the end of 2011 their house is worth $500,000 they pay $5000 each month in mortgage, taxes and insurance alone.

These St Petersburg homeowner just don’t see how they can ever repay their mortgage or even recover the $100,000 down payment. They have tried to apply for a loan modification but the Bank just laughed at them, they have tried to refinance to get a lower interest rate but of course no bank would touch them and on top of everything else they see the lenders like Bank of American is offering St Petersburg homeowners up to $20,000 in cash if they do a Short Sale in St Petersburg.

Something is fundamentally wrong with our system and these people just have had it.  Yes, their credit rating  will go down for a little while, but than again, what do you really need a good credit rating for in this economy.

A good credit rating used to be worth a lot but now a days ?  So, we actually see a lot of strategic Short Sales in St Petersburg especially with Properties over $300,000. Pick up the phone now and call us at  727 410 7777. No strings attached, we make an appointment and talk aboutbuying or selling a St Petersburg Short Sale and the options you have.       We are St Petersburg Short Sale Agents and are glad to assist you.

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

 

St Petersburg Short Sales | Short Sale as a “strategic” move?

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

 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

 St Petersburg Short Sales | Why won’t I qualify?

St Petersburg Short Sales, why won’t I qualify?  Well, how do you know?

There are all kinds of myth and rumors and false information going around when it comes to Short Sales.  Where did you get your information? Who did you get it from? A St Petersburg Short Sale Real Estate Agent or a Short Sale Lawyer OOOR was it just all the “stuff” you heard from friends, read in the newspaper and watched on TV?

If you are thinking about doing a Short Sale on your St Petersburg home or condo, talk to the experts. This is a tough, frustrating and depressing time for you and you need the help of true professionals, not the good will of friends. It is important that you talk to people who are involved in Short Sales on a daily base. Things change all the time and what was true 3 month ago might not be true today.

Talk to a local Short sale Realtor first and he or she will tell you who to talk to next. It is important to start the short sale process with a clear plan of action in mind. You have to have all your paperwork in order. You need to write a hardship letter and on goes the list. With an expert Realtor on your site a short sale is not scary !

Pick up the phone now and call us at  727 410 7777. No strings attached, we make an appointment and talk about a Short Sales and the options you have, do not get discouraged by all the “stuff” you hear.

St Petersburg Short Sales | Why won’t I qualify?

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

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| 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?