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 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 | 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.

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?