Everybody is talking about a Short Sale In St. Petersburg Tampabay, Pinellas County.
But most people are not familiar with the term Short Sale.
For homeowners that need to sell their property but can not find a buyer for the price they need to pay of their mortgage, a short sale sometimes is the only option other than going in foreclosure.
Here in St Petersburg Tampabay the market is over floating with Real Estate listings. People have bought properties 3 or 4 years ago and have paid more than they could get in today´s market.
Now these homeowners need to sell and can´t find a buyer. If someone makes an offer it is usually much lower than asking price. The home owner might not get his money back or he might not even get the amount of the mortgage back.
Now the options are limited, file for bankruptcy, or go into foreclosure.
The other option, which might make much more sense, is a short sale.
Our St. Petersburg Tampabay area is high on the list for cities with Short Sale properties.
Talk to your bank or lender, see if they will accept less than the mortgage amount and forgive the balance.
There are a lot of factors that come into play and it is not as easy as it sounds, but you and your Realtor can work on it and chances are, you get out of the deal without loosing everything.
See, banks are not in the Real Estate business, so they do not like foreclosures at all, they do not want to homes or condos, o, they are motivated to find a better solution. In some cases it can be loan modification but in most cases that I have seen here in St. Petersburg Tampabay it is a Short Sale.
To get things started, have your agent prepare a CMA that shows the real market value of your property, take this and documentation of your income and reasons why you have to sell and bring it to your bank. (or let us do it for you)
Do it early, do not wait till the very last minute, this process takes a little time and time is not on your site.
So, get started before it is too late. Short Sale In St. Petersburg Tampabay, Pinellas County.
Give us a call if you need additional information
727 409 8706