Is this listing a short sale? Fascination and fear about Short Sales in Tampabay, Pinellas County
It is strange, some people only want to see short sale listings here in Saint Pete, and other do not want to see any short sale listings whatsoever.
There is a lot of misinformation or confusing information out there. With these posts about short sales and foreclosures I want to help buyers and sellers understand what they are getting into and how to deal with it and what the options are in Saint Petersburg Fl.
It doesn’t matter who I talked to over the last 2 years, not one person had a clear understanding of the short sale process. So, let’s change this.
Boy, times have changed; I do not think that I have ever heard this question in my first 10 years of being a Realtor. Now, I get it nearly every time my phone rings. It does not matter if it is a Realtor that calls me or a buyer, everybody wants to know, if this listing is a short sale. 90% of the time, the conversation goes something like
“It is a possible short sale”
“Well, is it a short sale or not?”
“Sorry, I do not know yet, but it looks like we might have a short sales situation”
“Excuse me, You as a certified Short Sales professional and the listing agent should know”
“I wish I would know, but neither the seller nor me determine that it is a short sale, that is up to the bank and they have not given us an answer yet”
And on goes the conversation.
So, when is it a short sale?
If you have to sell you house or condo because you can not make payments anymore AND you owe the bank more than we can possibly get for the home, it might be ( and most likely is) a short sale situation. But keep in mind, the bank has the last word on this.
They have to give you the OK to do a short sale. All the banks that I have worked with so far, will tell you
“Find a short sale Realtor in your area, list the house, bring us an offer and than we will talk”
So, yes, the bank has indicated that they might treat this sale as a short sale, but a million things can happen in-between and in the end they might not approve the short sale.
As a seller, let me stress ONE point. A possible short sale situation is no fun, but it is important that you act as soon as you know you are upside down and might have to sell. Every day that passes and you sit idle is a lost day for you and the option of doing a short sale verses going into foreclosure shrinks. I understand that it is not easy, but believe me as soon as you pick up the phone and talk to your realtor you will feel better and you made the first step to recovery.
Please click below for more information on buying or selleing a Short sale in St. petersburg
Anne Hensel, Realtor, CSP, Short Sale Professional, working with homeowners and buyers to successfully close a short sale transaction in Pinellas County Florida.
A lot of people here in the Saint Petersburg, Seminole area are facing a short sale situation, Waterfront properties on Saint Pete Beach or Treasure Island as well as little homes in Seminole or Gulfport. Give me a call today and find out what your options are. Your short sale consultation is free of charge and confidential.