Short Sale in Saint Petersburg | the magic word in today’s real estate market.

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Short Sale in Saint Petersburg | the magic word in today’s real estate market.

I am interested in buying  a Short Sale property.

Can you send  me Short Sale property listings in St Petersburg?

Are there  any Short Sales in St. Petersburg? How can I find a Short Sale homes?  Is it a Short Sale property?

These are the sort of calls and e mails I have been getting over the last few weeks.

Buyer’s think, a Short Sale in St Petersburg is always the very best deal.

Well, it might be and it might not be. As a buyer looking for a great deal, you have to be open minded and you have to know the area and the market values. The fact that a home or condo is a short sale only tells you the seller is upside down on their mortgage and they will probably walk away from the closing table having lost thousands and thousands of dollars. Here is an example

Someone bought a condo in 2005 for $395,000 with 100% financing. Now they can not make their payments anymore and need to sell before it goes in foreclosure, so they negotiate a short sal with the bank, asking prices in $350,000 or $280,000 or $250,000. You think this is a good deal?  No, it is not because similar units in the area sell for around $220,000 and they are not short sales.

If you are looking for a fantastic real estate deal here in Saint Petersburg, you or your Realtor needs to do their homework.

Let’s say a unit in the same complex was bought in 1980 for $60,000, the owners dies and the heirs just want to get the money out of it, fast.

They will probably ask $200,000 for the unit and you can negotiate it down to $170,000

Now you have a good deal. And guess what, it was not a short sale!

So, please do not get stuck on the word Short Sale, you have to know the area and the market conditions to find a great deal. 

Short Sale in Saint Petersburg | the magic word in today’s real estate market.

 

If you think about buying or selling a house or condo in the Saint Petersburg Florida area, please give me a call. Ask me about waterfront homes or condos in St. Pete beach, Treasure Island, Madeira beach, Seminole and other Clearwater Tampabay neighborhoods. Find out what we can do to sell your home or condo and what the value of your property is. Check out great real estate deals or visit condo associations like Seminole Isle.

We also work with short sale bank owned and foreclosures. Find a property or go to my website for more real estate information or simply contact us.   727 409 8706

 

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