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

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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.

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

 

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

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