Looking to purchase a short sale?
When a lender and a homeowner agree to release a mortgage for an amount less than what's owed, it's called a Short Sale. There are a large number of Short Sale properties available in St. Petersburg, Clearwater, Seminole, Gulfport, Dunedin, Clearwater Beach, New Port Richey and practically any other city in Pinellas, Pasco or Hillsborough County.
You may be interested in specific neighborhoods in Saint Petersburg such as Woodlawn, Allendale, Old Northeast, Snell Isle, Venetian Isles, Pasadena Yacht & Country Club, Yacht Club Estates, Lakewood Estates, Pinellas Point, Isla Del Sol, Tierra Verde, Kenwood, Crescent Lake, Jungle Prada or one of the numerous others.
There are also several sought-after smaller and beautiful communities surrounding St Petersburg that are either in close proximity to our extraordinary beaches like South Pasadena, one of the several charming beach communities such as Redington Beach, Indian Rocks Beach and Madeira Beach, or the highly desired beach communities of Treasure Island and St Pete Beach, each with its own unique neighborhoods.
In Clearwater Beach, perhaps you may want to consider one of the highly-desirable neighborhoods like Ybor City, Davis Islands, Hyde Park or Palm Ceia.
Currently, home sales prices are still lower than in many years but are increasing at a fairly steady pace. However, I always suggest to stay within your budget while still realizing that you may be able to afford a wonderful property in a traditionally expensive neighborhood due to the volume of Short Sale real estate inventory.
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Can I get a bargain on a short sale?Occasionally. Most people hear the words "short sale" and automatically think of a seller that is in trouble and must sell their home promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the reduced price may in fact be consistent with actual market values instead of below.
What's involved in buying a short sale?
- Always a great deal of research should be done before making any offers, using information provided by County Property Appraiser sites which give property values, current taxes and usually past home sales information. In addition, I can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help determine how much to offer.
First and foremost, since this process can take a long time from submitting an offer to actually closing on a property, I will communicate regularly with the selling agent as well as possibly the owner and the lender. My goal is to make certain you're protected, keeping you informed on the status on a regularly basis regarding closing the deal.
Home warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas.
When an offer is made, I will always advise you to make your offer contingent upon the results of the inspections.
- Even with an experienced short sale real estate agent and under the best circumstances, buying a short sale home will usually take longer than a typical real estate transaction. Know that many short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will go before a committee to approve or disapprove which will add time - sometimes it can take three or more months.
In many Florida real estate markets, including the majority of neighborhoods in the Tampa Bay area, property values have been steadily showing increases which usually translates into higher sales prices.
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