Properties, Houses and Condos for Sale in St Petersburg Treasure Island Florida

St Petersburg  Short Sales | Short Sales and Teaser Prices. 

A short Sale situation here in St. Petersburg is already confusing enough for the buyer and the seller, but to make it worst, here in St. Petersburg Florida, a lot of Realtors now advertise short sales with (what I call) "Teaser Prices" and to be honest, I do not like it at all, but it seams to work.

So, maybe that is the way to go. Just to give you an example, a home that, according to the comps, is worth $300,000 might be advertised with and asking price of $150,000. Sure enough, now you get a lot of attention and showings. Buyers make offers left and right between $130,000 and $150,000 thinking that the bank will accept $150,000 or even less.

Well, wrong (or most likely wrong) the bank will have a BPO done or even and full appraisal and that is what they are going to base their acceptable asking price on. Now the bank will probably come back and counter theses low ball offers with $300,000 or $250,000 and however steps up to the plate first will get the deal.

On the one hand I think it is misleading to advertise a property, house or condo with a "Teaser Price" on the other hand you get more activity and maybe therefore more offers.

So what do you think? Are we doing the buyer or seller a favor with low asking prices or for that matter unrealistic asking prices?

St Petersburg  Short Sales | Short Sales and Teaser Prices. 

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We just closed on a short sale in the Seminole Isle condos Florida

I was representing the buyer in this short sale situation. The seller, realtor and lawyers had started the short sale process with the bank in Jan 2008. They had received 3 offers on the Seminole Isle property between January and August, but all of them fell apart because the buyers did not want to wait months and months to go to closing. This was another example of the bank taking their merry time. Anyway, my buyer was looking for a 2100 square feet unit in Seminole Isle for a few months and we just could not find one that was priced according to market value.

I checked the MLS twice a day, I personally wrote to all home owners with a 2100 square feet unit in Seminole Isle, asking if they wanted to sell, I called all Realtors and Real Estate agents in the area and asked if they had a pocket listing, I checked public records to find the short sale or foreclosure units and called all the different lawyers. But nothing came up in Seminole Isle.

I guess it was my lucky day when I called the 3 Realtors that had units "under contract" supposed to close soon. Two of them were on tract but one had just gotten the word that his buyer was backing off a day or so before final bank approval. Long story short, my buyer accepted the price the bank was willing to take, we did not have any contingencies and we went to closing 3 weeks later. Corner unit in Seminole Isle 2100 Square feet for $270,000

We just closed on a short sale in the Seminole Isle condos Florida