Short Sale Pinellas Anyone? Shoulda Coulda Woulda: Tarzan and Jane’s Story

As promised in our Pinellas Short Sales Shoulda Coulda Woulda Roller Coaster post, this is the first story of many to come.   Names have been changed and we plan to have some fun with them.  Read and perhaps save someone from swinging from a thin rope. 

Short Sale Pinellas Anyone?  Tarzan Doesn’t Need Help. 

We met Tarzan and Jane when they had their lovely Palm Harbor house For Sale By Owner about 3 years ago.  It was listed for $460,000.  They owed $350,000 and they could have easily sold for $425,000 at the time – had it been properly marketed. 

Their payments weren’t too high, it’s that they had taken out a 2nd and bought some new toys and too many banannas.  They didn’t want to list the house with any Palm Harbor real estate agents in order to save the commission.  They wanted to pocket $75,000 to $100,000 to buy a more affordable home.  

Six months and several price reductions later, Tarzan and Jane listed their home for sale with us at Suncoast Partners @ Keller Williams Realty Palm Harbor.  The market had fallen and against our better judgement, we listed the home at $410,000 – a price we warned was too high.  They promised to reduce to $399,000 in 3 weeks if we didn’t get lots of showings and an offer.  We could have easily sold it for $390,000 then.  

Three months later, they finally agreed to lower the price to $399,000.  At this point, it should have been listed at $375,000.  And so the saga continued … we chased the market down with a few baby price reductions, and, by year end,

We Re-listed as a Pinellas short sale ! Oh No!  

Tarzon and Jane were bummed. 

They should have never listed FSBO.

They could have taken action on our pricing recommendations and they wouldn’t be in this mess.  

If only they would have, their lives would be so different now.

Tell Me the Ending!

We got Tarzan and Jane’s Pinellas Short Sale approved.  They had to sign a hefty promissory note because the bank saw that they still had good incomes and owned a tire swing and too many banannas.  They will be making $700 monthly payments to the lender for the next 7 years.   Tarzan and Jane are now renting a nice little house in Palm Harbor and their credit is damaged.  Fortunately, we were able to help them avoid being yet one of the next Pinellas foreclosures.  

Tell us what you think about Tarzan and Jane’s situation.  Will it be perhaps be helpful to you or others?  Would you like to hear more true stories?   Leave a Reply below and click the  Submit Your E-mail button below to hear upcoming accounts.

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