I'm no expert but I might want to talk to my tax person and find out what benefit I could get by taking a loss from a short sale at current market value. Or, if you have enough reserve cash or income flow and want to try and wait this out, worst case. It's a bad situation none the less. There are many who are in your situation I'm sure. Lots of people bought in at the height of the market or somewhere thereabouts. Whoever thought things would go South like they did. I don't suppose there is anyone else with any suggestions but you never know.
Good luck.... more
If a home has central air conditioning it is most likely utilizing a heat pump in conjunction with the central air for the home's heat. The central air takes moisture/humidity out of the air and runs it through ducts and then uses refrigerant to cool the air that is being moved through vents back into the home. The heat pump is a similar process but in reverse to heat the home. In Florida's climate this is usually sufficient to heat the home since our weather is moderate. However, there is also a back up heating system usually referred to as electric heat which uses heat strips in the system to produce warmer air. This should only be used as a back up if it is extremely cold because it is not energy efficient and costs more money to run. You will notice if you look at a thermostat on a house with central air that on the thermostat it have settings for cool, heat, off, and e-heat. Almost every thermostat has these basic settings if it is a central system. So basically, if you are purchasing a home with central air it should also have a heat pump and the ability to heat the home. How cold does it need to be to justify heating? Well that depends on your personal preference, the size of the home you are purchasing and how well insulated it is. But I agree with Lisa's comments completely, and I have been a Tampa resident my entire life. I only use my heater an average of 3-5 nights the entire year. I hope this helps.
Prudential Tropical Realty