Wellington Short Sale Agents | Call 561-753-0135

Should I Short Sale My Wellington Home?

Posted on March 23, 2012 by Katerina Gasset • 6 Comments

Should I Short Sale My Wellington Home?

This is one of the most frequently asked questions and also one that receives the most judgmental responses.

The first thing you need to ask yourself and go over in your family meeting is your budget. Are you laid off from your work? Are you unemployed? If so, what are your job options and how realistic is it that you will get a job or start a business where you will be able to keep making your mortgage payments or where you can catch up if you are late.

How far behind are you on your mortgage payments if you are behind? Have you been turned down for a loan modification with your lender? If you do short sale your home, where are you going to move? Sometimes we have helped a homeowner discover that paying rent to a landlord will cost them more and get less space then trying to figure out a way to keep their home. In that situation it is not in the homeowner’s best interest to sell their home as a short sale.

Do you own properties that are your investment properties but the rents are not making the mortgage payments because of the real estate market crash?

Are you thinking about just walking away from your home or property and leaving the keys on the table?

These are many of the questions that are constantly being tossed around in a homeowner’s mind here in Wellington Florida and other places in Palm Beach County.

Most of the time doing a Wellington short sale is better than having a foreclosure against you and the judgment that the banks are entitled to after the foreclosure.

Did you know that there are some programs that you may qualify for where your lender will give you up to $20,000 in some cases and in many cases at least $3000 to help you relocate?

We can not promise that you will qualify for one of these incentive programs but the call to us is totally confidential. We will have a short sale intake evaluation with you over the phone and go over your foreclosure options with you. Call Nestor Gasset or Katerina Gasset at 561-753-0135 today to get your short sale questions answered.

Authored by: Katerina Gasset+

Wellington Short Sales- What You Need To Know Before You Sell Your Wellington Home

Posted on January 1, 2012 by Katerina Gasset • 0 Comments

Wellington Short Sales- What you need to know before you sell your Wellington home.

There are many situations that you may be facing when the subject comes up in your house about whether a Wellington short sale is your best option or not.

The most common reason that a homeowner does a short sale is because they are facing foreclosure.

Because this is the most common reason people do short sales it may seem to many people that you have to be in some stage of foreclosure in order to do a short sale. This is not the case.

If you are in foreclosure in Wellington Florida then the bank does want to try to work things out with you in regards to resolving your serious delinquency. Most of the time, when we are negotiating short sales for Wellington homeowners the banks are more agreeable in negotiating terms with you than if you are current on your mortgage.

If you are behind in your Wellington Florida house payments but not in foreclosure yet the bank also wants to give you the option of doing a short sale in most cases. This is a great time for the bank to save some money by not pursuing the foreclosure filing in the state of Florida but also a good time for you to do a short sale to be able to negotiate the best outcome.

If you are current with your mortgage payments many real estate agents, attorneys and friends will tell you that you can not do a short sale if you are current on your mortgage payments. This is not true in most circumstances. A lot of this depends on your bank and who the note owner on your mortgage is. So it depends on a lot of factors. But for the most part, most Wellington homeowners who are contemplating doing a Wellington short sale and are current on their mortgage payments may pursue a short sale.

If you are current on your mortgage but are in danger of becoming delinquent you are also a good candidate for a short sale. If you are depleting all of your savings and are laid off from work this is a good case to make to your lender that you really don’t want to have a foreclosure on your credit report and you also don’t want to go late on your payments. This is a good time to pursue a short sale.

If you are current on your mortgage, have tenants in your property but the rent does not cover enough to make your mortgage payments- you can do an investor short sale. We work with Wellington property owners and Wellington investors who have lost so much equity in their properties and can not get re-financed. If you are in this situation we have a lot of experience in helping investors get their Wellington short sales approved.

If you are current on your mortgage and do have enough money to keep making your mortgage payments you may be able to do a ‘Strategic Short Sale’. In Wellington there are many homeowners who have lost equity in their property- some to the tune of 50% of their equity evaporated in the mortgage melt down and real estate bust in South Florida. Most of the time with strategic short sales you will get your best offer from your lender if you do go late on your payments. That is when the bank is going to make a move in looking at your short sale seriously. If you keep current on your payments your bank may require a larger cash contribution than if you are late or default. Again, it all depends on who your servicer is and who owns your note. They all have different guidelines.

The best thing to do is to call us- Nestor Gasset and Katerina Gasset at 561-753-0135 to have a confidential phone interview about your situation and we will go over your foreclosure options and Wellington Short Sale options. This way when you are having your next sit down meeting at your house you will have some actual facts to go over instead of just hear-say from good intentions of friends and family members.

Authored by: Katerina Gasset+

What Is A Wellington Short Sale ?

Posted on February 19, 2012 by Katerina Gasset • 1 Comment

What is a Wellington Short Sale?

We created this very short 2 minute video for you to answer the question: What is a short sale?

Short sales have been around since the origin of the mortgage and loans for homes- properties and other tangibles and non-tangibles. But most people had not really heard what a short sale is until the real estate bust in 2007. Most real estate agents did not know what a short sale was until recently either. Most homeowners did not know what a short sale was and many homeowners still don’t know that a short sale is a great option to foreclosure in many circumstances.

If you are looking for an easy way to explain what a short sale is this video is simple, fast and straight to the point.

Wellington short sale broker Nestor Gasset and Wellington short sale agent Katerina Gasset train and coach real estate agents how to negotiate a successful short sale transaction.

Contact Nestor Gasset or Katerina Gasset for a confidential short sale interview to go over your short sale options and avoid foreclosure today.

Authored by Katerina Gasset

Authored by: Katerina Gasset+

Wellington Florida Short Sale Agent – The Top Questions to Ask

Posted on May 18, 2012 by Katerina Gasset • 0 Comments

Some homeowners end up trusting the wrong Wellington Florida short sale agent simply because they feel it is “bad” manners to ask too many questions. That, unfortunately, could be their biggest mistake. As the owner of the house, you are the agent’s client and you therefore have every right to ask all the important questions.

What Questions Should You Ask a Wellington FL Short Sale Agent?

It’s your privilege to choose the best Wellington Florida short sale agent you can find to represent your home. Don’t waste that chance as you usually only get one with your creditor or banker. To help you find the ideal real estate agent to work with when short selling your home, here are several questions you could ask a prospective agent.

How long have you been working with short sale clients in Florida?

There are two reasons for asking this question. Firstly, you want to make sure that the agent has more than enough experience working with short sales. It’s a whole new ballgame compared to the rest of transactions taking place in the real estate industry.
Secondly, you want to make sure that the agent’s experience has to do with short sales in Wellington FL or at least in the state you’re in and elsewhere. This is critical because laws on short sales tend to vary from one state to another. Short sale laws in Florida, for instance, are practically the opposite when compared to those regulating short sales in California.

How many short sales have you completed in the past three years?

A Wellington FL short sale agent with numerous short sales tucked under his or her belt is all well and good, but how many of those sales had actually taken place in the past three years? You need to make sure that your agent has been active in recent years. If not, your agent may not be in the best position to understand current trends in the local real estate market. Consequently, your agent may also not be aware of the latest modifications on laws governing short sales.

Has the Wellington FL short sale agent dealt with your creditor in the past?

Having an agent familiar with the ins and outs of working with your creditor would be a huge bonus so try to find one who comes to the negotiation table with this kind of experience. If your loan is serviced by your bank but is actually owned by another company, it would be helpful if your agent – or even you – have the necessary contacts to get in touch with the latter.

Authored by: Katerina Gasset+

Wellington Florida Short Sale Agents – What If They Don’t Do Their Own Short Sale Processing?

Posted on May 16, 2012 by Katerina Gasset • 0 Comments

This may come as a surprise to many, but not all Wellington Florida short sale agents actually do their own “dirty” work or short sale processing. In some cases, for instance, a Wellington FL short sale agent may actually be in charge of marketing and promoting your property alone while leaving the rest for another short sale company, agent, or expert to process.

Advantages

There are certain advantages to enjoy in this kind of setup but it would ultimately depend on the short sale processing company that your agent is working with. If it is tried and experienced with short sales then you would have nothing to worry about. Meanwhile, your agent can concentrate on the marketing and selling side of things while the other party works behind the scenes, helping you arrange and gather the necessary documents and making your short sale package.

Disadvantages

There are, of course, drawbacks as well and these are more obvious on the onset compared to the potential benefits for this kind of setup.

Firstly, you could only be relying on the word of your Wellington Florida short sale agent that the short sale processing company he or she is working with is reliable and noted for its efficient and effective service. But how can you really be sure of that if you don’t know the company to begin with?

Secondly, it may not be possible for you to contact the short sale processing company directly. This means that every time you need to communicate something about short sales, it has to go through your agent first. This can cause significant delays if you are not careful.

What to Look for in Wellington Short Sale Agents

Ultimately, it would be better if you trust a short sale agent in Wellington FL that has experience both on the marketing and short selling side of things. This way, someone will be able to answer any and all kinds of questions you have about your home and the short sale process.

Consider compatibility as well. Simply put, do you get along with your agent? If not, then nothing good may happen between the two of you as you may both be wasting time arguing with each other every step of the way. It’s very important that you find a Wellington Florida short sale agent you won’t feel uncomfortable to talk to anytime and whose methods for short sales you heartily approve of.

Authored by: Katerina Gasset+

How Can a Florida Short Sale Specialist Help Troubled Homeowners?

Posted on May 10, 2012 by Katerina Gasset • 1 Comment

Even with financial aid packages starting to pour in from banks, there are still hundreds or even thousands of homeowners who won’t qualify for such help and are thus in dire need of the services of a Florida short sale specialist. Some time ago, the courts have ordered a number of banking corporations to offer additional financial aid – or even return deeds to previously foreclosed homes – to homeowners who have been wrongfully evicted from their properties.

If, however, you are only in the brink of foreclosure then such financial aid packages are not yours to enjoy. There is still a good chance that your bank or creditor would seize your property and foreclose it if you don’t take proper precautionary measures ahead of time. One such measure would be to approach a Florida short sale specialist and get him or her to help you.

Are Short Sales the Ultimate Solution?

Unfortunately, not all homeowners would be considered eligible for short sales. The conditions vary from one creditor to another. Ultimately, however, you or – more specifically – your Florida short sale specialist would have to prove that it’s to everyone’s benefit that you are allowed to short sell your home as soon as possible.

What Do Short Sales Entail?

Let’s say that your house in Florida may be sold today at $600,000. Unfortunately, your home used to be worth $800,000 and in fact you have mortgaged it to the hilt and thus owe the bank $800,000. Obviously, it would be pretty impossible for you to sell your home at its original price. But if you sell your home based on its current market value, then that would mean losing about $200,000 in the process.

$800,000 Original value of your home or the amount of your mortgage balance
$600,000 Present market value of your home
$200,000 Negative balance if you sell your home at its present market value

This won’t be that big a problem if you fully own your property and it’s not encumbered in any way. Although you are losing $200,000 technically, it’s not something that would significantly hurt your finances.
But it’s different if you owe $800,000 on your home and are no longer able to keep up with mortgage payments. To prevent foreclosure and an unwanted blemish on your credit record, you would need to sell the home. But even if you do sell it, you would still be left with a $200,000 debt you can’t pay.

Now, this is the part where a Florida short sale specialist can step in and help you out.

A short sale specialist would do the following to ease your burden:

Prepare a short sale package to convince your creditor about the rightness of short selling your home
Find a buyer for your short sale home
Obtain the best possible post-short-sale condition for the remaining $200,000 balance of your mortgage
Expedite the process for selling your home to prevent foreclosure

Authored by: Katerina Gasset+

How Florida Short Sale Specialists Can Help After the Short Sale

Posted on May 8, 2012 by Katerina Gasset • 0 Comments

One look at that title and you’re probably thinking it would be unlikely for Florida short sale specialists could still be of help after the short sale of your home has been completed. But actually, if you chose the right short sale agent to represent your home then he or she could still be of service to you even after the ownership of your former home has been transferred to its new owner.

Unsecured Promissory Note

At the very least, your realtor should be able to ensure that you are only signing an unsecured promissory note with regard to your remaining debt.

Let’s say that your home, which you still owe $700,000 on, is now only worth $440,000. As such, when your creditor approves of short selling your home you would still end up with a $260,000 loan balance. If your creditor insists that you still pay this back on some indefinite or definite date, your agent should ascertain that your agreement to pay the debt would only be guaranteed with an unsecured promissory note.

This way, if you lack the necessary amount in the future to pay your remaining debt, your creditor would not be able to confiscate any of your properties right away as alternative payment.

Installment

Some Florida short sale specialists don’t stop once they’ve gotten their clients an unsecured promissory note. They also make sure that their clients have all the advantages needed to get them back in the right financial footing and thus be able to pay their existing balance. As such, many agents work hard to convince creditors to accept payment by installment instead of asking for a lump sum.

Discounted or Reduced Payment

In some cases, Florida short sale specialists convince agents to settle for a smaller amount as payment of the remaining debt. In a way, it’s like going through a short sale all over again but this time you are short selling your loan and not your home.

Debt forgiveness

This, of course, is the best thing that Florida short sale specialists can do with their clients. Going back to our previous example, you would be left with a debt of $260,000 after short selling your property. If your agent is able to convince your creditor to waive the rest of your debt then you would no longer have to pay the remaining $260,000. The short sale of your property alone is already considered complete and full payment of your mortgage.

Whichever scenario you end up with, you can be sure that hiring the best Florida short sale specialists would mean your credit record will remain safe and protected from any unwanted mention of foreclosure.

Authored by: Katerina Gasset+

Another Wellington Short Sale CLOSED- 1134 Aviary Rd in Wellington Florida SOLD!

Posted on May 4, 2012 by Katerina Gasset • 0 Comments

Another Wellington Short Sale CLOSED- 1134 Aviary Rd in Wellington Florida SOLD!

This property is located in the Emerald Forest subdivision in Wellington Florida. This home has 3 bedrooms and 2 bathrooms with a private pool and about 1,370 square feet under air and 1,808 total square feet.

This short sale was sold for $135,777 which was a pre-approved price from the short sale lender.

This property sold for ALL CASH. The buyers paid cash for this property.

In fact, the last three closings we had were ALL CASH closings on the buyers sides.

short sale in Wellington closed

This Wellington short sale was our listing and from the date of the listing to the date of sitting at the closing table it was 215 days.

The sellers are so happy with Nestor Gasset and all he did to get this deal closed.

For another short sale closed in Wellington you can click here.

Contact Nestor Gasset and Katerina Gasset at 561-753-035 to go over your short sale options.

Authored by: Katerina Gasset+

The Short Sale Package – What Does Your Agent Need from You?

Posted on May 3, 2012 by Katerina Gasset • 1 Comment

Your Wellington agent needs to present a short sale package to your creditor if you want to short sell your home. Without your cooperation, even the best Wellington short sale specialists won’t be able to guarantee a short sale of your property.

Ownership

First of all, you need to prove that you are the legal owner of the property that you wish to short sell. This means presenting the deed of ownership of the house and lot. Never sign over your deed to anyone other than at the closing of your short sale by a reputable title company.

Authorization

You also have to prove to the creditor that he or she is talking to a representative you have officially authorized to short sell your property. Your short sale lender will not under any circumstances talk to anyone on your behalf without a written authorization. This is the first document we need signed by you to. We then send that authorization letter to your lender and then they will speak with us.

Financial Hardship

Even if it’s a strategic short sale you are after, it still wouldn’t hurt to write a short sale qualification letter. Also known as a hardship letter, this is the part where you let your creditor know your reasons for wanting a short sale. Ultimately, it depends on the bank or creditor that owns your note as to whether or not you’re required to write this letter.
If you are, you need to prove that even though you are not presently suffering from financial difficulties you are already in the brink of doing so if nothing changes about your situation.

Income

Naturally, your creditor would want proof about your income. If you have your own company or business, your short sale package should include its financial statements. Some agents and creditors prefer financial statements of the past three years, but it really depends on the creditor’s requirements. Financial documents typically included are the profit and loss statement, balance sheet, and perhaps the cash flow statement of your business.

If you are employed then you may need to present your pay slip and income tax return.
If you have additional sources of income, documents pertaining to those should also be presented. Last but not the least, you may also be asked to include your latest bank statement in your short sale package.

Offers and Confirmations for Purchase

It would always help if you have a confirmed buyer for the house. If so, your short sale package should include a written confirmation from the buyer about his or her desire to buy your property. Some Wellington short sale agents may also ask the buyer to write a letter stressing their urgent desire to move in to their future home – if the purchase pushes through, that is. And with a beautifully prepared short sale package, there’s a good chance that everyone – you, the homebuyer, and creditor – would get what they want.

Authored by: Katerina Gasset+

The Short Sale Qualification Letter – Writing Tips for Success

Posted on May 1, 2012 by Katerina Gasset • 1 Comment

Has your Wellington short sale agent asked you to write a short sale qualification letter? If a terrible case of writer’s block is preventing your pen from pouring out words onto paper, here are some tips that could prove helpful in your writing quest.

Think of it as “coming clean”.

Everyone makes mistakes. Deliberate or not, foolish or not, you can’t keep blaming yourself for your financial hardship. When writing a short sale qualification letter, it’s essential that you forget about your pride and just come clean about your financial situation at present.

Think of it as a report.

Reports are different from, shall we say, essays in the sense that creative liberties are more abundantly offered with the latter. A short sale hardship letter is not an essay. You do not have the luxury of time to wax poetic about the difficulties you are facing. Rather describing your financial struggles with qualitative words, you need to focus on cold hard facts and figures. If they come with computations, so much the better! Stick to anything that’s measurable.

Don’t, for instance, be content with merely stating that you are on the brink of poverty. Rather, you could say that you are earning $XXXX, which is XX% below the average income in your area.

Think of it as a story.

Although the short sale qualification letter should have a factual foundation and can serve as a paragraph-formatted report of your financial situation, your letter should also read as a story. No creditor would feel the need to approve of your short sale application without any justifiable reason.

So you’re earning a below-average salary. Why is this so? Is it your fault? Are other extenuating factors to blame? You need to make them see the bigger picture and understand what contributed to your current situation.
A good short sale qualification letter is one that has a past, present, and future. With regard to the past, your letter should summarize the various factors and events that led to your current state. Describe your struggles at present and explain how both the past and present are likely to paint a horrible picture of your future if you don’t short sell your home.

Think of it as an appeal.

Lastly, remember that creditors don’t owe you anything. It is not your right or privilege to ask for a short sale. You are in their mercy – and not the other way around. As such, you need to take very care when choosing the right tone for your short sale qualification letter. It must sound like an appeal and not a demand.

Authored by: Katerina Gasset+

Another Wellington Short Sale Sold and Closed!

Posted on April 26, 2012 by Katerina Gasset • 1 Comment

Another Wellington short sale sold and closed by Nestor Gasset and Katerina Gasset of International Properties and Investments LLC. We just closed on one of our Wellington short sale listings- at 3166 Hartridge in Olympia subdivision in Wellington Florida. The listing price was $277,777. Richard Zaretsky attorney at law in West Palm Beach Florida handled… Continue Reading

Authored by: Katerina Gasset+

Tips for Selecting a Dependable Florida Short Sale Realtor

Posted on April 25, 2012 by Katerina Gasset • 0 Comments

Many homeowners don’t take much time to consider which Florida short sale Realtor to work with – to their everlasting regret. If you think that you can always switch to another agent every time you find yourself dissatisfied with the old one without suffering any disadvantages – think again! The more time you waste working… Continue Reading

Authored by: Katerina Gasset+

4 Lies about Wellington Florida Short Sales Your Old Agent May Have Told You

Posted on April 24, 2012 by Katerina Gasset • 2 Comments

Perhaps you have noticed how a lot of real estate agents have been recently promoting Wellington Florida short sales as an effective way for avoiding foreclosure. While that is certainly true, you should know that not even the most experienced and competent agents can guarantee the completion of short sales. When choosing which agent to work with for… Continue Reading

Authored by: Katerina Gasset+