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Archive Monthly Archives: August 2011

Wellington Short Sales – You Can Do A Short Sale!

Wellington Short Sales – You Can Do A Short Sale Even If You Don’t Think You Can

Many times you get advice from your family, friends and associates at work. Sometimes their advice is based on hear say and sometimes it is based on past events that have taken place in their own lives. In 2007 the short sale market really started to happen here in Wellington Florida but most agents and most sellers and most people did not even know what a short sale was. The banks did not even know how to handle them and were ill equipped to take on the enormous case load of thousands upon thousands of short sale files that hit their loss mitigation departments across the country from Florida, California, Arizona and Nevada. 

So many of the stories you hear about how a short sale was done in 2007 is way different that how they are handled today in 2011 and into 2012. It used to be as I have written in many of our earlier articles on short sales that you had to have a hardship to do a short sale. That is not always the case any more. In fact, some lenders are not even asking to see your financial statements any more. Some lenders are paying your moving expenses up to $20,000 at your short sale closing. 

We have been getting sellers who have old WAMU loan and old Wachovia loans up to $20,000 at the closing. This is sometimes a dream come true and a huge surprise to sellers who are so upside down. Just imagine what twenty grand can help you- you can even put a down payment down on another property through an FHA loan if you relocated because of your employment and you were not late on your mortgage payments or you were only late because your bank told you they would not process your Wellington Short Sale unless you were late. 

Times have changed. We are not attorneys and we are not giving you legal advice. We have great attorneys that work with us, that we confer with, that our sellers can hire if they choose to and that we help in short sale situations. 

Wellington Florida Sunday Mornings

Wellington Florida Sunday Mornings 

What a serene morning it was. Today I drove to our son’s travel baseball game which thankfully was in Wellington at the Olympic fields this morning. As I drove the back roads of Wellington I noticed how serene, peaceful and quite the streets were. There was no traffic and very few cars traveling along the roads as if people knew there were more important matters to attend to with their families and places of worship. 

wellington short sale agents

Most Sundays I am at church which is walking distance from our home so I don’t see much of around Wellington on Sundays. It has been a long while since I drove on the streets of Wellington on a Sunday morning. Today was a little different. Our little guy made the travel team for Wellington Colts and they had a game this morning. Nestor went along earlier to get him there to practice and later I followed to get there in time for the game. 

Wellington Short Sales Where Cash Is King

Wellington Short Sales Where Cash Is King!

Does having an ALL CASH offer on a Wellington short sale listing give you an advantage? 

Yes, it does! 

Cash is King and there are many reasons why having an ALL CASH buyer or if you are the buyer, an ALL CASH offer on a short sale listing in Wellington Florida. As long as the cash offer is a reasonable offer there are benefits to having ALL CASH to close. 

1. When you have an ALL CASH offer we do not have to submit an approval letter from a lender to the seller’s short sale lender. You do have to have a statement from your financial institution or stock brokerage that you do have the cash to make the purchase, that is called a ‘verification of funds’. This will save a little time in the negotiating process. 

2. When you have an ALL CASH offer on a Florida short sale listing you are the boss of your cash and you don’t have a mortgage banker telling you what you can do with your cash. Therefore, should a short sale seller not have the funds to pay off his HOA fees or his lender needs a cash contribution and he does not have all of it, a cash buyer can help out. 

3. When you have an ALL CASH offer in many situations with many lenders we can get them to move faster on an approval. We have been able to get approvals with ALL CASH offers from certain banks in 3 days or less! It is all about having Wellington short sale agents who really know how to negotiate the terms and who know who to go to at the seller’s lender to get the answer. 

4. When you have an ALL CASH offer the seller’s short sale lender will expect you to close quickly once they send us the approval letter. This is great because if the seller is close to foreclosure you will be able to close and the seller won’t get foreclosed on. Many times buyers who get loans need extensions because their lenders are not ready in the time the seller give to them to close. 

To find out more about Wellington Short Sale Agents go to: http://www.wellingtonfloridashortsales.com

Short Sale Law – Legal Updates

According to the National Association of Realtors® Legal Scan – Legal Issues facing Real Estate Professionals, it is the opinion of Brokers, agents and attorneys that the biggest disputes are and continue to be in disclosure issues involving short sales. 

The disputes center around the issue of property disclosures, the disclosure of known material defects to a property in short sale. Brokers and agents are sometimes not disclosing material defects. 

Disputes also involve dual agency in those states that have dual agency. Florida is not a dual agency state. The other complaint is about agents breaching their fiduciary duty. Again, in Florida it is presumed that brokers are acting as transaction brokers unless a single agency agreement has been entered into. 

Because short sales are sold in “as is” condition, sellers and agents are not providing sellers’ property disclosures and many who are – have property disclosures that are weak and lack quality. Of course, if the property has never been lived in by the owner of the property and that owner does not live in Florida they would not necessarily have knowledge of defects depending on who was handling their property. 

We really encourage buyers agent to strongly suggest to their buyers to have a home inspection completed within the first 20 days of their offer being accepted by the seller, before the bank approves a short sale. This way, the buyer can move to look for another property should the inspection report come back with repairs the buyer is not willing to accept. 

In the legal scan report it also states that there is a disclosure problem with agents not disclosing that the listing is a short sale or soon will be a short sale. This is a whole other topic because this dispute has two sides to it. It has an agent who has a duty to disclose material defects and it can be argued that a short sale is NOT a material defect to the property. It can also be argued that a seller who may get fired by his employer for doing a short sale needs to keep this information private and that by making his short sale situation known to the world especially online can damage him which then is another dispute about confidentiality of his financial condition. We can argue these points all day long. 

Wellington REO Agents- Wellington Florida Short Sales

Wellington REO Agents- Wellington Florida Short Sales 

What is the difference between a Wellington REO agent and a Wellington Florida short sale agent? The difference is in who the agent is working for. 

For an REO in Wellington, which is a Wellington Bank Owned property- the Wellington REO agent is working for the asset manager for the bank that owns the REO. REO stands for Real Estate Owned. 

A Wellington Short sale agent is working on behalf of the homeowner or investor/ short sale seller. When we work as Wellington short sale agents we want to make sure you feel comfortable working with us that we are helping you to negotiate a satisfactory outcome to your Florida short sale.  A short sale is not owned by the bank. It is owned by the person who is the homeowner or the investor who may have tenants in the property. 

Title Insurer Liquidation Bill HB 1007 passed the Florida Senate joined with the Florida House Of Representatives jointly. It was unanimous.

Title Insurer Liquidation Bill HB 1007 passed the Florida Senate joined with the Florida House Of Representatives jointly. It was unanimous.

This bill contains operating rules that were recommended by the Florida BAR , the FLTA and the RPPTL.

Miami- based National Title Insurance company was placed in state receivership when they financially crashed during the housing bust. The company’s reserves are running out. The current state law would require that once the money is all gone out of reserves to pay outstanding claims and admin costs that they would have to terminate their title insurance policies leaving policy holders with no title insurance.

This bill that just passed, HB 1007- changes this law. This new law states that all of the title insurance policies from National Title will stay in effect forever. But you can not create such protection when there is no money to cover the claims and costs to administer the claims. We don’t have state income tax so there is no till to get into other than documentary stamp taxes on deeds.
So the new law requires an assessment of each title insurer on a market share basis to cover the cost. The assessments aer limted. In any one year it is 3% and 10% over 5 years. These assessments will be carried out through adding it to HUD 1 Settlement statements on new policies moving forward. They are going to be a separate government assessment and NOT added into line 1101 on the HUD.

This assessment is to be collected by each closing agent and sent to the title underwriter within 60 days after closing.
We don’t know what the final amount is exactly going to be on the HUD1 Settlement statement but we will let you know as soon as we know.

Title companies are not to start collecting this fee until they are told by the state what that fee is going to be.
The bill is now on the Governor’s desk for his signature.

Wellington REO and Short Sale Agents: Choose Your REO Agents Based on Marketing Dominance

Wellington REO and Short Sale Agents: Choose Your REO agents based on marketing dominance and knowing the market and trends. 

Wellington REO agents that understand the market and live in Wellington Florida care about their community here. We care. We know that our home value is tied to the neighborhood condition of the homes surrounding ours. This is why as Wellington REO agents we take care of our REO listings in the Wellington area. 

Before you hire a Wellington REO agent make sure they have a marketing plan in place such as the one we do. We dominate the search engines, organic search with special emphasis on Google page one placement. We will get your Wellington REO listings up on page one on Google within the first few weeks of marketing.

Of course there are a  lot of other marketing strategies we use but since 87% of all buyers start their home search on-line we focus our marketing on driving traffic to your listings via our internet marketing strategies. 

Closed- Sold- Another Short Sale – Vintage Condo in South Beach Miami!

South Beach Miami Condo Short Sale- 727 14th Place- Park Vintage Condo SOLD and CLOSED.

Original Asking Price $169,777 in September 2010

Lowered price in increments until we got to $149,000 before we got an offer.

Buyer offered $124,500 in March 2011.

Buyer seeking financing, FHA loan from Wells Fargo.

During our short sale evaluation with the seller – we recommended the HAFA program because he met the requirements for HAFA short sale.

Chase serviced the loan. Chase is very slow on HAFA deals in South Florida.

Chase countered buyer’s offer at $144,000.

Buyer accepted the counter.

Then Wells Fargo ( the lender for the new buyer) did their appraisal.

Appraisal comes back at $117,000.

We go back to Chase with new appraisal. Chase will get less than this as an REO.

Chase lowers the price to $117,000.

There were issues with FHA and the Condo Association’s Hazard Insurance policies.

We had to go back to Chase for extensions to the closing. Issues are resolved.

Closed!

Seller was approved for HAFA so he got $3000 and no deficiency. He was SO happy that he was getting the $3000 because he really did not believe that was going to happen after all the lies that were told to him by Chase during his loan modification process in 2010.

But the night before closing- the closer from Chase called us to tell us that they had $20,000 more than what they needed to net so we could give that $20,000 to our seller at closing!!!!

So our seller received $23,000! You should have heard him on the phone as we told him this awesome news!

 

How Do You Choose A Wellington Short Sale Agent?

How do you choose a Wellington Short Sale agent? If you found this post on the internet you also have found other websites about short sales on page one on your Google or Yahoo or Bing Search. 

Just because an agent is on page one on Google does not make him or her a short sale specialist or expert. You may land on a blog or website of someone who has a few articles about Wellington Short sales. But again, look closely at who is writing those articles. 

Is this person just having other agents they know from different parts of the country adding articles about short sales? This may be a signal to you that the author of the website does not know how to do short sales for sellers in the Wellington short sale market or the Palm Beach county short sale market. 

If you read carefully the articles on these sites that you may find on page one of google for Wellington Short Sale agents, you will find out how much they really know about actually negotiating a successful short sale in the state of Florida. You may read posts and articles from agents who do work with buyers on Wellington short sales but that does not mean by any stretch that this same person has any experience working with sellers on short selling their homes in the state of Florida. 

Be careful about messages to call an agent or a company that does not have testimonials from completed and successfully closed short sale listings- where they have represented the seller in the short sale transaction. Always ask for testimonials, always ask for references. Don’t take a person’s word for it that they know how to represent you in your Wellington short sale listing. 

Click on our “Testimonials ” tab right here on this Wellington Florida Short Sale website. You will be able to read many references and happy clients who we saved from foreclosure. This is what we do every day. We have helped many, many, many homeowners negotiate a short sale instead of losing their homes to foreclosure. 

Don’t take our word for it, listen and read what our Wellington short sale sellers have to say and then call us at 561-753-0135 at International Properties and Investments Inc, a Licensed Florida Real Estate Brokerage.