Wellington short sales- Some take 3 days and others take over a year.
Our team has been doing short sales in Wellington- South Florida- Texas- California since 1981. The one thing that has not changed is the fact that every single short sale is different. There are no cookie cutter methods and there are no certainties except for the fact that each short sale is different.
We got an approval from Bank Of America on one of our short sale listings within 3 days and closed within the next few weeks. We get a good amount of less than 30 day short sale approvals. But there are also short sales we have listed and sold that have taken over a year.
You can not judge the expertise of a Wellington short sale agent by the length of time that a short sale takes because there are just too many elements that are out of the control of the Wellington short sale listing agent.
So much depends on the lender’s servicer and how many loans are on the property, how close to foreclosure a seller is, if the seller is paying their mortgage payments or not, if the seller is paying their HOA fees or not, if there are attorneys involved or not.
Then there is the factor of the buyers. When a short sale takes too long with the sellers’ lenders’ servicers, the buyers don’t often stay in the short sale transaction. If we are not the ones who brought the buyer to the table, that is yet another factor that we need to pay attention to because many Wellington short sale agents are not involved with enough short sales on the listing side to understand and educate their buyer on the process and what to expect.
While you don’t know how long each Wellington short sale is going to take you can make sure that whoever you have helping you with the transaction and the negotiations with the banks, whether that is your attorney or your real estate agent, has a very high closing ratio of successful short sale transactions closed for the seller.
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.
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
We take pride in closing our short sales and treating our sellers with dignity, respect and empathy as they deal with this chapter in their lives. It is great to help sellers close this door and move on with their lives. With tenacity and assertive proactive actions we make sure that the short sale lenders understand our sellers’ positions and see that it is in everyone’s best interest to not go down the foreclosure path.
Here is another testimonial from one of our short sale sellers that we closed on:
Dear Nestor and Katerina,
I am writing this letter to express my complete satisfaction and gratitude for helping me short sale my property. I cannot thank you enough for helping me through my short sales process. You guys have gone above and beyond what I had expected and have made me feel as if I was a dear friend and not another client. I am especially pleased with the professional service you and your staff provided me, it has been first class. Your knowledge and timeliness has saved me time and money. I could not believe how quickly you worked to get my property sold. I am happy to recommend International Properties and Investments to any that ask, confident that they will experience the same satisfaction in service that I have.
Buying a new house gives a feeling of ownership and that’s the reason why people want to buy a house in their life. But since buying a house is an expensive affair and requires a lot of money to invest, people often wonder how to afford to buy a house. However, in recent times, mortgage loan is the solution to such individuals. People are incessantly obtaining mortgage loans to buy new houses for them but ultimately lagging behind to pay it off, which results in falling them into mortgage debt.
Like others, if you are also under knee-deep mortgage debt and looking for a way to come out of it, short sale is the answer. Short sales are referred to properties that are sold short of the balance owed on the loan in order to stop foreclosure. It is typically the option meant for them who are unable to repay the mortgage loan and have fear to face foreclosure on their property.
Short sales opportunities have changed the way of life of many individuals and have helped them to take care of their personal finances. Rather than struggling to pay an over inflated mortgage, it is wise to sell the property to a buyer at the discounted market price and pay off the loan.
Under the Mortgage Forgiveness Debt Relief Act of 2007, people can sell their property in short sale and can pay off a part of their mortgage loan. And the remaining part which they cannot pay off any more will be forgiven. In this context, it is to be noted that until this Act was introduced, financial institutions or lenders would earn form the interest rates that would be paid by the borrowers and would also earn from foreclosure by selling the property at a double price. But now since when the Act has been introduced, this is a rare fact.
The rarer event now is that sellers can negotiate to repurchase their home at a lesser cost. People who had permissible credit score and financial situation could work through a local lending institution to secure a new mortgage to bid on their own home. But this process involved a lot of risk as most lenders would only work with homeowners who would always lag behind paying their mortgage. However, this turned out to be beneficial to the homeowners as short sales are not treated equal to a foreclosure on the credit report.
Short sales records affects the credit report only for eighteen months, as opposed to a foreclosure that affects for as long as ten years. However, financial planning should be done before you feel your credit report is affected.
In conclusion, if you are not being able to manage your finances and pay your mortgage loan back, consider selling the property in short sale and pay off the loan.
Why we are members of Miami Association of Realtors® and How That Benefits You
International Properties and Investments LLC- we are members of three Realtor® boards in our markets. We are members of the Realtor Association of the Palm Beaches, the Realtor® Association of St Lucie and we are also members of Miami Association of Realtors®.
Miami Association of Realtors® is our favorite board of realtors®. Miami Association of Realtors® combined with some boards in Ft Lauderdale, Broward county and areas of Miami/Dade county. There used to be so many boards to join in South Florida that it was actually cost prohibitive to do business in the Miami metro areas and Broward county because you would have to belong to so many different boards if you had agents in many markets.
The smartest thing that Miami Association of Realtors® did was merging and becoming the power board they are now. There is power in numbers.
How does being a member of the Miami Association of Realtors® benefit our sellers and those who are thinking about listing with International Properties and Investments LLC?
The reach is huge… if you want your property marketed on an international scale and be front and center with foreign buyers there is no other board who can deliver the power of international marketing the way that Miami Association of Realtors® can.
Your property gets marketed in 19 different languages and vast U.S. and International exposure on over 500 websites. We also send your listing to all the members of our network with foreign companies in the International Referral network.
Miami Association of Realtors® partners with real estate professionals in many other countries like Brazil, Columbia, Panana, Costa Rica, Mexico, Argentina, Puerto Rico, the Caribbean, Belize, Chile, Bulgaria, Denmark, Norway, Portugal, Italy, Russia, Lithuania, Estonia, Latvia, Poland, Hungary, France, Spain and the United Kingdom.
South Florida is the leader in selling properties to foreign buyers.
Foreign buyers like Polo Players and Equestrian riders and horse owners come to Wellington Florida to purchase Wellington Equestrian horse farms.
Foreign buyers come to the Miami Beaches to buy waterfront condominiums.
Foreign buyers come to South Florida for lifestyle and to open up new businesses here. We welcome foreign buyers.
Nestor Gasset and Katerina Gasset are Certified International Property Specialists and network with real estate professionals from many different countries.
List your property with International Properties and Investments LLC for to get your South Florida property marketed to more foreign buyers.