Archive Monthly Archives: April 2012

Another Wellington Short Sale Sold and Closed

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 the short sale negotiations on this listing. You may know Richard Zaretsky as he has many featured posts on ActiveRain.

Wellington short sale sold by Nestor and Katerina Gasset

We listed this short sale in September 2011 and closed last week in April 2012. It took about 7 months to close on this short sale.

The sellers were able to get a waiver of deficiency. 

Sellers were current on their mortgage. 

The sales price was $270,000. 

 

You can do a short sale being current on your mortgage! Call Nestor Gasset and Katerina Gasset at 561-753-0135  for a confidential short sale interview to go over your foreclosure options and short sale options.

Tips for Selecting a Dependable Florida Short Sale Realtor

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 with unsuitable Realtors would mean fewer chances for avoiding the foreclosure block.
A dependable Florida short sale Realtor knows all about the rights which homeowners and lenders are entitled to.

This does not mean you have to sign up with a Realtor with a law degree, though. Sometimes, that can only serve to muddy the waters as your Realtor could find himself having a conflict of interest being a lawyer as well. Rather, you just have to make sure your Realtor does his or her best to stay updated about all laws relevant to homeowners and their creditors.
A dependable Florida short sale Realtor won’t give up at the first sign of trouble.

“When the going gets tough, the tough gets tougher.” That’s certainly an apt motto for short sale agents. Short sales are anything but short, and you can easily find yourself abandoned by your agent if he or she does not have the necessary patience to see things till the very end.
Short sales are like a waiting game, and those who have more patience always win the game. A patient and diligent Realtor would regularly call your lender, make appointments, and send follow-up letters until your short sale application is processed and – hopefully – approved.
A dependable Florida short sale Realtor will stand up for your rights.

Many real estate agents don’t bother standing up for their client’s rights if they feel that doing so is more trouble than it’s worth. Naturally, a dependable short sale Realtor feels differently about such things. Dependable agents take their jobs seriously, and they also strongly value the trust their clients place in them. If they feel that a lender is abusing his rights against a client homeowner, a dependable short sale Realtor would do everything legally possible to put things to right.
A dependable Florida short sale Realtor knows when to say “I don’t know”.

Last but most importantly of all, dependable real estate agents are not know-it-alls. They know that pretending knowledge won’t help their clients’ case, but they’re also aware that ignorance is not an acceptable excuse for failing their clients. If, for instance, there are certain issues that your lender has brought up which are rather technical and legal in nature, a good agent would refer you to a trustworthy lawyer instead of giving baseless advice.

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

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 short selling your home in Wellington, FL it is very important that you find someone who is absolutely honest with you and will not seek to convince you with exaggerated claims or, worse, false or misleading information about short sales.

LIE #1: NO CASH CONTRIBUTION FROM THE HOMEOWNER

Be very wary of agents who tell you that they can short sell your home without any contribution on your part. Even if they have found a willing buyer for a more than reasonable price for your home, it’s still ultimately the lender’s call as to whether that price is sufficient or not.

Your creditor or lender is also the only one who can determine whether you should make a cash contribution or not upon the sale of your home.

LIE #2: NO LARGE CASH CONTRIBUTION FROM THE HOMEOWNER

Some agents play it a little bit safer by saying that Wellington Florida short sales typically involve only a small amount of cash contribution. While it’s not as worse a lie as the first one, it’s still an absolute lie.

Lenders don’t just have a say as to whether homeowners would be required to contribute cash or not when their homes are sold through short sales. Lenders naturally have the power as well to determine how much the homeowner would have to contribute.

Even if your agent argues by pointing how the Wellington FL market is currently doing very well and should thus lead to an increase of your property’s value, it’s still the lender’s call. If he wants you to pay more than what other lenders are asking from other homeowners, he’s well within his rights to do so. It’s just your bad luck to have an unreasonable lender.

LIE #3: NO PROMISSORY NOTES

Other agents may tell you that successful Wellington Florida short sales will mean full payment of your mortgage. While that’s true, these agents may also neglect to inform you that your lender would also require you to sign a promissory note afterwards. Promissory notes often but not always require you to pay the remaining balance over a specified period of time without interest.

LIE #4: FULL PAYMENT NOTED

Again, this is not always the case. Lenders who agree to Wellington short sales may, however, insist that it is noted in public records that a full payment had not been made.

How a Florida Short Sale Agent Can Help You Get Rid of the Dreaded Promissory Note

It’s very rare for homeowners to find a Florida short sales agent with both considerable experience and absolute integrity to offer on the table. Unfortunately, it’s only that kind of short sales realtor who may be able to help you get rid of that unwanted promissory note.

SHORT SALES AND PROMISSORY NOTES

Many agents love to talk about short sales in the most positive terms and then gloss over the not-so-nice consequences that they come with. Promissory note is one such consequence, and it’s sad when homeowners only learn about them when it’s already too late.

Short selling your home does not always guarantee that your remaining debt would be 100% forgiven. There may be times that a lender would only approve of Florida short sales if and only if the homeowner agrees to sign a promissory note.

What Your Florida Short Sale Agent Can Do about Promissory Notes

A skilled Florida short sale realtor won’t just help you with short selling your property. If he or she truly cares about you as a client, then your realtor would also do everything possible to improve your financial future.

Unsecured promissory notes

The best agents do their utmost to ensure that homeowners only sign unsecure promissory notes. An unsecure promissory note means that you will not be beholden to surrender possession of any of your assets to your lender in the event that you fail to honor your obligation for whatever reason.

Reduced amount for promissory note

Let’s say your home is currently valued at $250,000 but you owe your creditor $400,000 for it. If you short sell your home at its present market value, you will still end up owing $150,000. This is what your lender would ask you to sign a promissory note for. Negotiations between your agent and lender may, however, cause a further deduction of your debt.

Instead of having $150,000 written in your promissory note, you could be asked to pay just $120,000.

Reduced settlement of promissory note

Using the above example, let’s say that you still end up signing a promissory note amounting to $150,000. It’s possible for your agent to continue discussions on your behalf and perhaps even convince your creditor to settle for $120,000 and consider it as full payment of your remaining debt.

Interest-free installments

Lastly, your Florida short sale agent can also make sure that the installments you are required to make to settle your promissory note would be free of interest charges.

How Can Wellington Short Sale Specialists Help with Listings?

Wellington short sale specialists are every homeowner’s best friend when it comes to having listed their property. Many homeowners mistakenly assume that putting up their home for sale is as simple as submitting an ad to a website or broadsheet and then waiting for their phone to ring. If only it were that simple!

Creditor requirements                       

Before you can list your property for short sale, it’s possible that you may be required by your creditor to provide additional information about your home. Chase, for instance, requires homeowners or – more specifically their short sale agents – to provide the following information if and when they are asking for more than $250,000 to be waived or forgiven with the short sale.

  • A history of the property’s price reductions
  • Showing appointment sheet
  • Marketing strategy
  • A complete list of ads for your property

As you can see, such information is not something a homeowner is generally equipped to provide. With the marketing strategy alone, you would have to convince the creditor that you are taking the necessary steps to make your property’s short sale not only successful but quickly accomplished as well. You would also have to take careful note of when and where all the ads for your property are appearing.

In some cases, your creditor – not just Chase, mind you – may also ask you to provide a report explaining the current condition of the real estate market in your area so as to justify the need for a short sale.

Improving quality of photos

The best Wellington short sale specialists would always be the first to tell homeowners that photos can be their most powerful tool for short sales. According to one survey, listings which are accompanied with at least 21 photos of the property being sold are the first to sell and get the most number of views as well.

A good Florida short sale agent will not only ensure that you have the right number of photos for your property. He or she is also likely to make sure that each photo you take and put up with your listing would have the ideal quality as well.

Accurate MLS listing

MLS stands for multiple listing services, and it can easily be another source of headache for homeowners who insist on doing things on their own. Without a qualified agent, you can’t really get your property included in the MLS for your area. You won’t even know how to make your property stand out in such listings even if you were given the chance to write your own ad.

MLs are for and by real estate agents and they provide substantial information about local real estate markets. This is one of the best places to have your property listed for short sales, but you can only do that with the help of a good Florida short sale agent.

Florida Homeowners’ Complaints Rise Against Attorneys

Florida Homeowners’ Complaints Rise Against Attorneys

The Florida Bar reported that they have received over 1,400 complaints against attorneys in Florida that are related to the housing crisis. 

Let me preface that Richard Zaretsky and Marlyn Weiner are attorneys we refer sellers to. These two attorneys are ethical. Let me also say that there are good attorneys and bad attorneys just as there are good real estate agents and bad real estate agents. 

Sometimes if a homeowner has not been paying their mortgage payment for many years and their attorney is not getting paid to defend them anymore, they may lose their home eventually to a foreclosure. The disgruntled homeowner than complains that his attorney committed fraud. 

Marlyn Weiner says this is the most common call out, fraud. But not all cases are fraudulent. 

In fact, so many complaints are coming in that the Florida Bar had to start a loan modification category, a mortgage fraud category and a foreclosure fraud category. None of these categories existed before 2010.

The first recorded loan modification complaint was in November of 2010. I won’t say any names but I can bet I know who that complaint was against. There was this one attorney who was doing loan modifications and foreclosure defense and several of our sellers had hired him. He did not even show up to the foreclosure hearing as agreed in one of the cases. In another case, he took our sellers money for services to defend them in a foreclosure and he never responded to the plaintiff’s counsel. 

The number of complaints is not stopping either. The Florida Bar had to an attorney to help the ones that are buried in these complaints. They have never seen anything like this in the history of the Florida Bar. This one attorney is trying to take care of these cases. The complaints account for 17% of all the open Bar cases. 

Consumers are complaining about the conduct of attorneys. So far 793 cases are now opened. 

So far 208 of the 1,394 housing- related cases resulted in some form of disciplinary actions against the attorneys in the complaints. The disciplinary actions range from public reprimand to disbarment. 

The biggest problem is that many lawyers took classes in loan modifications and then started to process them. But just going to a class does not make you proficient in doing loan modifications. 

Here in Florida a law passed in 2010 requiring licensing for any person or entity doing loan modifications in this state.

In 2008 a Florida law was passed that bans charging up front fees to do loan modifications. 

Attorneys were the exception to this law. Marlyn told us that many of those third party loan modification companies then approached lawyers to make deals with them in order to continue to run their businesses here but through the attorney’s firm. Many of these attorneys must not be happy with this arrangment they got themselves into. 

We believe that the next wave of complaints will be coming from homeowners who felt they were pushed into doing Deed in Lieu instead of short sales. Many attorneys get paid up front and a flat fee rather quickly for getting a Deed in Lieu through instead of waiting for a short sale to get approved. 

If you are facing foreclosure- you do have options. Contact Nestor Gasset or Katerina Gasset at 561-753-0135 to go over your options. A Florida short sale may be an option for you. We offer a no obligation confidential phone interview. Don’t wait until a court date is in your hand to act. 

Read our Florida short sale testimonials here. 

 

 

Why Do We Check To Make Sure Your Wellington Short Sale Is NOT Listed With Another Agent?

When we get a call from a seller who wants to list their property with us to get their Wellington short sale approved we can not just take the seller’s word that he or she is able to list their property.  

We always run a check in the MLS before we place your listing in the MLS under our brokerage name.

Is your property listed with another Realtor® in the local MLS that your property is located in? 

That has happened to us a few times. 

We get a call from a seller and the seller wants to get their Wellington Short sales approved. But we first must list the property for sale. 

Our MLS board has a rule that you can not have two listings in the MLS that are for the same property. 

If we see that your property is listed with another agent- we call the agent of record or broker of record to see if they are planning to cancel their listing in the MLS. 

Even if they have told the seller verbally that they will cancel the listing- if the listing is NOT cancelled in the MLS- that would be considered a duplicate listing and that is against the MLS rules. We have to abide by the MLS rules if we want to put our listings in the MLS to get maximum exposure. 

We ask to see the cancelation form signed by the broker of record and the seller. If that cancelation form was signed by both the broker and the seller- we can send that form to the MLS. The MLS would then contact the agent to ask the agent to remove the listing from the MLS, move it to canceled in order that we could then add the listing to the MLS. 

The MLS is supposed to automatically catch a duplicate listing and not allow the agent who is entering the duplicate listing to finish entering it into the system. But sometimes it slips by. 

We just had that happen to us. We have a Wellington short sale listing that has not been approved to be canceled in writing by our broker and another agent was able to duplicate the listing in the MLS so that agent must not have checked to see if we had canceled the listing. 

This is another reason why we need to check to see if your property is still listed with another agent or broker before we attempt to enter your listing into the MLS. 

There is a lot more to Wellington Short Sales than many people think about or that meets the eye. 

Don’t wait for foreclosure- take action today. Call us today at 561-753-0135 for a confidential short sale interview. We will help you determine and go over your options to losing your home to a foreclosure. 

Four Things You Can Learn from a Wellington Short Sale Specialist

There are a lot of things that a Wellington short sale specialist can teach and help you with but which you would never have been able to learn on your own.

Understanding the short sale process

Most homeowners are not even aware that short sales exist, much less understand how they work. This is unfortunate as short sales can easily prove to be the solution to many a homeowner’s dilemma. As you would know if you were to speak with a Wellington short sale specialist, short sales refer to the process in which mortgaged properties are sold at a lower price than the value of the mortgage taken out on them and with the lender’s consent.

Short sales have become more necessary than ever since the real estate bubble burst and homeowners ended up owing more money than what their property’s present market value.

Understanding the current state of the market

It takes an expert to fully understand how the real estate market in your locale – which in this case would be Wellington, Florida – is doing. With the help of a specialist, you will learn what the going rate is these days for properties like your home and what your former neighbors may have done to increase the value of their own properties. A specialist will also be able to tell you if there are market indicators which make it preferable for you to wait before putting up your property for sale or modify your selling
price.

Helping you qualify for a short sale

Certainly, getting qualified for a short sale on your own is quite a tall order and something only a rare few homeowners are capable of doing. And those that do succeed in getting qualified in their own usually spend twice or thrice the usual time that a homeowner would typically consume when pursuing a short sale with a specialist’s help.

As such, specialists don’t just ease your way in getting qualified for short sales. They are also capable of doing things that can help expedite the process, and this can be quite important if you are in a strict deadline and facing foreclosure.

Helping you avoid foreclosure

Naturally, specialists can also help you take advantage of short sales to prevent foreclosure. They can provide the necessary assistance to ensure that you submit the right documents for at least delaying foreclosures until your short sale application is approved.

If there is already a threat of foreclosure hanging over your head, there is no reason why you shouldn’t take a chance on asking a Wellington short sale specialist for help. After all, what have you got to lose?

How to Be an Effective Wellington Short Sale Realtor

The job of a Wellington short sale realtor is never easy, but it’s not impossible either if you consider the tips below.

Be concise with your dealings with your clients.

This is probably the most important thing to do when talking to your clients and handling their properties. A lot of confusion still revolves around short sales. If you don’t take the time to explain – step-by-step if necessary – what short sales are all about, then there’s a good chance that the homebuyer or homeowner you are representing would come to the negotiation table with false expectations.

If you are representing the homeowner, make sure your client understands that short sales can never take place without the lender’s approval. If you are representing the homebuyer, you should also know that there is a possibility you would “inherit” part of the mortgage taken out of the property.

Hone your people skills.

As a Wellington short sale realtor, you need to be prepared to speak to a lot of people – and that’s no exaggeration. Aside from having to regularly update your client about the latest news regarding the property he wants to sell or buy, you will also have to set up frequent appointments with your client’s creditor or creditors. You need to convince them that your client deserves the chance to short sell his property. Although having the right documents to present is always important, being able to establish an instant rapport with your client’s creditor wouldn’t hurt either.

Develop your patience.

If you have been in the real estate business for quite some time, then you have probably noticed that there is a lot of waiting involved in this industry. You need to wait for the right time before making an offer or you need to wait for the right person to make a desirable bid on the property.

Expect to wait a lot longer than usual, however, with short sales. Waiting for a bank’s approval for short sales can easily take months and the same goes with insurance companies. If you can’t learn to be patient, then this is not the job for you.

Always do your research.

In other words, you should always keep an open mind about things. You need to keep yourself updated with the latest laws and regulations that affect short sales and learn the latest trends in online marketing to expand your network and increase your business’ exposure. If you are not willing to research about every client or property you’ve been asked to handle, then there’s a good chance your client will eventually think you lacking as a Wellington short sale realtor and find someone else more suitable.

Wellington Home Prices- Higher Home Prices?

Wellington Home Prices- Higher Home Prices? 

The South Florida real estate market is heating up! And Wellington is part of South Florida:) This is great for our real estate markets. 

The South Florida real estate market is improving. The forecast is that home prices will rise another 6% before the end of this year. 

Forecasters put Palm Beach County, Broward County and of course Miami/Dade counties to be in the top 10 highest and best performing markets in metro markets!!! 

Of course there are pockets and areas within these counties that are still going to be going down in price for the next year or so. But the affluent and sought after markets have started to rise and will continue to go up. 

These three counties were the first to fall- a huge fall in the bust. Following were Nevada and California markets followed by Arizona markets. But first to fall are first to rise! 

From the collapse of the real estate market- most of South Florida saw prices plummiting down 50% to 60% from the boom prices. We are back to 2003 and 2004 prices in most places in South Florida. 

Less than one third of all the sales taking place right now in South Florida are foreclosed properties. That number will be in flux for a while as the lenders continue to foreclose on properties stuck in the courts. 

Phoenix is projected to have the highest increases in prices up to about 12.1 %. That is good news for Phoenix also! 

About 60% of all the sales in South Florida are ALL CASH purchases. This helps keep the markets healthy and there does not seem to be any let up in foreign buyers eager to own a piece of Paradise in South Florida!