Archive Monthly Archives: July 2012

Wellington Short Sale Services – What Would You Need?

Not all real estate agents in Wellington Florida offer – or care to offer – short sale services so be sure that the agent you want to work with can actually help you out. When short selling your home, you need your agent to be able to offer the following types of services at the very least.

Foreclosure Options

Sometimes, short sales just might not make it to the picture. It’s always a good idea to work with an agent who can help you explore all the possible options for avoiding foreclosure in the event that your short sale application is not approved.

Pricing

When it comes to short sale pricing, the first move usually has to come from the homeowner – aided by his agent. Afterwards, this may be followed by a series of negotiations and haggling until you and your creditor – and your buyer if one’s already involved – would all be happy with the price set for your
home.

This, however, is one of the types of Wellington short sale services that not every agent can excel in. It takes years of experience working in the local market and dealing with short sales to come up with a price range that would win a creditor’s instant approval.

If you don’t want to waste time, then you need to invest some of it first in searching for the best short sale specialist to work with.

Documentation

The amount of paperwork that has to be included in a Wellington FL short sale package can be incredible. And it would be a daunting task to complete if you were to work on it alone. As a result, many homeowners consider documentation as one of the most essential short sale services they require.

With documentation, you have to be very careful about what you write and submit because the information it would contain may later on be held against you. As such, it’s best to wait for a short sale agent to provide you much-needed assistance before making any move in this area.

Marketing

Getting approval for your short sale is a long and arduous journey most of the time, but unfortunately reaching the end of it does not mean your work’s done. You and your agent still have to market your home and find a buyer for it. In fact, most agents start doing this day 1 as your short sale package’s more likely to be approved if you already have a buyer.

As such, when looking for someone who offers Wellington short sale services, you should make sure that the specialist can also do a good job as an agent.

How Can an Aggressive Short Sale Agent in Wellington FL Help You Out?

In the world of short sales, having an aggressive short sale agent representing your home in Wellington Florida can make all the difference in the world. There are a lot of things that can happen and which would easily cause both agent and homeowner to give up. But if you have an aggressive short sale specialist on your side, then instead of discouragement you will get all the motivation you need to persist and do more and go harder.

Who owns your loan?

You won’t believe how difficult it can be to extract this particular bit of information until you’ve tried it yourself. Sometimes, it would mean chasing different parties on the phone. Other times, it may mean having to give your creditor one follow-up call and mail after another until he gives in and lets you know who owns your loan right now.

Did the creditor get your short sale package?

Sometimes, it’s a matter of lack of courtesy. Other times, your creditor is just too busy to check your Wellington FL short sale package. In any case, you will still need an endless amount of patience to keep on badgering – sometimes that’s really what you have to do – your creditor until he gives in and finally takes a look at the package you and your short sale agent have worked so hard for.

What other qualifications or conditions are there?

There are times when a creditor can get away with asking more than what the government typically demands for short sale applications. There’s nothing you can do about this because it’s creditors who usually call the shots in this case.

What’s worse, however, is how some creditors seem to delight in leaving you hanging and wondering what else you can do to avoid foreclosure and go for a short sale indeed. These are the times when you will need an aggressive short sale agent the most.

They’ll wear creditors down until the latter gives in and tells you what else to add to your Wellington Florida short sale package.

How much should you sell it for?

Another thing that can take creditors an incredible amount of time to decide on is the price they need you to short sell your house for. Again, you will need the help of your Wellington FL short sale agent to regularly send follow-up calls and mails to your creditor until you finally nail him down to commit to a specific price so you can finally move on to the next stage.

Where do you look for your buyer?

Lastly, don’t forget that short sale specialists are essentially real estate agents. They also have the necessary skills to hunt down the perfect buyer – or come up with the most amazing marketing plan to get the ideal buyer to come to your house for sale in Wellington FL instead.

Can I Do a Short Sale in Wellington Florida?

Can I do a short sale? It’s a question that many homeowners immediately ask their selves once they hear how this friend or neighbor managed to avoid foreclosure by short sales. Although short sales do happen frequently in Wellington Florida, that does not mean it’s something easy to apply for. Rather, everything depends on your current situation and how good your real estate agent is in handling short sales.

 

Why do you need a short sale?

If your home loan is provided by Fannie Mae or Freddie Mac, then the qualifications are pretty straightforward and with little room for adjustment unfortunately. On the other hand, if your loan is owned by another company then the qualifications will be largely dictated by your creditor.

If you want to short sell your home in Wellington FL then you usually need to prove that you’re suffering from some sort of hardship. The easier way for you to understand this, however, is to illustrate situations in which you are unlikely to get the approval for your short sale application.

 

Overspending

Using your entire lifesavings for the medical expenses of a terminally ill loved one is not overspending, but using several months’ paycheck to travel around the world on your honeymoon definitely is. You can be sure that your creditor will check your most recent financial transactions to determine just
why you’re having such a hard time paying for your mortgage. And if it’s not a good reason, then your chances of short selling your home in Wellington Florida are slim to none.

 

Unsuitable Neighborhoods

Your home used to be located in a nice and new neighborhood, but various circumstances had seen it deteriorate into a hive of criminals and drug abusers. That’s bad luck for you, but that’s none of your creditor’s business. They definitely won’t consider it a valid reason for you to be late with your
payments and requiring a short sale.

 

Pregnancy

Yes, it’s true that having a new member in the family would mean more expenses and bills to pay. But pregnancy is a choice, and as far as your creditor’s concerned, it’s a choice with consequences you need to bear with. They don’t consider it a good reason either for applying for a short sale in Wellington FL.

 

Relocating

No matter what your reason is for relocating, it has nothing to do with the fact that you have defaulted on your mortgage. Deciding to move out of your house in favor of renting a condominium unit, moving to another town to join your husband, or going back to your parents’ hometown because it’s cheaper
there – all those reasons are unacceptable.

If you are serious about short selling your house in Wellington FL but don’t know how or where to start, let a short sale expert help you out so you finally have the direction you need.

Wellington Short Sale Update: Deutsche Bank In Hot Water

Wellington Short Sale Update: Deutsche Bank In Hot Water 

How did a bank from Germany become an owner of foreclosed properties here in South Florida? Deutsche bank holds title to more than 1,400 homes in Miami/Dade, Broward and Palm Beach Counties. 

What is the problem with that? 

According to local municipalities Deutsche Bank lets the houses become the blight of neighborhoods. The local towns levy fines, code violations and other fees against the bank. But how do they enforce anything on a bank overseas? 

When the cities and towns try to collect and pressure Deutsche Bank they say they are just the “trustee”. That it is the responsibility of the servicers to take care of the foreclosed properties. The bank refuses to take responsibility of taking care of the homes they foreclose on. Yet, the towns, villages and cities all say that the title records list Deutsche Bank as the owner or record and therefore they are the ones responsible for keeping up and maintaining the properties. 

In Ft Lauderdale, the city has fines of over $6 MILLION dollars pending against ONE property Deutsche Bank owns for failure to maintain this property. The property is located at 1032 NW Fourth Avenue. It is only 867 square feet and probably worth less than 20,000. It is boarded up. 

South Florida code enforcement officials site Deutsche Bank with failure to: 

  • mow lawns
  • clean and secure pools
  • remove trash and debris
  • replace broken windows
  • repair roofs
  • repair porches 

These can pose health problems to the neighbors and ruins the value of other homes in the area. 

Deutsche Bank does not do that in Germany. In fact, in Germany it is not so easy to get a loan to buy a home. Deutsche Bank requires 20% to 40% down on a property and they really scrutinize your employment and make sure there is little risk in giving a loan for a property. Rarely is there a foreclosure. They also don’t bundle mortages very often to sell as securities. 

But here, Deutsche Bank got involved with selling mortgage backed securities from high risk loans. They are being investigated by the U.S. . Deutsche Bank did not directly give loans to borrowers here in the U.S. Instead, it bought MortgageIT who made reckless loans risky borrowers. When the interest rates went up many of those borrowers defaulted in large numbers. 

The U.S government alleges that they lied about MortgageIT’s internal controls in order to qualify for FHA insurance. Being able to say that your securities were insured by the Federal Housing Administration made those investments highly marketable to investors. 

Deutsche Bank settled this lawsuit in May to the tune of $203.3 Million dollars. There are other investigations under way. 

Deutsche Bank is one of the world’s largest banks. It’s assets total $2.6 Trillion dollars. Deutsche Bank is 140 years old and had more than 1,000 branches in large cities and small towns in Germany. 

Strategic Short Sales for Wellington FL Homes – Can You Really Pull This Off?

On paper, strategic short sales for homes in Wellington FL may seem like a straightforward process.

  • You do not have the qualifications to apply for a short sale in Wellington Florida
  • Your agent will convince your creditor that it’s in everyone’s best interests for you to short sell your house
  • Your creditor is likely to have conditions of his own but will agree to the short sale
  • You short sell your home successfully and everyone is happy

But that’s on paper. What happens in reality can be a lot more complicated and – more importantly –it can take quite some time, too. If you are already on the foreclosure list then you definitely need to act now or it would be too late to do anything at all.

Qualifications

There have been recent changes made about who can and can’t qualify for a short sale but these changes only apply to Freddie Mac and Fannie Mae loans. If your loan isn’t owned by either of the two, then you should speak with your creditor or loan servicer directly to find out what qualifications you have to meet.

Agent

Strategic short sales for homes in Wellington Florida do get pulled off once in a while but never by an inexperienced short sale agent. Even the fact that the agent is also a Realtor isn’t always enough. What you should really need is someone who knows everything about the local market and has experience and expertise dealing with short sales.

Only Wellington FL short sale specialists have a good chance of pulling off a strategic short sale. This is especially true if you are not in the red in the first place. Ultimately, it boils down to convincing the creditor that it’s in his best interest to approve of your short sale application. Rarely do creditors place much importance on how short sales would benefit the homeowner, too.

Creditor’s Conditions

These conditions can be anything under the sun, but rest assured that they are always designed to benefit the creditor. More often than not, it may have to do with how much time you have to short sell a house, how much you can sell it for, and if there is any additional payment you have to make after the house has been sold.

The demands may or may not be reasonable, but if you have a Wellington FL short sale specialist with you then there’s little for you to worry about. There’s nothing you can do that your agent won’t do – and more – to short sell your home.