All posts by Katerina Gasset

Home Affordable Foreclosure Alternatives HAFA Program

Home Affordable Foreclosure Alternatives HAFA Program 

The U.S. government created the HAFA program for homeowners in danger of losing their homes to foreclosure. 

The HAFA program is known as the Home Affordable Foreclosure Alternatives Program. HAFA is the acronym for this program. 

If you can no longer afford to make the mortgage payments on your home this  program might help you. The good part about the HAFA program is that IF your mortgage lender participates in the HAFA program you MAY be eligible for up to $3,000 in relocation money given to you at the closing of your short sale or deed in lieu. 

Please note that NOT all lenders participate in HAFA  nor do they have to. It is a voluntary program for lenders. All the major big lenders to participate as part of an agreement they made with the government when they got their bail out money. 

If you have more than one mortgage on your home both of your lenders must agree to participate in HAFA. Many times your second lien holder is not going to be so amiable but that depends on how much you owe them. 

Doing a Florida short sale is a way to participate in the HAFA program. Another benefit of the HAFA program is that you will no longer be responsible for the remaining amount that you would owe your lender. When you do a short sale you still owe the difference between what your mortgage amount is and what you sell the house for. HAFA terms require your lender to release you from any obligation to repay that amount of money and also relieves you of them coming after you later for a judgment. 

Doing a short sale has less impact on your credit score than a foreclosure. Very seldom is a foreclosure a better option than a short sale. 

The bad part is there is government red tape involved which can drag out the process. If you do not turn in one document within their time frame they can and do many times turn down your HAFA eligibility. This is very important to understand. This is also why it is very important for you to choose a Realtor® who is experienced in listing and negotiating short sales. 

You can learn more about the HAFA program on the Making Homes Affordable .gov website. 

The HAFA Home Affordable Foreclosure Alternatives Program. 

This website is : http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx

Contact Nestor Gasset and Katerina Gasset for further information about the HAFA program and if it the right fit for you at 561-753-0135. This is a free confidential call. The call is not recorded. We will go over your foreclosure options so you can decide the best course of action to take for your own individual situation. 

Florida Supreme Courts Rules On Homestead Exemption Case

Florida Supreme Courts Rules On Homestead Exemption Case

This case will affect thousands of families in the international arena that purchase homes in South Florida. 

The court ruled that a Hondurian couple living in Key Biscayne Florida with their children is entitled to their homestead exemption. 

The Miami property appraiser denied the homestead exemption because he said the couple did not adequately show that they live in the condo in Key Biscayne full time as their permanent home. 

The Supreme court ruled that what the property appraiser claimed is not necessary to get the homestead exemption. They overruled the appraiser stating the the Florida constitution allows for dependents to live in the property even when the owner is not there. 

This couple’s children were all born in the United States. The children have never been residents or citizens of Honduras or anywhere else outside of Florida. 

Miami is the financial hub for Central and South American businesses. Thousands of investors from South America and Central America and foreign officials purchase homes here in South Florida. Their children all attend public and private schools in Florida. Many of the children have claim to U.S citizenship because they were born here. 

If you are moving to South Florida from South America or Central America contact us and we can not only help you find a great investment here but also connect you with immigration attorneys, tax attorneys who specialize in foreign purchases as well as accountants who understand your foreign purchases. We are available via skype for your convenience. 

 

What Are Short Sale Video Tutorials?

What Are Short Sale Video Tutorials?

Short sale video tutorials can be any number of things, but they basically vary according to the purpose for which they’ve been created.

Short Sale Video Tutorials for Homeowners

This type of video tutorial is especially designed for homeowners who are hoping to short sell their home. In this kind of video, you will learn about the differences between short sales and foreclosures as well as their respective pros and cons.

If you choose to proceed with a short sale, such videos may also discuss what you can do to choose the best agent for your needs. It will also share information about the most common qualifications for homeowners to have their short sale applications approved.

Some of these videos are also great to watch when you’ve been playing the waiting game with your creditor and you’re driving yourself mad wondering if your short sale application will get the green light or not. These videos will teach you why patience and persistence will eventually win you the game.

Short Sale Video Tutorials for Homebuyers

At first glance, it may seem like short sale homes are only to the advantage of homeowners but never to the homebuyers. These videos, however, can show you otherwise. There are lots of benefits for homebuyers to enjoy as well when buying a short sale house.

A homeowner who pays his mortgage on time and is financially stable will probably have no problems waiting for as long as it takes for a buyer to purchase his home at the price he wants. With short sale homes, however, there’s always a matter of urgency that will be to the homebuyer’s advantage.

The homeowner would want to sell his house quickly to avoid foreclosure. The same thing goes for the creditor since foreclosures cost more money than processing short sales. If you make a reasonable bid, they’re unlikely to quibble about it.

Short Sale Video Tutorials for Agents

Once in a while, you will also see scattered in the Internet short sale videos for agents. These videos have been specifically created to teach newly qualified agents the most important dos and don’ts when going after short sales.

Although the country’s real estate market is slowly on the rise, there are still millions of homeowners facing foreclosure – and these same millions are the ones in need of an agent’s help with short sales. Agents who want to earn more and help more will definitely find these short sale video tutorials quite helpful.

 

Buyers Beware! Real Estate Auctions- Did You Read the Fine Print????

Buyers Beware! Real Estate Auctions- Did You Read the Fine Print???

Do you know what you are really buying? Do you know what foreclosure you are buying and from whom? 

There is a growing problem here in Florida of buyers buying foreclosures at auctions that are HOA foreclosures. After they buy the property the new buyer gets foreclosed on by the mortgage lender. 

The biggest reason this is going on is because Palm Beach county, Broward county and other Florida counties have moved all their foreclosure auctions from the courthouse to the internet and opened the bidding up to people all over the world. 

When people get excited about buying a home so cheap most of the time they don’t have an agent to guide them. Perhaps they read a book about buying real estate on the cheap or watched late night tv paid programming about buying real estate at basement prices or with other people’s money. 

They also rarely know what they are bidding on because they fail to read the fine print, they fail to do their due diligence before making an offer to purchase in the auction. They are not doing title searches on the properties they are bidding on. 

Novice investors BEWARE! You will get burned. 

If it sounds TOO good to be true- it most likely is! 

If you really could get a million dollar property for $30,000 everyone would own one!!!!  When you see a million dollar property at an auction for $ 20,000 to $30,000 that is not all that there is to deal with to own that property! When you see this, it is most likely an HOA foreclosure! The HOA forecloses here in Florida for non-payment of HOA fees. But that does not wipe out the mortgage on the property or two mortgages or three! You have to clear all those lienholders! 

Unless you have a lot of real estate investing experience DON’T BID ONLINE!!! 

 

Wellington Short Sale Market Report | September 2012

Wellington Short Sale Market Report – September 2012 

Currently there are only 38 short sales for sale in Wellington.

The highest priced short sale is a single family home with a 6 stall barn listed at $1,649,000. 

There is one short sale for sale in the Aero Club of Wellington listed at $975,000 located right on the taxi-way. 

There is one home for sale in Paddock Park listed at $742,100 but his property is getting put on an auction and requires a 5% buyer premium. 

The next home for sale in Wellington as a short sale is in the Olympia community in the luxury section and is the sought after Casa Della Scala model listed at $665,000. 

The lowest priced short sale for sale in Wellington is a small condo on Shaker Circle listed at $60,000.

If you want to make an offer on a Wellington short sale or sell your Wellington home as a short sale contact Nestor Gasset and Katerina Gasset at 561-753-0135. We have over 20 years of short sale experience to help you manuever the tedious and often frustrating journey of completing a successful short sale. 

What Is a Short Sale Video?

If you pretty much dislike reading or have a hard time keeping your attention on text-only content, then you will probably enjoy learning more about short sales with a short sale video. If you are facing foreclosure, one of the best options for you would be a short sale. Although it’s a hot buzz term nowadays, many people still don’t understand what it includes and excludes. All your questions will be answered, however, readily enough by the right short sale video.

Where Can You Find Short Sale Videos?

Here are a number of places that you can search for videos about short sales.

YouTube

A lot of videos are shared on YouTube and not all of them are for recreational purposes. In recent times, many marketers and professionals, such as Wellington short sale agents, have started to increasingly use YouTube as their marketing platform and as a way of reaching out to more target consumers or clients.

You can definitely find a lot of short sale videos here, but the question would be more on quality than quantity. There is so much erroneous information about short sales in the Internet that you have to be careful about which sources you trust. If you rely on an erroneous source and follow with it, then that could harm your chances of having your short sale application approved.

When looking for a short sale video in YouTube, consider the following tips.

  • Find out who uploaded the video. Is it a real estate agent? Keep in mind that some users upload other people’s short sale videos in the interest of sharing or for additional marketing of their short sale services. What’s important here is to ascertain that the person who created the video has the necessary experience and expertise to talk about short sales.
  • Read the description of the video. Is it about the basics of short sales or something more advanced or in-depth? Does is cater to your particular area? Like if you are from Wellington, Florida, is the video particularly about Wellington Florida short sales?
  • Read the comments. Does the video’s owner take the time to answer them? This way, you’ll know if your own questions will be answered, too.

 

Active Rain

This is one of the best real estate networks out there, but it’s also one of the Internet’s hidden gems. This is where all the best real estate articles and discussions can be found, and you can definitely watch a lot of short sale videos here.

Contributors in this site are all real estate agents, but not all of them may be suitable for your needs. Ultimately, you should make sure that the videos you’re watching are from those who are working in your area – such as Wellington Florida short sales agents for instance – and have proven specialization in short sales.

Wellington Short Sales Market Report – August 2012

Wellington Short Sales Market Report – August 2012 

In Wellington Florida currently there are 200 homes on the market. The inventory is down from last month by over 100 homes for sale. 

The market in most price ranges in Wellington has certainly turned into a sellers’ market. 

There are 47 homes listed as short sales in Wellington right now. So these homes, most of them will get multiple offers on them. 

If you were waiting for the right time to buy or were waiting for the market to hit bottom, well, the bottom of the market is when you can see it in your rear view mirror. That time has gone. 

Buying a home now is the best time to buy because there is only one place for home prices to go now and that is up. The law of supply and demand. 

If you need to sell your home as a Wellington short sale now may just be the perfect time to do so. This is because you will be getting the highest and best price for your home which means your lender is more apt to work with you on your short sale. 

The debt relief act is running out in December of this year also. You will want to get your home on the market and close before December 31st of 2012. 

Contact Nestor Gasset and Katerina Gasset at 561- 753-0135 to list your home as a short sale in Wellington. 

Wellington FL Short Sale Services – How to Choose the Best Agent

It’s very easy for any real estate agent to say that he/she has all the Wellington FL short sale services a client would need, but only time can tell if the agent can suit his/her actions to words. Unfortunately, most homeowners pursuing short sales can’t afford to waste that much time for assessing an agent’s
expertise in short sales. If you need to short sell your home urgently then you definitely need the most competent agent to back you up.

How much experience does the agent have?

When looking for an agent who can offer Wellington Florida short sale services, always make sure that you choose someone who actually had experience offering those very services he’s/she’s talking about. Just because they offer it on paper doesn’t mean they’ve actually gone and done them in real life.

And of course, don’t just take their word for it. Ask for proof – documents that show short sale approvals and referrals from their previous clients.

How long have they been handling real estate transactions in Wellington FL?

Agents can offer the best Wellington FL short sale services if they understand and appreciate the area the way locals do. They don’t have to live in Wellington FL to be good at their jobs, but they do need to have spent at least a few years buying and selling homes in the area to know which neighborhoods are most suitable for which type of clients.

You have to remember that most homebuyers purchase homes only in areas or neighborhoods that they like. Before an agent can start short selling your home to a buyer, they need to promote its location first.

Do they specialize in short sales?

Just because you scored an A in a math test does not make you a genius or give you a beautiful mind like John Nash’s. Likewise, just because an agent successfully short sold a home or two in Wellington Florida doesn’t mean he’s/she’s an expert in it as well.

Specialization takes years to acquire. It’s a combination of skills, experience, and a special kind of understanding of a particular area – which in this case would be Wellington FL. The process for short sales may be the same all over the country, but local market trends definitely affect the outcome as well
as other factors like the mentality of creditors in your area, what type of home you may have, and so forth.

If the agent you’re working with can truly prove he/she specializes in Wellington FL short sale services, then you have yourself a winner and you’ll surely be able to sell off your home in no time.

Wellington Short Sale Agents- How We Help Homeowners Through The Process

Wellington Short Sale Agents- How We Help Homeowners Through The Process 

When we get a call from a homeowner who is facing foreclosure or is just tired of being upside down in their mortgage we have a process that is put in place to assist in discovering their options. 

1. We get the call from the homeowner through our website, our blog or a referral source. 

2. We let the homeowner know that their call is confidential. We also make it clear that we are not attorneys and we don’t work for their lender. 

3. Then we ask the homeowner to tell us their story. As they tell their story we can ascertain many points that will either help or hinder their short sale success. We listen for important details that may be between the lines. Some homeowners are ashamed of their circumstances so they may not realize that they do have an underlying hardship. 

4. Then our office manager pulls up the tax appraiser’s report on the property being discussed to find out how far away from a foreclosure they may be. Sometimes homeowners don’t even know that they have been served with the lis pendens. Sometimes they turned over this part of their life to an attorney  who may no longer even be in business. 

5. Then our office manager pulls up any past or current listing history from the MLS. 

6. The office manager puts together a package to give to Nestor who will then go through the package in finite detail to uncover any thing that will help us negotiate for the sellers. 

7. Nestor calls the homeowner back to go over what the plan of action could be, the facts in the short sale process and then emails the seller a short sale package. 

8. Our office policy is that a short sale listing is not put into the MLS without the seller turning in a completed short sale package along with all necessary disclosures to our office. 

9. Most of the time in our area, the homeowner may have already relocated or it is a second home for someone who lives away from Florida. Most of the communication is by email, phone and texting. 

10. Once we have the short sale package returned, Nestor looks over the short sale package to make sure he feels it is a scenario that we can get approved by their short sale third party lender. 

11. Our office manager sends out the listing agreement through Docusign or E-sign to the sellers. The sellers execute the listing agreement and get it back to our office. 

12. Cheska, our receptionist then contacts the seller to set up all the showing instructions. 

13. Cheska then uploads the showing instructions to Showing Time – who handles our showing scheduling. 

14. Cheska creates a sellers calendar and short sale document in google documents and goes over all of this with the seller. Cheska shows the seller how to use his seller calendar. Each time there is a marketing action for the property it is noted on the seller calendar. 

15. Nestor or the office manager arrange for the lock box to be placed on the property. If a sign is allowed by the HOA then the company real estate for sale sign is placed on the property. 

16. Nestor or the office manager arrange to get photos taken of the property. 

17. Katerina prepares the marketing strategy for the property. 

18. Katerina delegates the internet marketing action plans to our virtual assistants who are trained in syndicating the listings and place the online ads. 

19. The office manager uploads the listing photos and gets the listing put into the MLS. 

20. Most often, in this market, we will get multiple offers on the listing in a short period of time. 

This is just from the point of the phone call to getting the listing put into the MLS. There are here, at least 20 tasks that much be accomplished to this point. 

After the listing is in the MLS and after the listing is being marketed we will get an offer on the property. Many times we will have multiple offers on a property. We will go over each of the offers with the sellers. 

Once an offer is accepted by the seller we move into the negotiating stage of the short sale processing. The next steps are determined by the processing rules of each particular lender. If the sellers are applying for HAFA the tasks will be different than the person applying for a regular short sale. The process is also different for people who have one mortgage on their home versus people who have two or more mortgages on their property. 

Once all sides have completed the required steps we put together the short sale package to send to the lender or upload to the lender. 

We order the preliminary HUD1 from Infiniti Title. Tina prepares the title documents along with any liens, permitting fees, encumbrances or any other title defects that may create an issue for title. 

Nestor applies his charm to the cover letter:) 

Once the short sale package is sent we must confirm it was received by the lender. This can be a full time job all by itself. The lenders are infamous for lost files. 

But one day it will all be confirmed that the short sale package has been received and is going through the processing department and then assigned a negotiator.  

Then we go into negotiating mode. This part of the process can take from a few hours to days or weeks. 

When we received the approval letter from the seller’s lender we read the letter making sure it meets with our office requirements. Then we forward the letter on to the seller. The seller than can bring this letter to his attorney or decide if this is a letter he or she is willing to take along with the terms and conditions. 

If the seller gives us the green light, we notify the buyer agent that we can now schedule a closing date and time. 

What Are the Different Types of Short Sale Services?

There are many kinds of short sale services available to Wellington FL homeowners, but not every agent will be capable of offering them all. For your benefit, however, you should take as much time as needed for finding one who can assist you with short selling your home from start to finish.

Negotiation

There are a lot of things to negotiate about if you want to short sell your home. Depending on your circumstances, your agent may have to negotiate with your creditor, insurance company, neighborhood association representative, bank manager, buyer – and the list can still go on and on.

Because of this, negotiation is considered one of the most vital types of short sale services you should look for in a Wellington Florida real estate agent. Without an agent’s effective negotiation skills to back you up, your short sale application can be rejected right from the start.

Paperwork

What do you do if your creditor asks you for comprehensive proof of income? How do you prove that you are suffering from a severe form of hardship? How do you come up with a document to show that your home can only be sold within a certain price range?

You need valid documents for all these problems, but how and where do you start? Without short sale services from a premier Wellington FL agent, you’ll find it easy to feel overwhelmed by it all. You may even be tempted to give up applying for a short sale if you don’t have an agent supporting and motivating you to be patient and persistent.

Marketing and Promotion

It’s important to remember that short sale services are real estate services essentially, which means your Wellington FL specialist would also have to put in hours of work promoting and marketing your house for sale.

• Come up with an Internet marketing strategy for your house for sale
• Design and distribute print advertising like brochures, flyers, and posters
• Organize open houses and assist you in conducting tours for prospective buyers
• Negotiate with agents of prospective homebuyers
• File necessary paperwork to close the deal
Other Services

The best real estate agents won’t leave you without support when the short sales contract has been signed, sealed, and delivered. But you only have to let your agent know that you need extra help and the best ones won’t hesitate to give it to you.

• Provide you with additional assistance for finding a new home

• Help renegotiate the terms of your remaining balance
• Refer you to a lawyer who can review your contract