Category Archives for Florida Short Sales

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?

Top 4 Reasons Why Wellington Short Sales Take So Long

Although the word “short” in Wellington short sales technically refers to the decrease in the home’s selling price, most people nevertheless assume that it may also means a minimal waiting period – or maybe even none – for its processing. Unfortunately, the opposite’s more often true than not and here are the five most common reasons for it.

Sellers

You are your own worst enemy. No doubt you’ve heard that line before, and it certainly applies to the short sale process. Short sales can be pretty distressing and especially when you find it particularly hard to admit to financial difficulties in your hardship letter. Just be reminded that the longer you delay the inevitable, more debt would be piling up on your doorway.

Price Appraisals

Banks don’t always have in-house professionals capable of appraising the fair market value of your property. Most of them contract appraisers to do this, and if they are dealing with a very busy appraisal company then that means more waiting on your part. In other cases, a BPO or broker price opinion is used instead. This, however, can also consume a lot of time.

Mortgage Insurance Company

Getting approval from the bank is hard enough as it is, but that’s just the beginning. The second hurdle in getting Wellington short sales approved will be to get a nod from your property’s mortgage insurance company instead. Paperwork that you get from the bank will have to be submitted to insurance companies. If you are lucky, you could have those papers reviewed and approved in several weeks. The average, however, would be around thirty to forty-five days.

Banks

Last but not the least, there’s the bank to consider. Banks play a very integral role in the short sale process and if they don’t give their green light to the deal then nothing would happen. Unfortunately, even if they do want the short sale to push through as quickly as possible as well, it still doesn’t end up that way.

If you’ve followed recent foreclosure reports, you may have noticed that a lot of banks are under fire for not showing up in mediation sessions with all the required paperwork. Well, it’s the same with the short sale process.

As you can see, even if you have a really good realtor working for you there are just some things in the Wellington short sales process that is entirely out of his or her hands.

 

Wellington REO- Regional MLS Adds REO Field

Wellington REO- Regional MLS for Palm Beach County added the REO field. 

This will make it easier for agents to search for their clients who want to purchase a bank owned property. 

An REO is “Real Estate Owned”. Most REOs are bank owned properties. But they can also be investors who purchase notes then foreclose on the homeowners and do cash for keys. Then they put the property on the market. They are also considered REOs because they foreclosed on the property and now have title to the property but are not homeowners per se. 

We help a company by listing and sell their properties after they foreclose on the homeowners or property owners. They buy the delinquent notes from the banks and other investors at a discounted rate. Then this company takes on the work of foreclosing on the note. 

Most buyers search for a foreclosed properties by using the terms, foreclosures or bank-owned. Very raraly will a consumer use the term “REO” unless they have some real estate background as that is real estate jargon. 

So having REO as a search field in the MLS has been a long time coming but not a direct benefit to consumers. Rather it is a great tool for agents to have to provide better service to their buyers. 

If you are an asset manager and need specialized Wellington Home Preservation services for your assets in Wellington Florida contact Nestor Gasset at 561-541-9936- his direct line for REO asset managers. 

What Is A Wellington Short Sale ?

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. 

Wellington short sale broker Nestor Gasset and Wellington short sale agent Katerina Gasset train and coach real estate agents how to negotiate a successful short sale transaction.

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 

Short Sale Closings- Another Successful Short Sale Closing

Short Sale Closings- Another Successful Short Sale Closing  

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: 

successful wellington short sale closing

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.

Sincerely,

Steve Fierro

Not Paying Your HOA Fees Is The #1 Killer of Short Sales and Deed In Lieu

Not paying your HOA Fees is the #1 Killer of Short Sales and Deed in Lieus. 

Many homeowners who are behind in their mortgage payments are also behind in their HOA fees. When we take on a short sale listing it is very important for the seller to understand the ramifications of NOT paying HOA fees. 

In the state of Florida the HOA can foreclose on you, they can lock you out of the pool and clubhouse, they can evict you after the foreclose on you and rent your condo or property out, they can deny you access through the gate. 

And the HOA can do this very fast. Many people here are being told by their agents, by their attorneys and by their friends and family members that their HOA can not foreclose because the first bank, the main lien holder, is in first position and if your bank has not foreclosed the HOA can’t. Well, that is NOT TRUE. 

The HOA can foreclose on you subject to the first lien holder. They don’t need your bank to foreclose on you first or at all. 

If you are planning on doing a short sale then you should do all you can to keep up with your HOA payments. If you are far behind and the HOA has their legal council contacting you- make some arrangements to pay towards the part you are behind. 

If your HOA fees get too high, your lender is not going to approve those to be paid out of the net loss they are getting at closing. 

If you want to do a deed in lieu you have to be current with your HOA fees or you have to negotiate with your lender to pay a portion of those fees for you because you must give clean title in a deed in lieu. 

Attorneys tell us that for deed in lieu- the number one killer is the homeowner being behind in their HOA payments. 

Most every attorney we know that understands the short sale process advises their clients that even if they are not making their mortgage payments they should keep current with their HOA payments. 

We are not attorneys and we are not giving you legal advice. Consult an attorney if you are behind in your HOA payments.

If you or someone you know is behind in their payments consider a Florida short sale.Contact Nestor or Katerina Gasset at 561-753-0135 today for your private confidential interview to go over your short sale options. 

Florida Foreclosure Update- Banks Must Prove They Own Your Note!

Florida Foreclosure Update- Banks Must Prove They Own Your Note! 

The 4th District Court of Appeal has ruled that the banks must prove they own your note before they can foreclose on your property. 

This ruling may force the banks to dismiss some of their cases against homeowners and go back to start the foreclosure process over again after they get possession of the real note. This is good news for homeowners in the state of Florida- they get to have their day in court in order to prove their case. This of course, is also good for foreclosure defense attorneys and it is also good for Florida short sale agents because it gets us some more time to get a short sale approved for sellers who want to move on with their lives. 

The Florida Supreme Court decided to take a case that had already gone to foreclosure. The bank had the note backdated ( allegedely) when they went to court against the homeowner. Even though the homeowner had lost his home the court still wanted to rule on this case because they said it would impact the foreclosure crisis in the state of Florida. 

Then after that decision, the 4th District Court of Appeal ruled on the matter of the banks having to prove ownership of the notes they are foreclosing on. 

Thousands of homeowners have said that the banks did not have the original note in their cases. Most of the banks end up finding the note before the final disposition of the foreclosure summary judgment but the appeals court ruled that the banks have to have ownership and prove ownership before they can even get started in filing a foreclosure summons and complaint against a homeowner. 

The court said that if the bank has any doubt about the note, they should dismiss the case and then refile it later once this is resolved. The homeowner is entitled to an evidentiary hearing instead of the summary judgment hearing. 

The summary judgment should not be used in cases where the homeowner wants a hearing. Summary judgments are not that common except in foreclosure cases. 

Contact a Florida foreclosure defense attorney for futher information. We are not attorneys and we are not giving legal advice. 

There are options to foreclosure. Contact Nestor and Katerina Gasset at 561-753-0135 for a confidential phone evaluation to go over your options to foreclosure.