Category Archives for Wellington Florida Short Sales

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.

 

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. 

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 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. 

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. 

Essential Facts to Know about Short Sales

Short sales remain today a subject of confusion for many stressed homeowners. If you own a mortgaged property and are afraid of foreclosure, then you definitely need to take the time to learn more about this all-important topic. Who knows? It could be the answer you have been looking for all these months –the one that can keep your credit score from plummeting and enjoy a fresh new start in your life.

 

What Happens When Your Property Is Listed as a Wellington Florida Short Sale Home?

 

Many homeowners erroneously believe that the word “short” is a reference to time. Rather, it’s actually in reference to the payment you will be making to settle your debt. More specifically, your payment will be short of the actual amount you owe but because this is a short sale your creditor will nevertheless consider the reduced amount as full payment of your debt.

 

Example:

 

You owe $355,000 on your home.

 

Your home is currently worth or can sell at an average price of $520,000.
There will be a negative balance of $165,000 if you sell your home at the price indicated above and use it to pay your creditor.

 

If, however, your creditor has agreed to a short sale then —-

  1. The remaining balance of $165,000 can be forgiven completely, which means you are freed from the obligation to pay it.
  2. The remaining balance of $165,000 will be subject to the terms and conditions of a new unsecured promissory note.

 

Other alternatives are possible but the important thing to remember here is that short sales give you the key to effectively avoiding foreclosure and thus save your credit score in the process.

 

Who Can Help You with Short Sales?

 

Technically speaking, any real estate agent or Realtor may be able to help you short sell your home in Wellington FL. There is just no guarantee that they will be effective in their work, much less succeed in short selling your property.
If you want to increase the chances of having your home subjected to a short sale, then you need to make sure that you are working with –

 

  1. A real estate agent specializing in short sales
  2. A real estate agent specializing in homes in Wellington FL

 

The two conditions above are the most important qualifications to look for in an agent to represent your home in a short sale. If your agent has these characteristics, then you have more reason to hope that your Wellington FL house will be approved for a short sale.

First Wellington Short Sale We Closed On- February 2008- Took over one year to close!

First Wellington Short Sale We Closed On Was In February 2008. 

We started listing short sales in Wellington as a commonplace listing in January of 2007. Those were the days! LOL! It was the Wild Wild West in short sales. That was the tag line if you attempted to do short sales in 2007 in Wellington Florida!

To put this in perspective Countrywide was still in business! In fact, during those times, Countrywide was the bulk of the short sales. Those were interesting times. There were no rules. In fact, Countrywide did not have many rules.

There was no HAFA, there was no HAMP, there was NO Equator, there were no incentives to lenders to get short sales done. In some ways we liked it better in the Wild West days because it was the agents and brokers that knew how to negotiate short sales and communicate with the banks that the lenders and servicers depended on.

We were in the ground zero of foreclosure territories in Florida. We were the ones in the streets watching the values of homes fall literrally overnight and waking to a storm of homeowners in default and a flood of foreclosures coming down. So the lenders depended on Nestor Gasset and other brokers like Dan Forbes on the west coast of Florida to help them determine the values of the properties we were listing as short sales.

The first short sale we actually closed was on February 21, 2008. It was a condo in St. Andrews in Wellington.
The address is 11750 Saint Andrews.

We knew that this short sale was only going to sell for about $190,000 at that specific time. But the servicer who was not a big lender countered our offers back at $269,000. We had a nightmare of a BPO from an agent who lived over 80 miles away from Wellington with no clue of our values here. He did not have any comps because there were no comps because nothing sold since the bust.

We fought, fought, negotiated, negotiated. We kept showing the lender that the longer they were stubborn about $269,000 the lower price they would end up getting.

In the end, we were right, the lender was wrong. The unit finally sold after all this time for $150,000!!!! Look how much money the bank lost on this deal!

This Wellington short sale condo was on the market for 402 days!

When agents complain today about short sales taking so long we remember the days of over a year for short sale approvals and that is without buyers walking! Never say never, when we were writing about these negotiations on ActiveRain back then, 99% of the agents said they would never do a short sale. There were posts I can dig up about how doing short sales would be too much liability to brokers so they would not allow their agents to participate in short sales. Now, look at the posts on AR about short sales:).

We had to create our own short sale addendums because even the state boards did not have forms for short sales in January of 2007 and our MLS, well, that is a whole other post!

Here is the testimonial letter that the owner wrote to us after his closing:

Nestor & Katerina,

I just wanted to thank you again for all your effort and hard work. I can truly say that I have never had a real estate agent work as diligently and persistently as you both did selling this condo. I really thought it would be impossible to sell the condo in this brutal market, but you somehow came up with multiple buyers and put a deal together. I will highly recommend you to anyone I know who is in the market to buy or sell property in the Palm Beach area.

You guys are the BEST!!!

Thanks Again!!
Sincerely,

Robert Tutunjian


Wellington Florida Short Sale Agents – What If They Don’t Do Their Own Short Sale Processing?

This may come as a surprise to many, but not all Wellington Florida short sale agents actually do their own “dirty” work or short sale processing. In some cases, for instance, a Wellington FL short sale agent may actually be in charge of marketing and promoting your property alone while leaving the rest for another short sale company, agent, or expert to process.

Advantages

There are certain advantages to enjoy in this kind of setup but it would ultimately depend on the short sale processing company that your agent is working with. If it is tried and experienced with short sales then you would have nothing to worry about. Meanwhile, your agent can concentrate on the marketing and selling side of things while the other party works behind the scenes, helping you arrange and gather the necessary documents and making your short sale package.

Disadvantages

There are, of course, drawbacks as well and these are more obvious on the onset compared to the potential benefits for this kind of setup.

Firstly, you could only be relying on the word of your Wellington Florida short sale agent that the short sale processing company he or she is working with is reliable and noted for its efficient and effective service. But how can you really be sure of that if you don’t know the company to begin with?

Secondly, it may not be possible for you to contact the short sale processing company directly. This means that every time you need to communicate something about short sales, it has to go through your agent first. This can cause significant delays if you are not careful.

What to Look for in Wellington Short Sale Agents

Ultimately, it would be better if you trust a short sale agent in Wellington FL that has experience both on the marketing and short selling side of things. This way, someone will be able to answer any and all kinds of questions you have about your home and the short sale process.

Consider compatibility as well. Simply put, do you get along with your agent? If not, then nothing good may happen between the two of you as you may both be wasting time arguing with each other every step of the way. It’s very important that you find a Wellington Florida short sale agent you won’t feel uncomfortable to talk to anytime and whose methods for short sales you heartily approve of.

How Florida Short Sale Specialists Can Help After the Short Sale

One look at that title and you’re probably thinking it would be unlikely for Florida short sale specialists could still be of help after the short sale of your home has been completed. But actually, if you chose the right short sale agent to represent your home then he or she could still be of service to you even after the ownership of your former home has been transferred to its new owner.

Unsecured Promissory Note

At the very least, your realtor should be able to ensure that you are only signing an unsecured promissory note with regard to your remaining debt.

Let’s say that your home, which you still owe $700,000 on, is now only worth $440,000. As such, when your creditor approves of short selling your home you would still end up with a $260,000 loan balance. If your creditor insists that you still pay this back on some indefinite or definite date, your agent should ascertain that your agreement to pay the debt would only be guaranteed with an unsecured promissory note.

This way, if you lack the necessary amount in the future to pay your remaining debt, your creditor would not be able to confiscate any of your properties right away as alternative payment.

Installment

Some Florida short sale specialists don’t stop once they’ve gotten their clients an unsecured promissory note. They also make sure that their clients have all the advantages needed to get them back in the right financial footing and thus be able to pay their existing balance. As such, many agents work hard to convince creditors to accept payment by installment instead of asking for a lump sum.

Discounted or Reduced Payment

In some cases, Florida short sale specialists convince agents to settle for a smaller amount as payment of the remaining debt. In a way, it’s like going through a short sale all over again but this time you are short selling your loan and not your home.

Debt forgiveness

This, of course, is the best thing that Florida short sale specialists can do with their clients. Going back to our previous example, you would be left with a debt of $260,000 after short selling your property. If your agent is able to convince your creditor to waive the rest of your debt then you would no longer have to pay the remaining $260,000. The short sale of your property alone is already considered complete and full payment of your mortgage.

Whichever scenario you end up with, you can be sure that hiring the best Florida short sale specialists would mean your credit record will remain safe and protected from any unwanted mention of foreclosure.