If your Wellington short sale agent has told you that the value of your property makes a short sale imperative, one of your first reactions could be shock or denial. Many homeowners are resistant about the idea of short selling their home as it could mean a tediously long process of negotiation with their lender as well as the risk of selling at a loss. Nevertheless, there comes a point in time when you need to learn how to let go of a home that’s steadily draining your bank account – and shows no signs of stopping from doing so.
If you want to confirm what you have learned so far from your short sale agent, you should consider asking the following people about it.
Again, you can ask either your personal accountant or anyone you know who’s in the accounting profession. Accountants take into consideration your financial standing. They can help you understand just how long you can probably last before you start having trouble paying the bills, and it’s all because of your decision to stick with a property that is no longer financially practical to hold on to. Of course, you are going to need a place to live so you will need to figure that out to.
Financial Manager or Adviser
If you have someone managing your finances, you can definitely ask him or her about whether it’s a good time to short sell your home. It’s possible that your financial manager may have long thought of the same thing but refrained from broaching the topic out of concern for your personal feelings about it.
People you know who had previous success with short sales
Last but not the least you can confirm what your Wellington short sale agent is telling you by asking advice from family members, friends, and neighbors who had previous experience with short sales. They may even have some particularly helpful insights to share about the process and the kind of advice that may make it easier for you to adjust to the idea of short selling your home.
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.
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
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.
Wellington Short Sale Agents Help Homeowners- Testimonial Video- Hear What Clients Say
This is one of the more emotional testimonials we have received after completing a Wellington Short Sales for homeowners who were in foreclosure.
Wellington short sale agents– Nestor Gasset and Katerina Gasset understand what you are going through when you are up against losing your house. We understand that this is a normal process in this economy through no fault of most homeowners. We understand how to work with your banks in order to come to the best conclusion of this part of your life as possible.
Make sure you ask for testimonials from homeowners who actually have done a short sale with the agent you are going to list with. We list short sales throughout Palm Beach county, Broward and Miami/Dade counties. Don’t just read and accept testimonials from buyers and sellers that are not about short sales. Make sure that the homeowners you are reading about had a short sale that was listed and sold.