Wellington Short Sale Market Report – An Overview from 2007 to 2013.
Wellington Florida is a great place to live and is the first choice of many people moving to Palm Beach County Florida. When the South Florida market took a hit in the beginning of 2007 it affected every town in the tri-county southern part of our state.
We started to list short sale properties at an increased pace starting in September of 2007. There were a lot of short sales in 2008 through 2010. In 2011 Wellington was getting back up and prices started to stabilize. But of course, there were still many homeowners over 50% under water. You could easily find 200 short sale listings back in 2008 and 2009. In 2012 the market turned around and the prices started to go up again but not at the toxic pace from before the bust.
Today we are down to only 19 short sale listings for sale in Wellington. That is a huge drop.
There are three reasons for this:
1. The market has turned and so people are deciding to keep their homes and not selling them even though they are upside down. After all, a home is a home. It is not just an investment to many families and retirees.
2. Many homeowners have not paid their mortgage payments in several years, some upwards of 4 years and still get to live in their homes. This is going to stop soon because of new legislation to help speed along the courts processing the foreclosures. But of course, when there is no incentive to list a home as a short sale when you can wait it out as long as possible and save up your money to move.
3. The banks are not foreclosing on homes as fast. Wellington has a tough code enforcement division and the banks don’t want to pay the city for all the fines and code violations that REO properties are known for.
The highest priced short sale is listed at $1,499,000 on Sea Mist located in Palm Beach Point- an awesome equestrian gated community with homes on 5 acre lots.
The lowest priced short sale is listed at $179,900 and is an approved short sale that was just put back on the market in an older area of Wellington.
There are two short sales available in Buena Vida a 55+ community in Wellington. This is very unusual to have a short sale in Buena Vida. One home is listed at $350,000 and the one is listed at $280,000.
The Isles of Wellington is another nice gated community. There is one short sale available and it is an approved short sale. This home is listed at $325,000.
There are only three short sales now listed in Olympia of Wellington. Now that is the lowest number of short sales in Olympia in years! Olympia was the short sale factory as well as heavily dominated with REOs. This is because so many people bought on speculation in Olympia. Many people including agents bought 6 to 7 homes pre-construction and flipped the properties before they were built. But many people got caught holding the bag. They could not sell those properties when the bust happened. It appears that Olympia has come out of that phase and is now doing well.
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.
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.
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 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:
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.
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.
Why we are members of Miami Association of Realtors® and How That Benefits You
International Properties and Investments LLC- we are members of three Realtor® boards in our markets. We are members of the Realtor Association of the Palm Beaches, the Realtor® Association of St Lucie and we are also members of Miami Association of Realtors®.
Miami Association of Realtors® is our favorite board of realtors®. Miami Association of Realtors® combined with some boards in Ft Lauderdale, Broward county and areas of Miami/Dade county. There used to be so many boards to join in South Florida that it was actually cost prohibitive to do business in the Miami metro areas and Broward county because you would have to belong to so many different boards if you had agents in many markets.
The smartest thing that Miami Association of Realtors® did was merging and becoming the power board they are now. There is power in numbers.
How does being a member of the Miami Association of Realtors® benefit our sellers and those who are thinking about listing with International Properties and Investments LLC?
The reach is huge… if you want your property marketed on an international scale and be front and center with foreign buyers there is no other board who can deliver the power of international marketing the way that Miami Association of Realtors® can.
Your property gets marketed in 19 different languages and vast U.S. and International exposure on over 500 websites. We also send your listing to all the members of our network with foreign companies in the International Referral network.
Miami Association of Realtors® partners with real estate professionals in many other countries like Brazil, Columbia, Panana, Costa Rica, Mexico, Argentina, Puerto Rico, the Caribbean, Belize, Chile, Bulgaria, Denmark, Norway, Portugal, Italy, Russia, Lithuania, Estonia, Latvia, Poland, Hungary, France, Spain and the United Kingdom.
South Florida is the leader in selling properties to foreign buyers.
Foreign buyers like Polo Players and Equestrian riders and horse owners come to Wellington Florida to purchase Wellington Equestrian horse farms.
Foreign buyers come to the Miami Beaches to buy waterfront condominiums.
Foreign buyers come to South Florida for lifestyle and to open up new businesses here. We welcome foreign buyers.
Nestor Gasset and Katerina Gasset are Certified International Property Specialists and network with real estate professionals from many different countries.
List your property with International Properties and Investments LLC for to get your South Florida property marketed to more foreign buyers.
Wellington Short Sales – You Can Do A Short Sale Even If You Don’t Think You Can
Many times you get advice from your family, friends and associates at work. Sometimes their advice is based on hear say and sometimes it is based on past events that have taken place in their own lives. In 2007 the short sale market really started to happen here in Wellington Florida but most agents and most sellers and most people did not even know what a short sale was. The banks did not even know how to handle them and were ill equipped to take on the enormous case load of thousands upon thousands of short sale files that hit their loss mitigation departments across the country from Florida, California, Arizona and Nevada.
So many of the stories you hear about how a short sale was done in 2007 is way different that how they are handled today in 2011 and into 2012. It used to be as I have written in many of our earlier articles on short sales that you had to have a hardship to do a short sale. That is not always the case any more. In fact, some lenders are not even asking to see your financial statements any more. Some lenders are paying your moving expenses up to $20,000 at your short sale closing.
We have been getting sellers who have old WAMU loan and old Wachovia loans up to $20,000 at the closing. This is sometimes a dream come true and a huge surprise to sellers who are so upside down. Just imagine what twenty grand can help you- you can even put a down payment down on another property through an FHA loan if you relocated because of your employment and you were not late on your mortgage payments or you were only late because your bank told you they would not process your Wellington Short Sale unless you were late.
Times have changed. We are not attorneys and we are not giving you legal advice. We have great attorneys that work with us, that we confer with, that our sellers can hire if they choose to and that we help in short sale situations.
Wellington REO Agents- Wellington Florida Short Sales
What is the difference between a Wellington REO agent and a Wellington Florida short sale agent? The difference is in who the agent is working for.
For an REO in Wellington, which is a Wellington Bank Owned property- the Wellington REO agent is working for the asset manager for the bank that owns the REO. REO stands for Real Estate Owned.
A Wellington Short sale agent is working on behalf of the homeowner or investor/ short sale seller. When we work as Wellington short sale agents we want to make sure you feel comfortable working with us that we are helping you to negotiate a satisfactory outcome to your Florida short sale. A short sale is not owned by the bank. It is owned by the person who is the homeowner or the investor who may have tenants in the property.
Wellington REO and Short Sale Agents: Choose Your REO agents based on marketing dominance and knowing the market and trends.
Wellington REO agents that understand the market and live in Wellington Florida care about their community here. We care. We know that our home value is tied to the neighborhood condition of the homes surrounding ours. This is why as Wellington REO agents we take care of our REO listings in the Wellington area.
Before you hire a Wellington REO agent make sure they have a marketing plan in place such as the one we do. We dominate the search engines, organic search with special emphasis on Google page one placement. We will get your Wellington REO listings up on page one on Google within the first few weeks of marketing.
Of course there are a lot of other marketing strategies we use but since 87% of all buyers start their home search on-line we focus our marketing on driving traffic to your listings via our internet marketing strategies.