Category Archives for Wellington Short Sale Agent

Short Sale Law – Legal Updates

According to the National Association of Realtors® Legal Scan – Legal Issues facing Real Estate Professionals, it is the opinion of Brokers, agents and attorneys that the biggest disputes are and continue to be in disclosure issues involving short sales. 

The disputes center around the issue of property disclosures, the disclosure of known material defects to a property in short sale. Brokers and agents are sometimes not disclosing material defects. 

Disputes also involve dual agency in those states that have dual agency. Florida is not a dual agency state. The other complaint is about agents breaching their fiduciary duty. Again, in Florida it is presumed that brokers are acting as transaction brokers unless a single agency agreement has been entered into. 

Because short sales are sold in “as is” condition, sellers and agents are not providing sellers’ property disclosures and many who are – have property disclosures that are weak and lack quality. Of course, if the property has never been lived in by the owner of the property and that owner does not live in Florida they would not necessarily have knowledge of defects depending on who was handling their property. 

We really encourage buyers agent to strongly suggest to their buyers to have a home inspection completed within the first 20 days of their offer being accepted by the seller, before the bank approves a short sale. This way, the buyer can move to look for another property should the inspection report come back with repairs the buyer is not willing to accept. 

In the legal scan report it also states that there is a disclosure problem with agents not disclosing that the listing is a short sale or soon will be a short sale. This is a whole other topic because this dispute has two sides to it. It has an agent who has a duty to disclose material defects and it can be argued that a short sale is NOT a material defect to the property. It can also be argued that a seller who may get fired by his employer for doing a short sale needs to keep this information private and that by making his short sale situation known to the world especially online can damage him which then is another dispute about confidentiality of his financial condition. We can argue these points all day long. 

Wellington REO Agents- Wellington Florida Short Sales

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. 

Closed- Sold- Another Short Sale – Vintage Condo in South Beach Miami!

South Beach Miami Condo Short Sale- 727 14th Place- Park Vintage Condo SOLD and CLOSED.

Original Asking Price $169,777 in September 2010

Lowered price in increments until we got to $149,000 before we got an offer.

Buyer offered $124,500 in March 2011.

Buyer seeking financing, FHA loan from Wells Fargo.

During our short sale evaluation with the seller – we recommended the HAFA program because he met the requirements for HAFA short sale.

Chase serviced the loan. Chase is very slow on HAFA deals in South Florida.

Chase countered buyer’s offer at $144,000.

Buyer accepted the counter.

Then Wells Fargo ( the lender for the new buyer) did their appraisal.

Appraisal comes back at $117,000.

We go back to Chase with new appraisal. Chase will get less than this as an REO.

Chase lowers the price to $117,000.

There were issues with FHA and the Condo Association’s Hazard Insurance policies.

We had to go back to Chase for extensions to the closing. Issues are resolved.

Closed!

Seller was approved for HAFA so he got $3000 and no deficiency. He was SO happy that he was getting the $3000 because he really did not believe that was going to happen after all the lies that were told to him by Chase during his loan modification process in 2010.

But the night before closing- the closer from Chase called us to tell us that they had $20,000 more than what they needed to net so we could give that $20,000 to our seller at closing!!!!

So our seller received $23,000! You should have heard him on the phone as we told him this awesome news!

 

How Do You Choose A Wellington Short Sale Agent?

How do you choose a Wellington Short Sale agent? If you found this post on the internet you also have found other websites about short sales on page one on your Google or Yahoo or Bing Search. 

Just because an agent is on page one on Google does not make him or her a short sale specialist or expert. You may land on a blog or website of someone who has a few articles about Wellington Short sales. But again, look closely at who is writing those articles. 

Is this person just having other agents they know from different parts of the country adding articles about short sales? This may be a signal to you that the author of the website does not know how to do short sales for sellers in the Wellington short sale market or the Palm Beach county short sale market. 

If you read carefully the articles on these sites that you may find on page one of google for Wellington Short Sale agents, you will find out how much they really know about actually negotiating a successful short sale in the state of Florida. You may read posts and articles from agents who do work with buyers on Wellington short sales but that does not mean by any stretch that this same person has any experience working with sellers on short selling their homes in the state of Florida. 

Be careful about messages to call an agent or a company that does not have testimonials from completed and successfully closed short sale listings- where they have represented the seller in the short sale transaction. Always ask for testimonials, always ask for references. Don’t take a person’s word for it that they know how to represent you in your Wellington short sale listing. 

Click on our “Testimonials ” tab right here on this Wellington Florida Short Sale website. You will be able to read many references and happy clients who we saved from foreclosure. This is what we do every day. We have helped many, many, many homeowners negotiate a short sale instead of losing their homes to foreclosure. 

Don’t take our word for it, listen and read what our Wellington short sale sellers have to say and then call us at 561-753-0135 at International Properties and Investments Inc, a Licensed Florida Real Estate Brokerage. 

Bank Of America NOW Allows For Substitute Buyers When The Short Sale Buyer Walks!

And it is ABOUT TIME!!!!! We have been discussing this with the executive department at BofA for several years now.
Perhaps it was all the short sale brokers and agents that got them to finally listen to this biggest bottleneck in BofA short sales!
We don’t really care who BofA gave their ear to on this one, just that they finally took action on this!
We used to have to start the entire process all over again when a buyer walked and you tried to submit a back up offer.

You can now continue along with the original transaction! This will save time and eliminate some of the processing steps.
When your original buyer walks, let your negotiator at BofA know that you have a back up offer. The negotiator is supposed to respond to you within 2 days asking your if you have a back up offer to submit.
The short sale status will change to “marketing”. You will then be directed to complete the tasks within 14 business days.

You will need to: 
  • Complete the Listing Data task.
  • Provide the marketing description.
  • Review the marketing plan.
  • Upload the offer.
If you don’t do these steps within the 14 days- your file will be closed. 
Remember that this only works if you have a back up offer. If your buyer walks and you don’t have a back up offer your file will be closed. Keep that in mind as you are strategizing on how is the best way to proceed with the short sale when a buyer walks.

Wellington Short Sale Agents Share How To NOT Lose Your Home to Foreclosure

Forewarning, this is a true story. It illustrates why you should not list your Wellington short sale with agents who are NOT experienced in closing short sales and much less, don’t even know what a short sale is all about.

Wellington Short Sale Agent FL

We got a call from a distraught seller who lives in another state and owns an investment property that he needs to short sale here in Florida.

Here’s the story of the listing agent (not a professional Wellington Short Sale Agent) The agent who listed the property knows that the property has a tenant in it and that tenant needs 24 hours notice for showings. This agent knew this information prior to signing the listing agreement. This agent refuses to set up the showings for the owner because the agent says that is just too many phone calls to make. So the owner sets up the showings with the tenant.

My first question here is why don’t you have a showing desk to set up the showings, a virtual assistant or a receptionist to make these calls for the showings if this is too much work for this agent?

Next, the agent is NOT doing the short sale, this agent only listed the property and does not know anything about short sales nor did this agent do any preparatory work with the seller in getting him on the same page for doing a short sale. This agent did not interview the seller. This is beyond sad.

Instead this agent has some SHORT SALE company doing the short sale. But this short sale company is NOT a FLORIDA short sale company. This short sale company has only spoken to this seller once. The seller is in lis pendens. The short sale company told the seller that his lender canceled the foreclosure because he is doing a short sale! What a load of crap!

We are going to post on what attorneys say about agents who take short sale listings and know nothing about short sales next week.

So here is a seller who is in foreclosure and this short sale company nor the agent ever advised him to go seek the advice of a foreclosure defense attorney to defend him in this foreclosure suit. OH MY! MY BLOOD IS BOILING!!!!

So the agent puts this property that is in foreclosure temporarily off the market because this agent does not want to deal with the tenant and refuses to cancel the listing yet is not doing fulfilling the agents part in this entire fiasco. Does this agent not know that time is of the essence here????

Next, we checked out this SHORT SALE Company! They are not listed as a corporation in Florida. They do not have a business license here. And to top it all off-

Florida law says that you can NOT handle short sales in Florida unless you are a licensed real estate agent, a licensed loan originator or an attorney!!!! So this SHORT SALE company is illegally handling this seller’s short sale who did not know any of this.

So we have an agent who does not have a clue nor does this agent even seem to care that this man is going to lose his home to a foreclosure and a short sale company who is illegally handling or should I say NOT handling his short sale and giving him incorrect information about his foreclosure status.

How do they sleep at night?????????????

Takeaway: Use a fully qualified Wellington short sale agent when engaging in a Wellington short sale for your home. agents who are NOT experienced in closing short sales and much less, don’t even know what a short sale is all about.