Category Archives for Wellington Short Sale Agents

Wellington Foreclosures | REO | Bank Owned | Market Report

Wellington Foreclosures | REO | Bank Owned | Market Report

If you are looking for a foreclosed property to buy in Wellington Florida you will be hard pressed to find one. There are very few bank owned properties for sale in Wellington. 

REO is a real estate term that means, Real Estate Owned. This term is used by banks with regards to the assets they own, the properties they have taken title to through the act of foreclosure. 

Currently there are only 4 properties listed for sale in Wellington as bank owned properties REOs.  

12305 Equine Lane is listed at $510,000. This home has 5 bedrooms and 4 bathrooms with 6,287 square feet. 

15721 Athens Ter is listed at $333,382. This home has 5 bedrooms and 3 bathrooms with 4324 square feet. 

12632 Buckland St is listed at $239,000. This home has 3 bedrooms and 2 bathrooms with 2586 square feet. 

and a  multi-family zoned lot is listed for sale at $41,000.

Contact Nestor Gasset and Katerina Gasset at 561-753-0135 to get started on your home search. 

Florida Foreclosure Case- Homeowners Win in Appeal

Florida Foreclosure Case- Homeowners Win in Appeal 

A Florida appeals court sided with homeowners Cesar and Ruth Vidal in Broward County in south Florida. They have a home in North Lauderdale. The bank foreclosed on their home. 

The homeowners took their case to the County Circuit Court where they lost and that court favored in behalf of the lender. 

Then the homeowners appealed their case in the Fourth District Court of Appeals who ruled that the foreclosure must be overturned. 

This is not the first homeowner that has won a case in Florida courts regarding their foreclosure. 

Florida is a judicial state. We are also a deed state. This means that the banks must go through a judicial process of sueing the homeowner in court, called a lis pendens filing, and then the homeowner becomes the defendent. As the defendent the homeowner gets to bring forth a defense and a case to the judge about why the bank should not foreclose on them. 

Now the fact is that it is not easy for the homeowner to win a case. If you are not making your mortgage payments you have defaulted on your promise to pay back the money you borrowed from your bank to buy your home. At the end of the day, the piper must be paid. 

But this is why the judicial process is so important for us who own property in Florida. Be mindful of that and do what you can to keep supporting us to have a judicial foreclosure system. There are times when banks err and in non recourse states you don’t have a prayer. 

The judge in the appeals court in this case also rules that the Vidals could continue to seek damages and try to have their mortgage canceled on the grounds that their lender, Liquidation Properties Inc allegedly violated the Truth in Lending Act. 

We know of a couple other cases where judges have canceled the homeowners mortgage because of harrassment and violations of the Fair Credit Act. These cases are rare though so don’t go starting to make a case like this without good evidence in your favor. 

Some people use the judicial process to delay the ultimate end reality that they are going to have to move out of their home. Again, this is better than not having a judicial process. 

The banks complain that the judicial process takes too long here in Florida, the average time is over 800 days now. Some people want this to hurry up to stop the bleeding however we must always be careful of the unintended consequences of quick solutions. Stay vigilant in our rights to keep our judicial process. 

The Vidal case though, could set a precedent and could affect thousands of homeowners which is a win for homeowners. 

We are not attorneys and we are NOT giving any legal advice, we are just reporting the news. 

Do I Have to Put a Deposit In With My Offer to Buy a Property?

Do I Have to Put a Deposit in With my Offer to Buy a Property? 

There is no law that says you have to put deposit money down with your offer to purchase a property. But there is a law in Florida called the Statutes of Fraud. Part of that law says that in order to enforce a contract there has to be some time of consideration. That can be in the form of cash, check, money order or bank check. It could also be gold, silver or whatever else of value. 

Now, with saying all that…. you know the answer to so many questions, it all depends:) 

Why are you buying a home? The reasons you are buying a home should become part of your reasoning as to what type of deposit to attach to your offer. 

If you fall in love with your dream home it is highly likely other buyers may also be of the same opinion as you. That creates competition. Here in Wellington many listings get multiple offers. The stronger you make your offer, the better your chances are that the seller will accept your offer and not someone else’s. 

Many buyers don’t learn this lesson until after they have lost the chance at buying a home they fell in love with. 

The bigger deposit you put with your offer, the more serious you appear to be in going through with the sale of the property. 

A seller has to take their home off of the active market once they accept an offer. So they are looking at what is going to be the offer that is most likely going to close. The highest and best offer and terms is usually the one a seller will accept. 

The seller has to take his/her house off the market they in turn want you, the buyer, to not be actively searching for another home. Some buyers want to place offers on multiple properties. 

Many buyers’s agents don’t want to have the buyer’s money at risk. What if you decide you don’t want the property next week? 

There are contingencies you can add to your offer, such as your offer is subject to you accepting the home inspection report on the property. If you don’t like the inspection report you can cancel your contract. If you cancel your contract within the terms of the contract, you get your deposit money back within the time specified. 

If you don’t show the seller you are a serious buyer the seller will likely accept another offer. 

No matter what the opinion of anyone else is, you must always ask yourself, do you really want this house? Are you willing to show that you are a serious buyer? 

 

Home Affordable Foreclosure Alternatives HAFA Program

Home Affordable Foreclosure Alternatives HAFA Program 

The U.S. government created the HAFA program for homeowners in danger of losing their homes to foreclosure. 

The HAFA program is known as the Home Affordable Foreclosure Alternatives Program. HAFA is the acronym for this program. 

If you can no longer afford to make the mortgage payments on your home this  program might help you. The good part about the HAFA program is that IF your mortgage lender participates in the HAFA program you MAY be eligible for up to $3,000 in relocation money given to you at the closing of your short sale or deed in lieu. 

Please note that NOT all lenders participate in HAFA  nor do they have to. It is a voluntary program for lenders. All the major big lenders to participate as part of an agreement they made with the government when they got their bail out money. 

If you have more than one mortgage on your home both of your lenders must agree to participate in HAFA. Many times your second lien holder is not going to be so amiable but that depends on how much you owe them. 

Doing a Florida short sale is a way to participate in the HAFA program. Another benefit of the HAFA program is that you will no longer be responsible for the remaining amount that you would owe your lender. When you do a short sale you still owe the difference between what your mortgage amount is and what you sell the house for. HAFA terms require your lender to release you from any obligation to repay that amount of money and also relieves you of them coming after you later for a judgment. 

Doing a short sale has less impact on your credit score than a foreclosure. Very seldom is a foreclosure a better option than a short sale. 

The bad part is there is government red tape involved which can drag out the process. If you do not turn in one document within their time frame they can and do many times turn down your HAFA eligibility. This is very important to understand. This is also why it is very important for you to choose a Realtor® who is experienced in listing and negotiating short sales. 

You can learn more about the HAFA program on the Making Homes Affordable .gov website. 

The HAFA Home Affordable Foreclosure Alternatives Program. 

This website is : http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx

Contact Nestor Gasset and Katerina Gasset for further information about the HAFA program and if it the right fit for you at 561-753-0135. This is a free confidential call. The call is not recorded. We will go over your foreclosure options so you can decide the best course of action to take for your own individual situation. 

Florida Supreme Courts Rules On Homestead Exemption Case

Florida Supreme Courts Rules On Homestead Exemption Case

This case will affect thousands of families in the international arena that purchase homes in South Florida. 

The court ruled that a Hondurian couple living in Key Biscayne Florida with their children is entitled to their homestead exemption. 

The Miami property appraiser denied the homestead exemption because he said the couple did not adequately show that they live in the condo in Key Biscayne full time as their permanent home. 

The Supreme court ruled that what the property appraiser claimed is not necessary to get the homestead exemption. They overruled the appraiser stating the the Florida constitution allows for dependents to live in the property even when the owner is not there. 

This couple’s children were all born in the United States. The children have never been residents or citizens of Honduras or anywhere else outside of Florida. 

Miami is the financial hub for Central and South American businesses. Thousands of investors from South America and Central America and foreign officials purchase homes here in South Florida. Their children all attend public and private schools in Florida. Many of the children have claim to U.S citizenship because they were born here. 

If you are moving to South Florida from South America or Central America contact us and we can not only help you find a great investment here but also connect you with immigration attorneys, tax attorneys who specialize in foreign purchases as well as accountants who understand your foreign purchases. We are available via skype for your convenience. 

 

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 FL Short Sale Services – How to Choose the Best Agent

It’s very easy for any real estate agent to say that he/she has all the Wellington FL short sale services a client would need, but only time can tell if the agent can suit his/her actions to words. Unfortunately, most homeowners pursuing short sales can’t afford to waste that much time for assessing an agent’s
expertise in short sales. If you need to short sell your home urgently then you definitely need the most competent agent to back you up.

How much experience does the agent have?

When looking for an agent who can offer Wellington Florida short sale services, always make sure that you choose someone who actually had experience offering those very services he’s/she’s talking about. Just because they offer it on paper doesn’t mean they’ve actually gone and done them in real life.

And of course, don’t just take their word for it. Ask for proof – documents that show short sale approvals and referrals from their previous clients.

How long have they been handling real estate transactions in Wellington FL?

Agents can offer the best Wellington FL short sale services if they understand and appreciate the area the way locals do. They don’t have to live in Wellington FL to be good at their jobs, but they do need to have spent at least a few years buying and selling homes in the area to know which neighborhoods are most suitable for which type of clients.

You have to remember that most homebuyers purchase homes only in areas or neighborhoods that they like. Before an agent can start short selling your home to a buyer, they need to promote its location first.

Do they specialize in short sales?

Just because you scored an A in a math test does not make you a genius or give you a beautiful mind like John Nash’s. Likewise, just because an agent successfully short sold a home or two in Wellington Florida doesn’t mean he’s/she’s an expert in it as well.

Specialization takes years to acquire. It’s a combination of skills, experience, and a special kind of understanding of a particular area – which in this case would be Wellington FL. The process for short sales may be the same all over the country, but local market trends definitely affect the outcome as well
as other factors like the mentality of creditors in your area, what type of home you may have, and so forth.

If the agent you’re working with can truly prove he/she specializes in Wellington FL short sale services, then you have yourself a winner and you’ll surely be able to sell off your home in no time.

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. 

Wellington Short Sale Services – What Would You Need?

Not all real estate agents in Wellington Florida offer – or care to offer – short sale services so be sure that the agent you want to work with can actually help you out. When short selling your home, you need your agent to be able to offer the following types of services at the very least.

Foreclosure Options

Sometimes, short sales just might not make it to the picture. It’s always a good idea to work with an agent who can help you explore all the possible options for avoiding foreclosure in the event that your short sale application is not approved.

Pricing

When it comes to short sale pricing, the first move usually has to come from the homeowner – aided by his agent. Afterwards, this may be followed by a series of negotiations and haggling until you and your creditor – and your buyer if one’s already involved – would all be happy with the price set for your
home.

This, however, is one of the types of Wellington short sale services that not every agent can excel in. It takes years of experience working in the local market and dealing with short sales to come up with a price range that would win a creditor’s instant approval.

If you don’t want to waste time, then you need to invest some of it first in searching for the best short sale specialist to work with.

Documentation

The amount of paperwork that has to be included in a Wellington FL short sale package can be incredible. And it would be a daunting task to complete if you were to work on it alone. As a result, many homeowners consider documentation as one of the most essential short sale services they require.

With documentation, you have to be very careful about what you write and submit because the information it would contain may later on be held against you. As such, it’s best to wait for a short sale agent to provide you much-needed assistance before making any move in this area.

Marketing

Getting approval for your short sale is a long and arduous journey most of the time, but unfortunately reaching the end of it does not mean your work’s done. You and your agent still have to market your home and find a buyer for it. In fact, most agents start doing this day 1 as your short sale package’s more likely to be approved if you already have a buyer.

As such, when looking for someone who offers Wellington short sale services, you should make sure that the specialist can also do a good job as an agent.