In the world of short sales, having an aggressive short sale agent representing your home in Wellington Florida can make all the difference in the world. There are a lot of things that can happen and which would easily cause both agent and homeowner to give up. But if you have an aggressive short sale specialist on your side, then instead of discouragement you will get all the motivation you need to persist and do more and go harder.
Who owns your loan?
You won’t believe how difficult it can be to extract this particular bit of information until you’ve tried it yourself. Sometimes, it would mean chasing different parties on the phone. Other times, it may mean having to give your creditor one follow-up call and mail after another until he gives in and lets you know who owns your loan right now.
Did the creditor get your short sale package?
Sometimes, it’s a matter of lack of courtesy. Other times, your creditor is just too busy to check your Wellington FL short sale package. In any case, you will still need an endless amount of patience to keep on badgering – sometimes that’s really what you have to do – your creditor until he gives in and finally takes a look at the package you and your short sale agent have worked so hard for.
What other qualifications or conditions are there?
There are times when a creditor can get away with asking more than what the government typically demands for short sale applications. There’s nothing you can do about this because it’s creditors who usually call the shots in this case.
What’s worse, however, is how some creditors seem to delight in leaving you hanging and wondering what else you can do to avoid foreclosure and go for a short sale indeed. These are the times when you will need an aggressive short sale agent the most.
They’ll wear creditors down until the latter gives in and tells you what else to add to your Wellington Florida short sale package.
How much should you sell it for?
Another thing that can take creditors an incredible amount of time to decide on is the price they need you to short sell your house for. Again, you will need the help of your Wellington FL short sale agent to regularly send follow-up calls and mails to your creditor until you finally nail him down to commit to a specific price so you can finally move on to the next stage.
Where do you look for your buyer?
Lastly, don’t forget that short sale specialists are essentially real estate agents. They also have the necessary skills to hunt down the perfect buyer – or come up with the most amazing marketing plan to get the ideal buyer to come to your house for sale in Wellington FL instead.
On paper, strategic short sales for homes in Wellington FL may seem like a straightforward process.
But that’s on paper. What happens in reality can be a lot more complicated and – more importantly –it can take quite some time, too. If you are already on the foreclosure list then you definitely need to act now or it would be too late to do anything at all.
There have been recent changes made about who can and can’t qualify for a short sale but these changes only apply to Freddie Mac and Fannie Mae loans. If your loan isn’t owned by either of the two, then you should speak with your creditor or loan servicer directly to find out what qualifications you have to meet.
Strategic short sales for homes in Wellington Florida do get pulled off once in a while but never by an inexperienced short sale agent. Even the fact that the agent is also a Realtor isn’t always enough. What you should really need is someone who knows everything about the local market and has experience and expertise dealing with short sales.
Only Wellington FL short sale specialists have a good chance of pulling off a strategic short sale. This is especially true if you are not in the red in the first place. Ultimately, it boils down to convincing the creditor that it’s in his best interest to approve of your short sale application. Rarely do creditors place much importance on how short sales would benefit the homeowner, too.
These conditions can be anything under the sun, but rest assured that they are always designed to benefit the creditor. More often than not, it may have to do with how much time you have to short sell a house, how much you can sell it for, and if there is any additional payment you have to make after the house has been sold.
The demands may or may not be reasonable, but if you have a Wellington FL short sale specialist with you then there’s little for you to worry about. There’s nothing you can do that your agent won’t do – and more – to short sell your home.
Wellington REOs | Bank Owned | Foreclosures
What is a Wellington REO? Have you heard that term around real estate circles, discussions at family events or your business networking events?
REO is: REAL ESTATE OWNED
This is a term that lenders, banks and other companies use when their assets are real estate. When a bank or other company forecloses on a home, condo, townhome, land or other real estate that entity becomes the owner of those assets. They call that their REO or Real Estate Owned assets.
Bank Owned is: bank owned properties is just what it seems. The bank has foreclosed on a property and is now the owner of the property. When they put that property on the market for sale they call that, BANK OWNED. When you are looking for a property that the bank is selling you are looking for bank owned properties.
That is different than a Wellington Short Sale which is defined here.
Foreclosures: The term “Foreclosure” itself is not a correct term in the form that many people use the word. Many people say they want to buy a foreclosure. It is not a foreclosure they want to buy. They want to buy a bank owned property ( REO) . However, most of the time when you hear the word “Foreclosure”, it is bank owned that is being referred to. “Foreclosure” is defined as the legal process by which a lender takes away the title to a property from the owner of the property.
Currently there are ONLY TEN Bank Owned properties for sale in Wellington or Wellington REOs.
Most of these bank owned properties will be sold to ALL CASH buyers who win in the highest and best offer phase of negotiations on offers presented to the lender. In Wellington you are not going to be the accepted bid on a Wellington REO with a low ball offer or even a list price offer. This most definitely is not a buyers market in this section of the market. The banks are NOT putting their properties back on the market in most cases right after they foreclose. In Wellington few homes are owned by the banks.
The best way to win a bid on your favorite bank owned home is to make your highest and best offer with no contingencies. If this is not something you want to do than perhaps looking for a home that is listed as a short sale in Wellington would be a better option for you.
Wellington Florida Short Sales
Currently there are only 40 short sales that are active on the market in Wellington Florida. There are only 300 active listings in Wellington. That means that only about 13% to 14% of the listings that are ACTIVE in the Village of Wellington are short sales. This is not including parts of Lake Worth that most people still consider and call Wellington.
I don’t remember the last time inventory was this low.
One agent we spoke with the other day who has shown one of our listings said that he had shown another property just earlier where 30 people were looking at the property for sale in Wellington in the lower price ranges below 150K. He and his buyer actually climbed over the property fence to get inside to see the house.
Bidding wars continue as buyers battle to get Wellington Short Sales under contract. Our buyers agents are educating their buyers that low ball offers will not even be looked at. When you have multiple offers coming in you as a seller are certainly not going to accept the lowest bid even on a short sale.
Buyers who are getting FHA financing are in a pickle as well. We had one listing where the FHA appraiser discovered the seller did not have a permit for a room that had been built on to their property. The current sellers did not build the room, they bought it this way with a loan in the days when lenders could care less about permits. Not so anymore. We are running into this over and over again. Only cash offers will work on these types of properties.
If you are a buyer getting FHA financing- make your offer as strong as possible with as few contingencies as you can. You are competing against a lot of ALL CASH buyers.
About 60% of the sales in Wellington are ALL CASH or private equity financing.
Wellington short sales are also not the ugly houses that many buyers envision in their minds. Wellington homes typically are still in pretty good condition as short sales. All of our homeowners who currently reside in their properties take good care of their homes. It may not always be the case if tenants are in the property but overall you can pretty much expect decent showings on Wellington short sales.
If you are looking to purchase a Wellington Short Sale contact our office and partner up with one of our buyers agents who have been trained under Nestor Gasset and Katerina Gasset in short sale procedures. We offer full Wellington Short Sale Services. Contact our office at 561-502-1577.
Short Sales- What Matters Most At The End Of The Day
We never met our seller in person. This short sale was in Royal Palm Beach. It was an investment property owned by a commander in the Navy, a pilot who did not live here in Florida. He found us on our ActiveRain blog and then went to our website to read more about us. When he first called us about listing his property as a short sale we told him that it would not be easy. It would not be easy because he needed the lender to forgive his debt. Many military officers need security clearances and those clearances are compromised by creditors when they are not given a full and complete waiver of deficiency. Because this was an investment property and the property was in the state of Florida- a deficiency state- it was going to be an uphill battle and everyone knew this going into this.
His testimonial that he wrote below tells the story of how this short sale became such a nightmare. Here is a man serving his country, putting his life in danger every day and you will not believe what his lender put him through. We went through several buyers and this became an 18 month ordeal. Each time we went back to the short sale lender they came up with a different excuse about denying the short sale or not giving him the deficiency waiver or requiring too much money to satisfy the request for deficiency waiver. We never gave up. We kept going back to the short sale lender.
One time the short sale lender told us we only had 24 hours to get something signed by the seller. They knew perfectly well that our seller was flying a Navy plane in the middle east. They expected him to find a fax machine in the middle of a sand storm somewhere. He was put through unwarranted stress. We refused to allow him to be bothered while he was in the heat of battle somewhere.
This listing was a lower end listing. We thought about not taking the listing but knowing he was fighting for our country it was the right thing to do. I am sure we are in the deficit on this short sale. But that is not what matters most at the end of the day:
Nestor,I’d be more than happy to write you a little testimonial. This event would have never happened without the persistence, dedication and commitment of you, Giedra and your team.It’s been more than 18 months since we first started this process and I would have given up without you guys driving this thing from start to finish.What amazed me is that you guys accepted this listing knowing the total commission would be a pittance compared to the time and effort that you and Giedra would need to put in.Multiple different buyers and contracts and the bureaucracy and general incompetence of my bank made it a nightmare but you guys made it happen by calling in favors from your contacts in the industry and working the issues diligently.Living in Texas and deploying several times overseas during the process made it even more of a challenge for you. I always felt I really had someone in my corner throughout the entire process and it gave me piece of mind when I was overseas knowing that you guys were doing all you could to help me. I can’t thank you enough.If I ever get back to Florida I will make a special effort to come find you guys and take you to lunch. I owe you both much more than you realize. I could go on and on.Feel free to take bits and pieces of the above and post it wherever you like. I’d be happy to take a call from anyone that wants a glowing recommendation anytime. You guys have thanked me for my service before and I want you to know that you guys have truly given me something that I will always appreciate. Thank you for your commitment to me.Best Regards,Doug RhodesCommander, U.S. Navy
Contrary to popular opinion, Wellington Florida short sale Realtors can work with both buyers and sellers. Granted, short sale agents usually work with homeowners wishing to short sell their properties. Nevertheless, there’s still no reason why homebuyers can’t ask for help from this kind of agent if they want to.
What Can Wellington Florida Short Sale Realtors Do for Homeowners?
Let’s start with the easy question and one most readers probably have an idea about its answer. If you have a home you wish to short sell, a Realtor that specializes in this type of real estate transaction can help you with the following.
What Can Wellington Florida Short Sale Realtors Do for Homebuyers?
As mentioned earlier on, it’s uncommon but not impossible for homebuyers to seek the assistance of a short sale specialist. They usually do so for the following reasons.
Whether you have a home to sell or buy, if it is a short sale you are after then you will ultimately have an easier time achieving your objective with a Wellington Florida Realtor at your side.
Another Florida Short Sale Closed- Strategic Short Sales Do Get Approved
We had another successful short sale closing for a property in Smith Farms- Lake Worth- Florida. This was a divorce situation where the judge did order the divorced couple to sell the marital property.
Showing and selling properties with a divorce involved is not always an easy undertaking.
Here is the seller’s testimonial that he wrote for us. He did include his name and position however, we felt in light of the divorce part of this story- that it would be best to delete his name from a public discussion on his short sale.
“Nestor and Julie. Your assistance and guidance during this complex short sale has EXCEEDED EVERY EXPECTATION. The strategy, efforts you have put into this have been incredible. Your efforts put forth are what I expect family to do for one another.
The professionalism both of you demonstrated when dealing with complexities and some drama was pinnacle.
During a recent conversation with a Bank Representative she stated “YOU HAVE THE MOST AMAZING REALTOR.” I can only agree 100%.
THANK YOU for closing this difficult and dark chapter of my life. Because of you Julie, and Nestor I can move forward now. Rest assured I will recommend you to anybody with raving support. “
If you own a home in Palm Beach County, Broward County, St Lucie County or Miami Dade County and you are either current on your mortgage or you are behind in your payments and are looking into alternatives to a foreclosure against your credit and record- contact Nestor Gasset and Katerina Gasset at 561-753-0135 at your earliest convenience to go over your short sale and foreclosure options. Your call is confidential.
Bank of America Lay Offs Heading to Ft Lauderdale
Bank of America announced that they will be laying off 675 people in Ft Lauderdale offices. They are laying off 30,000 employees nationwide. This is about 10% of their work-force.
The lay-offs will being in mid-October and into the end of the year.
The leases at two of their offices in Ft Lauderdale are expiring and they will not be renewing those leases. This is where many of the lay-offs will take place.
Many of the people being laid off work in the loan modification department at Bank of America.
Bank of America is #2 in Florida for deposits only trailing behind Wells Fargo.
However, Bank of America took over a lot of toxic loans from Countrywide Mortgage. They also took over Merril Lynch and settled claims against Merril Lynch for $315 Million. They bought Merril Lynch for $50 Billion.
Bank of America also agreed to pay $11.8 Billion to resolve allegations over foreclosure abuses. Part of the settlement is helping homeowners to refinance their mortgages and help the with foreclosure settlements.
Bank of America has begun to contact about 200,000 homeowners nationwide who may be eligible for forgiveness of their mortgages. You may be eligible for HAFA which gives you up to a $3000 cash incentive at closing. You may also be eligible for Bank of America’s incentive program and get another additional up to $35,000 to do a Wellington short sale.
If you or someone you know is behind in their mortgage payments or soon will be, contact Nestor Gasset and Katerina Gasset at 561-753-0135 to learn more about the different options that may be available to you instead of foreclosure. We rarely suggest that foreclosure is the better option. Think about doing a Wellington short sale.
There are several important things about Florida short sales which concerned homeowners must know if they will to short sell their properties. Many homeowners and homebuyers assume that the laws on short sales are the same in every state. They are not.
Florida Short Sales and Foreclosures
Short sales and foreclosures in Florida become frequently intertwined in a homeowner’s life because the former is typically used to avoid the latter. In this instance, you will be glad of the fact that you are leaving in Florida because creditors, loan owners, and bankers are all required to file a lis pendens first against the homeowner and be deemed by the courts as having the right to foreclose before anything can happen.
In contrast, there are states such as California where bankers may immediately foreclose on your home the moment you violate particular terms of your mortgage. Because you have more time before your creditor forecloses upon your home, you consequently have more chances of applying for a short sale and preventing foreclosure altogether.
The Benefits of Florida Short Sales
Florida short sales are naturally not the only alternative you have once you find yourself in the red and unable to keep up with mortgage payments. Even so, most homeowners consider short sales as the most advantageous alternative – if not the best – because of the following reasons.
Minimize Damage to Your Credit Score
While no Wellington FL short sale specialist can guarantee that a short sale wont’ have any adverse impact on a homeowner’s credit score, he or she can however guarantee that the effect won’t even be a fraction as bad as what would happen to your credit if a creditor forecloses on your home.
Strategic Financial Move
Florida short sales are not and have never been just for impoverished or financially struggling homeowners.
In many cases, homeowners apply for short sales even if they have more than enough money to continue paying for their mortgage. This may be due to the following:
A) Market value of their homes continue to drop
B) Rental income from the property no longer equal to mortgage payments
C) Potential financial problems if they continue with mortgage payments for their home
Are You Ready to Move Out?
When considering Florida short sales, you should also consider the inevitable need to move out of your home. There is no way to prevent this if you want to short sell your home. If you do not have a back-up plan as to where you would live after short selling your property, then you need to make plans right now and before you get your agent to plan a short sale package for your home in Wellington Florida.
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:
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!!!