Category Archives for Wellington Short Sale Agents

Title Insurer Liquidation Bill HB 1007 passed the Florida Senate joined with the Florida House Of Representatives jointly. It was unanimous.

Title Insurer Liquidation Bill HB 1007 passed the Florida Senate joined with the Florida House Of Representatives jointly. It was unanimous.

This bill contains operating rules that were recommended by the Florida BAR , the FLTA and the RPPTL.

Miami- based National Title Insurance company was placed in state receivership when they financially crashed during the housing bust. The company’s reserves are running out. The current state law would require that once the money is all gone out of reserves to pay outstanding claims and admin costs that they would have to terminate their title insurance policies leaving policy holders with no title insurance.

This bill that just passed, HB 1007- changes this law. This new law states that all of the title insurance policies from National Title will stay in effect forever. But you can not create such protection when there is no money to cover the claims and costs to administer the claims. We don’t have state income tax so there is no till to get into other than documentary stamp taxes on deeds.
So the new law requires an assessment of each title insurer on a market share basis to cover the cost. The assessments aer limted. In any one year it is 3% and 10% over 5 years. These assessments will be carried out through adding it to HUD 1 Settlement statements on new policies moving forward. They are going to be a separate government assessment and NOT added into line 1101 on the HUD.

This assessment is to be collected by each closing agent and sent to the title underwriter within 60 days after closing.
We don’t know what the final amount is exactly going to be on the HUD1 Settlement statement but we will let you know as soon as we know.

Title companies are not to start collecting this fee until they are told by the state what that fee is going to be.
The bill is now on the Governor’s desk for his signature.

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.

How Long Is My Wellington Short Sale Going To Take?

Naturally, people want to have a sense of control over their time, so most sellers ask early on in Wellington short sale intake evaluations. The answer is like most answers about short sales- “IT DEPENDS!”
That’s usually about as popular as Brussels Sprouts for dessert- it’s so vague! But in short sales, things change from month to month, week to week and sometimes even day to day. The one thing that is constant in short sales here in Wellington, in Florida and everywhere, is change.
The major factors that determine how long your short sale will take are:
  • How many loans you have on your property.
  • How long it will take to get a good offer.
  • Who the servicers are for your loans.
  • If the servicers also own your note and if there is a private investor involved.
  • If there is mortgage insurance the lender took out on your property that adds another party who has to approve the short sale. If your listing agent has contacts in the executive department at the servicer or not.
  • What the BPO on your property comes back at, and how close to the offer price it is.
  • And last but not least, can the buyers agent keep the buyer in the deal long enough or not.
A few years back, Countrywide was still doing many short sales and they most often took over six months to approve one. Later, Bank of America assumed Countrywide’s short sales and BofA became the worst bank to deal with everywhere. Wellington FL Short sales dragged on month after month and we even had some that stretched out more than a full year.
Things change. That was then, but today, Bank of America is one of the easiest banks to get short sales done with. We can often get Bank of America short sales in Wellington and Florida approved in 40 to 60 days, and in some cases, faster. Conversely, Chase used to be great to work with until they merged with WAMU who was awful. Then it seemed Chase took over WAMU short sales and the process became slower than snails. Further, other companies handle their seconds like FSLO and others that are simply awful and rude. But, more recently Chase became very interested in expediting short sales. They even called us after previously denying short sales to see if we could revive them and they would get them approved. They are now also offering sellers with certain loan products up to $20,000 to do a short sale and have the entire deficiency waived.
Sometimes, the best thing for a Wellington FL homeowner to do is to allow the short sale process to happen- get an agent who has a lot of experience with different lenders to list your property and help you maneuver through the Florida short sale process. Your short sale can take anywhere from 3 weeks to 6 months and sometimes longer. They are often completing a lot faster than they were several years ago.Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option.

Call a Wellington Florida Short Sale Agent in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.

 

Wellington FL Short Sale Agents | Experience Counts When the Stakes are This High

In any competition, the difference between a clear victory and everything else depends on not just a good performance, but the very best performance. When the stakes are as high the price and financial liability involved in your home, you need an experienced team that can outperform all the competition and manage tough resistance that comes from every corner from banks to lenders to buyers. In a short sale, everyone is looking to an objective, but not necessarily the one that benefits you best. We are here to make the winning difference for you.

In the 1960s, there was a familiar name in Football, the Green Bay Packers. They were legend, not so much because of star players or quarterbacks, but because of fresh, aggressive and dedicated leadership. Vince Lombardi conducted grueling training camps and demanded absolute dedication and effort from his players. The team was respected and renowned everywhere because everywhere the coach went, victory and success followed.

Similarly, experience, dedication and absolute dedication in short sales is what makes us the only Wellington FL choice for your short sale. If you want a crack team that has won time and again, we’re here to get to the finish line for you first! We know the lenders and the market like no one else.

When you’re ready to evaluate a short sale in Florida, give us a call. We’re ready to make sure you end up on the winning side.

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.

Wellington Short Sale Agents | Success in FL Distressed Properties

In Wellington, Florida, short sales comprise just over 19% of the real estate market for Wellington listings. Time and again, we have successfully closed short sales throughout the state of Florida. As short sale agents, we service all of South Palm Beach County, Wellington, FL homes for sale, West Palm Beach FL real estate, Royal Palm Beach and all surrounding areas. Whether you are in a distressed property in Ft. Lauderdale, Miami Beach, Downtown West Palm Beach or anywhere in south Florida real estate markets, we can help.

If you’re thinking about a short sale and wonder if a short sale is right for you, why not start out by getting in touch with the agents with the best, long standing track record as Wellington Short Sale Agents and Florida short sales?

Nestor Gasset and Katerina Gasset, top performing Wellington short sale agents, are always ready to help you in your short sale decision and if a short sale is right for you, you can be sure that they are intimately familiar with what it takes to succeed in negotiating this challenging process to a successful conclusion by orchestrating and negotiating with potential buyers, lenders and banks to everyone’s best outcome.

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