Category Archives for Wellington Short Sales

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 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. 

Florida Foreclosure Attorney is Disbarred- Another One Bites The Dust

Florida Foreclosure Attorney is Disbarred – Another One Bites The Dust 

This time it is Fort Lauderdale attorney William Timothy O’Toole. The Florida Attorney General sued the  Foreclosure Defense and Loan Modification operation that O’Toole ran. 

The Florida State Supreme court disbarred him this week. The disbarrment must last at least 5 years. 

In April he was suspended in what is called an “emergency suspension” on the allegation that his business was causing “great public harm”. This is what the court order said. 

The name of his company is “O’Toole’s Summit Legal Group” and is in Boca Raton Florida. This company employed sales people who would make calls to homeowners all over the country not just here in Florida. He worked with at least 3,000 clients according to the court order. 

These salespeople would charge up front fees of $2,000 to $3,000 and promised to save struggling homeowners from foreclosure. But the law suit says, that this attorney and his company did little to nothing to work on the cases. There are dozens of complaints by homeowners who paid this money and got nothing in return. These complaints went to the Florida Attorney General. 

O’Toole has been a member of the Florida Bar since 1992. He has been involved in 20 bar complaints. 

In October the Florida Attorney General got a court order to shut down his operation. 

The disbarment order also says that O’Toole became partners with a non-attorney named Randy Baker and split his fees with him which is against bar rules. 

The order also says that O’Toole led clients to believe that he was handling their cases when in fact, people he hired who had NO legal training were the ones taking care of his clients. 

This happens alot where the attorney becomes partners with someone who is not an attorney since the law passed here in Florida stating that only attorneys can accept upfront fees from a client for a loan modification.  But attorneys can only charge those fees if they are a part of a bigger case. 

We know attorneys who are approached often with these sorts of scenarios. The attorneys we know say this is unethical and they run away from those people who are trying to circumvent the law. 

The Florida Bar came out to warn attorneys about joining forces with non-legal businesses who are trying to skirt the law forbidding taking the upfront fees. 

 

How Do You Know If a Wellington Florida Short Sale Realtor Is Right for You?

To know whether a Wellington Florida short sale Realtor is right for you or not, you need to consider the agent’s suitability based on your preferences and the type of house you live in.

Personality

Some personalities simply complement each other while others plainly clash. Naturally, you need to find a Wellington Florida short sale Realtor whose personality would match and complement yours. If you are, for instance, the bossy type then you would probably need someone who won’t be annoyed when your requests still sound like commands. If you are the shy type, then you would probably work better with an outgoing and assertive agent more than capable of speaking on your behalf.

Experience

Some homes are simply easier to sell than others. If your Lakeland FL home is larger and more expensive or older and more decrepit than most, then you would probably have a harder time applying for a short sale. And even if you did manage to win your creditor’s approval, you would still have a hard time finding someone willing to buy your property.

For all these reasons you would need to work with a highly experienced Wellington Florida short sale Realtor. An experienced agent will also get more things done in a shorter period of time. That’s something you would no doubt appreciate if you have an urgent need to sell your home or move out.

Expertise

Specializing in short sales is akin to having significant relevant work experience in the sense that it helps get the job done more quickly. No matter what kind of home you have in Wellington FL, it definitely would not hurt to have a short sale specialist working with you.

An expert short sale specialist would know immediately what to do if you have, say, two mortgages taken out of your home or if your creditor initially disapproved of your loan application. Agents specializing in short sales are also likely to know where and how to quickly find answers whenever they’re confronted by any unusual situation. Overall, that means having less time and money wasted.

Communication

Agents tend to have varying communication philosophies. While one agent may not mind speaking daily with their clients, another Wellington Florida short sale Realtor may prefer to contact a client if there is verified interest in his or her property.

Ultimately, you need to find the perfect agent who satisfies you in all the aforementioned aspects. When you do, then that’s exactly the Wellington Florida short sale Realtor you should work with.

What Kind of Work Do Wellington Florida Short Sale Realtors Do?

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.

  • Paperwork – Most people hate anything and everything that has to do with paperwork. Figuring out what’s required and how to get it is already a nightmare, then there’s the problem of filing and submitting it for approval. You can get rid of all such worries when you have a Realtor helping you out.
  • Negotiations and Discussions – Technically speaking, there’s really nothing to discuss or negotiate about short selling a house in Wellington FL. Your application is either approved or not, right? Well, not exactly. Your agent – if he or she perseveres hard enough and is sufficiently resourceful – may find a way to convince your creditor to agree to a short sale. It ultimately depends on the terms and conditions that your agent puts on the table – with your authorization, of course.
  • Finding a Buyer – Getting your creditor to approve your short sale application is just the first of your challenges. You also have to find a buyer, and that is easier said than done if you insist on selling your Wellington FL home without an agent’s help.


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.

 

  • Paperwork – Unfortunately, homeowners are not the only ones who have to submit paperwork. Homebuyers have to do so, too, and it’s a task that’s more quickly accomplished with an agent to lend a helping hand.
  • Settling and Moving In – The best Wellington Florida short sale Realtors will be more than willing to extend assistance when obtaining the necessary permits and making the necessary arrangements with local neighbourhood associations and companies once you are ready to move in your new home.


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.

Essential Facts to Know about Short Sales

Short sales remain today a subject of confusion for many stressed homeowners. If you own a mortgaged property and are afraid of foreclosure, then you definitely need to take the time to learn more about this all-important topic. Who knows? It could be the answer you have been looking for all these months –the one that can keep your credit score from plummeting and enjoy a fresh new start in your life.

 

What Happens When Your Property Is Listed as a Wellington Florida Short Sale Home?

 

Many homeowners erroneously believe that the word “short” is a reference to time. Rather, it’s actually in reference to the payment you will be making to settle your debt. More specifically, your payment will be short of the actual amount you owe but because this is a short sale your creditor will nevertheless consider the reduced amount as full payment of your debt.

 

Example:

 

You owe $355,000 on your home.

 

Your home is currently worth or can sell at an average price of $520,000.
There will be a negative balance of $165,000 if you sell your home at the price indicated above and use it to pay your creditor.

 

If, however, your creditor has agreed to a short sale then —-

  1. The remaining balance of $165,000 can be forgiven completely, which means you are freed from the obligation to pay it.
  2. The remaining balance of $165,000 will be subject to the terms and conditions of a new unsecured promissory note.

 

Other alternatives are possible but the important thing to remember here is that short sales give you the key to effectively avoiding foreclosure and thus save your credit score in the process.

 

Who Can Help You with Short Sales?

 

Technically speaking, any real estate agent or Realtor may be able to help you short sell your home in Wellington FL. There is just no guarantee that they will be effective in their work, much less succeed in short selling your property.
If you want to increase the chances of having your home subjected to a short sale, then you need to make sure that you are working with –

 

  1. A real estate agent specializing in short sales
  2. A real estate agent specializing in homes in Wellington FL

 

The two conditions above are the most important qualifications to look for in an agent to represent your home in a short sale. If your agent has these characteristics, then you have more reason to hope that your Wellington FL house will be approved for a short sale.

First Wellington Short Sale We Closed On- February 2008- Took over one year to close!

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:

Nestor & Katerina,

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!!!

Thanks Again!!
Sincerely,

Robert Tutunjian


Another Wellington Short Sale CLOSED- 1134 Aviary Rd in Wellington Florida SOLD!

Another Wellington Short Sale CLOSED- 1134 Aviary Rd in Wellington Florida SOLD!

This property is located in the Emerald Forest subdivision in Wellington Florida. This home has 3 bedrooms and 2 bathrooms with a private pool and about 1,370 square feet under air and 1,808 total square feet.

This short sale was sold for $135,777 which was a pre-approved price from the short sale lender.

This property sold for ALL CASH. The buyers paid cash for this property.

In fact, the last three closings we had were ALL CASH closings on the buyers sides.

short sale in Wellington closed

This Wellington short sale was our listing and from the date of the listing to the date of sitting at the closing table it was 215 days.

The sellers are so happy with Nestor Gasset and all he did to get this deal closed.

 

For another short sale closed in Wellington you can click here. 

Contact Nestor Gasset and Katerina Gasset at 561-753-035 to go over your short sales options.

The Short Sale Package – What Does Your Agent Need from You?

Your Wellington agent needs to present a short sale package to your creditor if you want to short sell your home. Without your cooperation, even the best Wellington short sale specialists won’t be able to guarantee a short sale of your property.

Ownership

First of all, you need to prove that you are the legal owner of the property that you wish to short sell. This means presenting the deed of ownership of the house and lot. Never sign over your deed to anyone other than at the closing of your short sale by a reputable title company.

Authorization

You also have to prove to the creditor that he or she is talking to a representative you have officially authorized to short sell your property. Your short sale lender will not under any circumstances talk to anyone on your behalf without a written authorization. This is the first document we need signed by you to. We then send that authorization letter to your lender and then they will speak with us.

Financial Hardship

Even if it’s a strategic short sale you are after, it still wouldn’t hurt to write a short sale qualification letter. Also known as a hardship letter, this is the part where you let your creditor know your reasons for wanting a short sale. Ultimately, it depends on the bank or creditor that owns your note as to whether or not you’re required to write this letter.
If you are, you need to prove that even though you are not presently suffering from financial difficulties you are already in the brink of doing so if nothing changes about your situation.

Income

Naturally, your creditor would want proof about your income. If you have your own company or business, your short sale package should include its financial statements. Some agents and creditors prefer financial statements of the past three years, but it really depends on the creditor’s requirements. Financial documents typically included are the profit and loss statement, balance sheet, and perhaps the cash flow statement of your business.

If you are employed then you may need to present your pay slip and income tax return.
If you have additional sources of income, documents pertaining to those should also be presented. Last but not the least, you may also be asked to include your latest bank statement in your short sale package.

Offers and Confirmations for Purchase

It would always help if you have a confirmed buyer for the house. If so, your short sale package should include a written confirmation from the buyer about his or her desire to buy your property. Some Wellington short sale agents may also ask the buyer to write a letter stressing their urgent desire to move in to their future home – if the purchase pushes through, that is. And with a beautifully prepared short sale package, there’s a good chance that everyone – you, the homebuyer, and creditor – would get what they want.

Tips for Selecting a Dependable Florida Short Sale Realtor

Many homeowners don’t take much time to consider which Florida short sale Realtor to work with – to their everlasting regret. If you think that you can always switch to another agent every time you find yourself dissatisfied with the old one without suffering any disadvantages – think again! The more time you waste working with unsuitable Realtors would mean fewer chances for avoiding the foreclosure block.
A dependable Florida short sale Realtor knows all about the rights which homeowners and lenders are entitled to.

This does not mean you have to sign up with a Realtor with a law degree, though. Sometimes, that can only serve to muddy the waters as your Realtor could find himself having a conflict of interest being a lawyer as well. Rather, you just have to make sure your Realtor does his or her best to stay updated about all laws relevant to homeowners and their creditors.
A dependable Florida short sale Realtor won’t give up at the first sign of trouble.

“When the going gets tough, the tough gets tougher.” That’s certainly an apt motto for short sale agents. Short sales are anything but short, and you can easily find yourself abandoned by your agent if he or she does not have the necessary patience to see things till the very end.
Short sales are like a waiting game, and those who have more patience always win the game. A patient and diligent Realtor would regularly call your lender, make appointments, and send follow-up letters until your short sale application is processed and – hopefully – approved.
A dependable Florida short sale Realtor will stand up for your rights.

Many real estate agents don’t bother standing up for their client’s rights if they feel that doing so is more trouble than it’s worth. Naturally, a dependable short sale Realtor feels differently about such things. Dependable agents take their jobs seriously, and they also strongly value the trust their clients place in them. If they feel that a lender is abusing his rights against a client homeowner, a dependable short sale Realtor would do everything legally possible to put things to right.
A dependable Florida short sale Realtor knows when to say “I don’t know”.

Last but most importantly of all, dependable real estate agents are not know-it-alls. They know that pretending knowledge won’t help their clients’ case, but they’re also aware that ignorance is not an acceptable excuse for failing their clients. If, for instance, there are certain issues that your lender has brought up which are rather technical and legal in nature, a good agent would refer you to a trustworthy lawyer instead of giving baseless advice.