Wellington Short Sale Agents | Wellington FL short sales
Wellington Short Sale Market Report- October 2012
Currently there are 41 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 with 3258 approx. living square feet under air. This home is in a gated equestrian community.
The lowest priced single family home short sale in Wellington is currently listed at $ 158,773 with 1641 square feet and this home backs up the preserve.
Most of the homes for sale in Wellington as short sales are priced in the high $200,000’s to the mid $300,000’s.
There are not many short sales for sale in Wellington and that has been the case for almost a year now. We are anticipating more short sales to come on the market in 2013 as the layoffs and unemployed numbers rise. We will also start to see some short sales coming on the market because of time is coming up for many homeowners who have not made their mortgage payments for a long time. The banks are starting to foreclose again and the courts are processing foreclosure judgments.
If you are looking at options to foreclosure, a short sale may be your best option. It is most often a better option for you than to leave your keys on the table and just leave when the sheriff arrives at your day with a notice to vacate. Many times homeowners qualify for cash incentives to do a short sale by their lenders.
Call Nestor Gasset and Katerina Gasset today at 561-753-0135 to go over your foreclosure options. This call is confidential. Don’t lose your home to foreclosure. Call us today.
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?
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
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.
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
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.
What Are Short Sale Video Tutorials?
Short sale video tutorials can be any number of things, but they basically vary according to the purpose for which they’ve been created.
This type of video tutorial is especially designed for homeowners who are hoping to short sell their home. In this kind of video, you will learn about the differences between short sales and foreclosures as well as their respective pros and cons.
If you choose to proceed with a short sale, such videos may also discuss what you can do to choose the best agent for your needs. It will also share information about the most common qualifications for homeowners to have their short sale applications approved.
Some of these videos are also great to watch when you’ve been playing the waiting game with your creditor and you’re driving yourself mad wondering if your short sale application will get the green light or not. These videos will teach you why patience and persistence will eventually win you the game.
At first glance, it may seem like short sale homes are only to the advantage of homeowners but never to the homebuyers. These videos, however, can show you otherwise. There are lots of benefits for homebuyers to enjoy as well when buying a short sale house.
A homeowner who pays his mortgage on time and is financially stable will probably have no problems waiting for as long as it takes for a buyer to purchase his home at the price he wants. With short sale homes, however, there’s always a matter of urgency that will be to the homebuyer’s advantage.
The homeowner would want to sell his house quickly to avoid foreclosure. The same thing goes for the creditor since foreclosures cost more money than processing short sales. If you make a reasonable bid, they’re unlikely to quibble about it.
Short Sale Video Tutorials for Agents
Once in a while, you will also see scattered in the Internet short sale videos for agents. These videos have been specifically created to teach newly qualified agents the most important dos and don’ts when going after short sales.
Although the country’s real estate market is slowly on the rise, there are still millions of homeowners facing foreclosure – and these same millions are the ones in need of an agent’s help with short sales. Agents who want to earn more and help more will definitely find these short sale video tutorials quite helpful.
Buyers Beware! Real Estate Auctions- Did You Read the Fine Print???
Do you know what you are really buying? Do you know what foreclosure you are buying and from whom?
There is a growing problem here in Florida of buyers buying foreclosures at auctions that are HOA foreclosures. After they buy the property the new buyer gets foreclosed on by the mortgage lender.
The biggest reason this is going on is because Palm Beach county, Broward county and other Florida counties have moved all their foreclosure auctions from the courthouse to the internet and opened the bidding up to people all over the world.
When people get excited about buying a home so cheap most of the time they don’t have an agent to guide them. Perhaps they read a book about buying real estate on the cheap or watched late night tv paid programming about buying real estate at basement prices or with other people’s money.
They also rarely know what they are bidding on because they fail to read the fine print, they fail to do their due diligence before making an offer to purchase in the auction. They are not doing title searches on the properties they are bidding on.
Novice investors BEWARE! You will get burned.
If it sounds TOO good to be true- it most likely is!
If you really could get a million dollar property for $30,000 everyone would own one!!!! When you see a million dollar property at an auction for $ 20,000 to $30,000 that is not all that there is to deal with to own that property! When you see this, it is most likely an HOA foreclosure! The HOA forecloses here in Florida for non-payment of HOA fees. But that does not wipe out the mortgage on the property or two mortgages or three! You have to clear all those lienholders!
Unless you have a lot of real estate investing experience DON’T BID ONLINE!!!
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.
If you pretty much dislike reading or have a hard time keeping your attention on text-only content, then you will probably enjoy learning more about short sales with a short sale video. If you are facing foreclosure, one of the best options for you would be a short sale. Although it’s a hot buzz term nowadays, many people still don’t understand what it includes and excludes. All your questions will be answered, however, readily enough by the right short sale video.
Where Can You Find Short Sale Videos?
Here are a number of places that you can search for videos about short sales.
A lot of videos are shared on YouTube and not all of them are for recreational purposes. In recent times, many marketers and professionals, such as Wellington short sale agents, have started to increasingly use YouTube as their marketing platform and as a way of reaching out to more target consumers or clients.
You can definitely find a lot of short sale videos here, but the question would be more on quality than quantity. There is so much erroneous information about short sales in the Internet that you have to be careful about which sources you trust. If you rely on an erroneous source and follow with it, then that could harm your chances of having your short sale application approved.
When looking for a short sale video in YouTube, consider the following tips.
This is one of the best real estate networks out there, but it’s also one of the Internet’s hidden gems. This is where all the best real estate articles and discussions can be found, and you can definitely watch a lot of short sale videos here.
Contributors in this site are all real estate agents, but not all of them may be suitable for your needs. Ultimately, you should make sure that the videos you’re watching are from those who are working in your area – such as Wellington Florida short sales agents for instance – and have proven specialization in short sales.
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.