Wellington Short Sale Agents | Wellington FL short sales

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. 

What Are the Different Types of Short Sale Services?

There are many kinds of short sale services available to Wellington FL homeowners, but not every agent will be capable of offering them all. For your benefit, however, you should take as much time as needed for finding one who can assist you with short selling your home from start to finish.

Negotiation

There are a lot of things to negotiate about if you want to short sell your home. Depending on your circumstances, your agent may have to negotiate with your creditor, insurance company, neighborhood association representative, bank manager, buyer – and the list can still go on and on.

Because of this, negotiation is considered one of the most vital types of short sale services you should look for in a Wellington Florida real estate agent. Without an agent’s effective negotiation skills to back you up, your short sale application can be rejected right from the start.

Paperwork

What do you do if your creditor asks you for comprehensive proof of income? How do you prove that you are suffering from a severe form of hardship? How do you come up with a document to show that your home can only be sold within a certain price range?

You need valid documents for all these problems, but how and where do you start? Without short sale services from a premier Wellington FL agent, you’ll find it easy to feel overwhelmed by it all. You may even be tempted to give up applying for a short sale if you don’t have an agent supporting and motivating you to be patient and persistent.

Marketing and Promotion

It’s important to remember that short sale services are real estate services essentially, which means your Wellington FL specialist would also have to put in hours of work promoting and marketing your house for sale.

• Come up with an Internet marketing strategy for your house for sale
• Design and distribute print advertising like brochures, flyers, and posters
• Organize open houses and assist you in conducting tours for prospective buyers
• Negotiate with agents of prospective homebuyers
• File necessary paperwork to close the deal
Other Services

The best real estate agents won’t leave you without support when the short sales contract has been signed, sealed, and delivered. But you only have to let your agent know that you need extra help and the best ones won’t hesitate to give it to you.

• Provide you with additional assistance for finding a new home

• Help renegotiate the terms of your remaining balance
• Refer you to a lawyer who can review your contract

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. 

 

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.

How Can an Aggressive Short Sale Agent in Wellington FL Help You Out?

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.

Can I Do a Short Sale in Wellington Florida?

Can I do a short sale? It’s a question that many homeowners immediately ask their selves once they hear how this friend or neighbor managed to avoid foreclosure by short sales. Although short sales do happen frequently in Wellington Florida, that does not mean it’s something easy to apply for. Rather, everything depends on your current situation and how good your real estate agent is in handling short sales.

 

Why do you need a short sale?

If your home loan is provided by Fannie Mae or Freddie Mac, then the qualifications are pretty straightforward and with little room for adjustment unfortunately. On the other hand, if your loan is owned by another company then the qualifications will be largely dictated by your creditor.

If you want to short sell your home in Wellington FL then you usually need to prove that you’re suffering from some sort of hardship. The easier way for you to understand this, however, is to illustrate situations in which you are unlikely to get the approval for your short sale application.

 

Overspending

Using your entire lifesavings for the medical expenses of a terminally ill loved one is not overspending, but using several months’ paycheck to travel around the world on your honeymoon definitely is. You can be sure that your creditor will check your most recent financial transactions to determine just
why you’re having such a hard time paying for your mortgage. And if it’s not a good reason, then your chances of short selling your home in Wellington Florida are slim to none.

 

Unsuitable Neighborhoods

Your home used to be located in a nice and new neighborhood, but various circumstances had seen it deteriorate into a hive of criminals and drug abusers. That’s bad luck for you, but that’s none of your creditor’s business. They definitely won’t consider it a valid reason for you to be late with your
payments and requiring a short sale.

 

Pregnancy

Yes, it’s true that having a new member in the family would mean more expenses and bills to pay. But pregnancy is a choice, and as far as your creditor’s concerned, it’s a choice with consequences you need to bear with. They don’t consider it a good reason either for applying for a short sale in Wellington FL.

 

Relocating

No matter what your reason is for relocating, it has nothing to do with the fact that you have defaulted on your mortgage. Deciding to move out of your house in favor of renting a condominium unit, moving to another town to join your husband, or going back to your parents’ hometown because it’s cheaper
there – all those reasons are unacceptable.

If you are serious about short selling your house in Wellington FL but don’t know how or where to start, let a short sale expert help you out so you finally have the direction you need.

Wellington Short Sale Update: Deutsche Bank In Hot Water

Wellington Short Sale Update: Deutsche Bank In Hot Water 

How did a bank from Germany become an owner of foreclosed properties here in South Florida? Deutsche bank holds title to more than 1,400 homes in Miami/Dade, Broward and Palm Beach Counties. 

What is the problem with that? 

According to local municipalities Deutsche Bank lets the houses become the blight of neighborhoods. The local towns levy fines, code violations and other fees against the bank. But how do they enforce anything on a bank overseas? 

When the cities and towns try to collect and pressure Deutsche Bank they say they are just the “trustee”. That it is the responsibility of the servicers to take care of the foreclosed properties. The bank refuses to take responsibility of taking care of the homes they foreclose on. Yet, the towns, villages and cities all say that the title records list Deutsche Bank as the owner or record and therefore they are the ones responsible for keeping up and maintaining the properties. 

In Ft Lauderdale, the city has fines of over $6 MILLION dollars pending against ONE property Deutsche Bank owns for failure to maintain this property. The property is located at 1032 NW Fourth Avenue. It is only 867 square feet and probably worth less than 20,000. It is boarded up. 

South Florida code enforcement officials site Deutsche Bank with failure to: 

  • mow lawns
  • clean and secure pools
  • remove trash and debris
  • replace broken windows
  • repair roofs
  • repair porches 

These can pose health problems to the neighbors and ruins the value of other homes in the area. 

Deutsche Bank does not do that in Germany. In fact, in Germany it is not so easy to get a loan to buy a home. Deutsche Bank requires 20% to 40% down on a property and they really scrutinize your employment and make sure there is little risk in giving a loan for a property. Rarely is there a foreclosure. They also don’t bundle mortages very often to sell as securities. 

But here, Deutsche Bank got involved with selling mortgage backed securities from high risk loans. They are being investigated by the U.S. . Deutsche Bank did not directly give loans to borrowers here in the U.S. Instead, it bought MortgageIT who made reckless loans risky borrowers. When the interest rates went up many of those borrowers defaulted in large numbers. 

The U.S government alleges that they lied about MortgageIT’s internal controls in order to qualify for FHA insurance. Being able to say that your securities were insured by the Federal Housing Administration made those investments highly marketable to investors. 

Deutsche Bank settled this lawsuit in May to the tune of $203.3 Million dollars. There are other investigations under way. 

Deutsche Bank is one of the world’s largest banks. It’s assets total $2.6 Trillion dollars. Deutsche Bank is 140 years old and had more than 1,000 branches in large cities and small towns in Germany. 

Strategic Short Sales for Wellington FL Homes – Can You Really Pull This Off?

On paper, strategic short sales for homes in Wellington FL may seem like a straightforward process.

  • You do not have the qualifications to apply for a short sale in Wellington Florida
  • Your agent will convince your creditor that it’s in everyone’s best interests for you to short sell your house
  • Your creditor is likely to have conditions of his own but will agree to the short sale
  • You short sell your home successfully and everyone is happy

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.

Qualifications

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.

Agent

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.

Creditor’s Conditions

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

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.