Wellington President of Little League Endorses Broker Nestor Gasset of International Properties and Investments LLC – here is J.C. de los Reyes’ review ( testimonial) for Nestor after Nestor helped him and his family to buy a new home and sell their current home. I will leave it to J.C.’s own words:
Attn: prospective clients
RE: Testimony about the services of Nestor Gasset
I am writing this letter as a testimony to the wonderful experience my family had with Nestor Gassett and the services he provided to me and my family during the whole process of buying and selling our home. He not only provided the obvious services needed, but went far and above his duties to counsel and guide us through the entire process, especially when times got tough.
As a family we had long desired to move into the Wellington area. My wife grew up in Delray Beach, but as a couple we had lived in Delray Beach since 2004. Our son was born in 2005 and we were blessed with a daughter in 2009. With my working in Wellington and my wife nearby, in addition to the far superior school district and overall positive family neighborhood structure, we have wanted to make the move to Wellington for quite some time. I had come to befriend Nestor through recreation baseball four years ago and he knew about our situation. We finally got around to summoning up the courage to start the process last August (2013).
So … with Nestor’s help, we began looking. Any purchase of a new home for us was going to be contingent on us selling our residence at the time, a 2/2 villa in Delray Beach. Nestor knew the challenges that lay ahead in selling our place because it was situated in a unique area without many comparisons and there had been some foreclosures, making the final asking price a challenge to obtain. But with a direct marketing approach and word of mouth, we had multiple showings every week for months. After some bumps in the road with multiple potential buyers and some stressful months, Nestor was able to get two cash buyers competing to buy our place and was able secure a deal.
On the flipside, the home we were contracted to purchase in Wellington was not a walk in the park either. The previous owners agreed to have us under contract contingent on us selling our place. They waited for us to do so for a long time (we were under contract from September to January). Nestor’s hard work and due diligence kept these people from deciding not to void the contract.
Even when there were bumps in the road with some buyers falling through the cracks, Nestor was there to encourage us and lift our heads up, and for that we will be forever grateful. Even in the short time we have lived here in Wellington (two months), it has turned out to be everything we had dreamed it would be; great schools, great families, great recreation and activities, great location close to work, great house and everything else we thought it would be.
And, to be honest, we owe that all to Nestor. I can’t imagine anyone working harder than he did for us and now my family will be the beneficiaries of that hard work, persistence and dedication.
J.C. de los Reyes, CPRP
President, Wellington Recreation Little League
Senior Programs Coordinator
Village of Wellington
(below the image is the actual screenshot of the letter from J.C. de los Reyes)
If you are planning on buying a Florida short sale, take note of these new loan requirements for getting a mortgage. With the start of the new year, lenders have set in place new requirements for getting a mortgage loan.
Since the housing crisis was brought about by borrowing catastrophes, these new lender guidelines being implemented under The Consumer Financial Protection Bureau’s Qualified Mortgage (QM) are being put in place to avoid the housing meltdown from happening again.
Some of these requirements are as follows:
A maximum debt-to-income ratio of 43. This new rule will not allow for any circumstances to offset the DT like a big down payment or huge cash reserves. A borrower with a DTI over 43% will not qualify for a loan.
Ability to repay. Self-employed borrowers must prove they have sufficient cash flow to pay their loan. This can be challenging since most self-employed people’s income tend to fluctuate. These borrowers usually have cash reserves set aside to compensate for months where their income is low. Even with a huge cash reserve, self-employed individuals may still have a difficult time in getting a loan approved.
No-doc or low-doc loans not allowed. Lenders are required to submit and verify borrowers’ complete financial information
Lower fees. Origination fees should not go beyond 3% for a loan of more than $100,000.
No risky loans. No interest-only payments, no negative amortization payments where principal increases, and terms should not exceed 30 years.
Contact within 36 days of missed payments. Lenders should contact borrowers within 36 days of a missed payment. Lenders must also provide available payment options not later than 45 days after the due date.
Clearer monthly billing statements. Lenders must provide clear monthly statements indicating the amount of your payment that went to escrow and principal, balance owed, and service or transactional fees.
Early warning for ARM: Lenders must notify borrowers of increased rates 210-240 days before the next payment and follow up with an additional notice 60-120 days before the new payment is due.
The lender’s incentives in following these guidelines are huge. If mortgage loans fail to meet the QM, the lender can hold the loan instead of selling it to Fannie Mae or Freddie Mac.
The QM requirements may have lower loan limits for conventional conforming loans. The Federal Housing Finance Agency (which regulated Fannie Mae and Freddie Mac) will delay its normal adjustment of loan limits from 1 January 2013 to sometime later this year, after seeing what kind of impact the new QM guidelines will have on the housing industry. The current limits for most housing markets are $417,000 or as much as $625,000 in high-cost areas. These figures will change later this year.
Getting a smaller loan will be more difficult under the new QM requirements since origination fees will be limited to no more than 3% of the loan amount. This means lenders are less likely to offer smaller loans since they may not be able to recover their costs and make a profit with the smaller origination fees.
Florida short sale home buyers could expect to see these changes in the mortgage loan approval process this year and more changes later in the year.
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.