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Wellington Short Sale Market Report | September 2012

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. 

What Is a Short Sale Video?

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.

YouTube

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.

  • Find out who uploaded the video. Is it a real estate agent? Keep in mind that some users upload other people’s short sale videos in the interest of sharing or for additional marketing of their short sale services. What’s important here is to ascertain that the person who created the video has the necessary experience and expertise to talk about short sales.
  • Read the description of the video. Is it about the basics of short sales or something more advanced or in-depth? Does is cater to your particular area? Like if you are from Wellington, Florida, is the video particularly about Wellington Florida short sales?
  • Read the comments. Does the video’s owner take the time to answer them? This way, you’ll know if your own questions will be answered, too.

 

Active Rain

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 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 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.

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.

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.

Four Things You Can Learn from a Wellington Short Sale Specialist

There are a lot of things that a Wellington short sale specialist can teach and help you with but which you would never have been able to learn on your own.

Understanding the short sale process

Most homeowners are not even aware that short sales exist, much less understand how they work. This is unfortunate as short sales can easily prove to be the solution to many a homeowner’s dilemma. As you would know if you were to speak with a Wellington short sale specialist, short sales refer to the process in which mortgaged properties are sold at a lower price than the value of the mortgage taken out on them and with the lender’s consent.

Short sales have become more necessary than ever since the real estate bubble burst and homeowners ended up owing more money than what their property’s present market value.

Understanding the current state of the market

It takes an expert to fully understand how the real estate market in your locale – which in this case would be Wellington, Florida – is doing. With the help of a specialist, you will learn what the going rate is these days for properties like your home and what your former neighbors may have done to increase the value of their own properties. A specialist will also be able to tell you if there are market indicators which make it preferable for you to wait before putting up your property for sale or modify your selling
price.

Helping you qualify for a short sale

Certainly, getting qualified for a short sale on your own is quite a tall order and something only a rare few homeowners are capable of doing. And those that do succeed in getting qualified in their own usually spend twice or thrice the usual time that a homeowner would typically consume when pursuing a short sale with a specialist’s help.

As such, specialists don’t just ease your way in getting qualified for short sales. They are also capable of doing things that can help expedite the process, and this can be quite important if you are in a strict deadline and facing foreclosure.

Helping you avoid foreclosure

Naturally, specialists can also help you take advantage of short sales to prevent foreclosure. They can provide the necessary assistance to ensure that you submit the right documents for at least delaying foreclosures until your short sale application is approved.

If there is already a threat of foreclosure hanging over your head, there is no reason why you shouldn’t take a chance on asking a Wellington short sale specialist for help. After all, what have you got to lose?

How to Confirm What a Wellington Short Sale Agent Says about Your Home

If your Wellington short sale agent has told you that the value of your property makes a short sale imperative, one of your first reactions could be shock or denial. Many homeowners are resistant about the idea of short selling their home as it could mean a tediously long process of negotiation with their lender as well as the risk of selling at a loss. Nevertheless, there comes a point in time when you need to learn how to let go of a home that’s steadily draining your bank account – and shows no signs of stopping from doing so.

If you want to confirm what you have learned so far from your short sale agent, you should consider asking the following people about it.

Accountant

Again, you can ask either your personal accountant or anyone you know who’s in the accounting profession. Accountants take into consideration your financial standing.  They can help you understand just how long you can probably last before you start having trouble paying the bills, and it’s all because of your decision to stick with a property that is no longer financially practical to hold on to. Of course, you are going to need a place to live so you will need to figure that out to.

Financial Manager or Adviser

If you have someone managing your finances, you can definitely ask him or her about whether it’s a good time to short sell your home. It’s possible that your financial manager may have long thought of the same thing but refrained from broaching the topic out of concern for your personal feelings about it.

People you know who had previous success with short sales

Last but not the least you can confirm what your Wellington short sale agent is telling you by asking advice from family members, friends, and neighbors who had previous experience with short sales. They may even have some particularly helpful insights to share about the process and the kind of advice that may make it easier for you to adjust to the idea of short selling your home.