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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


Wellington Fl Homes For Sale- Another Successful Closing

Wellington Fl Homes For Sale– Another Successful Closing

One of the best places to meet people and potential buyers and sellers is at the gym or health club. Here is the post I wrote about making the most of your gym memberships- not only do you get a healthy and good work out you can also get great customers or clients.

Nestor goes to the gym on a regular basis. Since he is one of the most personable people I have ever met and he also has a great personality- it is easy for him to get a repor going rather easily.

He gets a great handful of listings and buyers from the health club. Of course when you can lift 400 pounds on the bench press it does get quite a bit of attention:).

We just closed on a very nice property with a buyer that Nestor met at the health club. It was an all cash deal as are 60% of Wellington real estate transactions. We have an awesome team of buyers agents however, Brian and Nestor made a great connection and it was going to work out best if Nestor worked with him.

Here is Brian’s Testimonial letter:

My wife and I recently purchased a home in Wellington, Florida with

the assistance of Nestor Gasset of International Properties and Investments Inc. We wanted to share our positive

buying experience.  With the inherent stresses of purchasing a home,

we were put at ease with Nestor’s demeanor, sincerity and

professionalism.  Nestor knew what we were looking for in a home and

had our best interest at heart.  Throughout the several month home

search, we looked at Nestor as a friend, not a realtor “doing his

job”.  He took it to a higher level than I have ever heard of.  He

surprised my wife and I by having a 16′ moving pod dropped off in the

driveway of the home we were living in to ease the “moving pains”.  It

was indeed a sign of Nestor’s sincerity and dedication to insuring we

had the most positive home buying experience.  So, to you Nestor

we thank you so much.  Brian and Lisa.

 

The property is spectacular and the perfect fit for Brian and Lisa. Brian works in a very high stressed environment in his line of work so the tranquil tropical oasis in his new back yard is going to be such a blessing in their lives.

Working with Wellington sellers and Wellington buyers for over 15 years we know the area, we live in Wellington and we raised our children here as well as still one more… and now grand children too… see what Wellington is all about!

Contact Nestor Gasset and Katerina Gasset today at 561-753-0135 for premier Wellington properties.