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Why You Need an Aggressive Wellington Short Sale Agent

You don’t hear homeowners commonly looking for an aggressive Wellington short sale agent, which is unfortunate since it is exactly what they need. There is just one but highly essential difference between passive and aggressive short sale agents for Wellington homes, and it has nothing to do with their skills, knowledge, or even their experience and expertise. Ultimately, it all boils down to tenacity: what an ordinary agent would only be willing to work on for days or weeks, an aggressive agent would be willing to work on until the very end.

Why Perseverance Is Critical for Short Sale Agents of Wellington Homes

Short selling a home is far different from trying to sell a traditional residential property.

Short sales require several parties’ approval before they can push through.

While you don’t necessarily seek approval from every party involved with your home’s ownership or mortgage, there are many instances when you do have at least notify involved parties about your desire to short sell your home. Creditors would naturally have to be informed – all of them. Sometimes, your home insurance company may have to be informed as well. There are also times when you have to go the extra mile to look for the current owner of your loan, and that is something you would be very thankful to have an aggressive Wellington short sale agent for.

Short sales are something banks are naturally adverse to.

You have to at least appreciate the “sacrifice” you are asking banks or creditors to make on your behalf. With short sales, you are asking them to accept a much lower selling price for the sale of your home and consider it as full payment of your mortgage. You definitely need an aggressive and eloquent agent to represent your side on the negotiation table and get the other party to see why your short sale is better for everyone concerned.

Short sales require numerous documents.

The list goes on and on for the documents that you have to include in your short sale package, and if your agent doesn’t know what those documents should be then you are in bigger trouble.

To start with, you need to pass a short sale hardship letter and perhaps include other financial documents to serve as evidence or proof for your claim of financial hardship. Your agent may even have to work with your banker or financial manager in order to effectively present a picture of potential financial hardship if your application for short sale is not approved. With foreclosures, banks have to shoulder the burden of showing proof. With short sales, it’s the opposite – and that’s why you need the help of a very patient – and aggressive Wellington short sale agent at your side.

Top Qualities to Look for in Florida Short Sale Agents

Florida short sale agents are fast becoming a dime in a dozen, but unfortunately that does not mean they all come with the same arsenal of competence and experience that every homeowner would find helpful. Many homeowners are unaware that short sales – in spite of being a “buzz” word for many only in recent years – have been around for a long, long time. It’s only natural, however, that lenders generally prefer that homeowners remain unaware of this option.

Knowledgeable – and Seeking to Learn at All Times

The very best Florida short sale agents won’t just make you understand what short sales are and what your best options are for convincing your lender to agree to one. They are also constantly working to ensure they are updated with the latest changes on laws or regulations concerning short sales and set by industry boards, organizations, the government, or any other important party. This way, you won’t be caught unawares by a sudden loophole that could cause your entire deal to fall through.

Hardworking – and Does Not Know the Meaning of “Quitting”

When it comes to short selling a property in Florida, which is one of the hardest hit areas by the recent real estate market collapse, it is very important to have a hardworking agent at your side. More than that, you need an agent who does have the word “quitting” in his or her vocabulary.

Short sales can try the patience of a saint. If foreclosures can take a year to complete, so can short sales– and it can even take longer if you don’t have the help of a strongly determined agent. “Convince,convince, convince” is the motto of every good Florida short sale agent because they have to perpetually set appointments with the necessary parties until they get all the right signatures on the dotted line.

Always remember that with short sale, it’s not just a homeowner’s desire to sell that matters. Even if you have the very best offer on the table for the kind of property you are selling, the deal still won’t push through without your lender’s approval.

Resourceful – and Capable of Thinking out of the Box

Last but not the least, you need to find an agent who is not just resourceful but is also able to think on his or her feet and consider out-of-the-box solutions when traditional options are insufficient.

HAFA short sales and Freddie Mac short sales require the homeowner to have a financial hardship. But most of the other investors and servicers will approve a strategic short sale . Choose  Florida short sale agents  that know how to work with your strategic short sale if you don’t have a hardship. You may be required to participate in the loss with a cash contribution at closing.

Wellington Short Sale Realtors – Top Questions to Ask Them

If it is your first time to interview Wellington short sale realtors, be aware that some realtors can be so effusive in their charm that they’ll make you forget it’s your role to take command of the interview – and not the other way around. To ensure that you get the answers you need – and hopefully find the ideal realtor to work with quickly as well – here are some questions that you may want to consider including in the interview. They’re guaranteed to help you make the right decision.

How much experience does the realtor have with short sales?

Short sales and sales of brand new homes are as different as apples and oranges, and don’t let any realtor tell you differently. Different rules are involved here and as such someone with significant experience with selling brand new homes or even fixer-uppers may still not be entirely useful in helping you complete a short sale for your property.

When interviewing Wellington short sale realtors about their experience, you should ask for a specific example or case in which the realtor was involved with. Listen closely and examine the actions that the realtor took in order to close the deal. If you were in the seller’s position, would you have been satisfied with the realtor’s work?

How does the realtor plan to advertise your property?

Time is of the essence here. After all, short sales are often – but not always – pursued as a way of preventing foreclosure. If this is true in your case then you need to make sure that the realtor you will be working would be able to do everything possible to sell your home.

More specifically, your realtor must be able to do things that you personally can’t do on your own. Consider Internet advertisements for instance. If your realtor has a high-ranking website to advertise your property in then that’s a huge plus point for him or her.

How does the realtor plan to keep you updated?

While it’s paramount that you understand the need to give your realtor space to work on marketing and selling your home, your realtor should also understand that you would be naturally anxious for updates. If the realtor cannot commit to a specific schedule for updating you about the latest changes regarding your home’s short sale then he or she is not the right realtor for you.

The best Wellington short sale realtors know what you are going through without a word being said and will do their utmost to assuage your fears while working efficiently to get the best possible price for your property.

Top Benefits of Working with Wellington Short Sale Agents First

Services offered by professional and highly competent Wellington short sale agents can make a huge difference with your chances for successfully short selling your home. Short sales may be quite the buzz word nowadays in the real estate market, but it’s remarkable how a lot of home sellers and buyers still don’t quite fully understand what this process is actually all about. As a result, unfortunate clueless homebuyers end up paying for a short sale home while misguided sellers find themselves signing away their homes for a depressingly low price.

You, however, have the chance of avoiding such a situation if and when you decide to work with an expert Wellington short sale agent.

Know the true value of your home.

The best Wellington short sale agents would be able to provide you with a comprehensive market report of your neighborhood, which then provides you with a clear picture of how much you are likely to sell your home for and what kind of competition you are facing.

Know the laws applicable in your area.

A short sale deal can easily fall through if you unwittingly violate a law that’s applicable to the short sale process. And because of unnecessary legal complications, what had initially seemed a promising deal is likely to result into nothing. After all, you’re not the only one interested in buying or selling a short sale home.

A good agent will let you know what exactly you need to do right from the start, thus ensuring a smooth sailing process for your short sale.

Get your lender to agree to a short sale.

A short sale can’t ever push through without your lender’s approval. After all, they’re the ones with a lot to lose with this type of deal. Convincing a bank to approve a short sale can, however, be extremely difficult if you don’t happen to be late with your payments and are in a fairly good financial standing.

Then again, homeowners don’t always opt for short sales just because they’re in the red. Many of them also opt for short sales simply because it makes practical financial sense to do so.

Ultimately, Wellington short sale agents can help you work on the following:

  • Create a convincing short sale hardship letter
  • Negotiate the best rate for the short sale home you are trying to sell or purchase
  • Increase exposure of your listing in the real estate market
  • Find the best options or short sale homes in the area

All these tasks are easier said than done. You can certainly try accomplishing all of them on your own, but at the end of the day you’ll realize for yourself that a short sale is just a lot quicker to achieve if you have the right agent at your side.

 

 

Palm Beach County Foreclosures Are Full Steam Ahead! Maybe You Should Do A Short Sale

Palm Beach County Foreclosures are back in full swing again. The robo-signing disputes are pretty much over. All of 2011 we did not see very much foreclosure activity or many foreclosure lis pendens filings because 1. the banks were dealing with the robo-signing problems and 2. the big banks were waiting to see what they were going to end up negotiating with the administration. 

Last month almost 1,200 homes went into foreclosure! That is an increase of 58.5% over the same time last year. 

Sharon Block, the Court Clerk said she was not suprised at all. They were expecting this increase because of the delays from last year. 

The state of Florida is loooking for ways to deal with the 368,000 backlog in foreclosure courts. We need to be mindful of what those changes will be because you want to protect your property rights. There is a bill that just passed the house and is now in the state Senate regarding a fast track for foreclosures. 

Completed foreclosures are now also on the rise. In February there were 929 properties advertised for sale and aboutPalm Beach County Foreclosures are back in full swing. In February of 2012, almost 1,200 homes went into foreclosure, signifying an increase of 58.5 % over the same time last year. Completed foreclosures are now also on the rise with 68 % closing on schedule.. That is compared to about 49% from a year ago. 

If you have been living in your house without making payments for a few years, that time may be coming to a quick end for you shortly. It may be time for you to start making your plans about where you are going to move once the bank forecloses on your property. 

There may still be time for you to complete a Palm Beach County Short sale. Contact Nestor Gasset or Katerina Gasset at 561-753-0135 for a confidential short sale evaluation on the phone. You may even qualify for relocation cash to help you move from your lender. 

Short Sales Can Fail When You Are Not In Control

Short Sales can fail when you are not the one in control. By that I mean involved in the negotiations on the successful short sale approval. 

As Wellington short sale agents we have a very high rate of success in closing our short sale listings in Palm Beach County, Broward county, Miami/Dade county and St Lucie County. 

The only time we don’t have success on a short sale listing ( other than the foreclosure not being stopped- which has not happened in a few years) is when the seller has already chosen an attorney to do the short sale negotiations for him before listing their property with us or hires an attorney other than one we know does a good job with negotiations after we list the property. 

As Realtors® we have a code of ethics and standards of practice. In that it states that no Realtor® is to work in a field or area of real estate that they are not proficient in. 


REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/10) 

But what about attorneys and their assistants? Is there any duty that the BAR requires that attorneys don’t work in areas of real estate matters that they do not have competence in? Is there any requirements for those they hire to process and negotiate short sales to have short sale experience of some kind? No license is required? 

The attorneys in these situations are not the ones doing the negotiations. They have hired clerical people to do this work in their offices. So while they are working “under the supervision” of a licensed attorney I am wondering how much supervision they are actually getting? 

Case in point: 

1. Seller lists their Palm Beach County short sale with us. They chose us because of a referral ( a successful short sale seller). Then after they list their property, they hire an attorney who is doing their short sale. This seller is most likely qualified for HAFA which means he would get a release of his deficiency. The attorney does not want us to be involved in the negotiations. The approval letter comes back from the bank. The attorney has a clerical helper processing and negotiating ( if you can call it that) the short sale. The approval letter states that the first lien holder is NOT going to release their deficiency rights. Nestor asks the clerical person why they don’t have a HAFA approval. There is just silence on the other end of the phone. The clerical person never put this file through HAFA. The sellers refused the short sale terms and conditions from their lender. 

As real estate agents in Florida we can not advise these sellers about the incompetancy of the attorney’s office. We can not practice law so we just have to sit by and watch the sellers lose another buyer and maybe lose their home to foreclosure. 

2. Seller lists their Palm Beach County short with us. They choose an attorney to do their short sale processing and negotiations. The attorney refused to allow us to see the HUD1 settlement statement that was going in with the short sale package. He said it is because Brokers always have items they want changed. Really? Of course brokers have a say on the HUD1, they are making sure that disbursements of funds are correct and that the real estate fees are listed correctly, etc. Well, the HUD1 did not have mortgage insurance on it. The attorney argued with us saying that the seller did not have any MI. We were not talking about the kind you get when you take out your loan but rather the kind that the note owneres get to protect their bad notes when the market started falling and they knew that the defaults were coming. Of course, he refused to add it. Guess what! The short sale approval letter came in exactly how we said, $5000 shy of the net because there was MI insurance!!! Go figure! The sellers were so disenchanted and vulnerable at that moment that instead of trying to negotiate these terms, their attorney told them to do a DIL. 

3. Seller lists their short sale with us. They hire an attorney. The attorney has us working the short sale, showing the house, etc and the attorney was working the DIL at the same time. The attorney after we had invested money and time into this listing was going to get paid more money by doing a DIL than a short sale. We had to cancel the listing so that the sellers could do the DIL. 

4. Short sale sellers list their property with us but they were already having their attorney do the short sale negotiations. The attorney gets the approval letter with a request for a promissory note. We thought that was sort of peculiar since the sellers were again, most likely qualified for HAFA. HAFA was never pursued by the clerical help in this attorney’s office. 

We take a lot of pride in the fact that we have closed more short sales successfully from our listings over the years than most other agents with the same volume of listings since 2007. This goes against our success record on successfully closing short sales. It also leads to bad feelings between the sellers, the attorneys and us.

So at the end of the day, incompetence ruins relationships. Because of this, we will no longer be accepting short sale listings when the outcome is up to a clerical person in some attorney’s office somewhere who does not even know that you are supposed to try to get the sellers approved for HAFA or other incentivized programs the banks are participating in. We will no longer be accepting listings that are short sales if the sellers’ attorneys don’t know what a short sale prelim HUD1 is supposed to have on it. 

Wellington Short Sale Agents Get Another Approval Letter for Sellers!

Wellington Short Sale Agents Get Another Approved Short Sale! 

Getting your Wellington short sale to acceptance and then closing is our primary objective once we have an offer on your home or in the case of the HAFA program, an acceptance prior to an offer in some cases. 

But this does not usually come easily from most lenders. If your lender is telling you something opposite of what we are telling you- please call us to tell us. The contradictions are really out of this world sometimes. Our sellers here all kinds of lies and accusations from negotiators at the banks who are not doing their jobs so they try to throw others under the bus in order to save their own behinds. 

Nestor had to fight all morning with a negotiator who refused to give us an extension on the closing date even though it was in this negotiator’s responsibility to get it to us. When a buyer is getting an FHA loan his lender needs 45 days to close. End of story, no exceptions. Think about this; the same lender that is supposed to approve the short sale is the same lender doing the loan in this situation. So here we go again, the left hand does not know anything about the right hand!!! 

We finally got the approval letter today!!! YEAH!!!! Oh Wait.. do you remember the post we wrote a couple of years ago… Don’t do the HAPPY DANCE just yet!!!  You have to read the approval letter first!!

The approval letter did not have 45 days to close on it. Nestor was right back at the negotiator with the error and request for the revised approval letter. After some emails back and forth, we finally got her to understand that the time to close was an error on her part. She did not give us the first approval letter until 8 days after she got the approval from the investor on the file. Well 45 days minus 8 days does not equal 45 days!

She did not want to do anymore work on the file, we could sense that in her emails to Nestor. Upon closer reading of the Wellington short sale approval letter the negotiator had left out of the approval letter the deficiency waiver language of which had been previously agreed upon with a cash contribution from our seller. That was another fight. Nestor finally got the right approval letter in his hand and we are moving forward to closing another Wellington Short Sale!  

Florida Enhanced Short Sale Relocation Assistance Program Extended

Bank Of America Extends Florida Cash Incentive For Short Sales 

Bank of America has a program to help short sales move along that is being piloted here in Florida. If your loan is being serviced by Bank Of America you had until November 30th to apply for up to $20,000 cash incentive to you, the homeowner at the successful closing of a short sale on your home. The incentive program is $5000 to $20,000.

This cash incentive is based on the amount of money you owe on your mortgage and you do not have to be late on your payments in order to begin the process of seeing if you qualify for the cash incentive.

Bank of America has extended the deadline to apply for the Florida Short Sale cash incentive to December 12, 2011. So you still have another week or so to get your request into Bank Of America. Call us because we can help you get this process going for your short sale.

In order to qualify for this program you CAN NOT have an offer on your property. We initiate the short sale and make the request. You must close on your short sale by August 12, 2012. You must also be eligible for either the HAFA program or the Bank of America Proprietary program.

The eligible short sellers will also be granted deficiency waivers in this program.

The following are NOT ELIGIBLE for this program: 

  • Ginnie Mae loans, FHA loans, VA Loans and USDA loans.
  • Lot loans
  • Short sales with offers.

ONLY FLORIDA Properties are ELIGIBLE. 

Contact Nestor Gasset or Katerina Gasset at 561-753-0135 right now to get your file moving so you can see if you qualify for the short sale relocation assistance.

When Wellington Short Sales Go Wrong- Foreclosure Trashing

When Wellington Short Sales Go Wrong- Foreclosure Trashing

When Wellington short sales go wrong by either the short sale seller will not work on a resolution to their lender’s requests or demands or when the agents don’t know how to negotiate a short sale or the seller hires an attorney who either does not care about the outcome or is not experienced in successfully negotiating in Wellington Short Sales.…. the short sale can turn into a Wellington Foreclosure.

It is being reported by the Sheriff’s departments around Florida and the banks that some homeowners are taking out their frustrations with a vengeance on the properties they get foreclosed on. Some tactics include ripping out all of the copper wiring, taking out the air conditioner units and removing all the appliances including the granite counter tops.

But even worse are the incidents where the homeowners are pouring wet cement down the bathtub and toilet drains. This does not just cause harm to the house and the plumbing it also can create problems in the city sewers and water treatment plants. The Sheriff reported that some of the homes were left with Graffiti all over the walls of the homes. Now we are very happy to report this is very rare in Wellington Florida. Most of the reporting from Sheriff’s has been from the Tampa Foreclosure areas.

Sometimes the repairs needed are so extensive that the banks are just putting the houses on the market without the repairs being made. Fortunately here in Wellington Florida this is very rare. Then the banks are selling the houses for below market value which they really don’t want to do because it further depreciates the real estate values in that particular neighborhood.

The buyers are also concerned and many of these contract for purchase are falling apart as the buyer starts to wonder what else the homeowner has done to the property that no one can see or detect. Pretty scary!

But some banks are talking about doing something about this. Some banks that are doing cash for keys are actually allowing for some very generous cash settlements if the homeowner promises to take care of the property and not take the appliances, etc with them when they move out. This is a proactive solution to this problem.

Some other banks though especially in situations where the homeowner has abandoned the property have the right and are talking about exercising that right to sue the homeowner for the damages. In most loan notes there are clauses that spell out what the responsibility of each party are. In the case of the homeowner- there is a clause that states you have to keep your home in good condition, take care of it, make repairs and protect the investment.

The Sheriff says that homeowners can be arrested and charged for destruction of property, vandalism and other violations. Banks say that whatever came with the house when you bought it, must stay and in good condition. They are talking about suing the homeowners for destroying the property.

Don’t go this far. You have options to foreclosure. If you live in your home and the home is your primary residence you may qualify for the HAFA program which will help you with $3000 relocation money. You may also be qualified for up to $20,000 in incentives to move out of your property when you are doing a Wellington Short Sale.

Call us- Nestor and Katerina Gasset at 561-753-0135 for a private confidential short sale evaluation over the phone about your Wellington Short Sale. 

Wellington REO Agents- Wellington Florida Short Sales

Wellington REO Agents- Wellington Florida Short Sales 

What is the difference between a Wellington REO agent and a Wellington Florida short sale agent? The difference is in who the agent is working for. 

For an REO in Wellington, which is a Wellington Bank Owned property- the Wellington REO agent is working for the asset manager for the bank that owns the REO. REO stands for Real Estate Owned. 

A Wellington Short sale agent is working on behalf of the homeowner or investor/ short sale seller. When we work as Wellington short sale agents we want to make sure you feel comfortable working with us that we are helping you to negotiate a satisfactory outcome to your Florida short sale.  A short sale is not owned by the bank. It is owned by the person who is the homeowner or the investor who may have tenants in the property. 

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