On paper, strategic short sales for homes in Wellington FL may seem like a straightforward process.
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.
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.
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.
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.
We were listing Wellington short sales when Countrywide was still in business. Nestor successfully closed his first short sale in 1995 and I did some short sales back during the 80’s recession.
When we started blogging about short sales in 2007 very few agents knew what a short sale was or how to do one. In fact, many of the agents who are now doing short sales were saying in 2007 that they would not even touch one with a ten foot pole. Worse than that, attorneys and title companies who do closings had no clue how to close a short sale or how to properly do a preliminary HUD1 to be sent in with our short sale packages. We helped train our favorite title company in properly closing short sales and understanding exactly what the prelim HUDs need to be like.
There were no designations for short sales, there was no CDPE or SFR or any other designations. You either knew how to do the or not.
When 2007 came- actually it was May of 2007- right before we joined ActiveRain- the world stood still here in Florida. The Florida real estate market came to a screatching halt. The listings were not selling and buyers stopped buying. Sellers refused to believe the market crashed and buyers refused to pay the prices that properties were listed at. The air here was so thick you could cut it with a knife. Doomsday reporting by the local media did not help matters in these parts either.
By the time the 2008 NAR and MLS dues were payable- thousands of agents in Florida left the business. Unless you had money saved up in the bank- you were not going to make it through 2007. There were the exceptions of certain areas that are immune to most market changes.
Since Nestor and I had experience with short sales we embraced the new market because we always do well in recessions. Most of the listings back then were with Countrywide. Nestor mastered the art of making people feel good about themselves years ago and this one negotiating skill has got us to the top of the major banks and servicers to get our short sales closed. My skill in negotiating comes with my talent of empathy and being able to get two parties to see each other’s viewpoints and then compromise on a settlement.
Nestor has a way of knowing what is coming down the pipeline in real estate and has always been right on the money when he says the market is going to do something or a well is going to dry up soon so we have to find a new niche or a new twist on the real estate business in order to stay on top.
Six months before the real estate market here crashed he was warning us that we had to strategize about where we would be working in the real estate business. Prior to the crash we specialized in land assemblages that we would put together and present to builders and developers. We and especially Nestor was instrumental in getting some very nice townhouse and single family home development projects and plans sold to top notch large developers.
Obviously developers put a halt on their buying and building when prices sank by nearly 50%. This is when we said we needed to find a way that we could add value and still be profitable by returning to the residential side of the real estate business.
That is how we got started in listing Wellington short sales and helping homeowners avoid foreclosure by helping them complete a short sale. It was as Nestor calls it, ‘the wild wild west of real estate’. From the third quarter of 2007 and all through 2008 and 2009 we listed more than 99% of the other realtors® in our markets. We listed short sales all over the state of Florida. Our title company drove down South to Miami and up as far north as Tallahassee in order to assure our short sales closed.
There is a time and a place to make changes to your business plans. If you are too stuck in to a certain plan with no flexibility you will go down with the rest who don’t make their move when the iron is hot. It is even OK to leave the business if it is not what you are passionate about. That is more than fine. Only you and those who are affected by your decision can decide what the right path for you to take is.
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
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.
Wellington REO and Short Sale Agents: Choose Your REO agents based on marketing dominance and knowing the market and trends.
Wellington REO agents that understand the market and live in Wellington Florida care about their community here. We care. We know that our home value is tied to the neighborhood condition of the homes surrounding ours. This is why as Wellington REO agents we take care of our REO listings in the Wellington area.
Before you hire a Wellington REO agent make sure they have a marketing plan in place such as the one we do. We dominate the search engines, organic search with special emphasis on Google page one placement. We will get your Wellington REO listings up on page one on Google within the first few weeks of marketing.
Of course there are a lot of other marketing strategies we use but since 87% of all buyers start their home search on-line we focus our marketing on driving traffic to your listings via our internet marketing strategies.
South Beach Miami Condo Short Sale- 727 14th Place- Park Vintage Condo SOLD and CLOSED.
Original Asking Price $169,777 in September 2010
Lowered price in increments until we got to $149,000 before we got an offer.
Buyer offered $124,500 in March 2011.
Buyer seeking financing, FHA loan from Wells Fargo.
During our short sale evaluation with the seller – we recommended the HAFA program because he met the requirements for HAFA short sale.
Chase serviced the loan. Chase is very slow on HAFA deals in South Florida.
Chase countered buyer’s offer at $144,000.
Buyer accepted the counter.
Then Wells Fargo ( the lender for the new buyer) did their appraisal.
Appraisal comes back at $117,000.
We go back to Chase with new appraisal. Chase will get less than this as an REO.
Chase lowers the price to $117,000.
There were issues with FHA and the Condo Association’s Hazard Insurance policies.
We had to go back to Chase for extensions to the closing. Issues are resolved.
Seller was approved for HAFA so he got $3000 and no deficiency. He was SO happy that he was getting the $3000 because he really did not believe that was going to happen after all the lies that were told to him by Chase during his loan modification process in 2010.
But the night before closing- the closer from Chase called us to tell us that they had $20,000 more than what they needed to net so we could give that $20,000 to our seller at closing!!!!
So our seller received $23,000! You should have heard him on the phone as we told him this awesome news!
How do you choose a Wellington Short Sale agent? If you found this post on the internet you also have found other websites about short sales on page one on your Google or Yahoo or Bing Search.
Just because an agent is on page one on Google does not make him or her a short sale specialist or expert. You may land on a blog or website of someone who has a few articles about Wellington Short sales. But again, look closely at who is writing those articles.
Is this person just having other agents they know from different parts of the country adding articles about short sales? This may be a signal to you that the author of the website does not know how to do short sales for sellers in the Wellington short sale market or the Palm Beach county short sale market.
If you read carefully the articles on these sites that you may find on page one of google for Wellington Short Sale agents, you will find out how much they really know about actually negotiating a successful short sale in the state of Florida. You may read posts and articles from agents who do work with buyers on Wellington short sales but that does not mean by any stretch that this same person has any experience working with sellers on short selling their homes in the state of Florida.
Be careful about messages to call an agent or a company that does not have testimonials from completed and successfully closed short sale listings- where they have represented the seller in the short sale transaction. Always ask for testimonials, always ask for references. Don’t take a person’s word for it that they know how to represent you in your Wellington short sale listing.
Click on our “Testimonials ” tab right here on this Wellington Florida Short Sale website. You will be able to read many references and happy clients who we saved from foreclosure. This is what we do every day. We have helped many, many, many homeowners negotiate a short sale instead of losing their homes to foreclosure.
Don’t take our word for it, listen and read what our Wellington short sale sellers have to say and then call us at 561-753-0135 at International Properties and Investments Inc, a Licensed Florida Real Estate Brokerage.
– Do not work with businesses or individuals who instruct homeowners not to contact their lenders, lawyers or financial counselors and to make mortgage payments directly to the business or individual.
– Avoid businesses that use names or symbols which mimic federal and state programs or falsely suggest they offer legal services or are affiliated with an attorney or law firm.
– Before doing business with any loan modification business, check it out fully. Get its physical address, ask for the names of its corporate officers, and call the Attorney General’s Office to determine whether it has any complaints reported against it.