Wellington Foreclosures | REO | Bank Owned | Market Report
If you are looking for a foreclosed property to buy in Wellington Florida you will be hard pressed to find one. There are very few bank owned properties for sale in Wellington.
REO is a real estate term that means, Real Estate Owned. This term is used by banks with regards to the assets they own, the properties they have taken title to through the act of foreclosure.
Currently there are only 4 properties listed for sale in Wellington as bank owned properties REOs.
12305 Equine Lane is listed at $510,000. This home has 5 bedrooms and 4 bathrooms with 6,287 square feet.
15721 Athens Ter is listed at $333,382. This home has 5 bedrooms and 3 bathrooms with 4324 square feet.
12632 Buckland St is listed at $239,000. This home has 3 bedrooms and 2 bathrooms with 2586 square feet.
and a multi-family zoned lot is listed for sale at $41,000.
Contact Nestor Gasset and Katerina Gasset at 561-753-0135 to get started on your home search.
Wellington Short Sale Update: Deutsche Bank In Hot Water
How did a bank from Germany become an owner of foreclosed properties here in South Florida? Deutsche bank holds title to more than 1,400 homes in Miami/Dade, Broward and Palm Beach Counties.
What is the problem with that?
According to local municipalities Deutsche Bank lets the houses become the blight of neighborhoods. The local towns levy fines, code violations and other fees against the bank. But how do they enforce anything on a bank overseas?
When the cities and towns try to collect and pressure Deutsche Bank they say they are just the “trustee”. That it is the responsibility of the servicers to take care of the foreclosed properties. The bank refuses to take responsibility of taking care of the homes they foreclose on. Yet, the towns, villages and cities all say that the title records list Deutsche Bank as the owner or record and therefore they are the ones responsible for keeping up and maintaining the properties.
In Ft Lauderdale, the city has fines of over $6 MILLION dollars pending against ONE property Deutsche Bank owns for failure to maintain this property. The property is located at 1032 NW Fourth Avenue. It is only 867 square feet and probably worth less than 20,000. It is boarded up.
South Florida code enforcement officials site Deutsche Bank with failure to:
These can pose health problems to the neighbors and ruins the value of other homes in the area.
Deutsche Bank does not do that in Germany. In fact, in Germany it is not so easy to get a loan to buy a home. Deutsche Bank requires 20% to 40% down on a property and they really scrutinize your employment and make sure there is little risk in giving a loan for a property. Rarely is there a foreclosure. They also don’t bundle mortages very often to sell as securities.
But here, Deutsche Bank got involved with selling mortgage backed securities from high risk loans. They are being investigated by the U.S. . Deutsche Bank did not directly give loans to borrowers here in the U.S. Instead, it bought MortgageIT who made reckless loans risky borrowers. When the interest rates went up many of those borrowers defaulted in large numbers.
The U.S government alleges that they lied about MortgageIT’s internal controls in order to qualify for FHA insurance. Being able to say that your securities were insured by the Federal Housing Administration made those investments highly marketable to investors.
Deutsche Bank settled this lawsuit in May to the tune of $203.3 Million dollars. There are other investigations under way.
Deutsche Bank is one of the world’s largest banks. It’s assets total $2.6 Trillion dollars. Deutsche Bank is 140 years old and had more than 1,000 branches in large cities and small towns in Germany.
Wellington REO- Regional MLS for Palm Beach County added the REO field.
This will make it easier for agents to search for their clients who want to purchase a bank owned property.
An REO is “Real Estate Owned”. Most REOs are bank owned properties. But they can also be investors who purchase notes then foreclose on the homeowners and do cash for keys. Then they put the property on the market. They are also considered REOs because they foreclosed on the property and now have title to the property but are not homeowners per se.
We help a company by listing and sell their properties after they foreclose on the homeowners or property owners. They buy the delinquent notes from the banks and other investors at a discounted rate. Then this company takes on the work of foreclosing on the note.
Most buyers search for a foreclosed properties by using the terms, foreclosures or bank-owned. Very raraly will a consumer use the term “REO” unless they have some real estate background as that is real estate jargon.
So having REO as a search field in the MLS has been a long time coming but not a direct benefit to consumers. Rather it is a great tool for agents to have to provide better service to their buyers.
If you are an asset manager and need specialized Wellington Home Preservation services for your assets in Wellington Florida contact Nestor Gasset at 561-541-9936- his direct line for REO asset managers.
Wellington Short Sales – You Can Do A Short Sale Even If You Don’t Think You Can
Many times you get advice from your family, friends and associates at work. Sometimes their advice is based on hear say and sometimes it is based on past events that have taken place in their own lives. In 2007 the short sale market really started to happen here in Wellington Florida but most agents and most sellers and most people did not even know what a short sale was. The banks did not even know how to handle them and were ill equipped to take on the enormous case load of thousands upon thousands of short sale files that hit their loss mitigation departments across the country from Florida, California, Arizona and Nevada.
So many of the stories you hear about how a short sale was done in 2007 is way different that how they are handled today in 2011 and into 2012. It used to be as I have written in many of our earlier articles on short sales that you had to have a hardship to do a short sale. That is not always the case any more. In fact, some lenders are not even asking to see your financial statements any more. Some lenders are paying your moving expenses up to $20,000 at your short sale closing.
We have been getting sellers who have old WAMU loan and old Wachovia loans up to $20,000 at the closing. This is sometimes a dream come true and a huge surprise to sellers who are so upside down. Just imagine what twenty grand can help you- you can even put a down payment down on another property through an FHA loan if you relocated because of your employment and you were not late on your mortgage payments or you were only late because your bank told you they would not process your Wellington Short Sale unless you were late.
Times have changed. We are not attorneys and we are not giving you legal advice. We have great attorneys that work with us, that we confer with, that our sellers can hire if they choose to and that we help in short sale situations.
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.