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Wellington REO and Short Sale Agents: Choose Your REO Agents Based on Marketing Dominance

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. 

Closed- Sold- Another Short Sale – Vintage Condo in South Beach Miami!

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.

Closed!

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?

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. 

Attention Short Sale Scammers: You Are Not Welcome Here! You will get turned into the Florida Attorney General when you are found out!

Florida Law clearly states that you are NOT allowed to negotiate short sales in the state of Florida unless you are:
1. A Loan Originator
2. A Licensed Real Estate Agent
3. A Florida Attorney

If you don’t meet those qualifications stay out of here! You are not welcome to bring your scam of a company here to Florida.

We just canceled the Scammers Convention in South Florida. 

A seller did a search on the internet and found our company. He called us to list his short sale. He had been working with one of these short sale companies from another state who has no office here in the state of Florida and does not meet the  above criteria.
You can just imagine my shock when I reviewed his short sale paperwork he had sent to this company that they had him sign! All the warning signs that the state of Florida warns homeowners against was in this package.
This seller was bullied and pressured into signing documents that should never have been asked to be signed. And no legitimate company would have asked for these to be signed.

There was a Power Of Attorney that was signed handing over ALL control of his property to this company. In this POA it stated that this company had the right to lease, rent, collect rents, handle ALL financial transactions and on and on. Scary Stuff!

Then there was a Deed of Trust. Heck, I have not seen a Deed of Trust since I left California. But here it was, not a Quit Claim Deed but a Deed Of Trust. And there was no disclosure anywhere that any type of deed transfer could cause the lender to call the loan due.

No, in fact, there was NOT ONE FLORIDA state disclosure in this package as is required by the state of Florida when working with a homeowner in distress. 
I am grateful we have great relationships with about 3 to 5 good attorneys. He has a certain budget which only one of the attorneys would be able to handle. We sent everything over to the attorney and he responded to me that he would be happy to rid this homeowner of this ILLEGAL and SCAM Short Sale Company.
We are glad that we read every single piece of paper the homeowners send us so we can catch any of these kinds of problems straight away.
From Pam Bondi- Our Attorney General of the State of Florida:
“The Attorney General also offered the following tips to identify and avoid a potential foreclosure rescue scam: – Avoid businesses that guarantee to save homes from foreclosure or stop the foreclosure process “no matter what the circumstances.”

– 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.

Consumers who wish to file a complaint may do so by calling the Attorney General’s fraud hotline at 1-866-9-NO-SCAM (1-866-966-7226) or by filing a complaint online at http://myfloridalegal.com.”

Bank Of America NOW Allows For Substitute Buyers When The Short Sale Buyer Walks!

And it is ABOUT TIME!!!!! We have been discussing this with the executive department at BofA for several years now.
Perhaps it was all the short sale brokers and agents that got them to finally listen to this biggest bottleneck in BofA short sales!
We don’t really care who BofA gave their ear to on this one, just that they finally took action on this!
We used to have to start the entire process all over again when a buyer walked and you tried to submit a back up offer.

You can now continue along with the original transaction! This will save time and eliminate some of the processing steps.
When your original buyer walks, let your negotiator at BofA know that you have a back up offer. The negotiator is supposed to respond to you within 2 days asking your if you have a back up offer to submit.
The short sale status will change to “marketing”. You will then be directed to complete the tasks within 14 business days.

You will need to: 
  • Complete the Listing Data task.
  • Provide the marketing description.
  • Review the marketing plan.
  • Upload the offer.
If you don’t do these steps within the 14 days- your file will be closed. 
Remember that this only works if you have a back up offer. If your buyer walks and you don’t have a back up offer your file will be closed. Keep that in mind as you are strategizing on how is the best way to proceed with the short sale when a buyer walks.

How Long Is My Wellington Short Sale Going To Take?

Naturally, people want to have a sense of control over their time, so most sellers ask early on in Wellington short sale intake evaluations. The answer is like most answers about short sales- “IT DEPENDS!”
That’s usually about as popular as Brussels Sprouts for dessert- it’s so vague! But in short sales, things change from month to month, week to week and sometimes even day to day. The one thing that is constant in short sales here in Wellington, in Florida and everywhere, is change.
The major factors that determine how long your short sale will take are:
  • How many loans you have on your property.
  • How long it will take to get a good offer.
  • Who the servicers are for your loans.
  • If the servicers also own your note and if there is a private investor involved.
  • If there is mortgage insurance the lender took out on your property that adds another party who has to approve the short sale. If your listing agent has contacts in the executive department at the servicer or not.
  • What the BPO on your property comes back at, and how close to the offer price it is.
  • And last but not least, can the buyers agent keep the buyer in the deal long enough or not.
A few years back, Countrywide was still doing many short sales and they most often took over six months to approve one. Later, Bank of America assumed Countrywide’s short sales and BofA became the worst bank to deal with everywhere. Wellington FL Short sales dragged on month after month and we even had some that stretched out more than a full year.
Things change. That was then, but today, Bank of America is one of the easiest banks to get short sales done with. We can often get Bank of America short sales in Wellington and Florida approved in 40 to 60 days, and in some cases, faster. Conversely, Chase used to be great to work with until they merged with WAMU who was awful. Then it seemed Chase took over WAMU short sales and the process became slower than snails. Further, other companies handle their seconds like FSLO and others that are simply awful and rude. But, more recently Chase became very interested in expediting short sales. They even called us after previously denying short sales to see if we could revive them and they would get them approved. They are now also offering sellers with certain loan products up to $20,000 to do a short sale and have the entire deficiency waived.
Sometimes, the best thing for a Wellington FL homeowner to do is to allow the short sale process to happen- get an agent who has a lot of experience with different lenders to list your property and help you maneuver through the Florida short sale process. Your short sale can take anywhere from 3 weeks to 6 months and sometimes longer. They are often completing a lot faster than they were several years ago.Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option.

Call a Wellington Florida Short Sale Agent in Palm Beach County, Broward County, St Lucie County, Martin County or Miami/Dade County- call us today at 561-753-0135 for a confidential intake evaluation in order to estimate the possible outcomes of your short sale.

 

Freddie Mac Road Show – Updates From The Field For Freddie Mac Short Sales

We were invited to attend the WinDS REO Conference in Las Vegas last month where I was one of the speakers.

One of the benefits we had was being updated by asset managers, HUD and banks. I have a list of the posts we wrote about REOs and the conference at the bottom of this post.

The Freddie Mac Road show was at the conference. Jason Root who is the director of the short sales for Freddie spoke to us about important updates and some facts about Freddie that are not really reported about.

Freddie Mac’s first goal is home ownership. They want people to stay in their homes if they can. Freddie Mac agrees that home ownership is good for the economy and good for families.

  • In 2010 Freddie Mac approved 38,000 short sales.
  • In 2011 it is projected that there will be a 20% to 25% increase in approved short sales.

We always say there are two sides to every story and also there is more to it than just approving a short sale.

After Freddie Mac gets a short sale package they will have an answer back to the servicer in 5 days or less.

This is of course, assuming that the short sale package is complete and has been thoroughly reviewed by the servicer and the MI company if there is one.

If the servicer is telling you that it takes 3 weeks to hear back from the investor and that investor is Freddie Mac, they are lying about it. Now, if it still has to go to the MI company then yes, it could take 2 to 3 weeks to hear back from the MI company. Freddie Mac’s turn around time is 5 days or less.

Freddie Mac wants to get short sales approved and does not want to foreclose if they can do a short sale. They understand that a short sale is better for the agents, the homeowners, the buyers, the neighborhood and the community than an REO property.

Now, if you are an agent and you submit a short sale package to the servicer don’t go calling up Freddie a day later asking if they have a package because that is NOT how the system works. Agents who do this are clogging up the system. Jason was telling us about an incident where he received a phone call from an irate agent who wanted to know if the short sale package she had sent in had been approved yet by Freddie Mac. She said that she had been calling they bank over and over again and they never returned her call back. When he asked her when did she submit this short sale package she said, ” I sent it to the bank this morning at 9 a.m. It is 4 p.m. now and I still have not heard anything from the bank telling me whether the short sale was approved or not.” Seriously!! Get some education on short sale processes if you are in this category.

The other calls that Freddie gets a lot of are agents who call up demanding to know what is going on with a short sale package only to find out from Freddie that the short sale is not a Freddie owned note at all but rather is owned by Fannie Mae. They are two separate entities. Make sure you know who the note owner is before you start calling. I guess this does not surprise me any more when we still get agents to this day who don’t know the difference between a short sale and a bank owned property.

Some servicers do have full delegation authority for Freddie mac files. Not all of them do.

To be approved for HAFA for a Freddie file- the borrower has to be 60 days delinquent on their mortgage.

However, to do a regular short sale the borrower does NOT have to be late on their payments. Write that down! The Borrower does NOT have to be late to do a short sale.

Freddie Mac does NOT waive rights to deficiencies however they DO NOT pursue judgments unless they discover FRAUD was involved in the transaction. That is right from the director of short sales, Jason Root.

If you go buy another house right after you do a short sale, Freddie is not going to come after you, according to Freddie Mac.

Freddie Mac will NOT interfere with your listing agreement.They will NOT reduce your commission. The maximum commission they allow is 6% and unfortunately this is also the case on very small sales.

Freddie Mac also does not refer borrowers to specific agents or agents with specific designations. We really like that. Freddie Mac says that the investor or the servicer DO NOT own the property and therefore the choice to do a short sale and the choice of agents is totally up to the borrower and they have no plans in interfering with that choice.

They understand that they are NOT a party to the contract.

Nestor and I brought up the fact that the servicers are the ones holding up the process and not doing things correctly.We also understand that there is a contractual fiduciary relationship between the servicer and the note owners/ investors. They have a signed contract so it is not as easy as just being able to fire a servicer for doing a poor job.

So Freddie Mac Road Show goes around the country to the servicers places of business and is training their negotiators how to do short sales. The servicers had to hire a lot more people but those people need to be trained. So Jason and about 9 or so other employees are taking a proactive approach and doing the training themselves.

Freddie Mac will pay out a maximum of 6% up to 10% of the second note to the second note holder. This is their policy for right now and there is no plan on changing that any time soon. They understand that this can create problems for the short sale closing however this is a moral hazard approach that they have chosen. The second is going to get nothing at a foreclosure sale.

This does not mean that you should call Freddie for every short sale where they own the note. Go through the servicer. Go to the  negotiators’ superiors, take it to the executive office and then as a last resort you can call Freddie at 1-800-FREDDIE.

Some servicers also are now being given full delegation authority to postpone foreclosures in behalf of Freddie Mac without having to go to Freddie for those requests and rulings.

Freddie Mac says they want to do short sales because:

  • Short sales help neighborhoods
  • REOs sell for 10 to 15% less than Short Sales
  • It helps borrowers save face and not face the embarrassment of a foreclosure
  • The borrower can go back and buy another home a lot sooner after a short sale
  • Short sales save the time to put an REO on the market
  • Short sales help customers, buyers, agents, investors who own the notes and the neighborhoods.

Jason said on behalf of Freddie that they appreciate the real estate broker and agent community, they look to the agents to solve problems and take short sale listings. Jason is a sincere person and we appreciate his time very much in giving us these Freddie Mac updates for short sales.

FHA Extends Missing Mortgage Payments To 12 Months

FHA is extending the unemployment benefit of allowing homeowners with FHA loans to go from missing from four months to twelve months to keep qualifying homeowners from losing their homes to foreclosure.


This is supposed to help a small group of homeowners who default on FHA loans which right now is about 3.500 homeowners per month who are unemployed while they try to find a job.
The administration came out to say that expanding this assistance will help the economy and that they hope that other lenders will follow their lead in allowing homeowners to miss up to 12 months of mortgage payments if they are unemployed.
Banking consultants are not hopeful that this program will expand beyond FHA except in certain situations. Their position is if a homeowner does not make their mortgage payments for a year, gets the extended relief for that year, what happens after they default after the 12 months? Who will take the loss?
Community activist groups are saying this is a way to break the link in America between losing your job and losing your home.

This is interesting because out of that 3,500 borrowers per month this could help– only a very small percentage of those people will be helped actually and out of those helped, most will default anyways. That is what the HAMP program is proving.

It is human nature to choose the path of least resistance.People how live in their homes without making house payments get used to using their money for other things besides housing. It is very hard for most people to start paying a mortgage payment after they have been living mortgage and rent free for a year. It also does not create the motivation to get back to work.

This is yet another program from the administration that is not even going to make a drop in the bucket. It will follow down the path of failure as did HAMP and HAFA. They don’t get it. Government is not a business and they don’t know how to run businesses or programs that actually benefit people. Instead they create more frustration.

Let the chips fall where they may and we would get through this mess much faster. All they are doing is prolonging the inevitable.

Wellington Short Sale Agents- Wellington Takes Action

The Village of Wellington and Royal Palm Beach have been meeting to discuss what to do about the foreclosures. While Wellington does not have that many bank owned properties for sale- that number is usually hovering around 50 at any given time that are available for sale- there have been about 300 homes that have been abandoned in our town of Wellington since 2008.  As Wellington short sale agents we are also concerned about our home values and property preservation.

Wellington has strong code enforcement rules and has continued to pass more so this forces the banks to make sure that the properties that they do own are taken care of. If the property is not on the market and is still in the bank’s ownership, what we call a Wellington REO, the bank must keep the lawns mowed, bushes trimmed, secure the property and more. Once the property is put on the market, the listing REO broker is responsible to keep the home maintained.

If you live in Wellington and know of a home in your neighborhood that has been abandonedplease let us know  or you can call the Village of Wellington code compliance and they will make sure the necessary steps are taken so you don’t have an eye sore in your neighborhood.

The Village of Wellington will help take care of the homes. The goal is to make it look like someone is still living there. The Village of Wellington also buys the worst of the homes, makes the necessary improvements and then puts them back on the market to sell. This is of course taking a risk but one that is worth taking for the betterment of our community. Wellington is a beautiful home town that is very desirable to live in. We all want to keep it that way.

Short Sale News – Updates From The Field from the Freddie Mac Road Show

On the road with Freddie Mac: A “From The Field Update” with Jason Root

We were invited to attend the WinDS REO Conference in Las Vegas last month where I was one of the speakers.

One of the benefits we had was being updated by asset managers, HUD and banks.

The Freddie Mac Road show was at the conference. Jason Root who is the director of the short sales for Freddie spoke to us about important updates and some facts about Freddie that are not really reported about.

Freddie Mac’s first goal is home ownership. They want people to stay in their homes if they can. Freddie Mac agrees that home ownership is good for the economy and good for families.

In 2010 Freddie Mac approved 38,000 short sales.
In 2011 it is projected that there will be a 20% to 25% increase in approved short sales.

We always say there are two sides to every story and also there is more to it than just approving a short sale.

After Freddie Mac gets a short sale package they will have an answer back to the servicer in 5 days or less. This is of course, assuming that the short sale package is complete and has been thoroughly reviewed by the servicer and the MI company if there is one.

If the servicer is telling you that it takes 3 weeks to hear back from the investor and that investor is Freddie Mac, they are lying about it. Now, if it still has to go to the MI company then yes, it could take 2 to 3 weeks to hear back from the MI company. Freddie Mac’s turn around time is 5 days or less.

Freddie Mac wants to get short sales approved and does not want to foreclose if they can do a short sale. They understand that a short sale is better for the agents, the homeowners, the buyers, the neighborhood and the community than an REO property.

Now, if you are an agent and you submit a short sale package to the servicer don’t go calling up Freddie a day later asking if they have a package because that is NOT how the system works. Agents who do this are clogging up the system. Jason was telling us about an incident where he received a phone call from an irate agent who wanted to know if the short sale package she had sent in had been approved yet by Freddie Mac. She said that she had been calling the bank over and over again and they never returned her call back. When he asked her, when did she submit this short sale package? she said, ” I sent it to the bank this morning at 9 a.m. It is 4 p.m. now and I still have not heard anything from the bank telling me whether the short sale was approved or not.” Seriously!! Get some education on short sale processes if you are in this category.

The other calls that Freddie gets a lot of are agents who call up demanding to know what is going on with a short sale package only to find out from Freddie that the short sale is not a Freddie owned note at all but rather is owned by Fannie Mae. They are two separate entities. Make sure you know who the note owner is before you start calling. I guess this does not surprise me any more when we still get agents to this day who don’t know the difference between a short sale and a bank owned property.

Some servicers do have full delegation authority for Freddie mac files. Not all of them do.

To be approved for HAFA for a Freddie file- the borrower has to be 60 days delinquent on their mortgage.

However, to do a regular short sale the borrower does NOT have to be late on their payments. Write that down! The Borrower does NOT have to be late to do a short sale.

Freddie Mac does NOT waive rights to deficiencies however they DO NOT pursue judgments unless they discover FRAUD was involved in the transaction. That is right from the director of short sales, Jason Root.

If you go buy another house right after you do a short sale, Freddie is not going to come after you, according to Freddie Mac.

Freddie Mac will NOT interfere with your listing agreement. They will NOT reduce your commission. The maximum commission they allow is 6% and unfortunately, this is also the case on very small sales.

Freddie Mac also does not refer borrowers to specific agents or agents with specific designations. We really like that. Freddie Mac says that the investor or the servicer DO NOT own the property and therefore the choice to do a short sale and the choice of agents is totally up to the borrower and they have no plans in interfering with that choice.

They understand that they are NOT a party to the contract.

Nestor and I brought up the fact that the servicers are the ones holding up the process and not doing things correctly. We also understand that there is a contractual fiduciary relationship between the servicer and the note owners/investors. They have a signed contract so it is not as easy as just being able to fire a servicer for doing a poor job.

So Freddie Mac Road Show goes around the country to the servicers places of business and is training their negotiators how to do short sales. The servicers had to hire a lot more people but those people need to be trained. So Jason and about 9 or so other employees are taking a proactive approach and doing the training themselves.

Freddie Mac will pay out a maximum of 6% up to 10% of the second note to the second note holder. This is their policy for right now and there is no plan on changing that any time soon. They understand that this can create problems for the short sale closing however this is a moral hazard approach that they have chosen. The second is going to get nothing at a foreclosure sale.

This does not mean that you should call Freddie for every short sale where they own the note. Go through the servicer. Go to the negotiators’ superiors, take it to the executive office and then as a last resort you can call Freddie at 1-800-FREDDIE.

Some servicers also are now being given full delegation authority to postpone foreclosures on behalf of Freddie Mac without having to go to Freddie for those requests and rulings.

Freddie Mac says they want to do short sales because:

  • Short sales help neighborhoods
  • REOs sell for 10 to 15% less than Short Sales
  • It helps borrowers save face and not face the embarrassment of a foreclosure
  • The borrower can go back and buy another home a lot sooner after a short sale
  • Short sales save the time to put an REO on the market
  • Short sales help customers, buyers, agents, investors who own the notes and the neighborhoods.

Jason said on behalf of Freddie that they appreciate the real estate broker and agent community, they look to the agents to solve problems and take short sale listings. Jason is a sincere person and we appreciate his time very much in giving us these Freddie Mac updates for short sales.