Contrary to popular opinion, Wellington Florida short sale Realtors can work with both buyers and sellers. Granted, short sale agents usually work with homeowners wishing to short sell their properties. Nevertheless, there’s still no reason why homebuyers can’t ask for help from this kind of agent if they want to.
What Can Wellington Florida Short Sale Realtors Do for Homeowners?
Let’s start with the easy question and one most readers probably have an idea about its answer. If you have a home you wish to short sell, a Realtor that specializes in this type of real estate transaction can help you with the following.
What Can Wellington Florida Short Sale Realtors Do for Homebuyers?
As mentioned earlier on, it’s uncommon but not impossible for homebuyers to seek the assistance of a short sale specialist. They usually do so for the following reasons.
Whether you have a home to sell or buy, if it is a short sale you are after then you will ultimately have an easier time achieving your objective with a Wellington Florida Realtor at your side.
Short sales remain today a subject of confusion for many stressed homeowners. If you own a mortgaged property and are afraid of foreclosure, then you definitely need to take the time to learn more about this all-important topic. Who knows? It could be the answer you have been looking for all these months –the one that can keep your credit score from plummeting and enjoy a fresh new start in your life.
What Happens When Your Property Is Listed as a Wellington Florida Short Sale Home?
Many homeowners erroneously believe that the word “short” is a reference to time. Rather, it’s actually in reference to the payment you will be making to settle your debt. More specifically, your payment will be short of the actual amount you owe but because this is a short sale your creditor will nevertheless consider the reduced amount as full payment of your debt.
You owe $355,000 on your home.
Your home is currently worth or can sell at an average price of $520,000.
There will be a negative balance of $165,000 if you sell your home at the price indicated above and use it to pay your creditor.
If, however, your creditor has agreed to a short sale then —-
Other alternatives are possible but the important thing to remember here is that short sales give you the key to effectively avoiding foreclosure and thus save your credit score in the process.
Who Can Help You with Short Sales?
Technically speaking, any real estate agent or Realtor may be able to help you short sell your home in Wellington FL. There is just no guarantee that they will be effective in their work, much less succeed in short selling your property.
If you want to increase the chances of having your home subjected to a short sale, then you need to make sure that you are working with –
The two conditions above are the most important qualifications to look for in an agent to represent your home in a short sale. If your agent has these characteristics, then you have more reason to hope that your Wellington FL house will be approved for a short sale.
It’s very rare for homeowners to find a Florida short sales agent with both considerable experience and absolute integrity to offer on the table. Unfortunately, it’s only that kind of short sales realtor who may be able to help you get rid of that unwanted promissory note.
SHORT SALES AND PROMISSORY NOTES
Many agents love to talk about short sales in the most positive terms and then gloss over the not-so-nice consequences that they come with. Promissory note is one such consequence, and it’s sad when homeowners only learn about them when it’s already too late.
Short selling your home does not always guarantee that your remaining debt would be 100% forgiven. There may be times that a lender would only approve of Florida short sales if and only if the homeowner agrees to sign a promissory note.
What Your Florida Short Sale Agent Can Do about Promissory Notes
A skilled Florida short sale realtor won’t just help you with short selling your property. If he or she truly cares about you as a client, then your realtor would also do everything possible to improve your financial future.
Unsecured promissory notes
The best agents do their utmost to ensure that homeowners only sign unsecure promissory notes. An unsecure promissory note means that you will not be beholden to surrender possession of any of your assets to your lender in the event that you fail to honor your obligation for whatever reason.
Reduced amount for promissory note
Let’s say your home is currently valued at $250,000 but you owe your creditor $400,000 for it. If you short sell your home at its present market value, you will still end up owing $150,000. This is what your lender would ask you to sign a promissory note for. Negotiations between your agent and lender may, however, cause a further deduction of your debt.
Instead of having $150,000 written in your promissory note, you could be asked to pay just $120,000.
Reduced settlement of promissory note
Using the above example, let’s say that you still end up signing a promissory note amounting to $150,000. It’s possible for your agent to continue discussions on your behalf and perhaps even convince your creditor to settle for $120,000 and consider it as full payment of your remaining debt.
Lastly, your Florida short sale agent can also make sure that the installments you are required to make to settle your promissory note would be free of interest charges.
Wellington short sale specialists are every homeowner’s best friend when it comes to having listed their property. Many homeowners mistakenly assume that putting up their home for sale is as simple as submitting an ad to a website or broadsheet and then waiting for their phone to ring. If only it were that simple!
Before you can list your property for short sale, it’s possible that you may be required by your creditor to provide additional information about your home. Chase, for instance, requires homeowners or – more specifically their short sale agents – to provide the following information if and when they are asking for more than $250,000 to be waived or forgiven with the short sale.
As you can see, such information is not something a homeowner is generally equipped to provide. With the marketing strategy alone, you would have to convince the creditor that you are taking the necessary steps to make your property’s short sale not only successful but quickly accomplished as well. You would also have to take careful note of when and where all the ads for your property are appearing.
In some cases, your creditor – not just Chase, mind you – may also ask you to provide a report explaining the current condition of the real estate market in your area so as to justify the need for a short sale.
Improving quality of photos
The best Wellington short sale specialists would always be the first to tell homeowners that photos can be their most powerful tool for short sales. According to one survey, listings which are accompanied with at least 21 photos of the property being sold are the first to sell and get the most number of views as well.
A good Florida short sale agent will not only ensure that you have the right number of photos for your property. He or she is also likely to make sure that each photo you take and put up with your listing would have the ideal quality as well.
Accurate MLS listing
MLS stands for multiple listing services, and it can easily be another source of headache for homeowners who insist on doing things on their own. Without a qualified agent, you can’t really get your property included in the MLS for your area. You won’t even know how to make your property stand out in such listings even if you were given the chance to write your own ad.
MLs are for and by real estate agents and they provide substantial information about local real estate markets. This is one of the best places to have your property listed for short sales, but you can only do that with the help of a good Florida short sale agent.
Florida Homeowners’ Complaints Rise Against Attorneys
The Florida Bar reported that they have received over 1,400 complaints against attorneys in Florida that are related to the housing crisis.
Let me preface that Richard Zaretsky and Marlyn Weiner are attorneys we refer sellers to. These two attorneys are ethical. Let me also say that there are good attorneys and bad attorneys just as there are good real estate agents and bad real estate agents.
Sometimes if a homeowner has not been paying their mortgage payment for many years and their attorney is not getting paid to defend them anymore, they may lose their home eventually to a foreclosure. The disgruntled homeowner than complains that his attorney committed fraud.
Marlyn Weiner says this is the most common call out, fraud. But not all cases are fraudulent.
In fact, so many complaints are coming in that the Florida Bar had to start a loan modification category, a mortgage fraud category and a foreclosure fraud category. None of these categories existed before 2010.
The first recorded loan modification complaint was in November of 2010. I won’t say any names but I can bet I know who that complaint was against. There was this one attorney who was doing loan modifications and foreclosure defense and several of our sellers had hired him. He did not even show up to the foreclosure hearing as agreed in one of the cases. In another case, he took our sellers money for services to defend them in a foreclosure and he never responded to the plaintiff’s counsel.
The number of complaints is not stopping either. The Florida Bar had to an attorney to help the ones that are buried in these complaints. They have never seen anything like this in the history of the Florida Bar. This one attorney is trying to take care of these cases. The complaints account for 17% of all the open Bar cases.
Consumers are complaining about the conduct of attorneys. So far 793 cases are now opened.
So far 208 of the 1,394 housing- related cases resulted in some form of disciplinary actions against the attorneys in the complaints. The disciplinary actions range from public reprimand to disbarment.
The biggest problem is that many lawyers took classes in loan modifications and then started to process them. But just going to a class does not make you proficient in doing loan modifications.
Here in Florida a law passed in 2010 requiring licensing for any person or entity doing loan modifications in this state.
In 2008 a Florida law was passed that bans charging up front fees to do loan modifications.
Attorneys were the exception to this law. Marlyn told us that many of those third party loan modification companies then approached lawyers to make deals with them in order to continue to run their businesses here but through the attorney’s firm. Many of these attorneys must not be happy with this arrangment they got themselves into.
We believe that the next wave of complaints will be coming from homeowners who felt they were pushed into doing Deed in Lieu instead of short sales. Many attorneys get paid up front and a flat fee rather quickly for getting a Deed in Lieu through instead of waiting for a short sale to get approved.
If you are facing foreclosure- you do have options. Contact Nestor Gasset or Katerina Gasset at 561-753-0135 to go over your options. A Florida short sale may be an option for you. We offer a no obligation confidential phone interview. Don’t wait until a court date is in your hand to act.
When we get a call from a seller who wants to list their property with us to get their Wellington short sale approved we can not just take the seller’s word that he or she is able to list their property.
We always run a check in the MLS before we place your listing in the MLS under our brokerage name.
Is your property listed with another Realtor® in the local MLS that your property is located in?
That has happened to us a few times.
We get a call from a seller and the seller wants to get their Wellington Short sales approved. But we first must list the property for sale.
Our MLS board has a rule that you can not have two listings in the MLS that are for the same property.
If we see that your property is listed with another agent- we call the agent of record or broker of record to see if they are planning to cancel their listing in the MLS.
Even if they have told the seller verbally that they will cancel the listing- if the listing is NOT cancelled in the MLS- that would be considered a duplicate listing and that is against the MLS rules. We have to abide by the MLS rules if we want to put our listings in the MLS to get maximum exposure.
We ask to see the cancelation form signed by the broker of record and the seller. If that cancelation form was signed by both the broker and the seller- we can send that form to the MLS. The MLS would then contact the agent to ask the agent to remove the listing from the MLS, move it to canceled in order that we could then add the listing to the MLS.
The MLS is supposed to automatically catch a duplicate listing and not allow the agent who is entering the duplicate listing to finish entering it into the system. But sometimes it slips by.
We just had that happen to us. We have a Wellington short sale listing that has not been approved to be canceled in writing by our broker and another agent was able to duplicate the listing in the MLS so that agent must not have checked to see if we had canceled the listing.
This is another reason why we need to check to see if your property is still listed with another agent or broker before we attempt to enter your listing into the MLS.
There is a lot more to Wellington Short Sales than many people think about or that meets the eye.
Don’t wait for foreclosure- take action today. Call us today at 561-753-0135 for a confidential short sale interview. We will help you determine and go over your options to losing your home to a foreclosure.
There are a lot of things that a Wellington short sale specialist can teach and help you with but which you would never have been able to learn on your own.
Understanding the short sale process
Most homeowners are not even aware that short sales exist, much less understand how they work. This is unfortunate as short sales can easily prove to be the solution to many a homeowner’s dilemma. As you would know if you were to speak with a Wellington short sale specialist, short sales refer to the process in which mortgaged properties are sold at a lower price than the value of the mortgage taken out on them and with the lender’s consent.
Short sales have become more necessary than ever since the real estate bubble burst and homeowners ended up owing more money than what their property’s present market value.
Understanding the current state of the market
It takes an expert to fully understand how the real estate market in your locale – which in this case would be Wellington, Florida – is doing. With the help of a specialist, you will learn what the going rate is these days for properties like your home and what your former neighbors may have done to increase the value of their own properties. A specialist will also be able to tell you if there are market indicators which make it preferable for you to wait before putting up your property for sale or modify your selling
Helping you qualify for a short sale
Certainly, getting qualified for a short sale on your own is quite a tall order and something only a rare few homeowners are capable of doing. And those that do succeed in getting qualified in their own usually spend twice or thrice the usual time that a homeowner would typically consume when pursuing a short sale with a specialist’s help.
As such, specialists don’t just ease your way in getting qualified for short sales. They are also capable of doing things that can help expedite the process, and this can be quite important if you are in a strict deadline and facing foreclosure.
Helping you avoid foreclosure
Naturally, specialists can also help you take advantage of short sales to prevent foreclosure. They can provide the necessary assistance to ensure that you submit the right documents for at least delaying foreclosures until your short sale application is approved.
If there is already a threat of foreclosure hanging over your head, there is no reason why you shouldn’t take a chance on asking a Wellington short sale specialist for help. After all, what have you got to lose?