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Wellington Short Sales|Palm Beach County Florida | Port St Lucie | Miami

Wellington Short Sale Agents  Wellington Short Sale Services and Information - Nestor Gasset and Katerina Gasset bring you short sale facts and lay to rest the myths . 

What is a Wellington short sale?

A short sale is when a homeowner owes more on their mortgage than what their home could sell for in their present market. It just may be the best solution for a homeowner who does not want to have a foreclosure against their credit. Below is a 13 part series with more information to help you through the short sale process. Some of the information has been updated as the rules change quite frequently with the short sale lenders. 

 

Short Sales In Palm Beach County Florida- What You Need To Know If You are Buying Or Selling. Part 1

If you live here you most likely have heard about short sales in Palm Beach County Florida.

You may have heard about them from your friends down the street, the news media, your neighbor or even perhaps one of your family members. We will go through important information that you need to know before you buy or sell as a short sale in this series. This is part 1 of the series. 

We will be going through some important matters regarding short sales in Palm Beach County Florida that you should understand whether you are buying or selling a short sale. In both instances, you must have patience. 

What is a short sale? A short sale is when the homeowner owes more to his/her lender than the market value of the property. For an example: You have a loan on your house for $500,000 but in today's market a buyer will only pay $350,000 based on the last properties that sold in this neighborhood. Well, no buyer will pay $500,000 for this house  so the seller will have to ask his lender if they will take less for the note that he owes to them. If the lender says yes, than that is a short sale.

Just as there are many different lenders there are just as many different policies governing the short sale procedures. The lenders all have their own criteria of what short sales they will accept. Just because your house falls in this category does not mean that every house will be approved for a short sale. 

The next thing to understand for both sellers and buyers is that a short sale does take time.

We have had some short sales in Palm Beach County that have taken as short as one month to others that have been taking over 3 months to just get to the person at the lender who can make that decision. It is not as simple as just sending some documents in and that is it. There are formulas and procedures that lenders use and as I said above not all lenders use the same ones.

Some lenders outsource their short sales to a company that is proficient in the business of negotiating short sales. In these situations the lender gives the company a bottom line that they will accept, that is basically how much they are willing to lose to do the short sale.

And if you have mortgage insurance on your loan then the mortgage insurance company will also need to approve the short sale. What happens in this situation is that the mortgage insurance company will pay the lender the difference in the loss. Please be aware that many times the mortgage insurance company will want the seller to take back a note for some of the loss and pay some of that loss back to the mortgage insurance company.  

The lender who you are sending your house payment to every month may own the note or they may just be a servicer for the lender. If they are the servicer for the loan there is an additional amount of time in the short sale process because there is yet one more entity with whom the short sale will also have to be approved by. This happens a lot in situations where your note has been sold several times in a short period of time or when the lender holding the note is an investor. In this situation, the investor must approve the short sale as well.

If you have a first mortgage and a second mortgage with different lenders that will certainly complicate matters more and also puts a kink into getting the short sale approved since the second note holder will want something to accept the short sale and usually the first note holder offers a mere token to the second note holder however you will need the approval of both lenders in order to close and pass a clean title to a buyer. Sometimes the second note holder will accept the sale if the seller agrees to owe a note to them and pay for some of the loss.  

Why would a lender want to do a short sale in Palm Beach county in the first place? Well, sometimes the loss they will accept on a short sale is less of a loss than if they foreclosed on the property. Foreclosing is not a cheap process at all and in Florida it is very time consuming. Most homeowners can keep the lender at bay for months and sometimes even over a year. At times the lender feels it is better for their bottom line to accept a short sale.

Not every homeowner is qualified to do a short sale in Palm Beach County Florida and we will cover the criteria in the next post in this series: Short Sales In Palm Beach County Florida. So stay tuned... 

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To view Wellington Florida Homes For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County Florida - What You Need To Know  If Your Are Buying Or Selling- Part 1 South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County Florida - What You Need To Know  If Your Are Buying Or Selling - Part 1* 
 

 


 

 

Short Sales In Palm Beach County - What You Need To Know - Part 2

Welcome to part 2 of our series, 'Short Sales In Palm Beach County- What You Need To Know.If you have not read Short Sales In Palm Beach County Part 1 then please take a moment to read the first in this series, which is above.

Just because you own a house in Palm Beach County Florida and you have found out that you owe your lender more money than what a buyer is willing to pay for your property does not mean you are going to be able to just sell your house for less than what you owe your lender.

You must pass the Hardship Test. There must be a good and provable reason why you are not able to keep your home any longer.  

The Hardship Test: Look at your situation and ask yourself these questions to see if it will pass the hardship test.

  • Since you bought the house, have you lost your job ?

  • Did you have a bad accident or illness in which you got injured and could not work?
  • Do have large new medical bills that you incurred after you purchased the home? 
  • Have you been relocated to another city or state? 
  • Has your interest rate gone up so much that it is now a hardship for you to pay your mortgage?

Now each short sale request is looked at individually because each situation is different. But you must be able to prove that there is a hardship.

What is NOT a hardship?

If you have used your house as your ATM machine and took all your equity out of your house and are now in debt, well, that is a hardship that is going to have a tough time being accepted. I would suggest that you do what you have to do to be able to keep your house.

If you bought your house on the tip of the market and now it is worth less than what you paid for it, that is not a hardship and not a reason at all to sell your house as a short sale in Palm Beach County.  

The Asset Test: Do you have assets that  you can liquidate to bring to closing when you sell your house short of what you owe your lender?

  • Do you have money in CD's and Savings Accounts?
  • Do you have stocks and bonds?
  • Do you have equity in other properties?

If you have these types of assets your lender is not going to take all the loss and not have you bring some money to the closing table. They will only accept the short sale if you are contributing as well to the loss. However, you may be able to negotiate the loss with your lender.

The Fraud Test: Did you commit fraud when you applied for your loan for this property? This means when you filled out your loan application, did you lie about anything on it like: 

  • Where you worked?
  • How much money you were making?
  • What your assets were?

Any of these lies or untruths, whatever you want to call them, will be checked out by the lender. They will match up what you are saying now to what your application said when you applied for the loan. If there is a big difference in the information, than you better have a very good explanation of why the change. A good reason for a drastic change in income would be, losing your job.

We will not list your property as a Short Sale In Palm Beach County if you committed fraud because you will be required to turn in a short sale package which we help you put together and send to the lender along with an offer and then you are exposing the fraud and that can have serious legal implications to you. 

The next post in this series of Short Sales In Palm Beach County will cover the documents that you are required to put together in the short sale package. So stay tuned for Part 3.


 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County Florida - What You Need To Know  - Part 2  South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County Florida - What You Need To Know - Part 2* 

 


 

Short Sales In Palm Beach County- What You Need To Know Part 3

The Short Sales in Palm Beach County is a series of articles for sellers and buyers to better understand what a short sale is and how to proceed with closing with a short sale. In order to understand where we are at in the series please make sure to read part 1 and part 2 above.

So now that you know what a short sale is and you have passed the qualifying tests as set out in the parts above you are now ready to put your short sales package together for your agent and your lender.

short sales in palm beach county

 

Before you even list your property with your agent you should have your short sale package put together. This way your agent will be able to expedite the short sale process. Once an offer is made on your property your short sale package must accompany that offer. You will be delaying the process and possibly lose the buyer if you are waiting until you get an offer before you gather up all your documents for your short sale package as this can take some time to prepare. There are no exceptions to this process that I have experienced or even heard about.

 

The very first thing that you need to do is call your lender, to confirm who the lender is and tell them you are putting your house up for sale. Make sure that the lender you are calling is still the note holder or servicer. We just went through sending out a short sale package for one of our sellers only to find out that the note was sold to another lender which this can happen often and because of this, we had to start the process all over again. Therefore, you may be able to save some time by confirming your lender.  

 

The next thing that you will need to do is write out an authorization letter for your agent to discuss your loan standing, details and short sale offers with your lender. This letter has to have the name of the person the loan is under and the loan number, as well as the name and company of your agent. Also, please make sure you date the letter. Most lenders have a period of time in for which the authorization letter is good for and after that time has expired you will need to write another authorization letter. 

 

Here is the list of all the documents you may be required to submit. If you put together a package and then you find out they don't need one of these documents then just take it out of the package. It is better to be prepared and find out you did more than required than to submit an incomplete package. Your agent should be checking the package to make sure there is nothing missing. The lenders receive so many files each day that they can not even look at the incompleted packages.

 

  • Your authorization letter as stated above. 
  • A completed financial statement that your Realtor® has received from your lender. We have found through our experience that each lender has their own financial statement that they provide, which is not difficult to fill out. It is in a form format with fill in the blank areas. There is an asset column and a debt column and they will have a place to write in all your income and all of your expenses. This is where it is important that you told the truth on your loan application. 
  • The last 2 pay stubs for all the signers on the mortgage.
  • The last 2 years of tax returns for all the signers on the mortgage.
  • A copy of your listing agreement with your Realtor®; your agent will provide that.  

Once you have put all these documents together, you need to give them to your Realtor® so that they can get to work on your short sale package and make all the proper notations that might possibly need to be made. Each document will have to have your loan number written on it as well. 

After you get an offer you and your agent will have to put together the rest of the package and that includes:

  • A fully executed offer of sale and purchase agreement.
  • The prequalification letter for the new buyer.
  • A HUD1 settlement statement from the title company with all the fees listed correctly. The lender will need to approve the expenses prior to accepting the buyer's offer.

Your agent should put together a sales package along with the short sale package. They should have your current market value paperwork and evidence showing that the offer is reasonable. We also put newspaper articles in the package showing our current market conditions. Documentation beats conversation. This is one of those times you can take all the bad news and work it in your favor. Nestor makes a very thorough and compelling argument and we have met with good responses to going the extra mile with the lenders. He is also putting together another short sale package as I am writing this post.

Stay tuned for part 4 of our Short Sales In Palm Beach County Series as we discuss what happens after the short sale package and offer is sent in to the lender. If you are interested in buying a short sale property, understanding what happens after the lender receives your offer will be beneficial to you.  

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied.  Entries on Wellington Homes Blog represent the opinions and ideas of the author(s).  Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker. 

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County Florida - What You Need To Know - Part 3 South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County Florida - What You Need To Know - Part 3* 
 

 

 

FTC Disclosure: ***Seek competent legal counsel and tax advice for any real estate transaction. International Properties and Investments, Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit. ***

 

 

Short Sales In Palm Beach County Florida- Part 4 *The Process Begins*

This series on Short Sales In Palm Beach County Florida continues as we explore what happens once an offer is made on a short sale listing. This post is of special interest to buyers who are interested in making offers on short sales. You should know what is involved and your agent should also be able to follow and understand the process of making a short sale offer. 

Let us assume for this post that the seller knows what a short sale is, their Realtor(R) has experience working in Short sales, the seller has met the qualification test to do a short sale and the seller and their agent have put together all the documents the particular lender requires to do a short sale, except for the offer from a buyer.

Now we are ready to receive an offer from a buyer. A buyer's agent should know how to help a buyer to understand all that is involved from both the buyer and seller requirements in order to have a transaction that runs as smooth as possible in this given situation.  

The first and most important thing to understand about the short sale is that the seller of the property still owns the property, still holds title to the property and still has the say so of what offers will be accepted or not. The seller has mortgaged their property and the lender to whom they pays the mortgage payments to each month is the note holder or in many cases, the note servicer. The bank does NOT own the property. A Lis Pendens may have been filed and foreclosure proceedings may have started but until that property is sold on those courthouse steps the owner of records is still the person that is on the  county records.

That being said the owner/seller can accept an offer from a buyer but since the offer falls short of what the seller owes to the lender, there must also be a third party approval to the offer, which is the lender, to whom the seller owes their loan to.  

This third party lender will require the property to be sold in "as is" condition and will also have to approve all the closing fees on the side of the seller. 

As a buyer you will also need to prepare a good presentation with your offer to this third party lender. 
Submit your offer  on a FAR/BAR AS IS  Offer to  Sale  and Purchase with  the new FAR/BAR Short Sale Addendum.

Your agent should have these documents. If you are obtaining financing for this purchase, you need to have your lender's approval letter. To receive this you need to make sure you have been approved for your loan. This means that you have already submitted a loan application, had your credit checked, provided all the documentation to the lender like your W-2's and tax returns. Please be advised that should your offer be accepted it is highly likely that the short sale lender will require you to close within 3 weeks of them accepting the terms and short pay off amount. 

You should choose a mortgage company who is on the ball with short sales and knows how to get your loan through underwriting in a short amount of time.

Your earnest money deposit needs to be ready to place right into the escrow account the moment that the third party lender approves your offer. Make sure to get a signed and dated receipt of your earnest money deposit. Keep in mind that if you are paying by a personal check most title companies will require 10 to 14 days for that check to clear. To help speed this along, you may consider getting a cashier's check to the title company so that there is no hold up at closing for funds that have not cleared yet. 

Along with your offer you should submit a nice hand written letter explaining to the third party lender why you want to move into the home and that you are an end user. We had a single mom tell of her plight to get into a home with her children and that her offer was the highest she could go. She is the one who got the house in spite of their being multiple offers on the property.

Your agent should arm your offer with comparative sales in the area and other market appropriate documents to prove the case of your offer.

The next post in this series will be about how to decide what to offer on a short sale, myths and truths about offer prices on short sales.  

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied.  Entries on Wellington Homes Blog represent the opinions and ideas of the author(s).  Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker. 

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County Florida - Part 4 - The Process Begins

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County Florida - Part 4 - The Process Begins* 
 

 


Short Sales In Palm Beach County Part 5- Short Sale Myths and Truths About Offers

This post will be about how to decide what to offer on a short sale, myths and truths about offer prices on short sales. 

There is quite a vast amount of false information regarding how much you can buy a short sale for. Like those that are watching too much late night TV about buying real estate at 50 cents on the dollar and with no money down.

MYTH- The lenders are so desperate they will accept any low offer that is offered on a short sale.

TRUTH- The lenders would rather work out a workable solution with the homeowner. There is a formula that most lenders use to determine their loss and what the actual net proceeds are that they will accept at a short sale closing.

MYTH- The lenders are just jumping up and down to get your low ball offer!

TRUTH- The lenders follow policy. The policy is that we submit the short sale package from the seller along with the short sale offer and package from the buyer. The lender then orders a BPO. The BPO usually comes back in a week to 10 days. The BPO is NOT an appraisal. It is a Broker's Price Opinion. The lender hires an agent to go out and do this Broker's price opinion for the lender. The lender pays the agent somewhere between $50 to $100 to do a BPO.  

Once the BPO is back, they work their formula and then send us a statement telling us what they will need to net. The BPO is what the last similar property sold for. They will usually accept about 5% to 15% below their BPO for an accepted offer.

MYTH- You can offer 30 cents to 50 cents on the dollar of what the listed price is.

TRUTH- The above statement is NOT true. The lender will take a small discount off of the BPO value as they want right below market value.

The list price is not your starting point in the negotiations on a short sale offer. You must pull up the tax rolls and check to see how much the owner owes to the lender. You will look to see if Lis Pendens has been filed. You will also need to take into consideration that if this house is in pre foreclosure there are other bills they most likely have not paid for that will affect the sale of the property.

Those are:

  • Real Estate Agents' fees
  • Second notes or home equity lines of credit 
  • Unpaid HOA fees and related attorney's collection fees
  • Title insurance, doc stamps and other closing costs
  • Unpaid Property Taxes

All of these things are going to have be paid at the closing. The seller is most likely not going to have all that money to bring to the table. These figures are turned into the lender because the lender will choose which of these closing fees they will approve and how much they will expect these fees to be reduced.

Once you know how much the seller owes on their property you will have some idea as to how to structure your offer.

If this short sale is in Palm Beach County Florida it is very likely that you could get the property for 50 cents on the dollar on what the seller owes their lender, NOT what the list price is. The list price is usually right below market value and this is where the misunderstanding comes in for most offers.

You must look at what is owed to the bank versus what the market value is; the list price. The lender is actually reducing the loan down to the market value which can be a reduction of up to 50% as many markets have dropped that much in the last couple of years.

Sometimes you will get a better deal if you are a buyer making an offer on a property that has equity in it and the seller is motivated to take a lower than market value offer. You must have a lot of patience when making an offer on a short sale. If you need to be in a house by a certain time in the near future trying to buy a short sale if that short sale is at the very beginning of the process and there is no BPO yet on the property, then it most likely would not be in your best interest to pursue that particular offer. 

You can ask your agent to look for short sales that already have a BPO back on them and the original offerer is no longer in the picture. When this happens you will know exactly what the lender will accept as their bottom net and then you can decide if you would like to pursue buying that property. In these situations we can close rather quickly, usually within 2 to 3 weeks.  

So make your offer based on TRUTH not MYTH.  

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied.  Entries on Wellington Homes Blog represent the opinions and ideas of the author(s).  Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker. 

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County- Part 5 - Short Sale Myths And Truths About OffersLuxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County- Part 5 - Short Sale Myths And Truths About Offers*



 

Short Sales In Palm Beach County Florida Part 6- After The Offer Comes In.

So now the buyer has made an offer and turned in all his/her supporting documents. The seller and their agent have put together all the required seller documents for the short sales in Palm Beach county package. 

The agent will now make sure that every document required is correctly filled out and make sure that the loan number is on every document. The agent will contact the third party lender and get the instructions to get the package to them, usually more often than not, the lenders want the package faxed to them. If they want you to express mail the package make sure you have a duplicate package prepared to keep for yourself. On one of our short sales; we expressed mailed the package and it was signed for but it ended up in the lender's black hole. Then they lost our two faxes of a package that contained over 100 pages and they even said they never received our email when we emailed the package. So make sure you have a back up. 

Super Tip: I would recommend buying one of those stamp kits at Office Depot so you can place the loan number on the stamp and use that to stamp all the pages of the short sale package instead of hand writing the loan number on 80 to 100 pages of documents. Doing this will save you some time. 

Once the Short Sale package is delivered to the third party lender we will call the lender to make sure that they have received the package. This one action is an act of patience! Some lenders are easy to get through and some lenders are a nightmare. Sometimes Nestor has been on hold for over an hour just to reach the right person to simply find out if the package is there! Please do not work in short sales if you have a hot temper or are impatient as your blood pressure will surely rise while on the phone with certain lenders. 

Super Tip: Call the lender early in the morning, get on that phone before all the other callers start calling. Be the first in line! 

Once we get someone on the phone Nestor confirms that they have received the package and that they have our authorization letter from the seller so we can talk to the lender. The first thing Nestor does is to confirm that this lender actually holds the note for this property. We had one short sale where the lender our seller was sending his payments to had sold the note to another lender and that lender in turn sold it to someone else. Since the first day of giving this lender notice that we were doing a short sale that note ended up being sold twice in a period of just a couple of weeks. The lenders were playing hot potato with his loan! 

Super Tip: Make sure that you call ahead before you even get an offer to the lender to confirm that they are still in fact the lender. Notes are being sold every day so you need to stay on top of this. 

There are note holders that service loans that they do not own. In these situations the servicer takes care of all the short sale paperwork and acts in behalf of the note holder. For instance, we have a file now where the servicer is GMAC and the note holder is Deutch Bank. GMAC is like the negotiator for Deautch Bank. 

There are also companies that just do Short Sale processing and negotiations that lenders will contract out their short sales to. We have had the best results from these types of companies. Obviously this company is also getting paid upon the completion of each short sale so they are quick to respond to us. Nestor usually can get right through directly to the negotiator on the file. 

Then there are the lenders who are trying to do it all themselves. These lenders own the note, service the note and handle all aspects of the Short Sale. These tend to be the hardest to get through to, as they are totally swamped with files and they do not have experience in doing Short Sales. A salaried employee who knows little to nothing about the real estate business is what you end up with. Most of the time, by the time these lenders do something with your short sale package the buyer is long gone! 

Super Tip: Don't sweat losing the first buyer. Once the counter is made from the lender you will know exactly what they will accept for the property and the next buyer that comes along will be able to close quickly. There is more on this in the next post, Part 7. 


Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker. 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County Florida - Part 6 - After The Offer Comes In

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County Florida - Part 6 - After The Offer Comes In*


 

Short Sales In Palm Beach County- Part 7- Inside The Process

Depending on how the lender is handling their short sales, this is the point where you need an agent who is working with the seller to really know what they are doing and how to negotiate with the seller's lender. 

For illustration purposes we will call the person we are dealing with at the lender the 'negotiator'. Different lenders have different titles for this person but to make things simple we will stay with the term 'negotiator'. 

The negotiator takes the file and checks to see if all the documents are in the package and if the file is complete. Each negotiator may have upwards of 140 or more files coming in per day and they must process these files quickly as possible. Any incomplete file is not going to be attended to in a timely fashion so make sure it is all correct to begin with before you send it in. 

Once the negotiator has checked the file and has determined it to be complete he or she will order a BPO. 

What is a BPO? 

A BPO is a Broker's Price Opinion. The lender will hire a real estate agent to do a pricing report and come back to the lender with the information as to what that individual believes the fair market value of the property is right now. The BPO must consider the last solds in the neighborhood that the property is in and if they can not find any comparables in that neighborhood then they may go outside of the neighborhood to find a property of like kind. Usually this process does not take long. We often see then done about a week after the negotiator has received the package. Then that agent will send their BPO back to the lender. 

The lender then calls us to tell us what the note holder will accept as a net figure. This net is based upon a formula that is used to estimate the losses the lender can incur. What we have seen for Short Sales in Palm Beach county Florida is about a 10% to a 15% discount off of the BPO. The BPO defines what the current market value of the property is.

We then take the net amount that the lender has agreed to accept and work with the present offers we have to see if any of them will meet these numbers. If all of the offers are too low then we will call each of the buyers' agents and tell them the offer is xxx amount of dollars away from happening. The agents can then tell their buyers what the price will need to be for them to get this particular house. If the buyers want to meet the price then we have a deal and we start all the closing procedures and loan procedures for the buyer's side. 

If the price is too far away to work then we put on all our marketing and Multiple Listing Service the price that is going to get this property. 

Once the BPO is in; generally it is easier and faster to sell the house. When agents call us for showing instructions we can tell them about the BPO and that their buyer is now in a position to have a quick closing. We just closed on two short sales last week and both of them had their BPO's done in December and we closed in February. That was not that long of a time to get to closing. In fact one of them was ready to close in January but our seller had some bankruptcy issues that needed to be addressed before we could close. 

The problem that we see causes the most problems with the successful closing of the short sale is the lack of experience from the real estate agents that are involved. Nestor is on that phone with the lenders every 2 to 3 days checking on our files. Someone who knows how to deal with people must be on that phone with the negotiator, checking on the progress of the file and the state of where in the process this file is at, to ensure things are going smoothly. 

The HUD1 Settlement statement is the other item that needs to be perfectly correct when it gets sent to the lender with the offer and short sale package. Make sure every single fee is on the HUD or else you won't have a closing and you as the agent will have to pay the difference in the errors on the HUD. Once the HUD has been approved by the third party lender it is highly unlikely to approve any changes so pay attention to detail for a smooth closing! 

_________________________________

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County- Part 7 - Inside The Process 

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County- Part 7 - Inside The Process*



 

 

Short Sales- Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask- Part 8


Palm Beach County Short Sales- Short Sales- Information For Sellers and Buyers. 

At least 3 times a week, we get calls from Sellers who no longer can make the payments on their home and are trying to find out what a short sale is and how it works. Most of the calls we have received this last week are from sellers who have already spoken to their attorneys and their attorneys are recommending that they sell their home using the short sale process. 

We listed 2 short sales this past week, where the seller found us on our Active Rain blog and called us after reading our posts about how to do a short sale. We had one owner call us to list his house but it would be better for him if he does whatever he can to keep his house, so we did not list his house. Instead we are sending him to resources that may be able to help him keep his home. 


Pricing your property competitively enough to encourage offers from buyers is one of the most important things to know when you list your property as a short sale. And if you are an agent you must not only have the foresight to know what a BPO will come in at but also to have some understanding on what a buyer's appraiser is going to be looking at for comps. Pricing a home too high will create headaches for a seller and in the end, possibly making them lose their home to foreclosure. At the same time, pricing too low will get offers that have no chance of being accepted since the lender is not going to approve sales much lower than their BPO. 

Please read the following story of a seller that wanted to price her home correctly but her agents priced her home too high.: 

short sales: Beware Of Damaged Goods! *The Human Consequences Of Taking Overpriced Listings* 

If you read the story from the link above, you would know why it is so important, and I can not stress this enough, that you choose an agent who knows how to do Palm Beach County Short Sales and has experience working with Short Sales. Ask your agent if they have closed on any short sales in your area. Selling your home as a short saletakes commitment, perserverance, patience and expertise in negotiations and follow through of actions. Do not leave your Short Sale to chance. 

Time is of the essence in doing your short sale.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask - Part 8Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask - Part 8*

 


 

 

Successful Short Sale Closings And We Got Paid! Short Sale Series Part 9

We closed on 2 short sales successfully and both were our listings. 

They were both difficult transactions but in the end we got our checks, the other agents got their checks and 2 new homeowners got awesome deals on these 2 homes. Patience is the principle quality you must have to follow a short sale through. Nestor is very good at following up with the lenders and wielding all the influence possible in order to get the sellers approved with short sales below market value. Knowing what to say and how to say it, is very important. 

Why is below market value important right now? Because our market is not quite finished going down, we are just about there but not quite.
One of the units was a condo, we originally had it listed for $249,777 and kept reducing the price as per the instructions of the seller's note holder. As soon as we reduced it to $150,000 we became just about the hottest listing in town. We had 4 offers on this unit within days. One of the offers was way too low at $130,000. But one single mom put in an offer of $150,000. This was good enough to get the ball rolling. Nestor made sure the BPO agent would have to meet him at the property. The problem with this unit was that in this development there has not been a sale since October of last year. That comp is not workable in a down turned market. The agent received it and was able to pull comps from outside of this development. The BPO came in at $167,000. The other buyers all went away when the counter offer came back. All of them except for the single mom with her FHA loan. We actually prayed that she would get this condo because there is nothing else like it in Wellington for that price. So the highest she could go was $155,000. We sent in her counter offer to the lender even though it was still so far off. The negotiator talked to the note holder again and he finally said go for it. Although, he only approved our commission at 5%. 

Her FHA appraisal came in at $208,000. We were so happy that our seller was able to get a clean fully satisfied, no 1099, no default judgment, no promissory note! And we are happy that this unit went to a mom who is raising her child in this new home that she can call her own. That is what makes this business worth what we go through!
 
How did we get this listing? Of course, through our Expired Listing Program. 

Our second closing on a short sale was for our wonderful and loyal seller who is a great referral source.She had her house on the market for almost a year, way too high. We sent her a letter notifying her that a lis pendens had been filed against her 2 houses. 

She moved here from Africa, from Uganda, escaping some of the most vile and cruel may ham and ethnic cleansing murders you can not even imagine. She told me stories of how women's breasts are cut off so they can not nurse their babies, so that their babies will die of starvation in their mothers arms with mothers helplessly crying and being able to do nothing to save themselves or their babies. She came here to live in a country that would never tolerate this, to live the American Dream. 

Her son and my son have become friends, they are the same age and play together. She now lives in a rental right down the street from us so we have become friends as well. Well, she rented this house out to a lady who made her living out of not paying rent. Our seller was totally scammed. The woman would come crying about how her mother had cancer and the next time, how she was in a car accident. Well, the seller has a kind heart and at first believed her sorrows but they were all lies. When she realized the scam; she hired an attorney and it took another year to get the woman evicted. This scam artist would not let us show the house either. Needless to say, our seller could not make the payments and pay the attorney's fees and this caused her to go into default. 

We listed her house right below market value but we received no offers. This was when our market was just not moving. There were months where there were just not any buyers for any of the homes in this community. The worst part about this community is that the builder is still in there building houses. He is giving away mega upgrades, low interest teasers and selling the same model for less than what any resales were on the market for. We reduced the price to $374,000 and then in December buyers started buying again. We had 5 offers on this house. The BPO was done right on this house too. The offer came back that the note holder had to net $311,000 on this house. Most of our offers were in the high 200ks, which was not going to work. But then we had an agent call us who had a buyer who just lost a deal on a short sale offer and needed to close quickly. He made an offer of $330,000, we were able to make the numbers work and he got the house. 

Our seller was not 1099'd, she has no deficiency judgment and no promissory notes to take care of. The buyers' appraisal came in at $380,000! He got a great house at a great price, we got our check and so did the buyer's agent, which made everyone happy! 

Both of these houses were closed at the end of February and both of them took less than 6 weeks to close from the point of the first offer to the BPO, to the acceptance, to the closing. 

So have faith, it can be done. 

If you are a seller please read through our Short Sale Series and make sure you choose an agent who had closed short sales and knows how to close them.
 
If you are a buyer read our Short Sale Series and make sure you have an agent working with you that understands how to present you in the best light to the third party lender.
 
If you are an agent please read and understand our Short Sale Series and partner with an agent who had closed a short sale successfully on your first short sale. It is worth splitting your fee to get it done right and to have the hands on experience before you jump into Short Sales. 

Please be aware that no matter how great our success is with getting short sales closed; there is NO guarantee that your short sale will be successful. Please keep in mind that each short sale is different, each seller has different circumstances and different lenders. If you have Country wide as your lender- well- we will pray for you! More on that in the next short sale post...

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales Closings And We Got Paid! Short Sale Series Part 9 

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales Closings And We Got Paid! Short Sale Series Part 9*

 

  

 

Short Sales In Palm Beach County - Strategies For Communication- You Must Hold The Key. - Part 10


Short sales in Palm Beach County Florida take a winning and well thought out strategy in the lines of communication. Icertainly recommend that if you are a seller that you find an agent who is very good with communication and knows how to work with others well. If you are an agent than please make sure you know what you are skillful in as far as communication styles. 

Great people skils is another quality you definitely need to be successful in. The reason your agent needs people skills is that he/she must be able to break through all the walls and obstacles that the lender has in their path to a successful closing of your short sale. Nestor is very good with this type skill, as he knows how to flatter the people on the other end of the phone. He can dazzle them with his fun compliments and charm, making many become putty in his hands. He is able to get through. 


Do not treat the customer service people ( no matter how ignorant they may sound) with disrespect, having the attitude that you are better than they are. You also should never act like a weak beggar and you must communicate from a position of strength and knowledge. In the business of short sales in Palm Beach county; the true power is in your people skills and your knowledge of the market. But coming from a position of strength does not mean being overbearing, rude or disrespectful. Keep a smile on your face as you are conversing. 


In our series of posts on short sales in Palm Beach County Florida
 This is not the business for those with hot tempers and I as I have stressed throughout this series, you must be patient.. It will do you no good to yell and lose your temper while talking with the short sale lenders' negotiators on the phone. Your lines of communications must be kept open no matter how frustrated and upset you may get. Your file will just get put to the bottom of a very deep pile and might just end up in a lender's deep black hole. 


In order to be successful you must get to the chief, the negotiator, somehow. The most assured way to do this is by talking your way into that negotiator's line of communication. This is done through making great fun small talk with the receptionists and customer service representatives. The best way to do this is by understanding their perspective and where they come from. They are just like worker bees. All they are there for is to collect their check at the end of the week, nothing more, nothing less. They are the lowest paid on the totem pole of the company and the lowest skilled. So you need to think about where in life they are coming from and meet them at their level. 


There is no sweeter sound in any language than for a person to hear their own name. Learn the names of the people who are answering the phones, the assistants' names and the negotiators' names and then use them in your conversations with them often. Saying a person's name, grabs their attention. You can learn a lot more about this fascinating subject in the classic, How To Win Friends And Influence People, by Dale Carnegie.


When you get through to the negotiator make sure you have your file in front of you. They will get impatient with your being unprepared so make sure you have all your notes ready, the list of questions to ask the negotiator and the list of things you need to let them know about. Although don't ask questions that would lead the negotiator to believe you have no experience in doing short sales. Make sure you know how the process works before you talk to the negotiator. Always have your authorization letter from the seller with you, their loan number and their last 4 digits of their social security numbers. This information will be asked of you every time you call them and many times when they call you.


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County - Strategies For Communication - You Must Hold The Key - Part 10 Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County - Strategies For Communication - You Must Hold The Key - Part 10*


 


 

  

Short Sales and Foreclosures In Palm Beach County Florida- Part 11*What The Homeowner Needs To Pay!



Short Sales in Palm Beach County and in Saint Lucie County Florida are rising at a steady pace. You cannot look for a house for sale without noticing that there are short sale listings everywhere, due to the fact no community is really immune to this. At first I thought that the waterfront was immune but then we discovered an 18 million dollar home in Highland Beach that is on the market as a short sale. 

Most homeowners do not know that a short sale is an option. If you have been served with foreclosure papers, a complaint that must be answered within 20 days of you being served; please call us right away so that we can put you in touch with our attorney who you can talk to about your defense. At this point time is of the essence. You need foreclosure defense at this point and you need to know what your options are.

Each short sale listing we have received from our blog has been because the homeowner that has defaulted on their mortgage payments was told by their attorney or their financial adviser to find a Real Estate agent who knows how to do short sales and list their home as a short sale. So the homeowner get on their computers and Google; Short sale real estate agents in Anytown Florida and then they call us to help them.

But there are many people out there that qualify to do a short sale but have no idea what a short sale even is much less what to do to accomplish a short sale on their property.

Hence, we started our series on Short Sales in order to educate both the homeowners and the agents about all that you need to know about a short sale. This is the 11th article in this series on short sales.

A short sale is when you owe more money to your lender than you can sell your house for. The lender agrees to accept less than what you owe them so you can avoid foreclosure.  

What do you as the homeowner have to pay in order to do a short sale and what will not come out of your pocket?

First of all, there is no cost to you to list your home as a short sale. If you need foreclosure defense that is a different and separate from the short sale and there is a fee that you will be charged by an attorney or a foreclosure defense company but it is very small compared to losing your home to foreclosure.

When you list your home for sale as a short sale you are signing a listing agreement with us saying that there is a X percent commission to be paid to us at closing. That commission is not coming out of your pocket and your not having to bring it to closing. The commission will be deducted from the proceeds that your lender is getting from the buyer. So relax about that.

Your lender will pay for most all the closing costs. Each lender has different policies and rules regarding certain fees. If you are behind in your taxes, usually the lender will be paying those at closing from the proceeds of the sale.

One thing is for sure. Your lender will not allow you to have one penny from this sale. Any moneys that you get must be given to your lender, which makes absolute sense. So if you are approached by people telling you that they are going to give you money on selling your house as a short sale, that is called mortgage fraud and we suggest that you do not take any deals like that.

Your short sale lender is going to require that you pay all of your utilities. Some utilities can and will place a lien on your property if you get past due. Especially your water bill as that is a bill that in most towns here in Palm Beach County and Saint Lucie County will place a lien against your property for. You can not sell a property with clear title to a buyer with outstanding liens on the property. So don't get so far behind in your utilities and HOA fees that you can not catch up before closing. Keep a close eye on that..

Also, some lenders will pay the HOA fees and some will only pay a portion of them and some won't pay any of them. Try your best to keep your HOA fees current because they are also a lien item. We can usually negotiate that bill down, depending on when you bought your house. A new law was passed that now HOA's can come after you even after a foreclosure for money you own them but that law was just passed so it may or may not apply to your circumstances. Ignoring your HOA fee bill is not going to make it less or make it go away. The late fees and collection fees really add up fast, so make sure you watch that closely.

Call us today to get your house listed as a short sale as soon as possible. It takes time to market and prepare short sales so every day counts.



 


short sales: Broker Bryant! I Think I Just Found The Place To Top Your Poinciana In Short Sales and Foreclosures!   Broker Bryant writes a lot of posts about what his market is like in Poinciana Florida which is a bedroom community to Lake Buena Vista, Florida. Some of his posts talk about how hard it is to get loans there and others about the sheer numbers of short sales and bank ... 

 
 

short sales: Agents! A Short Sale Is Nothing New!   Sometimes I just can not believe that there are some agents that have passed their Real Estate License test! 
I just received a call today. The agent Googled 'Foreclosures' in our area and our blog and website came up first. I know she was calling from our Blog because she called on ... 

 

short sales: I Think You Could Tell I Was Nervous!  Well, I finished my very first Webinar! We had some technical glitches and those were smoothed out right before the meeting started. 
I know I was nervous because I was talking TOOOOO fast!!!!!!
I have no problem with public speaking. I absolutely LOVE public speaking. But this was a little different because in ...

 

short sales: Port Saint Lucie Florida Short Sale Seminar Thursday April 17  
  Port Saint Lucie Florida Short Sale Seminar is being held at the Holiday Inn in Port Saint Lucie at 7 p.m. tonight. 
Attention Homeowners In Port Saint Lucie Florida! Port Saint Lucie Florida is now the nation's 3rd top city for Foreclosure filings behind San Diego California according to Forbes Magazine. 
Have ... 

 

short sales: Live On Video! Short Sales In Palm Beach County- Hear What Our Sellers Have To Say! -  Short Sales In Palm Beach County Do Close. Hear and see what some of our sellers have to say about saving their home from Foreclosure. 
Here is a video testimonial of our latest successful closing on a Short Sale we did in the Olympia subdivision in Wellington Florida which is in ... 

 

short sales: Countrywide, Thank You For Cancelling The Foreclosure Sale! -  We did it! Oh, to make that call to our seller tonight was the best call I made today. The 11th Hour Save! Our attorney was calling CW's attorney all day today and when he finally reached them the attorney told him that they would gladly cancel the foreclosure sale in ... 

 

short sales: SOS To CountryWide * Need Help Right Now!* -   This is a call for help to anyone at Countrywide who can help. If you happen to read this post today and you know anyone in the upper management with authoritative power, team leaders, supervisors of loss mitigation, CEO David Sambo;  we are calling out to you to please call us 

 

short sales: Short Sales Port St Lucie Florida* Foreclosure Filings* Do You Know Your Options? -  Short Sales in Port St Lucie Florida and Foreclosure filings have sky rocketed. 
Are you behind in your mortgage payments and do not know what your options are?
Have you been served with a foreclosure complaint? 
Call us today to start your loss mitigation process at 561-753-0135. The sooner you take ... 

 

short sales: Short Sales With Countrywide* Important News Bulletin* *UPDATED*   If you are in the process of a short sale with Countrywide here is some Important News For You! Our in house attorney was just given written notice that Countrywide's Short Sale and Foreclosure departments have just shut down operations temporarily for 20 days for restructuring. On Countrywide's time table that probably ...

 

short sales: Short Sale Success Story- They Do Get Closed - short sale success story Short Sale Success Story- They Do Get Closed! We closed another short sale last week. This one was a bit more difficult than our other short sales since there was a PMI ( Private Mortgage Insurance) company involved in the deal. The seller contacted us towards ...

 

short sales: Short Sale In Boca Grand Condominium, Lowest Price In Building! -   Short Sale! Boca Raton Condo Living In The Boca Grand In The Heart Of Boca. Location: Boca GrandLive right near the action of Mizner Place, just minutes to the beaches and a quick drive anywhere you want to go in South Florida in this 1 bedroom condo with a great view ...

 

short sales: Tallahassee Florida Short Sale For Sale -  Tallahassee Florida short sale for sale for the best buy price of $209,000. If you are looking for a great 4 bedroom, 2 bathroom home just outside of town on nearly 1/2 acre of land in a secluded and private setting than this home is just the home for you. This home ... 

 

short sales: Short Sales For Sale In Fabulous Belmont Condos Port St Lucie Florida -   Short Sales at fabulous prices in the gated Belmont development in Port St Lucie Florida. We just reduced two of our short sale listings in the Belmont to ONLY $99,000 each! You will not find a better buy on 2 bedroom condos. Enjoy being steps away from some of the best golf ... 

 

short sales: Questions For You Mortgage Brokers Out There! Is This The Luck of The Draw? -  Have any of you done a loan for a customer who has been through a short sale? Have any of you seen a credit report of someone who has already been through a short sale? I am not talking about the ones in foreclosure, that is obvious their credit will reflect the foreclosure, ... 

 

short sales: Oh Countrywide, Oh Countrywide, Where Art Thou, Oh Countrywide? -   Oh Countrywide Oh Countrywide, Oh Countrywide, Where Art Thou, Oh Countrywide! I sure hope some CEO somewhere at Countrywide cares enough about their image and what people think and experience with their company to set up Google alerts for their company and maybe, just maybe find this post; ... 

 

short sales: Short Sales In Palm Beach County Florida- Strategies For Communication- You Must Hold The Key- Part 10 -   short sales Pricing your short sales Short Sales In Palm Beach County - Strategies For Communication- You Must Hold The Key. - Part 10. Short sales in Palm Beach County Florida take a winning and well thought out strategy in the lines of communication. I certainly recommend that ...

 

short sales: Successful Short Sale Closings And We Got Paid! Short Sale Series Part 9  Successful Short Sale Closings And We got paid Successful Short Sale Closings And We Got Paid! Short Sale Series Part 9. 
We closed on 2 short sales successfully and both were our listings. They were both difficult transactions but in the end we got our checks, the ...

 

short sales: Short Sales- Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask Part 8   Short Sales Everything You Ever Wanted To Know Short Sales- Everything You Ever Wanted To Know About Short Sales But Were Afraid To Ask Palm Beach County Short Sales- Short Sales- Information For Sellers and Buyers. We get calls at least 3 times a week from Sellers who ... 

 

short sales: Short Sales In Palm Beach County Florida- Part 7 *Inside The Process* -   short sales part 7 Short Sales In Palm Beach County- Part 7- Inside The Process To understand the entire process of Short Sales In Palm Beach County Florida please read the articles below before reading this post. This will give you a greater understanding to where we are in ..

 

short sales: Beware Of Damaged Goods! *The Human Consequences Of Taking Overpriced Listings* -   
If you are taking overpriced listings without any notion of reducing the price of those listings within the first 30 days on the market please read this story. If you do not take overpriced listings please read this story to reaffirm why you will not do so. If you are ..

 

short sales: Short Sales In Palm Beach County Florida Part 6- After The Offer Comes In. -  short sales in palm beach county part 6 Short Sales In Palm Beach County - Part 6- After The Offer Comes In.

In order to understand the entire short sale process please read the Short Sales In Palm Beach County Series we have posted here: 

Short Sales-Part1- ... 

 

short sales: Short Sales In Palm Beach County Part 5- Short Sale Myths and Truths About Offers -   Short Sales in Palm Beach County Florida- This short sale series is to help sellers, buyers and their agents understand the complexity of using the Short Sale process as an alternative to Foreclosures. Here are the links to the Short Sales In Palm Beach County Series: What you need to know

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short sales: Short Sales In Palm Beach County Florida- Part 4 *The Process Begins* -   This series on Short Sales In Palm Beach County Florida continues as we explore what happens once an offer is made on a short sale listing. This post is of special interest to buyers who are interested in making offers on short sales. You should know what is involvedand your ... 

 

short sales: Short Sales In Palm Beach County- What You Need To Know Part 3 -   The Short Sales in Palm Beach County is a series of articles for sellers and buyers to better understand what a short sale is and how to proceed with closing with a short sale. In order to understand where we are at in the series please read part 1 and part ... 

short sales: Short Sales- As The Short Sales Turn *Reality Short Sales* -  
  If you work in Short Sales you will appreciate this As' The Short Sales Turn' Reality Short sales or should I say, sagas! 
Nestor and I list a lot of short sales here in Wellington Florida and Palm Beach County Florida. Most of the short sale listings are in the foreclosure process. ...

 

short sales: Short Sales In Palm Beach County- Part 2- What You Need To Know -   Welcome to part 2 of our series, 'Short Sales In Palm Beach County- What You Need To Know. If you have not read Short Sales In Palm Beach County Part 1 then please take a moment to read the first in this series.  
Just because you own a house in Palm ... 

 

short sales: Short Sales In Palm Beach County Florida- What You Need To Know If You are Buying Or Selling. Part 1 -   If you live here you most likely have heard of short sales in Palm Beach County Florida.
You may have heard about them from the news media or from your friend down the street or your neighbor or even perhaps one of your family members. We will go through important information ... 

 

short sales: Sellers in Wellington Florida! Good News For Short Sales! Just came in over the wire...   President Bush just signed the Mortgage Relief Act a few hours ago. The Forgiveness act will allow sellers to sell their homes by short sale without being 1099'd for the deficiency. This Act is retroactive from January 1, 2007 and will last until December 31, 2009. So if you sold your ... 

 

short sales: Three Little Birdies- Everything's Going To Be Alright! 
  You are trying to sell your house in South Florida and you are wondering if anyone is going to ever even just come by to look at it! You would be happy just about now with just somebody wanting to take a look. Maybe your house has been on the market ... 

 

short sales: Attention Florida Home Owners In Foreclosure*If You Have Been Served With Foreclosure Papers* -   If you have been served with foreclosure papers and given 20 days to respond to your summons and complaint please be aware that you will start to get lots of mail and phone calls from all sorts of opportunity seekers and scammers. You need to take the papers you are served ... 



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales And Foreclosures In Palm Beach County Florida - Part 11 What The Homeowner Needs To Pay! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales And Foreclosures In Palm Beach County Florida - Part 11 What The Homeowner Needs To Pay!*

 

Short Sales- Qualifying The Homeowner For  A Short Sale- Part 12- One of the key steps to making sure your short sale listing goes to closing.


 

Whenever a homeowner calls us and tells us they want to do a short sale we ask first understand and what do they know about selling their home as a short sale.

Most homeowners do not really know what a short sale is. Most of the time they have spoken with either their attorney or their financial advisor about their financial situation and were told the best option in their situation is to sell their home as a short sale and avoid foreclosure, so the homeowner looks for an agent to list their home without any clue of what a short sale actually is.

After we explain what a short sale is and disclose that there is no guarantee their lender will approve a short sale we do an 'intake interview'. This is just like a buyer applying for a mortage except backwards. When a buyer is qualiying to purchase a home they want to be in a good financial situation, have good credit and have money to put down on the purchase. The homeowner in a short sale wants to show a hardship, show they cannot afford their home any longer and for a good reason, for the best chance of their short sale being approved.

We do this qualification interview on the phone with the homeowner. We do this before we do a CMA, listing agreement or anything else because we want to evaluate the chances of this short sale going through, the chances of this homeowner getting a deficiency judgment and the chances of the lender asking the seller to contribute to the short sale. We are in the business of helping people however we also need to keep in mind that we are running a business and there are many homeowners who just will not get approved for a short sale in the realm of what they are hoping the outcome to be. So we need to know what we are up against before going any further. We also will not accept short sales that have more than 2 mortgages on the property.

Another reason for doing the interview is to find out if we get a sense that they were not telling the truth when they obtained their loan in the first place. If they tell us that they were not honest on their loan application than a foreclosure is their only choice because we will not take that listing and neither should any agent take a listing like that. Their lender is going to want to see their financial history and if they lied on their application and things have not really changed as far as a hardship goes than you are putting yourself in a precarious position, which is not worth it.

During the qualification interview we disclose to the homeowner all the possible outcomes of a short sale so they know going in this what can possibly happen and it helps to get their committment to the process. This is a very emotional and frustrating time for the homeowners and being a good listener is a must for them. Yesterday a husband and a wife in their 60's were crying on the phone as we went through this process. It is a tough time and we seem to get the real hardships.

The process includes a list of financial questions like how much money are they making now, what has changed financially in their lives since they got the house, how much are all their expenses and we go down a list of expenses, how much do they have in savings or retirement accounts, the list can go on and on.

The reason we need to know about retirement accounts is because the lender can not require you to cash out your retirement account to pay the deficit but they can turn down the short sale or ask you for a small note and things like that, however, that really depends on how much money there is in the retirement account.

We have been doing short sales for a long time and know what will work and what will not work. The short sale can still be approved with no hardship but the homeowner is going to have to contibute to the sale. If they know this going in to the listing than we may entertain accepting this type of listing. What we don't want our homeowners not committed to the process since we don't take any upfront processing fees and the time and money is coming from out of our pocket. We certainly don't want homeowners who are going to change their minds after we work on their file for 3 months!


Make sure your short sales listings are qualified through their hardships or through their committment to contribute to the deal. Then make sure they will remain committed throughout the process.



 

 



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Qualifying The Homeowner For A Short Sale - Part 12 - One Of The Key Steps To Making Sure Your Short Sale Listing Goes To Closing was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Qualifying The Homeowner For A Short Sale - Part 12 - One Of The Key Steps To Making Sure Your Short Sale Listing Goes To Closing*



 

 Short Sales In Palm Beach County and Port St Lucie- How Long Does It Take?  Short Sale Series Part 13


Short Sales In Palm Beach County and Port St Lucie will take anywhere from 30 days to 180 days to close. Homeowners and the buyers must understand this when going on this path of a short sale. Buyers need to be committed to the process and the sellers ( homeowners) must get the necessary documents in order expediently.

We have had closings within 30 Days of an offer being received to 5 months on one of our closings. Why are there such vast differences?

Based on our experience we have discovered the following:
  • The smaller the lender, the quicker the answers thus the quicker the closing can take place.
 
  • The more of a relationship we have with the lender, big or small, the more we can get things done faster.
 
  • Homeowners with 2 mortgages whose notes are owned by two different entities take the longest to close because you must go through the short sale process twice. We begin these simultaneously but the second note holder is not going to give any answers until they see the bottom line of the first note holder.
 
  • If the note is being sold in the middle of negotiations you have to start all over again. These take the longest. We had a closing that took 5 months because the note was being sold like a hot potato. This note was sold 3 times to 3 different investors while we were in negotiations. Each time it changed owners they also changed servicers and therefore we had to start the entire process all over again right from the beginning. But once this note did settle down with the final lender, the process went very smoothly and closed within 30 days.

The longest closings we have are with Countrywide. But we don't have many problems with them other than the backlog of files they have to work with. But we always have good and clear communication with them. We have a good working relationship with Countrywide.

The absolute worst company we have worked with is CityBank. This may just top the longest closing that we had not because of a note being sold and floated around but just by the inadequacies of them knowing how to move their files along. We have one that the BPO was not even ordered for nearly 90 days! We have had to go up the chain of command on this one.

You catch more flies with honey than with vinegar and  Nestor is the King of flattery and buttering up those that answer the phones as well as  the negotiators. He is also very upfront while he is being so nice that if we are not getting the response time we expect he is going up the chain of command. That will light the fire under a negotiator's butt!

For our complete Education in Short Sales Series Click Here. 


Remember always, running a business is always about being in the service of others. If you will care, empathize and go the extra mile for your homeowners who are in distress you will be rewarded financially as well as in many other ways that money can not buy.  Knowing that you saved someone from an impeding foreclosure and helped to relieve a lot of stress from their lives helps you sleep well at night. Every negotiator Nestor has dealt with has told him that they are amazed at his passion.

Yes, short sales are time consuming and are work, but in the end the referrals and testimonies you will get from short sales will pay much larger dividends. Look at is as investing in your business.

 We find this work very rewarding. To top it all off the benefits are great too! This is the one time where you have a seller who is not going to complain about your fee, they are not going to complain about the pricing, they are so willing to keep their home nice and clean and to make showing easy. This is one of those times when they are so happy to have an agent and they are so grateful you are helping them. They write and video wonderfully moving testimonials and they tell us that we are not getting paid enough! How much sweeter does it get! Click here to view our short sales sellers' video testimonial. 
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.


 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

 

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales in Palm Beach County and Port Lucie - How Long Does It Take? - Short Sale Series Part 13 was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales in Palm Beach County and Port Lucie - How Long Does It Take? - Short Sale Series Part 13*




 

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

 

727 14th Place - Park Vintage Condo - South Beach Miami Condo Short Sale SOLD and CLOSED.

 

In September 2010, the first listing price was $169,777. We then reduced the price in increments down to $149,000 before getting an offer.

 

In March 2011, the buyer placed an offer at $124,500. The buyer sought financing from Wells Fargo through an FHA loan.

 

We advised the seller to apply for the HAFA program when we did the short sale evaluation with him because he was eligible to submit an application for HAFA short sale.

 

The bank the serviced the loan was Chase. On HAFA deals in South Florida, Chase is very slow.

 

The buyer’s offer was countered by Chase at $144,000. 

 

The counter offer was accepted by the buyer.

 

Then the lender for the new buyer, Wells Fargo, performed their appraisal.

The appraisal came back at $117,000. 

 

With the new appraisal, we went back to Chase. As an REO, Chase will get less than this.

 

The price was then reduced to $117,000 by Chase.

 

We encountered issues with the Condo Association's Hazard Insurance policies and with FHA and we had to ask Chase for extensions to the closing, but he issues were resolved.

 

Closed! 

 

Since the seller got approval for HAFA, he received $3,000 and no deficiency. He really did not expect it was going to happen since Chase told him many lies in 2010 during his loan modification process, so he was VERY happy when we told him he was getting $3,000.

 

But the closer from Chase called us the night prior to closing to let us know they had $20,000 more than what they needed to net, and we can give the $20,000 at closing to our seller!!!!

 

To sum it all up, our seller received $23,000! You should’ve heard him when we told him the news on over the phone!

 

Wellington Short Sale Agents- Closed another short sale in Wellington. 

 
9119 Dupont in Olympia in Wellington Florida 
 
Lender Servicer - Bank Of America
 
Investor rental property
 
Investors bought this home in 2006 for $489,000plus closing costs. 
 
Bank of America 1st Lien: $400,000
Bank of America 2nd Lien: $89,000 
 
Home was in excellent condition, the tenant was a charm to work with. 
Tenant vacated the premises prior to us getting the final offer that would be accepted by the seller. 
We had multiple offers. Seller chose his best offer. 
 
This home has 5 bedrooms and 2 bathrooms with 2888 square feet under air. 
 
Bank of America approved the short sale for $ 239,000 
 
Waived all deficiencies, waived all rights to pursue a judgment, 
Reported as "settled for less than the amount owed". 
Negotiated a promissory note for $3,250.00 to get the deficiency waived since it was an investor property so the owners did not qualify for HAFA.

 

 

How Long Is My Short Sale Going To Take?

How long is my short sale going to take? That is a question most sellers ask when we do a short sale intake evaluation. Like most answers to short sale questions- it is- IT DEPENDS!

We know that sounds 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 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 or 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.

Three years ago Countrywide was still doing the short sales and they took over six months to approve one. Then Bank of America took over Countrywide short sales and became the worst bank to deal with. Short sales took months and months and we even had some that took over a year.

But now Bank of America is one of the easiest banks to get short sales done with. We can usually get Bank of America short sales approved in 40 to 60 days, sometimes faster.

Chase used to be great to work with until they merged with WAMU who was awful. Then it seemed Chase took over WAMU short sale procedures and became slower than snails. They also have other companies handle their seconds like FSLO and other companies that are awful and rude.

But just recently Chase became very interested in completing the short sales. They even called us after 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.

The best thing to do is to allow the short sale process happen and get an agent who has a lot of experience with different lenders to list your property and help you maneuver through the short sale process. Your short sale can take anywhere from 3 weeks to 6 months and sometimes longer. They are taking a lot faster than they were 3 years ago.

 

Stop Foreclosure- Learn Your Options. Maybe a short sale is your best option. Florida Foreclosure Options- may be able to help you.

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.



Wellington Florida Short Sale agents- a short sale may be your best option.


Wellington Florida Short Sale agents- a short sale may be your best option. 


Are you behind in your mortgage payments? Are you trying to work things out with your bank and they don't seem to be listening, much less care about your situation? 

Did your loan modification request get turned down and now you don't know where to turn? 

Well meaning friends and family members may not know exactly what your options are even if they have been through a foreclosure or short sale or bankruptcy. Each family has a different story. Each person who is underwater here in Wellington Florida has a different situation and each short sale is negotiated on a case by case basis. 

There are many Wellington Florida property owners we can help: 

1. Wellington Florida residents- If you are a homeowner in Wellington Florida and your Wellington Florida home is your primary residence you may be approved for a credit from your lender to help you with moving out once we close with a new buyer on your home through a Wellington Florida short sale. 

2. Second Residences for Wellington Florida properties- If you live out of the state of Florida and own a property in Wellington Florida - like if you come down for the Equestrian season each year and you need to sell your property we may be able to get your short sale approved. Just because you don't live here does not mean that you can not do a short sale. 

3. Investors owners of Wellington Florida properties- If you own more than one house or townhouse or condo here in Wellington Florida and you can no longer make your mortgage payments from the rental income you are getting for your properties you may very well get a short sale approved. We have helped many investors get short sales approved and negotiated on their investment properties. 

Call us today at 561-753-0135 for a private and confidential phone interview. There is no obligation. We do not charge upfront fees. We close on our short sales. 

 
 

Are You Tired Of The Buyer Walking? Short Sale Listing and Selling Strategies. 

As I move around reading Active Rain comments and posts and cruise the internet I find a lot of listing agents lamenting about the buyer walked in the midst of the negotiations or right as the acceptance letter arrives for a short sale listing. 

palm beach county short sale agents


Well, that used to be one of our biggest complaints also, but that changed as the market changed.

 There is no problem for which there is not a solution. 


We are in the business of helping our clients. So we need to be proactive in providing our sellers with alternatives to situations that may arise. 

 Anything listed under $400,000 is going to have multiple offers within the first 30 days on the market. That brings into question whether this is still a buyers' market. 

Disclosure: every state is different so check with your state about contract law. This article is about Florida short sale contracts. 

The last straw was when on three different listings after we had gone through the entire short sale process of negotiating with lenders that do not allow buyer substitutions- and after getting the short sale approval letters- the buyers walk using the home inspection clause in our Florida AS IS contract. One buyer withdrew their offer because the garbage disposal was brokeneven after the seller offered to put a new one in for them. 

We discussed all this with our attorney who then drafted up a short sale contract addendum. We do not use the FAR short sale addendum. It is basically useless. I don't know one attorney that likes that addendum and I have no idea why the attorneys at FAR drafted that addendum. 

Since we implimented our short sale addendum we have not lost any buyers. 


Do we have buyer agents call us and flip out over the addenda? Of course! But we then explain the reasoning behind our addendum. 

What does our short sale addendum consist of? Some of these items were already on our previous short sale addendum. We are just listing everything here so you know what is in our addendum including prior items. 

1. The buyer's deposit becomes hard at execution of the contract between buyer and seller.  NOT at lender's acceptance. We tell the buyers' agents that our sellers and us will no longer work on files without the buyer committed to the deal. 

2. BofA files all have a 120 day acceptance period, no less. If your buyer needs less time than that, this is not the home for them. 

3. The terms and conditions of the third party lender must be approved by our seller.  If the bank comes back with a cash contribution demand from our seller and our seller does not have the money- they can not close.  BTW- that has not happened because we negotiate terms that our sellers can meet. 

4. The buyer is to do their home inspection within 30 days of buyer and seller signing the contract, not after the third party acceptance. Of course, the sellers must keep the home in the same condition as the home inspection states. 

5. If this is a cash transaction; we need to see proof of funds in the form of a bank letter, stock report, CD statement, etc.  About 60% of the offers that come in on our listings are ALL CASH buyers. 

6. If this is financing: then the buyer must be approved for the loan- not pre-approved. 

Since this is new to most agents, we always get the response: " Well, I never heard of that before!" To which we say, "Well, now you have!" There is a first time for everything. 

When a buyer does not want to pay $200 to $300 for a home inspection upfront because they don't know it the short sale is going to get approved or not- we tell the buyers' agent- that the buyer must not want the house if they are not willing to gamble a couple hundred dollars to get the home they want. Typically a family of four here is spending $200 going out to dinner every month. So the "buyer does not have the money" does not wash with us. 

We have also had the seller pay for half of the inspection and the buyer pay the other half. That creates a win/win with a buyer who is hesitant because they see the seller is putting something forward also. 

Disclaimer: Now I don't recommend listing agents to use this type of addendum if they do not know how to close short sales. This is for experienced short sale agents. The biggest reason we can get this addendum agreed to by buyers is because we have a reputation of closing short sales. Any of the agents here can check with our MLS to see that we close our short sale listings and that our CTG status listngs change to Pending and then to SOLD. Our closing ratio is at 98% and that is after a lot of short sales. If an agent only has one listing that closes as a short sale and they only have that one listing they can say they close 100% becuase that is true, however that is based on only one closing!

 

 

Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135 or learn more at Short-Sales-Florida.com.

 
 
 

Short Sales 101-Short Sales Are NOT Bank Owned Properties!

I can not believe we are even having to think about writing a post in today's market for Florida agents and the Wellington Florida real estate agents to explain that a short sale is NOT a bank owned property!! But we are! 

Nestor asked me to write this because this really just happened and we hope to educate agents as to what happens when you make an offer on one of our short sale listings. 

After we receive your buyers' offer we contact our seller who is the homeowner of the property and present the offer to him/her/them. 

It is then up to the seller what he wants to do with the offer. He can reject the offer, he can accept the offer, he can counter the offer or he can choose to do nothing with the offer. Your offer expires if he does not sign the offer before the time for acceptance lapses. 

On one of our listings we received 3 offers in one day. Most all of our short sale listings get multiple offers. When this happens; our sellers choose one offer that they feel is the best and often ask for our input based on our experience. Then the seller will choose a back up offer also. 

If none of the offers meet with the sellers' approval and with our experience of what a short sale lender is going to approve then the seller may send back to the buyers a counter offer. He may choose just one offer to counter or all. 

So there is one agent who had sent in one of the offers for her buyers. The offer was $20,000 below asking price, the financing clause stated that the buyer was approved for his loan, yet there was NO approval letter. There was a pre approval letter that said his financials, income, etc were NOT reviewed. All they did was pull his credit. The financing spaces were not filled in correctly. When I did the math, the offer showed that the buyer was getting 100% financing. Then the addendum stated that the buyer was also asking for 6% back from the seller. 

Ok, so here's the deal: The other two offers are over list price and ALL CASH offers. It does not take a rocket scientist to figure out which one the seller is going to want to go with! 

Let's see: let's weigh ALL CASH versus 100% financing!!!! 

I told the agent that we sent the seller all the offers. He was out of the country and would not work the offers until he returned. We alerted all the agents about this. 

Then Nestor gets THE CALL! 

The agent with this 100% financing clause in the offer starts yelling at Nestor- "You are supposed to send our offer to the bank!" 

"What do you mean?, This is a short sale." 

To which the agent continues to yell, "I looked up the tax rolls and it says that the mortgage is held by XYZ bank. You have to send our offer to the bank. The seller does not have any say in our offer." 

Nestor tries to explain again that this is a short sale. The mortgage information on the tax rolls is to show who the mortgage company is. He tries to explain to her that the tax rolls clearly state that the seller is the homeowner and NOT the bank! 

Then she tells him she has been doing short sales for a year now and she never sends the offers to the sellers. She just sends them right into the bank. WHAT!?

Then Nestor tells her that her buyer's financing does not look as strong as the cash offers but that is for the seller to decide. She then tells Nestor- 

"Oh no, they are putting 3% down! They don't need the 6% back. They do have an approval letter." and on and on. 

Well, if that was the case, ( and I just came back from an all day Contracts Class with an Attorney) then her buyer's offer needed to be written that way and not the way that it was. 

So sometimes the buyers want to see how low they can go, how much they can negotiate and many times in our town, that will lose them the deal. Over 60% of our closings are with ALL CASH transactions. 

 

Another example of misinformation on how a short sale transaction works and even who the principles are. 

 

 

 

Foreclosure Is NOT An Option! Call Nestor and Katerina Gasset today at 561-753-0135 for a confidential interview regarding your options. 

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.

 

 

Short Sale Negotiating Companies- Demanding A Part Of Your Commission?


We get the acceptance letter from the lender
 who approves a short sale we have the listing on.   
short sales negotiations Florida


Then we get another email that says that we have to reduce our commission by 1%. 

That was strange, we thought. 

We have done a lot of short sales with this particular small lender and never had an issue before with our commission. It is a small lender who mostly owns their own notes and services their own notes. This of course saves us a lot of time. With this particular lender we can close on our short sales within 30 to 60 days. 

As we read the email again we noticed it was NOT from the  regular bank negotiator. It was from a third party short sale negotiating company.  The email states that they want 1% put on the HUD for payment to them. That they are now negotiating the short sales for this lender. 

Well, excuse me but we did not hire this company. Our seller did not hire this company. It is the lenders choice to hire this company in their behalf and that means that the lender should pay the 1% to the company and NOT from our commission. Our commission has nothing to do with this company so why would we share it with them? 

It never ceases. Everyone is digging in the agents pockets who are keeping these deals together. If it were not for the agents that do know how to negotiate short sales there would be a ton more foreclosures. We are being treated as an adversary with the lenders, not as the party bringing the solution to the table. 

Needless to say, Nestor sent an email right back to this short sale negotiating company that they can get their own fee from the lender but that we have an approval letter from the lender with our normal commission and we are not changing our commission in the 11th hour! 

Are you noticing short sale negotiating companies getting a piece of your pie lately?
 
 

 

Call us today at 561-753-0135 for a private and confidential short sale phone interview. There is no obligation. We do not charge upfront fees. We close on our short sales. 

 Read what some of our past short sale clients say about us negotiating their Florida short sales (click here).
 
 

Are Short Sales The New Social Services?


I just noticed a Tweet that came across my Tweetdeck that said: 


Lenders by and large are more desperate and insolvent than short sale borrowers. It's a balance sheet, not social services. 

First of all, I totally agree that banks are desperate but not for the same as the tweet opines. Banks are desperate for more control. We are living with our heads in the sand if we can not see the patterns that are developing and how that will one day impact our business in real estate and in life in general. 

I used to say: Follow the money. Well, now I say, Follow the power. It is about power and control. 

How does the author say the banks are insolvent when they are getting TARP money? They are barking up the wrong tree. 

And if anyone- agents, brokers, homeowners and buyers are acting like the banks are social services that is the banks' own doing. They are the ones who set up the "hardship" facade. What is that about? Do you think the banks really care about providing social programs to destitute homeowners? 

Of course not! That is ignorance at best to even believe such a statement. Let's go back to why the banks would even require any type of hardship- 

if it is all about the balance sheet- then they would not give one hoot about anyone's hardship. If it is all about the balance sheet- then the short sale seller should not even have to fill out a financial form or turn in his tax returns or pay stubs. If it truly is about the balance sheet- the banks would do what they have to do to approve short sales based on numbers and nets, not someone's financial, medical or job situation. 

Again, it is all about the power and control. 
And don't even start to kid yourself for one minute to think that the banks really want to work with Realtors®. This is not the case at all. 

Check your ears on the bank lobbies, talk to people in the know at NAR who will actually tell you the truth about what the banksters lobby groups circulate around about the NAR and Realtors®. 

Do you actually believe that the banks took kindly to losing their opportunity to get into the real estate business? Do you think they are fair players in the game of politics? Do you think that they just came out to shake hands and accept defeat? 

Keep your eyes open. Nothing is as it seems. The banks will be back. They lost because NAR is a strong lobby group also. They lost a battle but they still plan to win the war. They will be back through whatever door they can get through, more on that later on. 
 
 

Foreclosure Is NOT An Option! Call Nestor and Katerina Gasset today at 561-753-0135 for a confidential interview regarding your options. 

 


Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.

 

 

Arms Length Short Sales Transactions- There Are Exceptions To The Rules.

Most of the short sale banks have an arm transaction rule. Many of them require the agents, the title company officers, the buyer and the seller to execute an arms length transaction affidavit. 

If you are asked to sign this affidavit and you end up NOT having an arms length transaction than that is called fraud. 

To clear up the misinformation about arms lengths transactions, here goes- 

 

  • Not all short sales have to be arms lengths transactions. 
  • Each bank has their own rules about arms lengths transactions. 
  • It is not against the law to sell a short sale that is NOT an arms length transaction if there is full disclosure to all parties. 
  • Some buyer's lenders will not approve loans in NON arms length mortgage loan applications. 
  • It is against the law to commit fraud. Fraud is when you lie about the transaction. 

 

We just got a bank who always uses the arms length transaction affidavit to waive that rule for our sellers! 

We had to promise to not disclose the name of the bank, but I will say, it was a very big one. 

You have to be very good at negotiating and have a very compelling reason for the transaction. 

How did we get an approval and successful closing on a grandmother buying the house for her son and grandchildren who owned the house? 

A local real estate agent called us. She knows we close our short sales. She does not know how to do short sale negotiations so she asked us to list her son's house. Then she told us that she wanted to buy the house for her son so that his family, her grandchildren, could remain in the home they knew and loved. She was going to be paying cash for the house. The house was only worth 350K when the mortgage owed was over 650K. She did not want to lie or do anything fraudulent and either did we. 

Nestor told her that there was a shot, but there was a very big chance that the answer would be no, especially knowing the bank that was involved. She said she still wanted us to try. 

What was the reason for this request? 

Her son went from making $150K per year to just about $50K. Her son owed over 650K on the house and obviously would be in danger of losing his house to foreclosure one day. Her son and his wife had several children but one of their children is blind. The parents had set up the entire house for the comfort of their blind son. He knew where everything was, he knew the back yard and he knew his school. Moving into a rental would have been traumatic and stressful for the blind son. The grandparents do not want to pay off a huge balance that is NOT market value but she was interested in paying the market value on the home. 

By being able to do this, the grandmother would be able to pay the home, the son and his family- her grandchildren would remain in their home with security and stability- then they could pay her back over time. 

We started the short sale process and when it got to the negotiator he just flat out rejected the file because he said it was NOT an arms length transaction and therefore he could not go further with the file. 

Nestor escalated the file to the executive officers. The first thing they said to us was if they do this for us, then others would also want to do this. But the reason for the approval request was for a blind child to be able to remain in his home. This was not a story of someone trying to flip the property or someone just wanting to game the system. Nestor through very good negotiation skills- moved the executives to approve this transaction. 

Then the bank came back with a counter offer a little higher than what grandmother had in cash. When she went to get a loan- she was turned down by the loan officer because on the buying end- guess what- it was not an arm length transaction. This bank would NOT budge. Putting all our heads together we came up with refinancing her house with Jeff Belonger and then using the refi money to pay off the short sale acceptance offer. Thanks to Jeff Belonger who is on Active Rain for being able to pull this off. 

We had a successful closing. The parents and the grandparents were SOOO happy. They new we were able to do the impossible. The children never knew what all was going on and the parents were so thankful that they did not need to traumatize them. Their lives go on in the same fashion as they had done before the sale. 

We are very thankful that this agent entrusted this heart wrenching short sale to us. We are very thankful that the executives had compassion for this family and exhibited that with their exception to their rule. We are so thankful that this short sale is another happy ending for another Wellington Florida short sale family. 

 

Foreclosure Is NOT An Option! Call Nestor and Katerina Gasset today at 561-753-0135 for a confidential interview regarding your options. 

 

 

The Unintended Consequences Of The HOA in Short Sales! 

We have a notice of expectations that all our Florida short sale sellers must sign when we agree to negotiate a short sale for them and list their property. 

One of the biggest deal busters there is- Past Due HOA fees. 

We explain the consequences of a Florida short sale homeowner not paying their HOA fees; not keeping them current. If you choose not to pay your mortgage payment that is one thing but always pay your HOA fees. Keep your HOA dues current whether you are living in your property or not. 

The HOA's are foreclosing on homeowners at an alarming rate right now in Florida. There are legislative changes that have been made and more being proposed in order to protect the Homeowner Association's financial well-being for the good of all the members of the HOAs. 

Many homeowners think that they will just pay the past due amounts at closing or that their lender will pay them all for them. The short sale lenders for Florida short sales are NOT paying ALL of the amounts owed at closing for past due  HOA fees.  Each lender has their own rules about that and a lot depends on what they require to be their net proceeds. 

The biggest problem we see is that homeowners are only adding up the amount of their dues and then multiplying that number over the number of months they are delinquent. 


But that is just a part of the outstanding HOA fees. Once the homeowner goes delinquent, ( stop paying their HOA fees) a lot of other fees start to be incurred. They will then have late fees, attorney fees, foreclosure fees and other legal fees.  The HOA fees along with all the other penalties incurred can easily end up being doubled. 

We have not had a case yet where one of our short sale listings did not close over the HOA fees but it has come close. Because even though we advise our clients to keep their HOA fees current and what could happen if they don't- there are some homeowners who stop paying anyways. We have been in some close calls. Most of the time the cash buyers we have will come in and pay the difference but that is not a given so never depend on that. 

Even worse than the entire short sale being thwarted by an HOA association who refuses to make a deal; they are no longer being amiable to negotiating down their fees and the HOA can and most of the time will file foreclosure against the homeowner. This can almost double or triple what the homeowner owes at the closing! 

HOA's are foreclosing on properties and they are renting the units out.There is legislative language in the house that is being proposed that if the property is vacant that the HOAs will be able to rent out the units even if the property is not foreclosed on in order to protect the community interest. 

Why are they being so tough? Well, it has to do with the viability and stability of their community. Those dues go to take care of the common grounds and many other things. If they don't have the money to take care of those things, the community gets run down. That is not fair to the rest of the homeowners that live there. They pay their fees and are no longer getting a benefit. Their values go down even more. Then on top of that, if too many people stop paying their HOA fees- the state has to come in and take over the HOA in a state receivership. That is not a good thing. Then, new buyers can not get loans to buy places in that community unless they put down at least 20% and sometimes 30% . 

The other homeowners in the community don't feel that they need to be paying for homeowners who choose NOT to pay their HOA fees. They are putting pressure on their boards to not make deals because it is not fair for one person to have to pay the same as another. 


My next post is about the extortion type practices of some attorneys who represent these HOA's. Make sure to read it because I will show you how high some of these fees can get when a homeowner does not pay their HOA fees over an extended period of time. 

Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135

 

 

Short Sale In The Field Training- One on One Is Now Here!

I know everyone has been waiting and asking when my Short Sale Success Strategy book will be completed. It is in the final stages of writing, then it will go to the editor and we will make the final written adjustments. Then I will have a graphic artist add the details and it will be ready. short sale coaching and training

One of the problems that I have been having is that nearly every day there is new information, new case studies, and rules change so often in the wild wild west of short sales. So I keep revising the book!

Nestor came up with a great idea and that is to finish the book and then offer every one who buys our book free updates on the new rules of the game as they happen in real time! Wow! That was a great idea!

We have been doing short sales in different parts of Florida even out of our market by splitting these short sale listings with other agents who do not know how to do short sales. We have successfully closed on listings in Tallahassee, Miami, Fort Lauderdale areas, Tampa, Orlando and other areas.

Now that we have become so busy we have not been able to accept as many of these outside of our area short sales from agents. We are training Milet to handle much of our short sale department but there is still so much that Nestor and I have to do to negotiate these short sales.

Since I am a real estate coach I thought that it would be better if I empower the agents to learn how to do a short sale themselves from start to finish. If we are doing the short sale part and the other agent is doing the local mls, sign, showings and all that; they are not learning how a short sale is accomplished in a hands on way.

 

Then one night I woke up with the idea that instead of turning down agents who need to partner up for their short sales that I will offer one on one in the field type training and coaching.

 

As this thought began to materialize I envisioned agents who do not know how to do short sales and agents who are not sure or have done a couple but want to learn more and to increase their closing ratios to be able to after one short sale listing be able to spread their wings and do the rest on their own.

 

If you are an agent who wants to learn how to do a short sale correctly in real time with real time training with a trainer guiding you through each step email me.

If you are an agent who is getting no's from short sale lenders and not getting a good healthy amount of closing- we close our short sales. It takes patience and perserverance but we close them. We thought we were going to have to claim our first lost short sale but with some creative maneuvering I came up with an idea to reignite the short sale and now it looks like we saved it after all, against all odds.

You should be able to close all of your short sale listings if you are in Florida. Email me if you are interested in our hands on training from start to finish-empowering you with the tools to succeed over and over again in short sales.

 

Short sales are a very lucritive niche market that you can really do well with if you have the proper tools and gain the knowledge and then apply that knowledge for experience.

 

Realtors® Specializing In Short Sales 

 

Realtors® specializing in short sales have a lot to keep informed about. We meet regularly with attorneys keeping abreast of new laws and procedures. We have ongoing conversations and fact gathering sessions with executives from different servicers.

 
 Your servicer is who you pay your loan payments too. Most often, the bank you pay your mortgage payment to is not the same bank that holds your note which is the promissory note that you signed when you bought the house. 
 
Just because an agent has a short sale designation does not mean they know how to negotiate short sales. We have been through some of these designation classes and had to correct the instructors on occasion for passing out misinformation. Since they are not in the trenches day in and day out, there is no way they can keep up with all that they need to know to stay on top of the short sale transaction. 
 
The one thing you can be sure of in short sales is that the rules are constantly changing. As a Realtor® specializing in short sales you need to stay current on what is changing. 
 
You can not as a seller or as a buyer believe everything you read on the internet or in the newspaper. You should not believe everything you hear on the radio or watch on television. Just because it is spread through the air waves does not make it true. 

Do your due diligence before you hire a realtor® to list your short sale . Do your due diligence before you hire the agent who is going to help you get your short sale accepted by your lender. 

If you are looking for a Realtor® specializing in short sales- Nestor and Katerina Gasset close 99% of their short sale listings. When an agent says that - you then need to know does that mean they have one listing and they closed that one short sale listing? Because in truth, that is 100% is it not? 
 
Read the testimonials that are on the agent's website that are from people who they did short sales for, not regular sales. Also, you can see on their sites if they have information that is going to help you or is it just a landing page with very little benefit to you in your situation. 

Call Nestor and Katerina Gasset today for a confidential short sale intake evaluation at 561-753-0135. 
 
 

 

If you are considering the option of short selling your Florida home 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. 


Florida Short Sales- What Do You Do To Keep The Buyer From Walking?


 

Chase Short Sale Approval in THREE DAYS!!! 

This one is for the history books! We did our happy dance with this short sale approval! 
 
Negotiating the offer between the buyer and the seller took longer than it took us to negotiate the short sale with Chase and get the approval letter for the short sale. 
 
The purchase price of the house was $750,000. 
 
Nestor did a great job getting the seller a fully paid and satisfied lien release as well as NO deficiency to the seller! And he got it in writing from Chase! 
 
This was a CASH transaction, no appraisal and Chase owned the note so it was only brought to committee which of course saves time. We also double ended it. The buyer did have their own attorney to represent them and also an agent who was not licensed in the state of Florida. 
 
We closed within a few days of getting the acceptance letter and the buyers now have an Equestrian Center home for the Equestrian seasons here in Wellington Florida.
 
 
Florida Short Sales- What Do You Do To Keep The Buyer From Walking?

 

 

Florida Short Sales- What Do You Do To Keep The Buyer From Walking? If you work with short sales you know that you work hard, calling the banks every day, moving your file along at a snail's pace yet sinking your teeth in and not letting go until you get the right answer for your seller from their short sale lender only to find that out that buyer is going to walk the day before the approval letter shows up! 
 
We received the following email from Brad Officer. I asked him if I could use his email and answer his question in a post. So I have his permission to reprint his question here: 

 

 Subject:
Short Sale question from another agent
 
 
   Message:
Hi Nestor and Katerina, 

I'm a remax agent in North Florida. I work mostly on the sellers side and I do mostly short sales. 

I have a heck of a time with buyers flaking out and canceling agreements before we ever hear back from the banks. Many times they just find another home that they like better. 

Curious if you guys are putting any "early termination" clauses in your agreements?

Thanks for your thoughts!

Brad Officer
RE/MAX Specialists
Jacksonville, FL

 

We also work with sellers and our buyer agents work with buyers. We do mostly short sales also. 
 
This is a Florida agent and we will talk Florida short sales here. The suggestions we place here are based on what you can do in Florida. Disclosure: I am not an attorney and I am not giving legal advice. Please seek the advice of a professional attorney before implementing any contract changes or adding any verbiage to your contracts or offers or documents. 

 

The FAR BAR AS IS contract and the FAR short sale addendum are the documents mostly used in short sale offers here in Florida. But the short sale addendum is a very poorly written addendum and more to serve the buyer’s interests and not the sellers, in our opinion. There is NO law that says you have to use this particular short sale addendum. You can have your broker or your attorney draft a short sale addendum that will help your sellers. So the first thing that I would do is get a short sale addendum that will work for your clients. 
 
 
  • If you are using the FAR short sale addendum you can add an addenda that says that the earnest money is to be deposited with the sellers’ title company or escrow agent upon the signing of all parties to the contract for sale and purchase. 
 
 
We know how long each bank takes to process their short sales. Based on that information is how long we counter the buyer in their time for acceptance section of the short sale addendum. If it is Bank of America- we ask the buyers agent to make sure that their buyer understands there may be a longer wait than they might expect. We go 120 days on our addendum for BofA short sales. 
 

 

For Chase short sales we put 90 days, Bank United we can use 60 days and so on. We send the buyers agent a notice to give to their buyer explaining how a short sale works and how long it could take along with important facts. You must get up front from the buyers agent how committed their buyer is and if their buyer walks before the time for acceptance has passed- they will not have their deposit money returned. 
 
We still have had contracts where the buyer walks away from their deposits. We had one short sale where the buyer walked away from $5000 deposit. So it happens no matter how much you try to hold it together.
 
Communication is the key. We are in constant contact with the buyer agents.  Whenever there is movement on a file, we let them know. This helps to keep them in the contract.
 

 


 


 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Florida Short Sales - What Do You Do To Keep A Buyer From Walking? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Florida Short Sales - What Do You Do To Keep A Buyer From Walking?*

 

 

Dear Mr and Mrs Short Sale Buyer: 


You really like one of our listings and you asked your buyers' agent to write up this offer for you.  

You want to make sure that we know you really want this house and are in love with this home. 
palm beach county BPOs and short sales

We then get this offer from you that says: 

  • You are putting NO money in escrow right now.
  • When the short sale acceptance comes in you are going to put down $1000 in escrow yet you are putting down 40% in cash towards your loan. The asking price for this property is well over $400,000!
  • You are only giving the seller 30 days to get third party approval from his short sale note owner.
  • You added that the seller is not allowed to continue to market his property.
  • You added that the seller is not allowed to accept back up offers or multiple offers.
  • You want 30 days to get loan approval AFTER the third party acceptance.
  • You will not do your home inspection until 10 days AFTER the third party acceptance.


AND you want us to go to bat for you to get your offer through?
 

FOR WHAT? 

 

What are you bringing to the table? NADA, ZIP! 


You have plans to have your agent take you out tomorrow to look at more homes in this neighborhood in case you find something better than this one you put your offer in on. 

Sorry- the game is not played this way. 
You may think this is a buyers' market but we have news for you. 
Most ALL of our short sale listings are receiving multiple offers in the same day or two. 

Our sellers counter offer is: 

  • You WILL put $5000 earnest money into escrow upon both buyer and seller executing this bi-lateral contract.
  • You WILL place an additional deposit of $5000 in escrow upon the seller sending to you in writing that his short sale was approved.
  • The offer becomes an effective contract at the time of both parties executing this agreement.
  • The short sale lender in this particular case is taking about 75 days to give acceptance to short fall so the time period in the contract is changed from 30 days to 75 days.
  • You will get your home inspection within 30 days of effective date.
  • You will get loan approval NOW , not after third party acceptance.
  • Our seller does not accept pre-qualification letters.

Too many sellers are left hanging at closing with buyer's denial letters from their mortgage companies. 

Upon receipt from the title company that you have the escrow money deposited; we will place the property CTG with short sale. 

  • Seller reserves the right to accept a back up offer.
  • CTG will get changed to Pending in the MLS once all of your contingencies are removed.


You are entering into a legally binding agreement. Please advise with your attorney. 

If you walk away from this contract; you will forfeit your deposit.

 

 

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County and Port St Lucie Florida and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

 

Dear Mr and Mrs Short Sale Buyer  was first published on South- Florida-Luxury-Living.com.

 Copyright © 2009 By Katerina Gasset, Dear Mr and Mrs Short Sale Buyer All Rights Reserved.

 

 

 

South Florida Short Sales and REOs Offer Great Values

South Florida Short Sales and REOS Offer Great Values For Investors in Palm Beach County Florida.

Prices are the lowest they have been in years and with interest rates climbing back up this might just be a good time for the seasoned investors to purchase Florida properties. 

south florida short sales reos

This is not a flip and turn market, but rather a buy and hold market right now. With the stock prices falling there are many investors moving money into the real estate market. There are areas of Florida where you can get a positive cash flow on rental property that you was unheard of few years ago.

The rental investor market really took a beating for several years in Palm Beach County because the negative cash flow simply did not make sense.

Donald Trump is advising investors to buy now in Floridaand also for move up homebuyers and first time homebuyers to purchase their homes using the new tax credit that is now available.

If you want to invest in the Wellington Florida area you will be able to find properties from Condos and Townhouses to Single family homes. The prices can range from below $100,000 to into the Millions. It all depends on what your use will be.

The lowest prices in this part of Florida are in Port St Lucie in St Lucie County which is north of Jupiter.You can find 3 bedroom single family homes with about 1600 square feet under air for $130,000. These are 2003 prices! You will be able to get some great bargain prices there as most of the homes for sale in Port St Lucie are either foreclosures or short sales. The prices have gone as low as 30 cents on the dollar of the mortgage owed by the homeowner to their lender.

Nestor Gasset and Katerina Gasset's real estate team can find you just the right investment properties that fit your criteria. We only work with one investor in one market area per agent at a time so that there is no problem about making choices of which investor to be loyal to in our findings. We simply ask you to sign a buyers' representation agreement with us. The retainer fee which is refundable at closing is determined by the scope and complexity of the criteria with which you are searching and the quantity and quality of the offers that will be presented.

south florida short sales reos

 

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

 

 

To view all the South Florida Short Sale Homes For Sale Click here and then click on Search For Homes

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

 

South Florida Short Sales and REOs Offer Great Values was first published by Katerina Gasset on South- Florida-Luxury-Living.com. 

 

 

Florida Condos Get More Aggressive With New Laws


This week Florida Condo Associations got a big boost from Governor Charlie Crist when he signed a new law favoring the Condo Associations. florida condos win state laws

 
Now, pay attention those of you who live in Condos and are NOT paying your HOA fees and CONDO fees when you stop paying your mortgage, when you have walked away and left the keys on the table and even if you are working on getting a short sale approved! 
 
Condo associations can now go after you for TWICE the amount of delinquent dues owed to them
 
They were limited to six (6) months of dues in most cases. Also, the banks don't want to foreclose on Condos because then they will have to keep the units up, pay the dues and take care of maintenance issues and special assessments. Now the banks when they foreclose will have to pay one year's worth of back dues. 
 
The new law also allows Condo Associations and Homeowner Associations to lock you out. That means no more access to your pool or other common-ground amenities. 
 
This law also confirms the ability for the HOA and Condo associations to be able to rent out the condo units to collect the HOA fees without going to court. This will save money from the HOA budgets and expenses. They will be able to take over the units, rent them out and use that money towards the dues that are owed to them. 
 
Another part of the new law is called: "Distressed Condominium Relief Act." This part of the law relieves the Condo Associations from delaying very costly improvements like upgrades to fire alarms, elevators and fire sprinklers. 
 
In Florida the condo market was a hot, hot, buy where people stood in line for hours and sometimes parked overnight to put down a deposit on a unit that was not built. The units then were flipped over and over again, several times to make a profit. Then the developers ran around converting apartment buildings all over Florida to condos. 
 
Boom, bust comes along and investors who got caught holding the hot potatoes walked away and stopped paying dues. 
 
 
When we take short sale listings where there is an HOA or a Condo association involved we tell the sellers that a condition of our listing terms is that they must keep current with their HOA fees and Condo fees. If you are a listing agent- consider having some type of agreement like this. 
 
In short sales the second biggest obstacle we run across are the lenders being really tough on paying these delinquent HOA fees. 
 
We have had some sellers who were already so far behind that they could not catch up and we took the listing because we knew we could get all cash buyers to the table who would pay off the delinquent fees. 

 

 

 

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.

 

 

 


Short Sales- As The Short Sales Turn *Reality Short Sales*



Short Sales- As The Short Sales Turn *Reality Short Sales*

If you work in Short Sales you will appreciate this As' The Short Sales Turn' Reality Short sales or should I say, sagas! 

 

Nestor and I list a lot of short sales here in Wellington Florida and Palm Beach County Florida. Most of the short sale listings are in the foreclosure process. Because of the amount of short sales in our area we decided we would do a series about short sales where we explain the short sale process and the qualifying factors to do a short sale. From there we will be continuing the series with what the buyer needs to know about buying a property in a short sale and what the seller needs to do to complete a short sale. 

We also hope this series will help the real estate agents in our area and around the country to understand the short sale process in order to better assist their buyers in procuring a house through the short sale. If the agent is listing a home that will need to be sold as a short sale he or she will know more of what is involved.

 

 

 

This particular post is letting you know some of the ups and downs within the negotiating process that we deal with on a day to day basis.

There are lenders who are efficient in their short sale departments and then there are, well, should we say, lenders who are just not from this planet!

 

 

 

We had this listing that we received an offer on and turned in a whole short sale package which on average consists of about 80 to 100 pages of documents and verifications. Nestor puts this whole package together, OH, BTW, you must add the loan# on the bottom of every single page before faxing it in, he faxes it to the lender. The next day, we find out that they just sold the loan to another lender! We call that lender and guess what! They had NO idea that the seller was in the short sale process. Needless to say, the whole process starts all over again and has been going on since November!

Now on another short sale listing, Nestor sends the package all in and the lender confirms they have received it. They order the BPO. We get the call that the BPO is being done and we are told when she turns it in to the lender. Then when Nestor calls the lender, they say they do not have the BPO! Well, we know they do. It was so funny because the person puts Nestor on hold, and while he is waiting, he calls the agent who did the BPO and she is telling Nestor that of course she turned the BPO in by the deadline the lender gave her. The person from the lender gets back on and hears Nestor and the agent talking and then says, " Oh, we found the BPO." Now this same lender calls our seller a week later and asks him how is his sale on his house coming along! He tells them, it is not coming along because you, the lender, is not doing anything to get this deal done and you have not approved the sale so how can it be coming along! 

This one wins the boobie prize! One of our sellers calls the lender to ask them to help them out with a freeze on their interest rate as per our President's request to have the lenders work with homeowners who do not want to ruin their credit, etc. The guy tells this seller that they can not help them and that he does not know what they could possibly do. Then he is looking at their file about their property and says these words, " Gee, you can buy a house for only $150,000 the same size as yours there here in Texas!" They try to explain they are not moving to Texas and that they want to keep their house. He again says to them, "Why don't you move to North Carolina or something!" At least it wasn't someone from India telling them to move there! What a trip! 

You must know what you are doing, be very patient and have very good communication skills in order to succeed in short sales. If you are an agent make sure you have a thick skin and are up to dealing in short sales. If you are a buyer who is interested in buying a short sale stay tuned for our series on short sales in Palm Beach County so you get all the information you need to know. And Sellers, you must choose an agent who has the skills and experience to negotiate with your lender and knows what to do in these circumstances should they arise.

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - As The Short Sales Turn *Reality Short Sales* was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - As The Short Sales Turn *Reality Short Sales**

 

 

Establish Short Sale Referral Partners With Your Local Realtors®



We just had a closing yesterday and this is the email we received from the buyers' agent. She has given us permission to post her feedback and working with us on a  short sale listing:

wellington florida short sale agents

There are very professional agents in our town that do not list short sales. One of those agents is a very prominent Polo player's wife. She refers her clients to us to do their short sale listing and negotiating and had never even asked for a referral fee. She just keeps sending her clients our way. 

We just listed one of her referrals as a short sale. When her referral called us, he told me that his agent had referred him two different agents, us being one of them. The first agent had already been to his house. He was 'chomping at the bit' according to the seller to list the house. When he called me and I told him that I first do an intake evaluation over the phone to examine even the possibility of his being approved for a short sale- he was a little taken aback.

 I told him that we did not want a listing we could not get to closing. He told me about the other agent and I said, that is fine. List with the other agent but let's first make sure you understand how a short sale works and if you are even willing to play ball. After about 15 minutes into our phone interview the seller politely interrupted: " I just need to tell you, I was not impressed at all with the other agent. Whatever it is you need me to do to list with you let me know and I will get it done today." I doubt if the other agent even asked one qualifying question.  The seller is a Polo Player and his house is going to sell fast. As Nestor opened his CMA- the seller sa


After the seller provided the paperwork to us via email, Nestor went over to take photos and to look over the property. Nestor was ready to give him a marketing presentation because we did not know what his agent would expect. Always be prepared. The seller said:  "I don't even need a presentation- Don't even open your laptop. I know you guys know what you are doing. After I spoke with your wife I called my agent and told her that you guys are the only short sale agents she should ever refer anyone to. I told her to forget about referring any short sales to that other agent. It is like the difference between night and day." 

If you are NOT desperate to get listings- you will get more listings!   

If you are a short sale agent that knows the short sale niche you can establish some great referral partners with local agents in your community that do not list short sales. 

 

 

 

Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135

 

 

What Short Sale Lenders Say About Agents

Since we list a lot of short sales and close on these short sale listings we get the opportunity to talk to many supervisors and executives at the different lenders and servicers that make decisions about accepting a short pay off on a mortgage.  florida short sale agents

We have developed some good working relationships with negotiators, supervisors and executives at many of the short sale lenders and their servicers over the years to the point that all we have to do is send an email when things don't go right and we will get immediate attention to our situation. This benefits our sellers tremendously and it helps to assure Buyer agents that we know how to get their short sale offer to closing as long as they implore patience.

This has also given us a chance to discuss why it takes so long and why so many other short sales fall through and never get to closing or fall apart at the closing.

The number one reason direct from the mouths of the short sale lenders is that the real estate agents do not know how to do short sales, don't understand the process, send in incomplete files along with incorrect information and do not return phone calls to the negotiators when they need to ask for additional documentation.

Our buyer's agent can attest that this is also true for her. She has lost short sale offers for buyers because the listing agents do not know how to do a short sale properly, that they don't communicate properly with the negotiators.

I can not tell you the number of times that a short sale negotiator or supervisor has told Nestor, "Thank you for being on top of the files, thank you for turning the short sale package in completed, thank you for being patient."

I promise you that yelling and being a bully is not going to get your file worked on.

This is why Countrywide has now said that if an agent does not return requested additional documentation within 3 days of their request they will just close the file.

Why is it that every one of our short sale listings close or will eventually close as a short sale no matter how long it takes us while the national average is so low for closings on short sales? Is there a common denominator?

We have one short sale going on 2 years now without a closing, but we just got another offer, the 14th offer on this property and this time the agent who did the BPO finally got it right! We will close on this file, finally.

Don't shoot the messenger.

For more information about short sales read our short sale information series.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton Beach, Manalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

What Short Sale Lenders Say About Agents was first published on South- Florida-Luxury-Living.com.

 Copyright © 2009 By Katerina Gasset, What Short Sale Lenders Say About Agents All Rights Reserved.
 
 

Short Sales in Palm Beach County Florida- Successes To Celebrate!

Short sales success updates for Palm Beach County Florida! It is always the sweetest sound when the phone rings and on the other end is the negotiator for one of the many lenders telling us that we have a short sale approved and the acceptance is on its' way!

YEAH! We had 3 short sales approved this week! Not one, not two, but three!!! YEAH!! Time to Celebrate!

Short sales are a lot of hard work and time intensive so when we get the approval we hang up the phone, jump up and down, give everyone a high five and then call our sellers to tell them the good news. After that we call and tell the buyer agents the good news.

We had a record time this past week with all three of the short sales. Two of them are with WAMU who is now Chase.

We had a short sale offer on one of our listings less than 10 days ago and got the approval on Tuesday! Is that a miracle or what! The seller was a call from our expired mailing package.

The second short sale approval took a bit longer with the same WAMU but we started that one before Chase was taking over. That one we had an approval on within 45 days from the time we got the offer. The seller was a referral from an attorney who refers short sales to us.

The third short sale acceptance was one in which the lender told us ahead of time what they wanted for the property. It was a rare instance where the price we had it listed at was the approved price so no BPO was needed after the offer came in. The offer came in at the exact list price. The agent on that offer was so nervous because he never wanted to make an offer on a short sale for his buyers. We put him at ease and convinced him that he was in good hands with us. Now his buyer is SO happy because we had an approval back within one week of her offer coming in! This seller was from a call from our Active Rain blog!

One from each of the sources we work on getting our listings from! How about that!

We are happy campers tonight!

For more information about short sales read our series at Short Sales Florida.

 

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

 

 

To view all the Wellington Florida Homes For Sale Click here and then click on Search For Homes We knowPalm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Short Sale in Palm Beach County Florida : Call us today.

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County Florida- Successes To Celebrate! 

Short Sales in Palm Beach County Florida- Successes to Celebrate was first published on South- Florida-Luxury-Living.com. 

 

 

Strategic Defaults and Strategic Short Sales- Do The Moral Police Get To Decide?


There are many posts being stirred up as emotions arise from this debate over a moral duty to pay your mortgage payments to your lender

 
Lydia Puller wrote a post here that sparked some heated comments to which Michael Lissack then responded. Lenn's tattoo post brings it home to point out how utterly ridiculous it is to pass moral judgment and force people to pay their house payments. 
 
Strategic Defaults Moral PoliceIt never seems to fail that short sale posts and strategic default posts bring out the moral police. 
 
I have noticed that many of the same people who scream that if you have the money to pay your house payments and choose not to should be punished or forced to pay up are also the same people who come rushing to the defense of homeowners who lose their jobs or get relocated because those are 'hardships'. 
 
In fact, I have read comments from many agents who will not even consider helping a seller with a strategic short sale. 
 
When you make a moral statement such as this- you must then ask yourself- at what point is this a hardship or not? Who would be the judge and jury about whether you can afford to pay or not? 
 
Case in point: 
 
What if you get called by a homeowner to go over his options? He is now in default. He is no longer making his mortgage payments. You go through your short sale qualifications with him. He tells you he lost his job a few months ago and now can not find one. 
So you say, oh my gosh, I feel so sorry for you! You poor thing! You lost your job. 
 
You can do a short sale, you pass the hardship test. 
 
Well, why did you come to the assumption that just because he lost his job he has a hardship? Because that is one of the reasons that is readily accepted. 
 
But if you are going to tell one person they can not do a short sale because they can pay but this guy- he lost his job so he can get one? 
 
Are you going to really call his boss to check why he lost his job? What if he is a total abusive jerk and got fired. Then went to collect unemployment. He proves to you and his lender that he lost his job because he is getting unemployment. What if he has no intentions of getting another job and after he lives in his house as long as he can, he just plans to move in with his mother. 
 
But are you going to investigate? You should if you are the moral police! If you are in the position to judge who is worthy of a short sale and who is not, then you should use the same measuring stick for all. 
 
 
If you say no to one person because you believe they are morally wrong for not paying then you should be applying that same standard through all your dealings with all your clients. 
 
Is it not at the end of the day, lack of personal responsibility the reason for most hardships? Of course, because most anyone can change the course of their life. That is a tough statement but saying those who do have the money are the ones that should be punished is just as harsh. 
 
So who are we, you, the government or any lender the moral police to decide whether someone can do a strategic short sale or not? 
 
There are all kinds of reasons people can't, won't or don't pay their mortgage payments and that has happened since the very beginning of loans. 
 
This is a business decision not a moral obligation. If you want it to be a moral decision for you, that is your decision for your own situation but not for others. 
 
We do strategic short sales. We are presently listing 4 properties owned by an investor. They are all upside down. They all need to be sold. This investor will contribute to the kitty. They will also be 1099'd and the loss will be treated as income according to the IRS. It is still better in her situation than to just walk away. But that is her decision. Not mine, not yours. 
 
And why would we NOT help her???? 
 
If a homeowner or an investor chooses NOT to pay their mortgage payments that is a decision between them and their lender. There is nothing within their note or promise to pay that says that if they get relocated or they fall upon hard times they don't have to pay but if they have the money they have to pay! 
 
Take out your note and your mortgage instrument for your loan on your house and read it. We challenge you to show us where in either your note or your mortgage documents it says that you are being forced to pay your mortgage. I have read many mortgage instruments and no where does it say that there is a moral obligation for you to pay or that it is right or a moral duty for you to pay.
 
It is each borrower's choice to pay or not to pay. If you pay you keep your house. If you don't pay, you don't get to keep your house because you used your house as collateral. It is the borrower's choice to ruin their credit or not. It is the borrower's choice to go into bankruptcy or not. It is no one else's decision. The consequences are between the remedies the lender has set forth in the note to repay the loan and the defensed the borrower may wish to enlist an attorney to bring up before a judge in the state of Florida. 
 

To  view Welington Florida short sales  Click here. We know  Wellington Florida Real Estate and Wellington Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

 

 

 

 


Agents! A Short Sale Is Nothing New!


Agents! A Short Sale Is Nothing New!
 



Sometimes I just can not believe that there are some agents that have passed their Real Estate License test! 

I just received a call today. The agent Googled 'Foreclosures' in our area and our blog and website came up first. I know she was calling from our Blog because she called on my cell phone and our website has our office number.

So this is how it goes:

 Agent: I am calling about your foreclosures.

 Me :  How did you find out about about us? 

 Agent: I Googled Foreclosures in Wellington.

 Me: We don't have any Foreclosures listed for sale but we do have short sales.  

Agent: WHAT IS A SHORT SALE?

Well, of course I explain to her that a short sale is when the owner of the property has to sell his house for less than what he owes the bank.  

But this is the BIG Question- how does a Real Estate Agent in the state of Florida NOT know what a short sale is? That is a part of our licensing course here.

I can understand that you don't know how to do a short sale or that you have never done a short sale but to not know even the definition just baffles me.

Short Sales are nothing new. They have been around as long as mortgages have been around. Back in the early 80's we did Short Sales. Short sales have been negotiated ever since I got licensed for the first time many moons ago.  

BTW- When a property owner has to sell his property as a short sale he is not foreclosed on at this point. The owner is still the property owner and NOT the bank here in Florida. We are a deed state.  

Even is she did not remember the term and the definition from class has she been living under a rock this past year? This is what many of our listings in our county are- SHORT SALES! Look it up!

I am always happy to help but I also have to make a living and it seems that as of late we are always on our phone explaining to agents how to write up an offer for  a short sale for one of our listings!  Where are the brokers? What are they doing? Hold a mandatory sales meeting and go over these terms and what they mean! 








Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Agents! Short Sale Is Nothing New!  was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Agents! Short Sale Is Nothing New! * 
 


Broker Bryant! I Think I Just Found The Place To Top Your Poinciana



Broker Bryant! I Think I Just Found The Place To Top Your Poinciana In Short Sales and Foreclosures!


 

Broker Bryant writes a lot of posts about what his market is like in Poinciana Florida which is a bedroom community to Lake Buena Vista, Florida. Some of his posts talk about how hard it is to get loans there and others about the sheer numbers of short sales and bank owned properties eroding the market there and really hurting the home owners who need to sell and can not compete against these short sales and foreclosed properties. 

I love reading Forbes magazine and read it monthly. This past month there was a report in Forbes that San Diego was the city with the most foreclosed properties in the nation but lo and behold, the city that took the #3 spot on the list of most foreclosed properties in the entire nation was in Florida and it was NOT Poinciana. It was Port St Lucie Florida!

 

Port St Lucie Florida has the most Foreclosed on properties and the most short sales offered for sale behind 2 other cities in the United States!

Nestor and I went to Port St Lucie to put up some For Sale signs on 2 new short sale listings that we got from our Active Rain Blog. Do you remember the photo that Broker Bryant uses on his blog with all the For Sale signs in one place? Well, Port St Lucie tops his photo! I have never in all my 26 years in Real Estate seen anything like this and either has Nestor. We have been in many markets in different states but this sight beat anything we have seen.

You did not drive for more than 20 feet without seeing a For Sale sign! They were everywhere! Most of the prices in Port St Lucie are falling back to 2000 prices.

Not only that but check this out! We went to a Foreclosure Defense seminar that our attorney was putting on that night. We met an agent at that meeting that lives there and will not do short sales. He will refer his short sale business to us. But the amazing thing is this:

Port St Lucie laid off almost all of their building inspectors because new construction obviously has practically come to a screeching halt! But they are hiring court clerks! Saint Lucie County had to add on a second shift and then a third shift of clerks to process the Lis Pendens, the Foreclosures, the Final judgments and complaints. That means they are working 24 hour shifts just to handle the paperwork that comes with all these foreclosures.

Homes that sold for $300,000 just a few years ago during the over inflating of the prices are now being sold for $75,000!

You can buy a brand new home in Port St Lucie for $80,000! This is incredible for buyers and investors. Now you can actually buy a house and rent it out and have a positive cash flow again! School teachers only bring home $2,300 a month and were priced out of all the markets in South Florida can now afford to buy a home!

Not only that, but snowbirds who just want a winter get away can find a second home at such affordable prices, heck, even less than a time share and be minutes to the beaches and great PGA golf courses. 

I don't see this as a negative at all! I see this as a market correcting itself. You see, Port St Lucie is like a retirement area and does not have any infrastructure for industry or jobs. There is no night life or downtown areas where you can go to a ball game or a concert. You have to drive everywhere when you live in Port St Lucie.

What happened during the boom is that the investors and speculators started running up to Port St Lucie to buy up all the lots and start reselling. When you walked into a new home model to inquire about pricing, you would be talking to the salesperson and as you were talking the prices would go up! I mean in 15 minutes the price of the house would go up $5000. This was a bubble waiting to burst! It was insane! Nestor told Centex homes NOT to build there. Nestor told all the major builders to stay out of there.Nestor warned  that it was going to crash! And Crash it did! It was like the wild gold rush and once everyone got there, there was no more gold. 

There was an auction last weekend and the banks were auctioning off 20 homes per hour and not one house sold for more than $80,000.  

Since we enjoy helping sellers to get out of their financial woes and help them avoid foreclosure, we see this as a great opportunity to list and sell many of these short sales in Port St Lucie. The lenders own so many homes in Port St Lucie Florida that they do not want to own even one more. This is one area where we can get a short sale done quickly. 

So if you know anyone who needs to sell their property in Port St Lucie Florida as a short sale have them call us, we can help.  



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Broker Bryant! I Thinkk I Just Found The Place To Top Your Poinciana In Short Sales and Foreclosures! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Broker Bryant! I Thinkk I Just Found The Place To Top Your Poinciana In Short Sales and Foreclosures!* 
 


Good News! Another Short Sale Closes- Tallahassee Short Sale!


 

Good News! Another Short Sale Closes- Tallahassee Short Sale! Active Rain Blog Call!



We just closed another short sale successfully, this one was a listing in Tallahassee Florida, The seller found our Active Rain blog and called us for our short sale experience. He did not live in Florida any longer so we handled the entire listing and sale via email. Our Active Rain blog brings us 2 to 3 listings each week. I wish I could clone myself and write more posts to get even more!

 

 

We then began to search for an agent in Tallahassee which prompted me to write, Does Anyone Work In Tallahassee Florida? Through that post Leigh Brown from Charlotte, North Carolina let me know she had used Mike Carlos who was not a member of Active Rain at that time. I since invited him to Active Rain and he is now blogging!

Our Tallahassee listing was cobroked with Mike Carlos. It was a great team effort, we handled the short sale negotiations and Mike handled the inspections and the MLS in Tallahassee, put up his sign and lock box. 

This was the fastest and smoothest short sale we have done to date! Nestor and Mike priced out the property and we reduced the price every 10 days until we got offers. The house was a cosmetic fixer because the tenants let their dogs chew up all the window sills and poop all over and not clean it up. It smelled so much like dog poop that the buyer who bought the house told me she had to cover her nose with a blanket just to look at the house.

The listing of this short sale was an instrument in creating new relationships and friendships. The buyer happened to be a real estate agent who handled much of her side of the deal herself through me, who kept her abreast of each step. There were two offers on the property. We became friends. 

The lender was very nice to work with. They had their BPO ordered within a week and they accepted the higher offer and did not even counter back. We had our listing commission at 7% and the buyer needed her commission for part of her closing costs and the lender approved that as well. They did come back to Nestor and tell him we needed to send them a new HUD reflecting 6% instead of 7%. Mike and us split 1/2 of that and the buyer, who is an agent got her half. Everyone was happy. This was the smoothest transaction for a short sale. From start of receiving the offer to closing it was about 35 days.

At the same time this transaction was going on; my ordeal with my family property in Latvia was reaching deadlines. It just so happened that the buyer worked right across the street from our State Capital and offered to help me after reading my blog about Latvia and apostilled the necessary documents for me. So I thank her from the bottom of my heart.

She is so happy and excited to get this home for her family! The beauty of short sales is that the prices come down to where they need to be for buyers to afford to buy homes and make the mortgage payments.



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Good News! Another Short Sales Closes- Tallahassee Short Sale! Active Rain Blog Call!  was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Good News! Another Short Sales Closes- Tallahassee Short Sale! Active Rain Blog Call!* 
 


Palm Beach County Short Sales Testimonial -Choose A Short Sale Expert Agent



 

Palm Beach County Short Sales Testimonial - Choose A Short Sale Expert Agent
Palm Beach County Short Sales- Choose a short sale real estate agent who knows how to close on short sales. 
 
  • Have you been served with a foreclosure summons and complaint? 
  • Are you behind in your mortgage payments?
  • Are you looking for a way to avoid a foreclosure?
  • Do you know what all your options are?
 
You may be qualified to do a short sale on your property giving you time to restart your life if you have suffered a hardship. 
We have written a series of articles about what is a short sale, how you qualify for one and how the process works.
 
The following is a letter we received from a seller in Wellington Florida that we had a very successful short sale closed on. We were able to negotiate for this seller a fully satisfied and paid mortgage with out any financial implications to haunt him later on. He had PMI insurance and Nestor was persistent to the point the PMI company did not make our client sign a promissory note which is very common for them to do require. 
Dear Nestor and Katerina,


I wanted to take a few minutes to write this short note and express my deepest thanks and gratitude for helping us with the sale of my home recently in Wellington, FL.
I was not entirely sure of how my situation with a home that was totally “upside down” was going to unfold, and I had no experience with the short sale process. There was very little information available on this subject on the internet, and the Realtors I spoke with prior to engaging you seemed to know even less than I did. You were clearly very knowledgeable about the process, and were able to describe the general flow of how things would work, and answered all my questions. You were able to put my mind at ease about the entire process, and made me feel confident that we could complete the short sale transaction. I am especially grateful for your prompt responses, and you were very easy to get in touch with whenever we needed to.  
 
I wanted to thank you for dealing with the PMI company when they nearly derailed the whole deal. You were able to expertly guide the process past this snag and get them to accept the offer. And need I mention the last minute near disaster with the buyers on the night before closing? Yet again you intervened quickly and made sure that this transaction was completed and went through closing the next day.
 
I would not hesitate to recommend your services to anyone, as you carried yourself professionally at all times. You helped my family through a rough spot in our lives and helped us move on to a new and brighter future. I would be glad to speak to anyone in the future if they ever would like a reference.
 
Sincerely,


James Diehl
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Palm Beach County Short Sales Testimonial - Choose A Short Sale Expert Agent  was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Palm Beach County Short Sales Testimonial - Choose A Short Sale Expert Agent *

 

 

Palm Beach County Short Sales- Is Pressure Mounting For Homeowners Who Don't Pay Their Mortgage? 

 
The biggest disconnect we believe in the short sale arena is the fact that the banks do not stop the foreclosure proceedings when you are trying to do a short sale. This creates so much stress on the homeowner, the buyer, the buyers' agents and the listing agent- always trying to get foreclosures postponed or slowed down. 
 
Most often, the best process to follow is to hire a qualified and reputable attorney who will defend against your foreclosure. 
 
We are seeing an increase of calls to collect payments, more aggressive conversations with homeowners and more negotiating being done with reps from the banks calling our sellers directly to offer deed in lieu(s)  while we are in the process of doing a short sale. 
 
Some sellers are surprised that they still get collection calls even after signing authorization forms giving us permission to talk to the lenders. 
 
Of course we tell our sellers that these calls will happen. We have some sellers who just don't answer their phone anymore when the bank calls but we also have other sellers who want to continue a dialogue. I don't believe they really understand the scope of what they are engaging in when they have the conversations. 
 
We have noticed an increase in the collection calls and an increase in trying to get the sellers to cancel their listings and do deed in lieu
 
Remember that a deed in lieu is a foreclosure without going to court. 
 
When you owe money to a bank and you do not pay your mortgage it is the bank's job to collect the money that you owe to them. You owe the money. So the bank is calling you to see what they can get out of you. When they start talking about how they are going to help you - keep in front of your mind- the bank is NOT there to help you. They are there to collect the payments you owe them. 
 
You have to stay the course. There will be by the banks to persuade you off your course, there will be good intending friends and family members who will tell you a different path to go down. But the choice is only up to you. Whatever your choices are, you need to understand what those are, choose your path and then stay your course. 
 
 
 
 

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.

 

 


 


Short Sales- Why Do They Insist On Shooting Themselves In The Foot? UPDATED



 

Short Sales- Why Do They Insist On Shooting Themselves In The Foot? *UPDATED*
 
Short sales in Florida; what is this third party lender thinking? 

 
Here's the deal:
One of our short sale listings in Florida gets an offer on it. It is a CASH offer, NO appraisal needed, investors buying this condo with no financing contingency. We had this unit reduced and reduced until we could get showings. The 'good enough to get shown' price was $79,000.
The BPO comes in at $83,000.
Get this, the offer is $ 103,000! We could not believe it! This is the perfect short sale.
It sits and sits at the servicer. The BPO was done weeks ago. We get a negotiator on the file and he tells us the investor will take up to 2 weeks to give an answer! But get this, this guy does have the authority to reduce our commission. We pushed him on this issue and his answer was, tell me where you want me to send the denial letter! WHAT! I thought this guy could not negotiate without talking to the investor!
Then we get the call today. The offer is approved and we are getting the acceptance letter. All the calls are made to the appropriate parties involved that the acceptance letter is coming in. We are on a roll and the seller is releaved.
OOPS! The negotiator calls back, he spoke too fast!
The seller has PMI! The seller says she does not have PMI. The lender says he took out PMI on this note. The PMI companies love to be the deal breakers. They want the seller to sign a promissory note for $10,000.
So Nestor says, let's reduce the price of the offer and then give the 10K to the PMI company. Investor says no. WHAT! He is getting 20K over his own BPO
He should be thanking his lucky stars for this offer and bend over backwards to make this deal work because just in case he does not realize it; if he forecloses he is going to get a LOT less than what he has been offered now. Any buyer who needs financing will not be able to buy this property above appraised value! For us now, well, we have to put our creative thinking caps on to find a solution to a problem that should not be a problem!
THINK about it Mr. Investor!
Ask yourself, why do you continually shoot yourself in your foot?
 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Why Do They Insist On Shooting Themeselves In The Foot? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Why Do They Insist On Shooting Themeselves In The Foot?* 
 


Short Sales In Palm Beach County Florida- PMI Warning!




 

Short Sales In Palm Beach County Florida- PMI Warning!


Short sales in Palm Beach County Florida- Private Mortgage Insurance Can Be An Obstacle.

Homeowners- You need to check to make sure you do not have PMI insurance on your mortgage and if you do please tell your agent right away. PMI companies, ( Private Mortgage Insurance) can put a BIG damper on your short sale.
The most important thing for you as a homeowner to understand is that PMI insurance is not for YOUR benefit. It is solely for the benefit of your lender. This is insurance that is put in place in case you default on your mortgage and they must foreclose on your house. The PMI company covers the loss, that is, the amount of money the house ends up selling for less your mortgage amount. So let's say that you owe $200,000 on the mortgage of your house but then the lender forecloses on you and sells the house for $100,000. That means they just lost $100,000. So the PMI company will pay the difference to the lender who held your note on your mortgage.
We have found that many homeowners think that this PMI insurance is to benefit them and it does not.
When do you have PMI insurance on your house? Your lender will require you to pay for PMI insurance if you are putting less than 20% down on the purchase of your house. But during the loose lending days, many people were offered no PMI with 80/20 loans.
When prices were skyrocketing, a lot of people had their values going up very quick and then they could get their PMI insurance removed from their loans. This saves a fee of between $70 to $120 typically per month from off your mortgage payment. You had to prove that your house had equity of 78% or more in order to get the PMI removed.
We just had a seller who had done this. So when we asked if she had PMI insurance she said no, she had it cancelled in 2005. She was under the assumption that she had no PMI since she has a receipt of the cancellation and proof of a payment from the lender of a refund to her.
What a surprise it was when we had the negotiator on her file call us and tell us the PMI company wants a note for $10,000 or a cash contribution from the deal of $5,000!
When she called the insurance company to tell them she did not have PMI insurance, she was surprisingly informed that the lender had gone and got their own PMI and paid for it themselves as the market was going down. Hmmm, and she is liable and the lender did not have to disclose any of this to her.
Now we are in a pickle; scrambling around to find this money, maybe the buyer would want to bring some cash to close, probably not. The agents have already contributed and now here we are!
So just because you think you do not have PMI; you might just have it and not know you do. Make a call to your lender to see if you do have lender's placed PMI. The PMI company is in control! They want something from the deal. Be ready with a strategic plan of action. Knowing ahead of time what your agent is going to have to work with gives them more to work with, allowing them to come up with some plan that may just get your through this short sale process.





 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Palm Beach County Short Sale Testimonial - Choose A Short Sale Expert Agent  was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Palm Beach County Short Sale Testimonial - Choose A Short Sale Expert Agent* 
 


Short Sales in Wellington Florida - Why Sign A Soft Note To Close



 

Short Sales in Wellington Florida - Why Sign A Soft Note To Close Your Short Sale?


 

Short Sales In Wellington Florida- Why would you or should you sign a soft note to close on your short sale property?

 

When you are doing a short sale on your property our first goal is to get you a fully satisfied mortgage pay off reported by your lender. That is the  best outcome you can hope for.

 

But this outcome depends on your personal situation and other parts of the process that are not within your control. The more of a true hardship you have the more apt the lender will approve your short sale without any payment from you.

 

Also, if you have only one loan on your property you are likely going to get a satisfied paid in full without any other considerations.

 

Most of the time where we see the lender requesting you as the homeowner, the seller to sign a promissory note for part of your deficiency is when you have more than one mortgage on your property and it depends on what you did with the money that you received from your second mortgage or home equity line.

 

Your credit is checked when you do a short sale. The lender will look at your credit report and try to determine what is going on based on your purchases and such. Here are a few real life examples of lenders asking the homeowner to sign a promissory note.

 

But first let me define what a promissory note is and how it fits into your short sale. This is for the state of Florida. Please review your own state laws that govern notes. I am not a lawyer and I am not giving legal advise. My thoughts here are for informational purposes only. I strongly urge you to hire an attorney to review your case.

 

A promissory note in the lingo of lenders is called a 'soft note'. That means you are signing a piece of paper that simply states that you promise to pay back the amount of money stated on this paper. All the notes we have had done were at zero percent interest. This note is not bound with collatoral by any real estate or your home ( if you have another home you are living in, in Florida).

 

Most of the time the lender only asks for a small portion of the deficiency to be paid back and the payments are very low. You need to put this in perspective to your situation. The first question you need to ask yourself is what did you do with the money that you borrowed on that second loan or equity line? Did you use it to remodel the home you lived in, to buy another home, a down payment on another home or an investment property or for some new toys?

 

Examples:

One seller took out a home equity line on his house during the boom of real estate when his house appraised for more than what he bought  if for. He took out $80,000. He took $50,000 of that and bought a car with it. The lender saw that he bought the car around the same time he took out the loan. The lender asked him to sign a promissory note in the amount of $22,000 with zero percent interest and payments of $261 per month for 84 months.

 

This seller was excited about this offer by his lender. He realized this was a great deal. Let me explain why. He used $50,000 to buy a new car. He had no payments on his car aside from the mortgage payments since he put the car into his mortgage on his equity line. So here he is getting to walk away from his property that is not worth what he paid for it, he has a new car and is getting a fully satisfied paid in full mortgage reported on his credit report. So now he has to make payments on his car for $261 per month at zero percent interest! Now that is a deal he should jump  on and he did.

 

The next seller took a second mortgage out on their home for $140,000. They used most of that money as a down payment on a new home they were building. The lender asked for a promissory note of $12,000 with payments of $150 at zero percent interest. Now this seller is living in the house he used the money to get, so he is enjoying the benefit and the lender is saying in essence, we want a portion of that money back because you are using the money for benefit. This is only fair, don't you think? That means that he just really bought his house he is living in now for $118,000 less!

 

The next seller took a second mortgage out to pay his wife's medical bills that were not covered by their health insurance.  They are short about $95,000 and the lender wants them to pay back $2,500 on a promissory note. But we told the lender that he does not even have that extra each month to pay. This family will be homeless and therefore there is not another penny due to the ongoing issues of unemployment. The lender finally agreed to not even do any promissory note.



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Wellington Florida - Why Sign A Soft Note To Close Your Short Sale was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Wellington Florida - Why Sign A Soft Note To Close Your Short Sale*


Short Sales In Port St Lucie Florida- The Buyer Walks Away!



Short Sales In Port St Lucie Florida- The Buyer Walks Away!


 

Short sales in Port St Lucie Florida- Today was a day that went up and went down fast and furious! A day in the life and times of short sale agents!

We have a short sale listed in Port St Lucie Florida. We had been receiving super low ball offers from investors on this house that we knew would not fall within the lender's ratios for acceptance so the seller declined those offers.

Then we had an agent we know bring us a very good offer on this house. It was going to be the best offer we could get. This was with a lender that is known for being quite aggressive with their phone collection tactics. The stress was absolutely getting to our sellers. They were afraid to answer their phone. No matter how many times they told the other side that they were doing a short sale and that they did not have any money to pay even a one month payment, the calls kept coming on a daily basis. I would consider this harassment.

Anyways, the BPO was done and the lender comes to us a few weeks ago turning down the buyer's offer. They told us what they had to net. So the buyer came up in price to meet what she felt she could carry. It was still off the mark but we gave it our best shot anyways. SO today I am on the phone with the lender and we are negotiating all kinds of things on the HUD trying to make this deal happen. Finally she feels comfortable enough to give it to her manager for an approval.

Then we get the dreaded call from the buyer's agent. Her buyer found out that her rate changed and now would need extra cash to buy down the rate which she does not have. The seller is totally broke. They are even struggling to pay their water bill and electric bill due to some hard times that fell upon them. The buyer was backing out of the deal.

Our phone rings and it is the negotiator from the lender who calls us just 5 minutes after the buyers agent calls us. The negotiator says, the deal was approved, what is your fax # so I can fax you the acceptance letter?

Those are the magic words that when we hear them we do a dance, celebrating the approval! There was no dancing this time. What timing!

SO now it is back to the drawing board. The problem is the price of the house has gone down in the market and we can not lower the price because now we know what the lender will accept.


The good news is that we can advertise this listing now at the price that the lender accepted and we can close fast! It is a great value. So for someone who needs to close fast this short sale is ready to close!



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Port Lucie Florida - The Buyer Walks Away was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Port Lucie Florida - The Buyer Walks Away*


Short Sales - Love Them or Hate Them- They Are Here To Stay For A While



Short Sales - Love Them or Hate Them- They Are Here To Stay For A While




Short Sales have become a huge part of our businessthese days and we project that this trend will continue for the next 3 to 5 years. Agents who learn how to move with markets will be able to carve out quite a nice niche servicing short sales like we have.

One of the biggest complaints we hear from agents is that short sales take too long to close.The average closing time we have is 45 to 60 days for short sales from the point of receiving an offer from a buyers' agent to the closing. When I first started in real estate Jimmy Carter was President and inflation was out of control, the interest rates hovered at 17% to 19%! There were no fax machines, no email, no personal computers, no cell phones, no Internet! So the deals would take anywhere from 60 to 90 days to close with conventional and VA loans took a whopping 120 days to close! FHA loans took 90 days to close. Everything had to be hand delivered or mailed through the post office. Heck, we did not even have Federal Express or UPS! We had telegrams for important stuff and Western Union! It was normal to expect closings to take a long time.

Now, here in Florida in the middle 1990's, it still took 45 to 60 days to do a conventional loan.Cash was really king because cash deals could close quickly. If you were around selling real estate in those days you will remember that there was nothing abnormal about having closings in these longer time frames.

Fast forward to the early 2000's with our real estate booming and the speedy closings, many agents got spoiled when the lenders said they could close loans in 30 days or less. Agents just getting into the business during these times did not have any other point of reference.

Now even conventional loans are taking longer to process and close as underwriters are really checking much more on the applications that come through to their desks. We waited for 3 months for a closing that was NOT a short sale and the lender gives the buyer a denial letter! So that is a deal that did not close and it was not even a short sale. It happens. That is life, that is business.

But if you still don't want to take short sale listings and don't want to learn how to service them then refer your short sales listings to us and we will pay you a referral fee upon the successful closing of the short sale. Become a hero or heroine in your sellers' eyes by referring them to expert short sale agents!

We just got another one of our short sale listings approved and after I called the buyers' agent to tell her that her buyers are the ones who got the deal, she wrote this email to us. This is the best compliment that we as agents can receive- that other agents want to do business with us! This is a great selling tool because we tell our sellers that we network with agents and that agents like to show our listings. That is huge! We keep the buyers' agents updated through out the process.

Hi Katerina,
I am so pleased on how well this is working and at the end of next week I hope to find more of your listings to show as it is a pleasure to work with someone that knows the ropes with Short Sales.
Thanks!
Helen
Thank you Helen, for your wonderful email. We appreciate it very much. We sent Helen a list of our new short sales that we just listed in her area.



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Love Them Or Hate Them - They Are Here To Stay For A While was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Love Them Or Hate Them - They Are Here To Stay For A While*


Short Sale Miracle In Wellington Florida ! Who Says There Is No Such Thing



 

Short Sale Miracle In Wellington Florida ! Who Says There Is No Such Thing As Miracles?



Short Sale Miracles do happen and one happened here in Wellington Florida.

 

This story starts back in last September when we took this short sale listing. We had sent out a direct mail piece to people living in the Olympia subdivision in Wellington Florida who were listed in our county records as having foreclosure filings against them.

This wonderful woman called us over. Her listing agent did not know how to do a short sale and his broker did not want the listing if it went into short sale status so they had this listing listed way too high for the market. It was listed for almost a year with not one single showing, hmmm, why would you do that with a listing? So the broker cancelled the listing so we could take the property as a short sale listing.

Nestor does a fabulous job of pricing the properties with the market, low enough to generate offers, high enough to make the lender happy. There is an art to this more than a science. Much of what Nestor does is from the gut, he just feels it. He does his BPO backed up with comps and he is dead on nearly every single time. His expertise and gut in this part of the short sale process is a huge reason why we can close 100% of our short sale listings.

We list the house and we start getting low ball offers. We turn the offers into who else, but Countrywide, notorious for taking a long time to get through the process. There are two seperate note holders on this house. Time goes on and nothing happens, the market goes down and finally an appraisal is done on the house. Then a BPO is done because with Countrywide if there is more than a $125,000 loss, they need an internal BPO done.

Then again this file just sits and we get no resolve. Well, since the offers were too low no one bothered to call us to tell us that and when we called we got the typical runaround.

Now lets fast forward to May 2008. Here is the post I wrote begging Countrywide to help us stop the sale of this property on the courthouse steps the next day. We now had a good offer on the table. We just could not see this lady's house being lost after all the work that we were doing and all the praying that she was doing. We were doing everything in our power to stop this foreclosure. After all, the offer was well above what we had before.

This is when Nestor starts climbing the chain of command. He reaches one of the VP's of CW, who after reviewing the file and seeing the offer, counters the offer and Nestor and the buyers' agent rush to get the buyer to sign the countered price. The buyer signs the offer and CW calls the Attorney handling the sale of the property to stop the sale 5 minutes before he shuts his doors for the night. I was nervous because it was so late in the day. You can read my post here about this miracle and how the sale was stopped.

CW assures us that the sale is off and so we can proceed on with the short sale. Or so we ALL thought!

CW sends the package to the first and second note holders on this property and they turn down the offer! Even the VP at CW was in shock that these noteholders turned down the offer. Now, the market is falling not rising, time has elapsed and they should be singing that they got this offer.

So then we get another offer that is yet higher, the noteholders wanted too many stipulations and the buyer walks before we can work it out.

Now we market the house for the price the noteholders require and we get no offers. The houses around this house start selling and this one sits. We think we are getting close and then we get this phone call from our sellers that they were not allowed through the gate of their subdivision to get into their home!

We are all shocked, what possibly could have happened? You got it! I check the records on the county clerks website and see that the house was sold on the courthouse steps. Guess when it was sold! It was sold on the very day that CW had told the attorney to cancell the sale! Even Countrywide did not know that the house was sold back to the first note holder. Even the first note holder did NOT know that they owned the house because they were still negotiating with CW and us on the terms of the short sale!!!!!

I call the sellers and tell them the bad news. They are crying and praying. It was devestating. This would become the first and only short sale that we would not be able to get through. We can not always bat 100% but this is not the house for this to happen on. It took everyone by surprise. I faxed over to the negotiator and the VP, the papers I printed of what this attorney had done when he was told to cancel the sale.

I found out later that the reason the attorney did this is because on these foreclosure cases most of them are by the case not by the hour. They don't get paid until the case is finished aside from an upfront fee. So the attorney was acting in his own best interest and no one elses including CW who was his client!

But wait, there is another miracle! A week after I send CW all these documents, the sellers get a notice in the mail from the court that their foreclosure sale had been vacated and made null and void.

Hurry, get that listing resigned and back on the MLS pronto! Time to get out those hoops and start jumping!

This is truly a miracle as well as an act of integrity from Countrywide. They went out of their way to get this attorney to undo what he had done. I wish they would fire him, but that's another post another time.

I commend Countrywide's management for fulfilling their word to us and we will get this short sale finally done, a year later! The sellers pray a lot and know that God created yet another of his many miracles.




 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales Miracle in Wellington Florida! Who Says There Is No Such Thing As Miracles? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales Miracle in Wellington Florida! Who Says There Is No Such Thing As Miracles?*


Short Sales In Florida - An Open Letter To Note Holders of Real Estate



Short Sales In Florida - An Open Letter To Note Holders of Real Estate In Florida


Short Sales In Florida- This is an open letter to Note Holders of Real Estate in Florida. The comments that are added below are from others who have something to say to you note holders as well. Agents- please leave your comments below for the note holders.

 I have no idea if anyone with any clout in your companies is going to read this post but we hope that at least one of you will and that you really begin to take into consideration what we in the trenches are reporting to you.
We do a lot of short sales and work with a lot of lenders and note holders. 90% of the lenders we are dealing with are reasonable and try to understand the market somewhat.
Get off your high horses and come on down here, behind each one of those pieces of paper you bought called notes is a live person with a family and if they are seeking a short sale they have a hardship that is real and can be touched. We implore you to not only take responibility but to also act responsibly.
Yesterday, a servicer told us about your acceptance of a short sale for one of our homeowners with conditions.
Your conditions are so out of reach that I am not sure what planet you are living on.
Our sellers have a hardship. They can no longer pay their payment and are trying to avoid foreclosure. You are agreeing to a short sale with a full deficiency and requiring the sellers to bring money to closing? What sense does that make?
If you foreclose on this property you will get your defienciency judment. Perhaps you don't know collection laws in the state of Florida. You can not attach your deficiency to their primary residence but that does not matter because they no longer will have a primary residence.
All you are gaining from a deficiency is the ability to ruin their credit and keep them from getting any credit cards or buying a house. Well, that is a poor card to play when the homeowner is already broke.
You want them to bring $3,500 to closing to to add to the $3000 that the first noteholder is giving you? You are lucky to even get the $3000. If the first noteholder forecloses on the property than you are left with nothing but the deficiency. You can see their bank statements right in front of you. Where do you see this $3,500 coming from? It is just not there!
Why should the homeowner go through all this long drawn out process to do a short sale when they are coming out of it no better off than if you foreclose?
This short sale situation is about cooperation. You are not bringing anything to the table. Everyone else is working on this with reason. You are the one holding up the sale. You are the one that is being unreasonable.
You really need to go back and rethink your criteria in accepting short sales. If you are buying seconds all over the place then you should study each state's laws before you buy notes in a state like Florida.
Your tactics only force homeowners into bankruptcy. With a bankruptcy they won't have to bring the $3,500 to closing which they don't have, your deficiency will get wiped clean in the bankruptcy and then we can go direct to the first note holder and do the short sale with the first note holder and you will get nada, zero, zippety squat!
Hmmm,  that solution to your problem is looking pretty good right about now!



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales Florida - An Open Letter To Note Holders in Real Estate In Florida was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales Florida - An Open Letter To Note Holders in Real Estate In Florida*


Short Sale Success in Port St Lucie! Contract to Close in less than 60 days



 

Short Sale Success In Port St Lucie Florida! Contract To Close in less than 60 days!


Short Sale Success In Port St Lucie Florida- Just Closed! In 60 days from Contract to Close!

This was a great short sale listing; we received at least 8 offers on this 4 bedroom 3 bathroom home in Port St Lucie Florida. Because Nestor is very precise with estimated market values of our short sale listings; we were able to price it high enough that the lender would be happy and low enough that buyers would make offers. This is one of the keys to success in short sales. Typically the lender will accept about 84% of the market value.

The seller owned several other properties in Florida. This was an investment property. He was upside down in all of his properties and the rents were not covering the mortgage payments as the payments began to adjust. We were able to negotiate a fully satisfied mortgage being reported as paid in full. No deficiency, no promissory note and no seller cash to close.

The buyers bought the home with an FHA loan and the short sale lender paid the FHA non allowables. We got paid and the selling agent got paid too. This was an easy going transaction.

One of the things that helped this all go smooth was the buyers agent. She would call once a week to get her update. She was attentive to her clients always passing along the progress. The lender came back with a counter offer and her buyers accepted the counter. They bought a very nice home for a great price. Helen was so nice that after the closing she took our sign and moved it over to a new listing we just got in Port St Lucie Florida. Then she wrote this wonderful letter to us.

This is so important: to have good relations with other agents. Helen will go out of her way to show our listings now. She has already shown our newest listing and will most likely be writing up an offer on it this week. We thank Helen for being so professional and teachable about the short sale process. Here is the letter she wrote to us:

August 15,2008
International Properties and hivestments, Inc.
Attn: Katerina Gasset
Re: 1781 Effland


It has been such a wonderful, professional experience working with you and your teant I was amazed at how quickly you were able to have this Short Sale approved. You were able to have this done within the time requirements of the contract and I have never seen that happen on a Short Sale before. My past experiences with Short Sales bad been dire and when I wrote this contract I worried that it would be a long acceptance time and another unhappy outcome. How fortunate for me that you are a team of professionals.

The acceptance and turn around time that you were able to achieve from Lender amazed me. My bat is off to you for successtbily navigating and negotiating this Short Sale. I will feel most fortunate if I have more opportunities to bring buyers to your Short Sale Listings. I will be able to say to my buyers with confidence that I know about your experience and attention to detail to make a Short Sale happen.

Additionally, I want to mention that I enjoyed working with your assistant Marcy
Hoeppner. She and I had many phone calls and she also was so instrumental in making sure this very pleasant Short Salle happened.

Again thank you!
Sincerely,

Helen Frey '
Realtor



FOR OVER 90 YEARS. • MAKING REAL ESTATE REAL EASY,TM
Each Office is Independently Owned and Operated

 

Our seller was very cooperative; he provided us with all the short sale documents that were being required by his lender in a timely manner. And we were very fortunate to have a good short sale lender with a very responsive negotiator, a great BPO and Fannie Mae to approve the deal!



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sale Success In Port St Lucie Florida! Contract To Close In Less Than 60 Days! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sale Success In Port St Lucie Florida! Contract To Close In Less Than 60 Days!* 
 


Wellington Florida Short Sale Agents in Sun Sentinel and RISmedia


Wellington Florida Short Sale Agents in Sun Sentinel and RISmedia.

 

 

Wellington Florida Short Sale agents Nestor Gasset and Katerina Gasset are in the Sun Sentinel and RISmedia! 

We received a phone call from Paul Owers writer from the SunSentinel who found our blog on Active Rain by doing a Google search for agents working on short sales in Wellington Florida and Palm Beach County and Broward County. He wrote an article about short sales and interviewed us. We shared our knowledge about successfully listing and selling short sales. He also interviewed two of our sellers for their personal stories about their short sales. The article turned out to be very good, positive and realistic. Here is the link to the Sun Sentinal Short Sales in Palm Beach County article.

 

Thanks to Karen Monseur   for writing a post about this article in the Sun Sentinel newspaper.

Thanks to Jon Zolsky for telling me about the article being posted in RISMedia.

We already received a call from a homeowner who needs to do a short sale who read about us in the Sun Sentinel and then Googled our names.

If you can no longer make your mortgage payments on your home or properties, please call us as soon as you can. Do not wait until it is too late.



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Wellington Florida Short Sale Agents in Sun Sentinel and RISmedia was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Wellington Florida Short Sale Agents in Sun Sentinel and RISmedia* 
 

 

 


Short Sales in Port St Lucie Florida- We Close Short Sales! Another Success



 

Short Sales in Port St Lucie Florida- We Close Short Sales! Another Successful Short Sale Closing!
 

Short Sales in Port St Lucie Florida do close! Nestor Gasset and Katerina Gasset close on another short sale listing in Port St Lucie Florida.

We just closed on 1781 Effland in Port St Lucie. The sales price ended up being $175,000 for a 4 bedroom, 3 bath with over 2400 square feet under air just built in 2006. The lot that this house was built on went for $140,000 with NO house on it in 2005! Just the lot! These prices are heading back to 2003 prices quickly. This is great news for school teachers, firemen, police officers and many other folks that could not afford to buy a home in those boom years!

The best part about this short sale is that Chase was the short sale lender! Chase is the best lender to deal with on these short sales in our experience. They are fast and efficient. We have come to know the negotiators and have effective communication. This loan was owned by Fannie Mae.

Chase called us with the latest short sale we have with them letting us know that Fannie Mae just added to their short sale guidelines. From now on, Fannie Mae requires 2 appraisals/BPO's on their borrowers' properties that are in short sale negotiations. This is adding on an extra week.

Fannie Mae takes about one week to do their approvals once Chase sends them the package. That has been great for buyers and sellers.

The owner was so happy as this was an investment property and we negotiated a full and satisfied mortgage pay off with no default judgment, no promissory note! This is great news.

The owner listed another property with us; a vacation townhouse up in Orlando as a short sale. He was so pleased with the the services we provided him that he invited us to stay in his vacation townhouse for the long labor day weekend to celebrate our son's 6th birthday. What a kind gesture on his part. We really appreciate being appreciated!:) I took lots of photos of the townhouse and will write a blog about the townhouse.




 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Port St Lucie Florida - We Close Short Sales! Another Successful Short Sale Closing! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Port St Lucie Florida - We Close Short Sales! Another Successful Short Sale Closing!*

 

 

South Florida Short Sales and REOS Offer Great Values For Investors in Palm Beach County Florida.

Prices are the lowest they have been in years and with interest rates climbing back up this might just be a good time for the seasoned investors to purchase Florida properties. 

south florida short sales reos

This is not a flip and turn market, but rather a buy and hold market right now. With the stock prices falling there are many investors moving money into the real estate market. There are areas of Florida where you can get a positive cash flow on rental property that you was unheard of few years ago.

The rental investor market really took a beating for several years in Palm Beach County because the negative cash flow simply did not make sense.

Donald Trump is advising investors to buy now in Floridaand also for move up homebuyers and first time homebuyers to purchase their homes using the new tax credit that is now available.

If you want to invest in the Wellington Florida area you will be able to find properties from Condos and Townhouses to Single family homes. The prices can range from below $100,000 to into the Millions. It all depends on what your use will be.

The lowest prices in this part of Florida are in Port St Lucie in St Lucie County which is north of Jupiter.You can find 3 bedroom single family homes with about 1600 square feet under air for $130,000. These are 2003 prices! You will be able to get some great bargain prices there as most of the homes for sale in Port St Lucie are either foreclosures or short sales. The prices have gone as low as 30 cents on the dollar of the mortgage owed by the homeowner to their lender.

Nestor Gasset and Katerina Gasset's real estate team can find you just the right investment properties that fit your criteria. We only work with one investor in one market area per agent at a time so that there is no problem about making choices of which investor to be loyal to in our findings. We simply ask you to sign a buyers' representation agreement with us. The retainer fee which is refundable at closing is determined by the scope and complexity of the criteria with which you are searching and the quantity and quality of the offers that will be presented.

south florida short sales reos

 

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

 

 

To view all the South Florida Short Sale Homes For Sale Click here and then click on Search For Homes

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

 


Short Sale - Florida State Documentary Stamp Tax Upon Transfer of Property



Short Sales- Florida State Documentary Stamp Tax Upon Transfer Of Property


Are you ready for another hurdle in the already cumbersome short sale transaction? If your property is in the state of Florida you may just be subject to additional tax at the closing or after the closing. 

 

In the state of Florida we do NOT have any income tax. One of the biggest income generators for the state of Florida is in the collection of Documentary stamp tax paid on the notes and deeds in the transfer of Real Property in our state.

There is now a dispute with the Department of Revenue of the state of Florida in regards to how this is calculated in a short sale transaction.

What has happened is that at the closing the Doc Stamp Tax is paid by the seller in Palm Beach County  on the deed. This is how it has always been on any transfer of real estate. You calculate the amount of the deed with 70/100 and come up with the amount that is paid at closing for this tax.

Well, all of a sudden the state is saying they want the title companies to charge the stamp tax not just on the deed but on the forgiven amount as well. We have never heard of such a ridiculous statement. As if it is not hard enough to do a short sale as it is. If the third party lenders refuse to pay this additional amount and the seller does not have the money to pay it, this becomes a broken dea.

 This is just a disaster waiting to happen unless the state backs off and realizes that these homeowners are mostly in foreclosure status already, they don't have the extra money to pay.

This is also going to be hard to enforce and also to calculate. What is the state going to use as the standard as to what was owed in the first place? It really makes no sense. If the IRS can forgive the debt than the state should as well.

The Florida Association of Realtors talked at length with the Department of Revenue, the Attorney General's office for the state of Florida and the Governor's office to let them know what a disaster this can turn into. Do they really want even more distressed properties? This will shut down the short sale transaction and lead to an even softer market than we are already experiencing. FAR was in a 2 hour meeting with 8 employees of the DOR and the head of the agency and their counsel.

Please be advised that this one page letter that went out throughout the state of Florida on the DOR letterhead was written by one employee of the DOR ( Hmmm, what was that person thinking, or NOT!) and stated that the tax is due on the higher amount. This opinion was based on a phone call made to the help line.

This is NOT the official position of the Department of Revenue.

FAR has been helping and offering to educate the staff of the DOR to understand what a short sale is and why they are killing the deal with a position such as this. FAR has also requested the DOR to participate in a TAA, A Technical Assistance Advisory to develop a form to use for short sales.

Florida Association of Realtors has been working for about a month on this issue. While we hope the outcome will be what makes sense with the only the deed amount being taxed, it may also not turn out the way we want it to. If it turns out to be an adverse decision FAR will immediately explore "amnesty" avenues in the state Legislature on past short sale transactions.

FAR just received a notice this week that the DOR will have  the TAA ready soon. Most of the time these kinds of advisories take a long time to complete. The expedient manner in which the DOR worked on this hopefully shows that they know we are facing a serious issue with short sales being successful here in the state of Florida.  Please stay tuned as we find out the details to this important topic.

 





 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Florida State Documentary Stamp Tax Upon Transfer Of Property was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Florida State Documentary Stamp Tax Upon Transfer Of Property* 
 


How Do BPO's Limit Your Ability To Complete A Short Sale?


 

How Do BPO's Limit Your Ability To Complete A Short Sale?

We have this one condo 1 bedroom 1 bath in an upscale Boca Raton Florida Condo near the Boca Mizner area. This one bedroom condo is a short sale. There has not been a one bedroom unit sold in this building since it was a hot commodity a few years back.
Even the 2 bedrooms in this building are not selling because for one reason or another the people who are trying to sell their units can not do a short sale, don't know they can do a short sale or just want to break even. These units have been on the market for over 500 days to 800 days on the market with no movement. They are only asking $269,000 to $279,000 and then the one bedrooms are asking $269,999! None of these units are moving.
So we kept lowering the price of our condo until we got to $199,000 and that is when we started getting offers in that range. We turn in the offer to the servicer. Freddie Mac owns the note on this unit. So they send up an agent who lives in Miami to do the BPO. Here I go again, ranting about agents who accept these assignments to do BPOs in areas they know nothing about. You can read our 3 reasons that short sales fail by clicking here.
So this lady can not accomplish her BPO in this building and will not use a square footage calculation in this building. She goes to try to find another building of which there is only a brand new building with higher prices. You guessed it! The lender calls us back and says that Freddie Mac wants to net $220,000! Well, that is NOT going to work in this market.
Now it is back to the drawing board again. We lose that buyer and move on. Time goes by and Nestor goes all the way to Freddie Mac to follow their complaint system. The servicer tells us that we can protest the BPO and submit our own. So Nestor did a 21 page BPO using not only Freddie Mac's format but his own as well.We are not even sure that the negotiator even read this report and instead he hires another agent to do another BPO. So what was all that for? Sometimes you are just left scratching your head!
The problem with the Freddie Mac BPO form is that there is no place to enter expireds. Why don't they look at expireds? This is a very important part of an appraisal of value because you can see a trend of prices that will not sell in this market. In this market, Freddie Mac needs to redo their BPO format.
The next agent tells us that Freddie Mac is looking at the active properties on the market to discover the downward trend. While this sounds good in theory and is a step in the right direction; for this situation it does not help because these condos have been of the market for one year to two years with no movement. This is of course a better course of action than only being able to use the last sold property.
We finally win another BPO. A different agent, again, someone not from this area. We wonder, where are they getting their comps from? Are you comparing our condo building to a condo on the beach? Or on the Intracoastal? Or  a brand new construction condo project? What is up with this!
We just got an email from the negotiator; Freddie Mac is going to counter a new offer we have now because again the BPO came in higher than ours. Well, Nestor had adjusted the square footage from a 2 bedroom to a 1 bedroom with an explanation that this is what you need to do to figure out the market price.
I just don't know what planet these BPO agents are living on! And you are living on another planet if you think the FEDS can do a better job at Freddie Mac! 




Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

How Do BPO Limit Your Ability To Complete A Short Sale? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*How Do BPO Limit Your Ability To Complete A Short Sale?* 
 


Victory For Short Sales In Florida - Realtors Win For Sellers!



Victory For Short Sales In Florida - Realtors Win For Sellers!

There was a memo that was sent out by one of the employees of the Department of Revenue that on short sales the state wanted to collect documentary stamp tax on the forgiven debt plus the sales price. To catch up on this story and news you can click here to read my post about the documentary stamp tax in question.

When these things happen the Governmental Affairs of the Realtor Associations ban together to present to our Senators and DOR directors what our take on this is. There is nothing in the DOR rules that addresses the issue of the forgiven debt. There is no money exchanging hands and our position is that the tax is due on the deed. That is what the law says. Nothing more.

I had a talk with our state Senator Jeff Atwater about this issue and he said he interpreted the rules the same way we did and that he would look into it.

Victory! Realtors win their case with the DOR regarding the short sale documentary stamp tax!

It is official. The Documentary Stamp Tax is to be collected on the lower amount, the short sale amount!

Please pass this information along to your Title companies and Attorneys here in the state of Florida who do your short sale closings!


 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Victory For Short Sales In Florida - Realtors Win For Sellers! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Victory For Short Sales In Florida - Realtors Win For Sellers!*

 

 


Short Sales Saga- Nightmares or FairyTales?


Short Sales Saga- Nightmares or FairyTales? A Day In The Life Of A Short Sale Agent. 


Short sales- a day in the life of a short sale agent.

WOW! What a week we had!

First off, we had good news but a very trying week!

We received 3 acceptances for short sales that we have offers on this week. Things were getting pretty hot and heavy during some strenuous negotiations with some tough lenders and up the ladder Nestor climbed to find those in charge who could make some sensible decisions. Nestor has the great internal instincts to negotiate and persuade others to rally for his side. He also does not like to lose. So his teeth go in and stay there until we get the answer that we want to hear. This takes tenacity and strong patience to hold back his tongue from speaking all sorts of words and feelings better left tempered.

We have this one offer for one of our short sales that is in foreclosure. The lender turns down the offer because the offer does not fit within what the lender wants to net yet their value is from a BPO that was done back in May. I tell the negotiator about the market here and that the values have gone down since May and he needs to order a new BPO. This young guy starts to tell me how real estate works and how FHA buyers are going to need 60 to 90 days to get their loan! WHAT! We close FHA deals from start to finish in 2 weeks to 3 weeks. I tell him that I an a Realtor(R); I think I know what I am doing. Nestor has some patience because I could feel him tapping on me to settle down with this guy.

Nestor says he is just going above his head.
Within 20 minutes we get a call from one of the executives who tells us that things will be reconsidered. They will order a new BPO.

In the meantime, we told the buyer what was going on and they increased their offer to where we may have a workable solution without a second BPO.

 

We will know more when we get their net, (the amount that the lender wants to receive after all the closing costs are paid).

Then came the nightmare of all nightmares.
The dreaded call from the homeowners- they had papers in the mail that day with a foreclosure sale date of- you guessed it- the following morning. (We had that happen to us once before but we saved the day).

The attorney for the lender asked for this hearing at the beginning of last month and NEVER notified the homeowners! 
They receive the documents when they arrive home and look in their mailbox. That is when they find out that in 12 hours from then they were going to be losing their house, a house that had a short sale offer in progress on it! We got the call from the homeowners at 6 p.m.

Nestor quickly started shooting out emails up the chain of command. 
I started looking up the court case records online to see if there were any other motions filed that the homeowners were not notified of. We both started consoling the homeowners and giving them the moral support that they were going to need to get through this highly stressful time.We gathered all the emails and documents they would need to show the judge that they did have an offer on the house that was highly likely to be closed on soon.

By 10 p.m. that evening we were getting emails from the negotiator and the top managers that they had stopped the sale and that the homeowners did not need to go to try to stop the sale. This was a 2 hour drive for the homeowners to the court. But we and the homeowners felt they still had to go. We can trust no one in these situations.

At 10:00 a.m. the homeowners called us after they left the courthouse. The opposing council was there and told the judge that they were canceling the sale because they had an offer in the works. The judge wished the homeowners good luck. They were so very thankful to Elohem for the miracle they said they witnessed. I said to them that I was sorry they had to make the drive. They then told me, "No, we had to go. We had to go to witness the glory of Elohem, his amazing hand in our lives and how blessed we are." Tears filled my eyes as I felt their amazing faith in their hour of need and trial.

This is why we serve our clients. This is why we do short sales. This is why we will not give up!


 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales Saga - Nightmares or Fairytales? A Day In The Life Of A Short Sale Agent was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales Saga - Nightmares or Fairytales? A Day In The Life Of A Short Sale Agent*

 

 


Foreclosures- Short Sale Options- Get The Right Information


Are you in foreclosure?

Have you been served some papers that look like court documents?

This is called a summons and complaint and is a document that tells you that you are being sued in court. This summons and complaint must be answered within 21 calendar days. We strongly urge you to have an attorney represent you and if you can not afford an attorney contact the Legal Aid society where you live and ask for the format to be able to respond on your own.

We have homeowners we are doing short sales for do it both ways depending mostly on their finances. You can go down to the courthouse and they may also have a self help center where you can obtain the documents that you will need for a small fee.

If you are in foreclosure you may be able to sell your property as a short sale.

To learn more about what a short sale is and if you may qualify for a short sale please read our Short sale articles that we have written to help you by clicking here.

There is a big difference between living in Florida and getting foreclosed on and living in many other states. Most of our homeowners do not live here anymore and have moved back up north. If you live in another state and are going to end up in foreclosure on a property here in Florida you will need to check with an attorney in your state to find out what your asset protections are. Florida is an asset protection state. You can read more about Florida Asset protection by clicking here.

Lenders are changing their rules all the time. It is important for you to understand your options. Don't listen to well meaning friends and neighbors who are putting their two cents into the mix about what you should do.

If people are telling you that you have to behind in your payments before you can do a short sale; that may or may not be the case in your situation. Each lender is different and each short sale is treated according to your financial ability to pay or not.

If you have been told that you have to be totally broke to do a short sale that is simply not the case. The more money you have in the bank, the more money you make and the better your credit is; the more likelihood of you needing to contribute in some financial way in order to avoid foreclosure and minimize the damage to your credit and finances. This does not mean that you can not do a short sale.

If you are broke, lost your job, have sick parents you are taking care of, divorcing or any other situation that is causing you to become late in your payments than your chances of being approved to do a short sale are very high.

If you want to know if you qualify for a short sale you can contact us and we can assist you with information that we have from the lenders that we have been closing short sales with.

There are NO guarantees that your short sale will be approved. But you can choose to become proactive in your given situation and give it your best shot.

We are here to help you as agents who list and close short sales.


 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Foreclosures-Short Sale Options - Get The Right Information was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Foreclosures-Short Sale Options - Get The Right Information*

 

 

So if you KNOW your listing is NOT going to get APPROVED at that price why do you have it listed at that price? 

 
There are two sides to this issue- 
 
One is from the listing side- your answer to me is that you want something to get the ball rolling. 
 
Understandable, however, there is a code of ethics IF you are a member of your local Realtor® to follow and most states have false advertising statutes that you legally are bound by. Of course, you don't HAVE to obey either and you can CHOOSE then to accept the consequences of your actions or you can gamble that no one is going to take the time out of their busy days to file a complaint. 
 
I do have valid counter points from the listing side but those are diverting from the actual point of this post. Suffice it to say- there are circumstances wherein there is no knowledge of what would be accepted or not. 
 
The other is from the buyer side- 
 
You as a buyer agent are supposed to do your own due diligence prior to showing your clients properties. 
 
If you are looking out for your buyers one of the things you don't want to do is to get their hopes up only to have them come crashing down. 
 
So you can show listings that are obviously NOT going to sell for even 10K above list price and look like a dummy when you start blaming the listing agent for not representing correct pricing or you could explain WAY before even making the appointment to show the home of your buyers' dreams to them- making full disclosure- that this house is NOT going to sell for the list price based on the comps you have pulled up. 
 
Now your buyer can make an informed decision whether they want to gamble with whatever their offer price is and see if the short sale lender is going to counter or accept. 
 
Sometimes I hear buyer agents tell their buyers that the short sale lender is going to have to adjust their accepted price if the buyers' appraisal comes in lower for the house. While this may sound logical- banks are not logical and there is no comfort level to give to a buyer that proves this is the case. Many times the short sale lender is not going to budge off their net they want even with an appraisal staring them in the face with a different number. 
 
It all comes back to each party being responsible for their own stuff, their own clients and their own choices and decisions. 
 
You may not be able to control the actions of others, but you can most certainly control yours. 
 
 

Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call us to see if you can avoid foreclosure.

 

 

Stop The Banks! The Banks Are Trying To Change The Foreclosure Process! 

Stop The Banks! The Banks' Lobbyists Are Trying To Change The Foreclosure Process! 

It is not a good thing to give the banks more power.

If you are a real estate agent or a homeowner in the state of Florida please contact your Congress men and women today, please contact your state Senators today! Do not let this plea go unanswered. 

I just wrote a post about how if you are in the business of real estate you need to be involved with the political process and this call to action is NOW.  

If you are a short sale agent, if the banks get their way with this, this will directly impact your short sale closing ratios. This will also put more of your sellers at risk of losing their homes to foreclosure. Make sure you read the 53 page bill.

Get your Board of Realtors® involved with defending the very essence of NAR and state boards- the protection of homeowners' rights. 

Already Palm Beach County has stopped the foreclosures "on the courthouse steps". Actually the foreclosure sales were held in the court's cafeteria but now in order to facilitate so many foreclosures, the county clerk has put all the foreclosure auctions online. This is yet another hurdle to us agents who are scrambling to get the foreclosure stopped because we have a bank that does not know how to talk to their other departments! 

The Florida Supreme Court just made a ruling that all banks that are filing foreclosures must offer the homeowners mediation from now on. This new rule started to be in effect on January 1, 2010.  Well, this bill slaps the Florida Supreme Court right in the face! It would be a mute rule. 

So the banks have now pulled their resources together and are lobbying the Florida house and congress to get this new bill passed. The Florida Bankers Association is a 400 member lobby.

They are trying to undo decades of Florida law by undoing our judicial foreclosure process and change it to a non judicial foreclosure process where homeowners could be foreclosed on in as little as 3 months. Florida has been a judicial state for decades. They want to get this on the books by July 1 of 2010. This would been that they could bypass the judges. Of course they want to bypass the judges. After all, the judges are making the banks show proof of ownership of notes and making the banks obey the laws of service in the state of Florida. The judges will 99.9% of the time rule in favor of the homeowner postponing the foreclosure when we have an offer for a short sale. 

37 states have fast track foreclosures. But Florida is and has always been a state where homeowners' rights matter. 

 

  • 172,894 South Florida homeowners were served with foreclosure lis pendens notices last year. 

 

This 53 page bill states that the non judicial foreclosures must be completed in no less than 3 months and no more than 1 year. 

Here in Florida in a judicial process it takes 18 months or more to foreclose on a property and longer if you hire an attorney for foreclosure defense.

I love how they try to sell this bill as doing some good for the people. That is a bunch of loaded boloney.  The bankers also put in the bill to keep their right to deficiency alive and well in the state of Florida.  But then the bank throws a little morsel to the homeowners saying they will waive the deficiency if the homeowners do not wreck the house. 

It amazes me how they package this bill. The name is so deceiving. They must hire a marketing company to come up with the names for bills so that they sound good to the people.

The name of this bill is:

The Florida Consumer Protection and Homeowner Credit Rehabilitation Act!!!!

What a joke! How in the world do they get to put a name like this on a bill that is just there to protect the banks' interests? 

They mask this with pretending that this bill is really helping! The sponsor of the bill said that this is to help break a foreclosure crisis caused by mortgage fraud. Excuse me? How is taking away judicial rights helping break through fraud????? 

He also said that this bill protects the innocent victims- the neighborhoods. How is that going to happen?Agents- please send your congress men and house representatives photos of homes you drive by that are BANK OWNED!!!!  

The bankers spokesperson said that getting the foreclosures into the hands of the banks and out of the homeowners' possession will help with blighted urban neighborhoods and help relieve the judges who are overworked and have too many cases. He also said that this will help the HOA's and keep the houses nice and neat. What a good scam to get you to believe that taking away more rights is somehow a good thing. 

Governor Charlie Crist would also have to sign this Pro Banker bill if this bill becomes law. He is under a lot of pressure from the populist movement and they are not happy with the bankers right now. This may not be a move he is willing to take to risk the Senate race he is in. 

The Florida legislature resumes again on March 2. Please get the word out to all the attorneys you know, all the homeowners you know to stop this bill. You never know when you may be in the same situation as these people we are helping to save from foreclosure. 

 

 

Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135 or learn more at Short-Sales-Florida.com.

 

 

Chase Chimes In About Morals

Chase chimes in about what is moral. 

 
Lenn, you are going to have a field day with this one! 
 
Frank Rubino Vice President of Chase Homeownership Center in Orland said that Chase is participating in the HAFA program but that the program is "not meant for homeowners who can afford their mortgage but want to walk away from an upside- down loan."  (reported in the Orlando Sentinel)
 
The holier than thou Vice President goes on to say: 
 
"It's not right. It's not moral. It's not the right thing to do. Why would customers look to the bank to substantiate a loss for the house they bought? If they bought the house and sold it for $100,000 more than they paid, they wouldn't share those profits with the banks." 
 
He then goes on to say that one of the things Chase looks at is if the homeowner 'mismanaged' their funds. 
 
HUH???
 
Hmmmmm, 
 
Is this a satire comedy we are watching? 
Is this an oxymoron? 
Or is this hypocrisy? 
 
Let's see- who is Chase to speak on morals? 
 
Isn't Chase the one that was accused of defrauding commodities and manipulating the silver market?
 
Didn't Chase profit from Tim Geithner orchestrating turning Bear Stearns over to Chase in a tax payer funded fire sale?
Then Chase used Bear Strearns' liquid assets to shield Chase assets from being seized because of their scandalous toxic mortgage debt involvement. 
 
Chase settled a case with Jefferson Alabama in November of 2009 in which Chase was accused of paying close friends of the commissioners involving bribery, money laundering and tax evasion by the then Mayor of Birmingham Alabama. 
 
And this is not to even mention the cronyism that Rockefeller started with the New York state government when he was involved with JP Morgan bank. 
 
Who's talking about morals? 
 
Well, then why did we bail out Chase? And are they going to give the tax payers back the profits that they were able to gain from the bail outs and the cushy deals they were given in spite of their poor management, their lack of responsibility and their not being able to keep from going belly up without the tax payers bailing them out? 

 

 

 

Chase Suspends Foreclosure Cases Temporarily 


If you have a short sale you are trying to get approved through Chase right now and you are facing a foreclosure date now may be a good time for you to see your attorney and ask them to get a further postponement of your foreclosure date because of the problems that Chase and other lenders are having with being accused of approving foreclosure affidavits when they did not really know the details. 

 
Chase who is the third largest loan servicer has suspended their foreclosure cases that are open right now until they can examine the documents being presented to the courts in Florida. They need the time to re-examine documents that they have filed for accuracy and person knowledge. 
 
Don't depend on this action to take too long and certainly not as long as it takes them to process and approve short sale requests. The time frame that Chase is projecting is just about a few weeks. 
 
Chase has asked that no foreclosure judgments be entered until they work this out. 
 
 
If you are considering the option of short selling your Florida home 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. 
 
To  view Welington Florida short sales  Click here. We know  Wellington Florida Real Estate and Wellington Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

 Copyright © By Katerina Gasset 2010*Chase Suspends Foreclosure Cases Temporarily*

 
 

 

 

 


BPOs for Palm Beach County Short Sales- It May Not Be Your Lender!


 

BPOs for Palm Beach County Short Sales- It May Not Be Your Lender!

All I have to say is, Hello???? Are you on Earth??? That goes to the 2 different agents who take an assignment from outside of their market area, won't take our comps, won't listen to us and turn in their BPOs to the short sale lender who then is even on a farther planet away from Earth, like Pluto maybe? Ooops, they just discovered not long ago that Pluto was not actually a planet. So maybe this person is just zoning out somewhere. 

We list a lot of short sales. Nestor is dead on with his pricing. He does know the market. We listed this one condo where the owner owes like $300,000 on the unit. The unit is in one of those apartment buildings that they converted to a condo. That is called a condo conversion. The unit is on the third floor and there is NO elevator! So here in Florida that rules about half of your buyers right there!

The pricing per square foot, location and all of that came to a list price of $189,000 6 months ago. We get an offer of $160,000 about 3 months later. Not a bad offer at all. If you take 85% of $189,000 that is right at $160,000. Nestor predicted this property would sell for 160K.

So the short sale lender calls on yet another agent who lives and works in Miami to come up here to West Palm Beach area to do this BPO. Why these agents don't just tell the bank they are not qualified to do a BPO in a market they have no clue about is beyond me. I have written several posts about these agents who continue to do BPOs that don't know the values or how to do a BPO. It is up to the agent to tell the lender that they don't work in that area. The lenders data base pulls up the agents from a roster in which the agents applied and placed their areas that they work in. I will continue to write about this until these agents stop doing this.

3 months after we have it listed she comes back with a BPO price of $189,000. But the problem is the market has gone down in those 3 months! So the value at that point in time is $173,000 so an offer of $160,000 is an excellent offer. SO the short sale gets turned down and the negotiator's manager tells us to list it back up at $189,000. OK, it will just sit there.

Time goes by. No showings, no calls. It is the PRICE!!! Amazingly the same buyer was still interested and stayed in the deal. As soon as we reduce the price back down to 169K; the showing start again.

Now that more time has gone by we resubmit the offer with a new BPO showing the prices have dropped even more and that an offer of $160,000 is a great offer. Because the time has elapsed the negotiator is able to order another BPO. He would not even pay attention to the detailed one that Nestor sent in. But he is bound by the rules that have been set up that say that they can only go with a lender ordered BPO. This is not just a negotiator, this is higher up.

So they order a new BPO and GUESS WHAT!!??!!

You will not believe this or maybe you will because you have seen it all!

Another agent, this time from another county up north comes down to do the BPO and we just got called today that the BPO is at $195,000!!!!!!!!!!!!!!!!!!!!!!!!!!!

So the prices went up in a condo conversion in Palm Beach County Florida in the last 3 months ??? I don't Think SOOOOO!!!

Where are the closed sales that we had on our BPO for 160K, 155K, 165K?????

This is yet another reason why we don't agree with having the BPO done before the listing and then telling the listing agent what to list a short sale for. We know our market, we know what to list property for. These agents who do BPOs have no accountability and no culpability and yet it is their incompetence that ends up with the effect of the sheriff at the door and another foreclosed home that could have been sold as a short sale!

We spend hours and hours negotiating these types of issues and this causes countless hours of needless frustration. I understand that we are representing the seller on the short sale but the lenders need to take in account our BPOs that we do and open their thinking to finding out about the markets.


 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

BPOs For Palm Beach County Short Sales - It May Not Be Your Lender was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*BPOs For Palm Beach County Short Sales - It May Not Be Your Lender*


GET THE FACTS- Palm Beach County Short Sales



 

Get the facts about Palm Beach County Short Sales or short sales for anywhere in the state of Florida.
 
I have been on the phone this week with 3 homeowners and 1 real estate agent who have been so misinformed about short sales. It made me think that there must be a lot more people out there that are misinformed. 
 
You can read our series on short sale information at: Short-Sales-Florida.com.
 
Things change often, rules change often in Short Sales. What a lender says is the way it is one day may change tomorrow.
 
Two of the people I spoke with this week were given incorrect information from agents who have a Certified Short Sale designation or certificate or loss mitigation certification. Just because someone has been certified does not make them an expert. Check their references of homeowners whom they have successfuuly negotiated short sales for.
 
One of the callers had her house listed with an expert short sale agent who gave her incorrect information about if she would get a 1099 or not.
 
These are the facts:
  • If your home is your primary residence and has been for 2 out of the last 5 years, the homesteaded property in the state of Florida you will get a 1099 for the short fall in January of the following year. However, the debt relief act that President Bush signed into law says that the IRS will not treat that short sale loss as a gain or ordinary income. This law is in place until December of 2009. Most lenders are going to send one out to you because they do not have systems in place to differentiate from those who should get one and those who don't. You will need to take that to your accountant and make sure your accountant knows about that act.
  • If the property that you are doing a short sale on is NOT your primary residence, meaning that you used it as an income property, bought it for your kids or parents, etc, than you will get a 1099 and it will be according to the IRS treated as income for tax purposes. I think this stinks but I can't seem to get the IRS to listen to me:). What you can do is talk to your accountant. You can see if you are insolvent. The insolvency then may wipe out your gain. Also, remember that you have losses to report as well. Make sure you keep your closing statements because those closing fees, some of them you can add to your loss. I am not an accountant so check with an accountant to help you mitigate the damage. Most of our investor listings are so upside down that they will be insolvent at the end of the day.
  • If your property is an investment property you may still qualify to do a short sale which is still way better than a foreclosure. One of the biggest myths is that you can NOT do a short sale if this is an investment property. We have closed many investor short sale properties with very little to no deficiencies.
  • If you have money in the bank, have a job and have retirement accounts you still may be able to do a short sale. This is another falacy running wild out there! It is not true that you can not do a short sale if you have money. What is true is that the more money you have and the better your credit scrore, the more money the lender will expect you to bring to the table to mitigage their loss.We have negotiated $140,000 requests from lenders to homeowners to pitch in down to $27,000 and less depending on what the money our client has is used for. It is far better to pay a deficiency of $27,000 and make it go away than getting a deficiency of the entire $140,000 plus more after a foreclosure.
  • In the state of Florida which is a deficiency state you may or may not get a fully satisfied paid as agreed status on your short sale. We will write another article with the different types of outcomes you can expect to happen. If you have a HELOC as a second, that is a Home Equity Line of Credit or PMI, Private Mortgage Insurance you will most likely these days not get away with getting a totally and fully satisfied mortgage reporting. HELOCs are treated differently than mortgages and most of them require some sort of payment. We have been able to get this amount reduced and have been able to get the amount negotiated from buyers or the sellers borrowed the money from their parents, ect to make it work because it is still far better than a foreclosure. 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

GET THE FACTS - Palm Beach County Short Sales was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*GET THE FACTS - Palm Beach County Short Sales*


Short Sales- Country Wide Streamlines Short Sale Process- Important Changes



Short Sales- Country Wide Streamlines Short Sale Process- Important Changes

Short Sales- CountryWide has a new and more efficient way to handle short sales. CountryWide has been one of the longest to get a short sale done company around but they are moving forward and looking for ways to better streamline the process.

Countrywide has a new preshort sale department and they will be accepting preshort sale packages. Of course, we have always sent preshort sale packages in to get the ball rolling but now it is official. You can turn in the preshort sale package and that will be processed and Countrywide will order the BPO ahead of the offer.
This is a double edged sword for us who list and sell short sales. On the one hand we will know what the bank is wanting to get for the property so it will make the pricing adjustments easier from the get go, however, the other side to that is- let's say you get a BPO for your listing today but you don't get an offer for another month and during that month there are more closings for less than what the BPO comes in at. Then you are fighting a BPO that is outdated already.
Agents have fought long and hard to get this preoffer BPO done, however, we see this can also turn into a nightmare for our sellers.
Of course, we are back to Countrywide depending on a BPO from an agent who has no stake in the deal and who:
  • does not know the area
  • does not know the market
  • wants to get the REO listing so he/she will skew the BPO
What would work better and be smarter is for the lenders to accept the listing agents BPOs. We are the ones in the thick of it and know what is going on in our markets.




Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Countrywide Streamlines Short Sale Process - Important Changes was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Countrywide Streamlines Short Sale Process - Important Changes*


Florida Short Sales- Important Update From Florida State Attorney General



 

Florida Short Sales- Important Update From Florida State Attorney General

If you are a real estate agent in the state of Florida and you are listing short sales please read this update.

Our Realtor Association of the Palm Beaches and the Florida Association of Realtors  have been actively engaged in making sure that the new law that went into effect on October 1, 2008 - FS-501.1377, is understood  by Realtors and that the duties are set forth clearly.

Since there was some discrepancies regarding what is required when a Realtor takes a short sale listing the Florida Association of Realtors requested that the State of Florida Attorney General's Office, Bill McCollum address this issue and clear this up for all of us.

Bill McCollum replied in a letter back to the Florida Association of Realtors that if the seller wants to list his house for sale with a Realtor and the Realtor figures out that this property is going to be short sale and does NOT charge any fees of any kind upfront or at any time during or at the end of the sale other than the Realtor's commission- then these activities do not fall under the provisions of 501.1377.

It is now against the law for anyone except for an attorney to charge upfront fees for doing a short sale. No companies may charge any fees until the short sale is completed. If you are using a short sale company who is going to charge a fee at the closing- then you are within the provisions and must use the proper disclosures and adhere to the 24 hour waiting period.

You can read the letter here:






Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Florida Short Sales - Important Update From Florida State Attorney General was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Florida Short Sales - Important Update From Florida State Attorney General*

 

 

Yesterday I wrote and posted: Unintended Consequences Of The HOA in Short Sales!  If you have not read this post, please do- because you will get some clarity to the delinquent HOA dues that are currently plaguing the short sale closings. florida short sale agents

There are rights that HOAs have and I am all about them preserving their communities. I don't have an argument with that. I also understand the HOAs not being very negotiable when the dues are past due and you are trying to get an estoppel from them along with a lien release for the past due balance. Their thinking is that it is not fair that one person should get a discount while all those current on their dues are not getting the same deal. 

But the one thing that I urge HOA boards to do is to be more proactive in their hiring of the attorneys to handle their delinquent homeowners and who they hire to file the foreclosures. 

We have discussed- the HOA is going to do their duty to protect and preserve the communities for which they are responsible for. 

It is quite another thing to hire an attorney who charges near extortion level legal fees to the homeowner. I think the HOAs should check the fee structure of the legal firms they hire to make sure that they are reasonable and the 'norm' for the services provided. 

Now, let me preface this by the fact that I know that Chase hires foreclosure firms to do their foreclosure filings and from start to finish it is $3,200. And that is for a house. 

So our sellers stopped paying their HOA fees against our advice. We are working to get the short sale closed with Bank of America. We told our sellers this was most likely going to take a long time. At the end of the transaction they owed $5000 to the HOA. 

We let the HOA know that we are doing a short sale and they should be getting their money. They ask us when the closing is, we tell them. We have an approval for them to be paid the $5000 that is owed to them. 

The very next day- our sellers get served with Foreclosure papers from the HOA's legal firm. Great!

The sellers also let the attorney know that we are closing and to please not charge any more fees. This law firm would not even give us an estimate of legal fees. Our title company could not get anywhere with this group either. They made her jump through all kinds of hoops to get her estoppel request over to them in time. They promised her to get her the estoppel by the next say. 

Two weeks later we get the bill. They owed the HOA $5000 including all their late fees. The legal firm charged our sellers $5,800. for the foreclosure! That is more than Chase pays for million dollar houses to get foreclosed on. 

But what was even worse was the fee breakdown! I have not ever seen such high fees! 

Preparation of Foreclosure complaint: $900.00 That is $900 for a legal assistant to input data into a form that is generated from a computer! 

Foreclosure monitoring/Docket Review: $1,575.00 That is for going on line to the county courthouse which we all can do and review the docket. This takes less than a few minutes to do and you usually do it at the same time you check on multiple files. Again, a legal assistant can do this. 

It was like they spent those two weeks making up fees, the list has about 20 fees itemized. 

The homeowners begged them to reduce the fees, we tried to negotiate but the attorney group would not even respond to either us or the seller. The HOA president told the homeowner there was nothing he could to help either. The investor on the note said told BofA that the most he would approve was the $5000 and that he would not cover any of those legal fees. 

 

  • Now why would the legal firm want another foreclosure in this particular development? 
  • Was this another HOA who is going around foreclosing on the units in order to rent them out to raise revenue? 
  • Did they NOT want this unit to close???

 
Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135

 

Copyright © 2010 By Katerina Gasset, All Rights Reserved.*Florida Short Sales-So HOA Lawyer- Just What Is Your Intention? * 

 

 


Wellington Florida Real Estate News- Florida Foreclosure Law & Short Sales


 

Before you hire a Florida attorney to represent you in your Florida Foreclosure case make sure they are in good standing in Florida. Also, ask for references from that attorney from his clients who he or she has already helped or is helping currently. Please talk to those references about the attorney.


We have two attorneys that we work with that have been very good and reasonable. Please contact us for their information.

However we have also known attorneys who no longer are able to practice law in the state of Florida. In fact, one attorney who has done some very good foreclosure defense for some of our clients is now suspended with conditions from law here in Florida. We have clients who had him on retainer.
This means he can not represent clients at this time.


A couple of years ago we had an attorney approach us because we carry a lot of short sale listings. He offered his services and we interviewed him at length. A few of our clients used him with great success but then after about 6 months of working with him, some of our clients began to tell us that he was not returning their phone calls and that he missed a court appearance for one. This was not a good sign and Nestor said he did not feel good. Nestor's instincts told him to get our clients away from this particular attorney. We did and right after that- his paralegal called us to tell us that he was in trouble with the law over his loan modification program.

So even though Florida foreclosure law attorneys abound in the state of Florida that does not mean they are all trustworthy. If you need to get an attorney to defend you in your foreclosure- please contact us and we can give you some options. You also may be qualified to do a short sale. We offer a phone consultation absolutely free with no strings attached

 

Florida Foreclosure law is different than some other states. Not all states have the same laws regarding you losing your house to a foreclosure. Since we work with many sellers from different parts of the country who own property in Florida and need to do a short sale here in Florida before they lose their home to foreclosure proceeding we highly recommend that they discuss their situation with a Florida attorney. You need to discuss your particular situation with an attorney who knows the foreclosure law here in Florida. Many times we hear from our sellers that they are or have been talking to their attorneys in other states about Florida Foreclosure law. No disrespect is intended to your attorney who is not a Florida attorney; but your attorney may not understand fully about the Florida foreclosure laws. 


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales and HAFA - Defining The Details For Real Estate Agents & Homeowners was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales and HAFA - Defining The Details For Real Estate Agents & Homeowners*



 

Short Sales & HAFA-Defining The Details For Real Estate Agents & Homeowners



 

HAFA- Defining The Details- Part II

Since I wrote the post, Let's Get To The Truth About HAFA- The New Short Sale Guidelines- there have been more questions raised. Like I said in that post we will take these HAFA guidelines apart so that you will be able to understand how this is going to help or not in your short sales.

The HAFA program is an acronym for Home Affordable Foreclosure Alternatives- Short Sale and Deed-In-Lieu of Foreclosure. It is known in the industry as the Supplemental Directive 09-09.

Let's continue with the analysis of HAFA:

The most important thing to understand about this directive- the HAFA program is that is provides, guidance to servicers for first mortgages that are NOT guaranteed by Fannie Mae or Freddie Mac.

 The word that you need to pay attention to in this sentence is that these are guidelines. This is not the law. These are not really even policies or rules. Guidance is a suggestion not a must do.  

Servicers are the companies that you pay your mortgage to. Most people pay their mortgages to servicing companies and not the company that owns the note on your mortgage. This is confusing sometimes since the names of your servicers are names of banks. So you could be making your mortgage payments to Chase but Chase is just the servicer and your note may actually be owned by Wells Fargo. So you will not negotiate directly with Wells Fargo- Chase will do that part. It could be the other way around also. This is because your note is sold to other companies and sometimes your note could be sold to many different companies throughout the term of your note. I wrote an article that goes into detail about the servicers in this featured post about loan modifcations and short sales getting turned down by the servicers.
The HAFA program is a volunteer program basically although those servicers that have participated in the HAMP program must offer the HAFA program to homeowners under certain circumstances. The servicers have to opt into this program and they have to do this by December 31, 2009.
 
 
 
  • The servicers get to decide the extent to which they want to work with short sales and these guidelines don't have to take effect until April 5, 2010 although the servicers who are in HAMP can move your file into HAFA before that date.
 
  • Your loan must be HAMP eligible and meet other requirements in the guidelines in order to be eligible for the incentives to you and to your servicer.


That is an explanation of just the first page of the HAFA guidelines.


There are servicers who are already starting to use the HAFA program. The problem is that the servicers are already making mistakes in using this program.

Case In Point-


We have a short sale listing that is with Chase. We did not get to use our regular negotiator at Chase on this file. The negotiator we did have sat on his tush with this file and did not work on it. Then after 30 days of waiting without a BPO order, the negotiator it was assigned to sent it back to us along with a whole set of HAMP paperwork!

HAMP is the loan modification programthat is a joke. Anyways- our seller does not qualify for the HAMP program on this property because it is an investment property. The homeowner does  not live in the house and thus is not eligable for HAMP or HAFA.  All the negotiator had to do was look at the file we sent in to see that this is an investment property and saved us all time. Now we are going to have to teach this negotiator how to use the HAFA program since they don't know how.

If the property you are doing a short sale on is not your principle residence you are not quailified for HAFA but you may still be able to get a short sale approved through normal short sale channels.

Don't get over excited about the 10 days that you read about everywhere
. That ten days is NOT from the beginning of the process to the end. We will go into those details in the next post in this series on HAFA.

There are some positive things for the homeowner and those are:
  • you will get up to $1500 to help you with moving expenses from the servicer upon a successful closing,
  • the first note holder has to remove any deficiency and can not puruse a deficiency. This does not pertain to second mortgages or HELOCs.

We will continue through all 43 pages of these guidelines section by section- the sections that are important to homeowners and short sale agents. 

 


 


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales and HAFA - Defining The Details For Real Estate Agents & Homeowners was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales and HAFA - Defining The Details For Real Estate Agents & Homeowners*

 

 

Short Sales- HAFA Guidelines and The TEN Day Dream Short Sale

Short Sales- HAFA explained- this is the third part in our series on analyzing the HAFA guidelines.

Today I started getting links and calls from Real estate agents around the county and even two agents from Miami. They all were saying, this is great. Did you read the Sunsentinal today? They say that short sales are only going to take ten days now! Yeah! Right! What planet did they just fall off of to believe that is even remotely possible. Oh, but this is what the government is forcing the banks to do. Yeah! Right! Again! NOT! 

This ten day approval time is being taken out of context. I am sure that many in the media are quoting this statement without preface to get readership and get folks excited and then read their paper more. I left a comment- Did you read the 43 pages of the HAFA guidelines?

Why are you giving false hope to homeowners who are in a short sale situation or will need to go into the short sale situation soon? 

Please read the series I am writing in regards to HAFA. 

Here is the first post: The Truth about HAFA Part I

Here is the second post: Defining HAFA Part II

Know Your Facts About HAFA Before You Blog it.

In this post I want to clear up the rumor that lenders are going to have to approve short sales within ten days. This needs to have a qualifying statement. 

The ten day time frame is AFTER a lot of other things have transpired up to that point. 

On page 8 of the HAFA Guidelines it states: 

'Approval or Disapproval of Sale- Within ten business days of receipt of the RASS and all the required attachments, the servicer must indicate its approval or disapproval of the proposed sale by signing the appropriate section of the RASS and mailing it to the borrower." 

So this does not mean that from the time of the offer to the time of the acceptance or rejection has to be ten days. It means from the point in time that everything is done on the file, the package is in, the BPO is done, the borrower is qualified for the HAFA program, the offer is turned in and the HUD meets the net the servicer is looking for. 

That is obviously not a ten day closing or a ten day short sale. Let's just use some common sense. If you ever have done a short sale with Bank of America you know that most of the time it takes months to do a short sale. There is no way they can implement a system in which you go from start to finish in ten days. Remember, the investor still has to approve most files. Just ordering, receiving and analyzing a rush BPO takes a week. 

When something sounds too good to be true, it probably is. 

The next part of the problem is that these guidelines are for non GSEs. Freddie mac and Fannie mae are not going to use these guidelines. They are special (or so they think they are) and will come up with their own guidelines. The problem with that is 8 out of every ten short sales we do- are GSE mortgage backed securities. Those short sales don't qualify for the HAFA program. That is over 60% of all the mortgages in this country. 

In order to be considered for the HAFA program: 

 

  • The home must be the principle residence of the homeowner.
  • The first mortgage must have taken out on or before January 1, 2009. 
  • The mortgage is delinquent of will be in the foreseeable future- showing impending delinquency. 
  • The unpaid balance owed on the first mortgage can not be more than $729,750. 
  • The monthly mortgage payment has to be more than 31 percent of the homeowner's gross income. 

 

While it remains to be seen if these new HAFA guidelines will create any shortening of the time that it takes to get short sales from contract to closing it is more important for agents to understand the short sale process itself. 

Also, if you do not qualify for this HAFA program- you may still be able to do a short sale. We will just go through different channels. 

Agents need to get educated in short sales if they are to do them. This is a great niche for those agents who have tough skin and are patient and understanding. If you are good with your communication skills and shine with your negotiation skills; then short sales may just become your best niche ever. 

 

Copyright © 2010 By Katerina Gasset, All Rights Reserved.*Short Sales- HAFA Guidelines and The TEN Day Dream Short Sale* 

 

 

 


Short Sales- Foreclosures- Wellington Florida


 

Short Sales- Foreclosures- Wellington Florida Real Estate Information

When you are looking for Wellington Florida real estate information you can not just go with the MLS data based on a search of just Wellington Florida. Even though Wellington Florida became its' own little village back in 1995 there are agents who might list properties by auto populating the fields in the MLS which can sometimes bring up old data and use West Palm Beach instead of Wellington. In fact, there are many places still today that I will call to order something over the phone or over the internet and when I give them our Wellington Florida zip code they will say, " Oh, I am getting West Palm Beach."

The next mistake a lot of agents around the area make is to do a zip code search of the MLS.That used to be fine. The main zip code for Wellington for years has been 33414. But now there are 3 zip codes for different parts of Wellington Florida. So when you do a market report of the real estate activity in Wellington Florida you have to expand your search to include all the zip codes that include Wellington and then delete the properties that are located in Lake Worth or West Palm Beach if they are not really in Wellington. This is kind of confusing to many people including agents.

Make sure that when you are doing your home search for your Wellington Florida home that you are working with an agent who understands this and will search Wellington in such a way to make sure you don't miss out on any areas of Wellington Florida that may not be pulled up in a simple search.

Below is a chart that we made regarding the current Wellington Florida Real Estate information and about how many short sales and foreclosures there are for sale in Wellington Florida. Below the chart is the breakdown of the information: 





Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales-Foreclosures-Wellington Florida was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales-Foreclosures-Wellington Florida*

 

 


Let's Get To The Truth About HAFA- The New Short Sales Guidelines


 

Let's Get To The Truth About HAFA- The New Short Sale Guidelines

Active Rain and the internet has seen a surge in posts and articles written by agents and the media regarding the new HAFA program; the streamlining short sales program rolled out by the U.S. Treasury Department.

Many of these posts were featured. Many of them rang strong with hope for a faster closing time.  I will be writing a set of articles along with this one that will go over all of the points in the 43 pages of guidelines and forms. There is just too much to put in one post.

Whenever I see a group of people complaining and wanting something to be changed I want to take a step back to see the big picture.
One sentence comes to mind often, " Be careful what you ask for."

NAR, Realtors® and homeowners around the country shouted, petitioned, discussed, wrote and spoke to their representatives about how long short sales take and how the banks don't seem willing to do them and that they don't know what they are doing.

My first question is:

Who says that a professional small business in Real Estate was going to be a walk in the park? And what makes a business where there is no ceiling, low entry level  and can create success beyond one's wildest dreams also expected to be easy. Real estate is one of the highest stress careers but you can have a big pay day.

My second question is:

How many agents that wrote these posts of the blissful future of short sales actually read all 43 pages of the guidelines and forms?  

I was tempted to write about HAFA but decided that I better understand HAFA and form an opinion based on facts- the facts that are written in these guidelines. So I spent 8 hours yesterday studying these guidelines and speaking with attorneys about them to get their opinions.

On the NAR website under the HAFA section it states:
"HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of forecloxure."
 

Do you see the oxymoron? How do you place the words, COMPLEX and SIMPLIFY in the same sentence? 

The first rumor that I want to dispell is that all the short sales are now going to go smoothly. That is NOT the case.
These guidelines are complicated to say the least, there are a lot of ifs, ands and buts going on here.

The second rumor that I want to dispell is that all short sale lenders will have to answer your request for a short sale within 10 days.
This is NOT the case ALL the time and in ALL situations.
 
 
These guidelines are NOT for Fannie and Freddie owned loans. Fannie Mae and Freddie Mac will be coming out with their own set of guidelines in the coming weeks.
The guidelines only pertain to servicers who are in the HAMP program now or those who enroll in the HAMP program.
Servicers must offer the HAMP program first before they offer the HAFA program.

 


The HAFA program is only for:
  • Principal Residences
  • First mortgages
  • The mortgage is delinquent or will be delinquent in the foreseeable future.
  • The unpaid balance is less than $729,750.
  • The monthly mortgage payment is more than 31 percent of the borrower's gross income.

The third rumor that I want to dispell is that this is going to happen right now. NOT TRUE.
This program begins on April 5, 2010 and servicers have until December 31st of this year to opt in to the program.
However, servicers may opt to begin the program at any time before April 5, 2010 as long as they can implement a record keeping system.
The fourth rumor that I want to dispell is that all the lenders are now under these guidelines.
The HAFA program is not LAW. The US Treasury rolled out these guidelines to go along with the HAMP program.

This part really gets me!  
"The Treasury has selected Freddie Mac to serve as its' compliance agent for HAFA."
 

You mean the same Freddie Mac that was involved with the huge accounting and fraud scandals?

According to the Chicago Tribune Freddie Mac executives "devised a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass."


We believe in adding value to our sellers. We are good at negotiating short sales. Short sales are much more about good negotiating skills than anything else and programs like these tend to tie our hands in applying our negotiation skills.

We will take longer short sale times with approvals any day over shorter short sale response times that come back with a Rejection mark on them in order to fulfil their accoutability time frames.

We close 98% of ALL of our short sale listings and other agents do also.  If we can do it, then you can too. If you are not closing above 80% of your short sale listings than you need to learn negotiating skills.  Negotiating skills is what brings value to your clients and your business.  Stay tuned for more details on the HAFA guidelines and forms- consider subscribing to our blog to be alerted of new articles.

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Lets GET To The Truth Abouth HAFA - The New Short Sales Guidlines was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Lets GET To The Truth Abouth HAFA - The New Short Sales Guidlines*

 


How's HAFA working out for you out there in the thick of short sale areas like Florida, California, Arizona and Nevada? 

 
Do you remember all those posts written about how it was only going to take TEN days to get short sales approved through HAFA, the wonderful government program? 
 
Do you remember the articles that I wrote about how that was not the case, that people were not reading the HAFA guidelines correctly? Well, I said back then that I hope I was wrong, but I was right. 
 
The only things that were even good about HAFA were that the sellers could get $3000 in relocation help and no deficiency. 
 
But that can be done through good negotiation skills through Non HAFA channels
 
We just received this email from Wells Fargo: 
 
" due to the borrower being eligible for the HAFA program- it will take longer to review" 
 
Gee- I hate to be right! 
 
Every file we have that has gone through or is going through the HAFA channels takes longer than usual
 
With Bank of America files when we use the Equator system we get approvals in less than 60 days. 
 
Of course, the situation is very regional and geographically variant. We have figured out that the short sale outcomes and timing has a lot to do with the geographical area you are in and directly attributed to the amount of foreclosures in your area. 
 
The other issue is that the servicer negotiators don't like to push the files over to HAFA because they get paid per file they close but they don't get paid for the HAFA files since those go off to another department. The negotiators are discouraging the HAFA program. 
 
To  view Welington Florida short sales  Click here. We know  Wellington Florida Real Estate and Wellington Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.
 
 

HAFA- One More Hyped Up Media Campaign With No Teeth

 

HAFA- such a big deal right? I wonder where all the agents and media operatives for the insiders press departments are now? Remember at the beginning of the year everyone and their mother was writing songs of worship for the new miracle to save underwater homeowners- HAFA? 

Hafa Short sale program with no teeth
 
Remember when I asked if everyone was writing these posts and articles on blogs and newspapers because they loved the google juice they were getting from it or if they actually knew anything about the HAFA program?
 
 
Do you remember all the posts that I wrote and the comments I was making about how most of these people writing about HAFA had not EVEN read the HAFA guidelines at the time? 
 
 
Gag me with a spoon! The chicken comes home to roost! 
 
I wrote a post, The Truth About HAFA, which was reblogged over 19 times and used on many websites and blogs to let people know this was not some cure all for short sale sagas. Interesting though, the media was not interested in an article like that. 
 
Having problems with HAFA? Why are we NOT seeing just as many of these people who sang their songs of praise not singing and blogging about how great HAFA is and ALL the homeowners it has saved from foreclosure and ALL the short sales they have been able to get through in such record times such as the 10 days they were all proclaiming? I guess we all have a right to believe in fairy tales. 
 
So how's it all working out for you? 
 
I remember being on a SFR webinar and hearing Bank Of America's VP telling us how great it was too. Hmmm, 
 
Could this be a factor in how it actually is playing out? 
 
Bank of America negotiators get paid for each deal they negotiate and close. If you start working on a file with a negotiator at Bank Of America and then say, Oh BTW- is this seller approved for HAFA? You may not get a positive response. 
 
A negotiator who has to put a deal over to HAFA- it goes out of their hands and thus, yes, you guessed it, that negotiator will not get paid for that deal when it closes. Once it is HAFA approved, the negotiator is out of the loop and out of the pay attached to that deal. 
 
Often negotiators at Bank Of America discourage HAFA short sales because of this. 
 
I am sure that other big lenders follow this same model for paying negotiators so it does not surprise me that feeding their own family is each negotiator's priority at the end of the day. 
 
 
 
Call us today at 561-753-0135 for a private and confidential short sale phone interview. There is no obligation. We do not charge upfront fees. We close on our short sales. 

 

 

Florida Short Sales- Listing and Closing Short Sales In Florida


 

Florida short sales- Listing and closing short sales in Florida. We close our short sales listings. Here is just a partial list of listings we have displayed on our blog that have generated offers and many of these listings got multiple offers. Some of these are actively still on the market, some of them are closed while others have offers being negotiated on with the short sale lenders. This is just the list of Florida short sales. If you would like to see a list of our listings that are NOT short sales you can contact us at 561-753-0135 for the list or go to ourWellington Homes For Sale website.

There may be a few repeats of these Florida Short Sales in the following list because of price changes. We will be compiling a list for you of our sold listings as we get that list put together on our website. You will also be able to view a map of our sold listings to get an idea of where properties are selling more than others.

If you are thinking about selling your home as a short sale anywhere in the state of Florida- contact us as soon as possible. We will interview agents that are experienced and many of them we have worked with on short sale listings.

If you are selling your home as a Florida short sale  in St Lucie county, Palm Beach County or Broward County you can call our office direct to get the process started and help you negotiate the terms of your short sale with your lender.
If you are a buyer and are looking at homes to possibly purchase here in St Lucie County, Palm Beach County or Broward county feel free to use the online search tool below this list of listings. There is absolutely no obligation for you to search with this tool.


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Florida Short Sales - Listing and Closing Short Sales in Florida was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Florida Short Sales - Listing and Closing Short Sales in Florida*

 

Do You list & sell short sales in St Augustine & Jacksonville Florida areas



 

Are you listing and selling short sales in the St Augustine and Jacksonville Florida areas?

Do you have a mid-size to large office with agents that want to take advantage of the short sale market but don't want to do all the short sale paperwork and short sale negotiations?

A very good negotiator that we know with a very prominent lender is going to be moving to the Jacksonville/St Augustine area. We can not divulge all the particulars as of right now since he is still employed at the lender.
He would like to get a position working for a mid-size to large Real Estate brokerage that is doing a lot of short sales or who want to but do not know how to or do not want to because of the time it takes to get the short sales approved.

We have a lot of short sales that are serviced by this particular lender and always ask for this person to be our negotiator. He works diligently to get our short sales approved and he really knows the inside scoop on how to get a short sale done. He was an appraiser so he can also do your BPO's for your short sales and run and put up signs etc. Whatever it takes to help you get your short sales approved. He has amazing contacts.
 


 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Do You List & Sell Short Sales in St Augustine & Jacksonville Florida areas was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Do You List & Sell Short Sales in St Augustine & Jacksonville Florida areas*


Palm Beach County Short Sale Agents- Sometimes Stuff Happens!


Palm Beach County Short Sale Agents- Sometimes Stuff Happens!

Another day in the life of a short sale agent in Palm Beach County Florida:

We get the call from the lender that the short sale has been approved and they are faxing us the acceptance letter and terms for title releases.

Ring, ring, Nestor calls the buyers' agent to set up a closing date and time:

Buyers' agent: Oh, I am so upset! The buyer no longer wants to buy the house. She refuses to buy a two story home now. You see, she fell down the stairs in another house where she is living and broke her hip. So now she refuses to go through with the offer on your short sale!

We get the happy dance call from the lender on another short sale:

The short sale is approved. We do the happy dance because this offer was from an all cash buyer who we have been communicating with on a weekly basis. They can close right now.

Hmmm, we can not find the agent for this buyer. We left messages with the agent. We emailed the agent. So after almost a week of not hearing from the buyers' agent; we decided to call the broker of this agent. Guess What! He is the Broker! YIKES!!!

We get the next happy dance call from the lender on another short sale:
where the buyers have been bugging their agent to call us every other day to see if we have an acceptance. They love the house and are so excited. This short sale lender is very fast so we had an approval in about 3 weeks.

Ring, ring, Nestor calls the agent to let her know the good news, let's set up the closing date!

Buyers then inform their agent that they are withdrawing their offer because they do not like the interest rates that they are going to have to pay on their new mortgage! WHAT!?!

No wonder I just wrote the post:

Dear Mr and Mrs Short Sale Buyer!

The good news is that we can close fast on these approved short sales! So I guess my next posts will have to be about getting buyers for these listings!
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Palm Beach County Short Sale Agents - Sometimes Stuff Happens! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Palm Beach County Short Sale Agents - Sometimes Stuff Happens!*
 

 

 

 

 

 

 

What's the difference between Palm Beach County short sale and foreclosure?


 

 

What is the difference between a Palm Beach County short sale and a Palm Beach County foreclosure?
 
  • A short sale is a seller's lender agreeing to accept less than what is owed to them or the seller brings his own proceeds or a portion thereof to cover the deficiency.
 
  • A short sale is still owned by the seller who is usually the property owner.
 
  • A short sale closing will conclude with the seller (homeowner) transferring title to the buyer.
 
  • A short sale is not a bank owned property listing.
 
  • A short sale is where the proceeds are not enough to pay the balance owed to the mortgage companies, the closing costs or the liens and other costs of sale or a combination of one or more of these existing.
 

 


 

    • A foreclosure is the legal process in which the owner's rights to his property are taken away usually by default.
    •  
      • In the state of Florida this is a judicial process. Usually the judge orders the property to be sold, 'on the courthouse steps'.


      So a property can not be both a short sale and a foreclosure at the same time. If you are looking for properties that are short sales you will ask your agent for short sale listings. You will search your agent's website for short sales.

      There are many times in the MLS where the agents are putting short sales and foreclosures in the same listing. You can not have a listing that is both at the same time.

      If you are looking for foreclosed on properties than you are looking for bank owned property fields or foreclosures on your agent's website or on the MLS.
       

      Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

      Please seek legal advice. This information is for informational purposes only.

      Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

        


      For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

      To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

      Whats The Difference Between Palm Beach County Short Sale and Foreclosure? was first published on South- Florida-Luxury-Living.com.

      Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Whats The Difference Between Palm Beach County Short Sale and Foreclosure?*


Why do you do BPO's for Short Sale lenders?


 


Why do you do BPO's for Short Sale lenders?
I am really curious as to what your thinking is.

We get a call from an agent who is doing a BPO on one of our short sale listings that we have an offer on.

He calls us and Nestor gives him access to our listing but also tells him what is going on in the market.

The agent was not from our area. He wanted to take interior photos of the property.

Get this! He goes back to his office late in the day and calls us. He asks us which property was the one that we had listed!
He said he had just done 10 BPOs today and forgot which one was ours.

Hmmm, what else could he have forgotten? And the short sale lenders hire these agents to give them an opinion of market value.

Now, our defenses go up, red flags flying! What in the world is he going to do to this BPO when we have a foreclosure looming over our sellers' heads?

OK, so he does 10 BPO's in a day. Let's do the math: 10 x $70= $700 (- gas to get to 10 locations and back and forth from his office).
For a lot of people that would be good pay for a days work, but that was just doing the photos. Tomorrow he has to do the actual filling out the form part of the BPOs. Not the highest and best use of your time.

So maybe this is how he is making his living. I would get another job if that is all I could make in Real Estate.
IT made me wonder how far would she go? Would she make sure the BPO is high, so the short sale falls apart? Because if the short sale closes then for sure she was not going to get the listing.

Then a couple of weeks ago I read a blog post right here on Active Rain from an agent who was doing a BPO. He was asking the question on his blog about how to do the BPO on this property he accepted to do a BPO on that had no comps! He said that no house has sold like this one so he did not know what to do!
WHAT!!!!! Why didn't he just pass on this BPO???? Why are you doing something you have no clue about?

Hmmm, how about going over to the property? Oh, yeah, he also said he was thinking about just using replacement cost! In this market? Are you kidding me? Here in Florida- you can buy short sale properties and foreclosures for less than half of the replacement cost! So how can you use replacement cost as a measurement of value in this market????

Please get out of the way!
But my concern goes back again to our seller and our listing.
 

What is the motive of this agent to do this BPO for a short sale listing?

The BPO agent has WAY too much power over the transaction. We have gone all the way to Freddie Mac direct to protest one agent's incompetence on a BPO that was done.

I read once right here on Active Rain about an agent who was SO excited that she was doing her first BPO for a short sale lender on a Million dollar home. Right in her post, she said, she hoped to get the listing and that is why she was so excited!

What! So she would be happy that this seller gets foreclosed on and that his short sale does not go through, so she can MAYBE get the listing?
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Why Do You Do BPOs For Short Sale Lenders? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Why Do You Do BPOs For Short Sale Lenders?*

 


 


The Top 3 Reasons That Short Sales Fail To Close!



 

The TOP 3 Reasons That Short Sales Fail To Close!
 
 
Warning! This is REALLY HARD CORE REAL ESTATE TALK!
 

Since short sales have become a mainstay in our market these days and there is quite an abundance of short sales to sell and buy I have made some serious observations. This post is for members only due to the nature of the topic.
I have read so many posts and articles about how hard it is to close on short sales. In our experience we have observed certain actions and behaviors that I feel compelled to bring up and discuss.

We all know that the lenders are taking a long time to approve short sales and sometimes the numbers don't jive. We close our short sales. And we are not giving up when the going gets tough on closing a short sale because we feel it is not in the best interest of our seller to give up on him or her and we don't like to lose! When we are talking about saving a home from foreclosure; this is serious talk and not for the faint of heart and those that do not care.

The posts I read and the talk I hear is all about how bad the lenders are and how this is all their fault in not working the short sales smoother and faster. I agree they err in this regard however I must differ that this is the biggest reason short sales fail. In our experience we have found that we can deal with difficult banks but what is worse is dealing with many of the real estate agents that have a part in the transaction.
 
 
The top 3 reasons short sales fail are for things that are directly in the hands of the agent and are as follows:
 

1. The biggest problem that we have that puts a wrench in our short sale listings is the BPO.

WHO DOES THE BPO?

 Agents! When the BPO comes in too high the lender is going to turn down the offers. I am not talking about low ball offers either. The worst agents on the job for the BPO's are the ones that do BPO's for Freddie Mac loans. Every time we have an offer on one of our listings where Freddie Mac is the note holder the agent they sent out has been totally off the wall with their values.

Here is an example: We have a Condo listing in a severely declining market. This past March we got an offer on this unit. Freddie Mac sends down an agent from Fort Pierce Florida to do the internal BPO on this condo. This condo is about one hour away from Fort Pierce in a totally different market. This agent drives down to this condo and does not even know how to open the lock box. Nestor meets him at the property and also supplies the comps. The agent tells Nestor he does not know the area. 

Excuse me? Why in the world are you doing a BPO in an area you know nothing about?

The guy drives all the way back up to Fort Pierce and turns in a BPO with a price of $209,000 for a condo that is not worth over $150,000 at that time. We had just closed on one for $150,000! Another one closed for $160,000. ( When these units were hot, they were selling in the 300's)

The servicer calls us and tells us they are turning down cash offers of $150,000 and they need to net $188,000 based on the $209,000 BPO! How is this the lender's fault? They don't know the area. They are depending on this agent to give them a BPO. This is the #1 reason short sales fall apart.

So tell me, who blew the deal on this short sale?
The lender was bound by the BPO! It was the agent who blew the deal.

First of all, what is an agent doing getting paid $40 to $50; driving an hour here and back, then doing the BPO and turning it in even doing this BPO in the first place? What is in it for him? He is working for less than $5 per hour after he fills his truck up with gas! Yes, he had a truck! This makes NO financial sense whatsoever. Oh, well, that is a topic for another post. I digress!

So we market the condo at their higher price and of course we don't get any more offers. Nestor takes this up with Freddie Mac directly. Finally, 2 months later. Freddie Mac sends down this same agent to reevaluate his own BPO. OOPS, I guess he was too high the first time around because now he lowers his BPO by $40,000 to $160,000. Hmmm, prices dropped that much in 2 months!?!

Well, again he was wrong because this second BPO was still higher than the price of the units sold in this condo! The price of the units sold are now at $135,000.

Again Nestor went up the chain of command complaining about this BPO. Finally they sent out another agent to do a new BPO and we now have  an accepted offer of $135,000.

The agent should have said to Freddie Mac that he did not know the area! Every single Freddie Mac BPO we have has been by agents who do not know the area! What is up with this!
The agents with the bad BPOs who do not know an area are the biggest reason the short sale fails.

2. The buyer gets declined for their mortgage after the short sale is accepted by the short sale lender.  
It is the buyers' agents responsibility to make sure the buyer is staying in touch with their lender and being updated by the buyers lender as to any changes in their loan program. This is just unacceptable to me. You should know your client. You should be making sure the buyer is getting everything ready for the loan with the exception of any outlay of money beyond the loan application fee. We have had 3 deals this month alone where after the short sale lender has approved the short sale, the buyer gets declined. Where is his agent? Of course the agent does not do the loan but it is your business and you need to be on top of your client.

3. The buyer does not understand the short sale process.
The buyer walks away from the deal before the short sale gets approved. We just had a veteran agent who we used to work in the same office with bring us a cash offer from his investor client on one of our short sale listings. He was very adamant that we place the property pending in the MLA so that they would be the only offer. Oh, my buyer understands short sales and knows how long it takes, he says.  It is not even 3 weeks later and the buyer withdraws? You know what the agent says to me, well, you know these investors! They come and they go.

 Excuse me? Aren't you the one who wanted to be the only deal because your guy was committed to the deal?

It is the responsibility of the buyers' agent to educate the buyer as to what a short sale is and the time frame involved. Buyers who are not committed to the deal need not make offers on short sale listings. Buyers need to be committed to the deal just as the seller needs to be committed. Agents should never assume that their buyer understands how to buy a short sale and the time frame. We get this all the time, " my buyer is very patient" and then one week later, that same agent is calling us saying the buyer is getting antsy! Where do you think the buyer is going to learn about short sales if it is not from you?

BONUS # 4  - Top 3 sounds better for a title than top 4! :)

When I read that agents did not get their commission or the numbers are off at the closing of a short sale - just by reading the experiences I can almost guarantee where the deal went bad.  It is the listing agents' responsibility to make sure the HUD 1 is correct before sending it into the short sale lender along with an offer. We must make sure every possible fee is addressed including your commission. It is it not on the HUD; you are not going to get paid. I meet agents who do not even know that they need to send a completed HUD 1 along with the offer, with that offer's information and a total of how much the lender is going to net on the short sale. I have seen title company HUD's where the numbers are so far off and there is a full pay off on  a short to a lender and then a negative on the net proceeds to the seller! This net needs to be a ZERO or else you are telling the lender that the seller is bringing cash to closing!

So tell me, who blew the deal on a short sale like this? The agent! SORRY TO SAY!

Get educated about doing short sales and then educate your sellers and buyers about short sales. We are in the middle of writing a book about how to be successful in listing short sales and working with buyers in short sales. You will not need to spend thousands of dollars on seminars because everything that you will need to complete a short sale will be in our book including the forms and samples as well as our secret tips to get them closed. If you have questions about short sales please go to our ask your short sale question website at Short Sales Success and ask your question on the guest book. Please make sure to keep it short as the limit is 120 characters and I have not been able to change the form to allow for more. When the ebook is published we will set up a blog within that website where you can ask more detailed questions.
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

CThontact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

The Top 3 Reasons That Short Sales Fail To Close!  was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*The Top 3 Reasons That Short Sales Fail To Close!*
 


Palm Beach Florida Luxury Homes- Short Sales In The Luxury Market?


  

With so many short sales in South Florida it makes you wonder how has the downturn in the market affected the luxury home market.

There is a part of our county that you all know as Palm Beach Island. Palm Beach island is home to the worlds' biggest billionaires and movie stars. The Kennedy's even had a nuclear resistant bunker built out off the island on Peanut Island. You can take boat rides over there to see it and the Maritime museum.  Donald Trump's Mara Lago is here on the island. Donald Trump and his X wife Ivana Trump have properties on the island. Jimmy Buffet and Rod Stewart both have mansions on the island.
 
 

Here is the famous Breakers Hotel on Palm Beach Island where many rich and famous people stay. This hotel is our favorite here in Palm Beach County. It is right on the beach and is listed as one of the world's top 10 beaches according to travel T.V.


This island of Palm Beach has been immune against the downturn in the market. The one area that was still in demand was the multi million dollar properties on Palm Beach Island. This area became known as bullet proof.There are only a little over 10,000 people who live on the island and only 5800 households.
 


Well, now it looks like a bullet may have pierced this market with the fraud permeated by Madoff on this island. With the billions of dollars lost with Madoff here on the island it  remains to be seen if this is going to affect the property values on the island. I have a hunch it will.

There are some hedge fund managers that own mansions on the island and depending on how much they have lost will determine if they are going to have a fire sale on their mansions. How would you like to pick up a mansion worth $ 9 Million for about $7 million?
 
The other day someone went into the Madoff mansion and stole a very valuable statue of two copper lifeguards sitting on a bench valued at $10,000 from his mansion worth 9.5 Million dollars. Currently Madoff is under house arrest in his New York $7 million dollar apartment. There is a lot of anger around here towards Madoff.

Could this all mean that we may get some multi million dollar short sales on the island? Most of these people pay cash for their properties but you never know! For instance back in the spring of this year Randolf's Hearst's widow could no longer pay for the upkeep of their $30 million dollar mansion and she started to take out large loans just to pay her taxes and upkeep. The Hearst mansion was sold on the courthouse auction block for $22 million dollars. 
 

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Palm Beach Florida Luxury Homes - Short Sale in the Luxury Market? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Palm Beach Florida Luxury Homes - Short Sale in the Luxury Market? *

 


Short Sale Success In Royal Palm Beach Florida with Happy Sellers!


 
 

Short sale success in Royal Palm Beach Florida produces very happy sellers. This young couple was referred to us by another seller who we are doing a short sale for who found us on our Active Rain blog.
 
This couple was being relocated and could not make both a rental payment where they were moving and a house payment down here. They owed more money on their mortgage than what the house would sell for in this market.
The time it took to do the short sale from the time we had a good offer on the property to closing was only 2 months. Things went smoothly on our side and we are very thankful for our great team to get this home sold because the agent for the buyer left the country during the transaction. His broker really did try to step in however the loan officer would not return calls and did not get us items needed when they were required. But our closing coordinator Marey Hoeppner really stepped up and took over the loan officers' duties and made sure we closed on time.
 
The sellers were elated that we closed. They had heard horror stories but they had their faith. They prayed often and their prayers were answered. Since they had moved out of our state and did a mail away closing we were not able to get a video testimonial or photos with them. They wrote us the most wonderful email about their successful closing. We were able to negotiate a "fully satisfied paid in full as agreed"  settlement with their short sale lender.
Please read this emotional testimonial Chad and Misty wrote for us:
 

 

 

 

 

 

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sale Success in Royal Palm Beach Florida with Happy Sellers! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sale Success in Royal Palm Beach Florida with Happy Sellers! *

 

 

Sort Sale From Offer To Closing In Less Than 30 days! And you will never guess with which lender! Bank Of America! WOW!

The buyer's agent  brought us:

  • an ALL CASH buyer with a 
  • GREAT OFFER PRICE $440,000! 
  • HEFTY EARNEST MONEY DEPOSIT, 
  • AS IS FAR BAR CONTRACT,
  • Inspection to be done in 7 days,
  • Closing within 21 days of approval from third party lender.

Bank of America made some conditions that were not reachable by our seller so we made them a counter offer from our sellers. They accepted. We had the short sale approval on this file in 3 business days from Bank Of America. Then it was time for the inspection which went fine but the buyer was out of the country and did not want to send the money over until we had clear title which Infiniti Title Insurance took care of right away.

palm beach county short sale agents

 

 

Hi Milet,
 
I first wanted to let you and your family know how much we enjoyed working on this transaction with you all.  The buyers are thrilled to own the home and will be moving in very soon.  Please use my MLS agent ID number when you mark the listing sold.  
 
Thanks again for your help in this sale.
 
Jeff Levine ( The agent that represented the buyer)
 
Hi Katerina,
 
Your the best!
 
Jeff ( another email from the buyers agent)
 
We want buyers agents to know that we do give 150% of our energy to getting our short sale listings approved. We close our short sales. 
 
 
To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.
 
Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sale From Offer To Closing In Less Than 30 Days!* 

 


Short Sales With Countrywide* Important News Bulletin* *UPDATED*


 

If you are in the process of a short sale with Countrywide here is some Important News For You! 

Our in house attorney was just given written notice that Countrywide's Short Sale and Foreclosure departments have just shut down operations temporarily for 20 days for restructuring. On Countrywide's time table that probably means 30 days!
 
They will not be returning your phone calls, they will not be entering data into their computer system, the negotiators will not be calling back, new BPO's will not be ordered. Business as usual is not happening right now. Their snail pace just became a standstill. 

Business as usual has stopped for this month as of April 2, 2008. If you have a sale date for a foreclosure it will move forward. CW contracts out to outside attorneys and they are doing business as usual so don't think that anything that has been outsourced is not going to happen. 

It is our feeling that the FBI found something. A judge just ruled that there is cause to further a DOJ investigation regarding Bankruptcy cases. What goes around comes around and maybe this is pay back day for Countrywide's dishonest dealings and truth in lending violations. 

Don't be surprised if the next news is that Countrywide files for bankruptcy. Then they will get some sort of bailout like Chrysler did. 

So what now of your files that are with Countrywide? Well, since Countrywide is the servicer for note holders it is the legal obligation of the note holders to continue to service their customers. You will need to go directly to the note holder and ask them what they intend to do with these files in the meantime. Some of them will hire new servicers.

If you are a seller who has to do a short sale you need to have an agent on your side that knows how to do short sales, that has an attorney on staff or in house that knows how to do foreclosure defense and the support staff to handle the phone calls that will be required to be made on your behalf.

Make sure you ask the agents you interview if they know how to do short sales and if they have successfully closed any short sales. These is not the time to hire Aunt Harriet to list your property as a short sale!
If you want us to refer an experienced short sale agent in your area please call Nestor Gasset or Katerina Gasset at 561-753-0135 or toll free at 800-444-3316. 
 



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales with Countrywide *Important New Bulleting* *UPDATED* was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales with Countrywide *Important New Bulleting* *UPDATED**

 

Short Sales Updates For CountryWide and Bank Of America.

Short sale updates for those who work with Countrywide and Bank of America short sales.

Even though Countrywide is now Bank Of America and they are under the Bank Of America umbrella there are still 2 different departments.palm beach county short sale agents

There are short sale files that go to the Countrywide departments and there are short sales that go to the Bank Of America department. All the rules are now switched over to Bank of America policies.

Bank of America has a 30 to 45 day turnaround time for the short sale process which is their published public policy. It is very important for companies to adhere to their public policies. Since we know that this is certainly not the case with Bank of America or Countrywide files; you can expedite your file by calling them on this issue.

Where your file is routed to depends on who the note owner is. This is a point of much confusion in short sales and we will cover this extensively in our short sale book. But here are some helpful steps to understand: If the noteowner is Freddie mac your file will go to a negotiator during the second phase that works just on Freddie mac files. These negotiators know how to prepare the file to send out to Freddie. The same goes for Fannie mae notes and then there are those who handle the private investors such as Bank of Mellon New York, Wells Fargo, etc. There are also notes that are owned by Bank of America or Countrywide. Those will eventually go to upper management for a decision on your file so if you know anyone higher up in management this is who you want to get your file to. This will save a lot of time.

One of the VP's of Countrywide's section has informed us that Bank of America is working on a website system to help streamline the short sales and get them processed faster. This website will be a place where we as the listing agents will be able to upload the files directly to them. This will be a huge timesaver. We all know how many times we find out that our short sale file, all 120 pages of it are lost and never found by Countrywide. I always wondered why in this technology age we are required to fax documents to a fax machine when they can be uploaded right into the system!

The projected date to get this website online is July 20th of this year, that is like in a week! Let us all hope and cross our fingers that this is going to happen and in a timely manner.

                                           Remember in doing short sales, NO is not an option!

To learn more about short sales visit our website at Short Sales Florida.

 

Short Sales Port St Lucie Florida *Foreclosure Filings*


 


Short Sales in Port St Lucie Florida and Foreclosure filings have sky rocketed.
Are you behind in your mortgage payments and do not know what your options are?
Have you been served with a foreclosure complaint?
Call us today to start your loss mitigation process at 561-753-0135. The sooner you take appropriate action the sooner you can move on with your life. Avoiding the notices you get from your lender are not going to make them go away. Ignoring the letters is not going to solve your problem. 
Port St Lucie Florida along with Las Vegas Nevada and San Diego California are the  foreclosure capitals of the nation according to Forbes Magazine. Needing to sell your home in Port St Lucie Florida right now as a short sale before it is lost to foreclosure may just get you a faster closing than other place in the nation.
Why? Because the lenders have foreclosed on so many properties in Port St Lucie and their foreclosed properties are not selling.
Right now in Port St Lucie Florida 90% of all the sales are short sales and foreclosed properties. We currently have Port St Lucie short sale properties listed for sale. 
This is because just one year ago when you had to do a short sale the lenders just took their sweet time, ignored offers and twiddled their thumbs thinking that they would just seize the property and net more than if they accepted a short sale offer. Well, they finally figured out that your first offer is usually your best offer! 
So now if we tell the bank that the property we have a short sale offer on is in Port St Lucie they tell us; Oh, Port St Lucie? We'll have an appraiser there right away.
How is this good for a homeowner who needs to settle on a short sale? You can get a closing faster. The buyers are coming to make offers, the prices are coming down and thus the market starts to work again. The times are changing! We see it in our closed sales. Short sales are closing when you have an agent who knows what they are doing.
We have  listings in Port St Lucie Florida. One is a condo that the owner owes $ 150,000 on the mortgage. We listed it at right below market value at $139,000, no offers. Then we reduced it to $119,000; no offers. The recent appraised value of one of these units is $160,000. Now it is reduced to $99,000 and we got an offer above the asking price. We have a paper trail of the reductions of pricing to show at what price point the units will sell for now.
Another agent had listed a property in Port St Lucie Florida where the owner owed $180,000. A buyer offered $75,000. The lender did not want to take the offer. This was last year the agent said. Then the lender foreclosed and finally accepted an offer of $67,500 which was less than the first short sale offer. Had the lender accepted that first offer they would not have as much of a loss as they do now.
The lenders are starting to realize that settling on a short sale will net them more than selling it after foreclosure. Some lenders are even calling us and other agents back to try to revive old deals that they previously had said no to. If this continues to take place the market will adjust itself and the lenders will not need a tax payer bailout. 
Goldman Sachs predicts that if the prices of homes continues to fall another 15% this year, it will bring the number of homeowners who owe more for their house than what it is worth up from 9 million today to 15 million by the end of this year. The market will correct itself if we allow it to.  
Please do not wait until it is too late. Don't ignore the situation you are in. Do not ignore the foreclosure complaint. You do have options available to you. Call Nestor Gasset or Katerina Gasset today and we will put you in touch with our in house attorney who can go over all your options with you and help you decide which one is best for your situation.
If you live in Port St Lucie and you must do a short sale please read our short sale series of posts to understand the process. A short sale is when you list your house for sale and accept an offer that is lower than what the amount you owe on your mortgage is and you ask the bank to accept the lower offer. In order to complete a short sale successfully you need to list your house with an agent who is experienced in actually closing short sales.
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sale Port St Lucie Florida *Foreclosure Filings* was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sale Port St Lucie Florida *Foreclosure Filings**


Short Sales In Palm Beach County and Port St Lucie- News You Can Use


 Short Sales in Palm Beach County and Port St Lucie- News You Can Use!


We just got another short sale in Port St Lucie approved and we are closing tomorrow! We will be getting another testimonial letter from our happy seller. When we called her today to set up our closing time for tomorrow, the sound of her voice was like a different person from just last week! The stress of this foreclosure looming over her head was almost too much for her to bear. Then the lender wanted her to sign a promissory note for $5000 and she could not even do that due to her financial situation. Well, she was able to get that promissory note forgiven too. Today she sounds like a new person!

If you can no longer make your mortgage payments a short sale may be the solution to your stress and situation. But you need to take action now. Do not wait until the last seconds of  that clock ticking towards foreclosure before you decide to act. I can not tell you how many homeowners we meet that ignore all the lender's mail. This is not  a problem that is just going to go away.

We have written a series of articles to help you to understand what a short sale is and what is expected of you, from you and how a short sale can help you get on with your life. You can find those articles here on our blog at Short Sales. We just compiled this series of short sale educational articles and placed them on a separate page on our website at  Short-Sales-Florida.com. This will take you to one page with all the articles listed from the series. If you want to read the entire series in one click you can go there.

Homeowners: WARNING! Do not let your neighbors and friends educate you about short sales and foreclosures. They mean well but a little knowledge can cause a lot of damage. If you get any advice please call your agent or your attorney to verify the information. You need to have a Realtor® on your side that knows how to close short sales and knows how to negotiate with your lender.

Agents: STOP being fooled into buying  these $2000 short sale programs that claim they are going to teach you how to do short sales. They are not teaching anything new about short sales. The information is here for you to learn about short sales. You do not need to be certified to do short sales. That is not going to be the reason you get the short sale listing!

We are putting together all of our articles about short sales; our experiences and the strategies you need to use to be successful in closing short sales. We close 100% of our short sales. I am putting all this information in a book. It will be an ebook that you will be able to download for a very nominal fee so that you can be ahead of your competition and get your short sale listings to close. We will place all the phone numbers we have collected for the various lenders we work with and there will also be all the documents that lenders require right in the ebook including a short sale package checklist that we use for our homeowners. We will give you some shortcuts to help you save some time working on the files.

We want this book to be a complete short sale resource for you. Please place in the comments here anything you want us to add to this book to help you get your short sales closed. Your suggestions will help us make the book the most complete resource you can find on being successful in short sales. I will be open to suggestions of what you want in our book for the next 30 days. Then the suggestion box will  be closed because our book is scheduled to go on line by  the middle of August or sooner.

 You can take short sale listings all day long but if you can't get them to closing, what good is it doing you to have short sale listings?

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales in Palm Beach County and Port St Lucie - News You Can Use was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales in Palm Beach County and Port St Lucie - News You Can Use*



Short Sale Testimonials- Port St Lucie Florida Short Sale Closes!


Short Sale Testimonials- Port St Lucie Florida Short Sale Closes!


When you are looking for a real estate agent who knows how to do short sales in Port St Lucie Florida look no further!

We close short sales in Port St Lucie Florida!


The best way for you to know before you hire a real estate agent to do your short sale is to ask them if they have closed any short sale deals. Ask for their references and testimonials.

If you ask us, well, we have a lot of great testimonial letters and now video of our happy sellers who we helped save from foreclosure. Click here to view more testimonials.

Here is another happy and relieved seller who just closed on their short sale! What  a relief. And we got this property sold and closed in Port St Lucie Florida which is the 3rd largest foreclosed upon city in the entire country!



Dear Katarina and Nestor,                             June 26, 2008
>
>My husband and I want to express our deepest gratitude in bringing the
>sale of our condo to a close.
>
>Your knowledge of short sales and your experience in dealing with the
>lender was key in making this happen.
>
>Even though your commission was small, you treated the listing the same
>as one of your million dollar listings and put as much effort into
>selling the property.
>
>I would highly recommend your services to anyone trying to sell a
>property in this very difficult market.
>
>You both are also pleasant to talk to and have returned phone calls and
>answered all of our questions promptly. You truly are professionals to
>the highest degree.
>
>We will both be sleeping better at night now that the debt burden is
>gone. Thank you again.
>
>Sincerely,
>
>Charlotte and Frank Panzarino

Don't wait, don't hesitate when you can not make your mortgage payments. Most of the time a short sale is better than a foreclosure. Call us Today to get your property in Port St Lucie Florida sold.



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sale Testimonials - Port St Lucie Short Sale Closes! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sale Testimonials - Port St Lucie Short Sale Closes!*


 


Short Sales In Palm Beach County and St Lucie County Florida Experts


Short Sales In Palm Beach County and St Lucie County Florida  Experts Nestor Gasset and Katerina Gasset Get Them Closed
 


Short Sales In Palm Beach County and St Lucie County Florida Experts Nestor Gasset and Katerina Gasset know how to close on their short sale listings.
We use Express Land Title to do our short sale closings. Tina at Express Land Title in West Palm Beach Florida is extremely proficient in closing short sales and has been doing title work for 22 years. The hard part for title company  is that they must work on the short sale files prior to knowing if they are going to close or not. There are preliminary HUD1 that must be produced and public records searched for any outstanding liens that need to be put on the HUD1 so that the short sale lender knows what is going to have to be taken out of their net proceeds. Tina just told us that we are the ONLY agents that actually close on our short sale listings. They have many files from other agents that just do not close their short sales. They are complaining about how hard it is and they just do not have the patience or the know how to get the job done. She is now referring those agents to us to see if we can get their listings closed.

Short sales are like a small child in that you can not leave them alone unattended. You must babysit them daily. If you do not have the patience for it then refer these listings out. There is more than enough to go around. You are doing the seller a disservice working on a short sale listing that you don't know how to get closed. If you want to learn how to do short sales team up with another agent who has done one, share the commission on that one, and learn the ropes. Then serve the homeowner with your new found expertise. The homeowners who need to do short sales are usually being foreclosed on so time is of the essence. You can stand idly by hoping and crossing your fingers that a short sale is going to close when the very dignity, credit worthiness and financial ruin are looming over the homeowner.

Nestor is the one that goes out to these homes most of the time and hears their stories. Grown men are crying on his shoulder. We go together to some of these appointments and I will tell you, it is gut wrenching. The ones that we are helping are good people who fell upon hard times and just want to be forgiven and move on. This is not a light transaction. It is one that is spewed in emotions of all kinds. More and more the homeowners calling us are seniors. These seniors grew up with solid values and developed character. For them to even think for a moment about not making a house payment is inconceivable yet when you lose your job and your pension; there is nothing else you can do until you can pick yourself back up. They are so embarrassed to tell us about their financial conditions. They are humiliated and yet they accept responsibility and are trying to do the right thing.

Knowing all of this, you can not for a moment disregard what is at stake for these homeowners. Should you choose to work with short sales it can be very rewarding. You will get the best referral and the best testimonials written for you because you are really helping. This is a time when the sellers KNOW how hard you are working. You are being totally appreciated for all your efforts. Keep your sellers informed as to what is going on and call them in to help with some of the phone calls when you hit a brick wall.

Homeowners, keep your agents informed of every thing that you get sent by your lender. Please get the documents to your agent so you don't prolong the process. Whatever you do, do not ignore a summons and complaint that may get served on you. Take the steps now to protect yourself from foreclosure.

Tina at Express Land Title  interview about working with Nestor Gasset and Katerina Gasset. I tried to add the text overlay and could not get it to go where I wanted it to go. That is why you will see some text that moves across quickly. Please disregard.

 

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales In Palm Beach County and St Lucie County Florida Experts  was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales In Palm Beach County and St Lucie County Florida Experts*


Wellington Florida Short Sales- Luxury Listing Short Sales Do Close!


 Wellington Florida Short Sales- Luxury Listing Short Sales Do Close!

If you own a Wellington Florida Luxury home and have been wondering what your options other than foreclosure are; you may be able to do a short sale on your luxury property.

We just closed on a listing we had that was appraised for $2,400,000 just 3 years ago. This is one of our favorite listings because it sits right on the International Polo Fields and events. The views are outstanding during Polo season where you can host great parties overlooking the Polo games.

 



There were two loans on this property. The seller listed this property with many different agents that 'know' all the Polo players and those in that line of work and obviously his thinking was that these agents would be able to sell his home. He even listed this property with my best friend because of who she is married to but even that notoriety did not sell his home. Nestor kept in touch with him for 3 years. But the seller had promised it to this agent and that agent before he met with us. We were like 4th in the line of who he promised his listing to. Finally he listed his house with us through an expired mailing program where Nestor just stayed in front of his face on a regular basis. When it came time to really need someone to negotiate a short sale for him- he listed with us as the other agents who promote this type of listing are not into doing short sales.

We listed the house for $1,795,000 and reduced it to $1,495,000 when we started to get offers. The final reduction was down to $995,000. We had some crappy offers and then about 3 good offers. The seller chose the offer that he liked the best and that he felt most comfortable with.

Both short sale lenders were quick to respond and easy to work with. It took less than 60 days to get acceptance letters from the short sale lenders and we got an offer through at $740,000. This is one smart buyer! The land itself is worth $695,000!  We have lots listed for near the same price in this exact neighborhood.

Another successful Short Sale closing!

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Wellington Florida Short Sales - Luxury Listing Short Sales Do Close! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Wellington Florida Short Sales - Luxury Listing Short Sales Do Close!*


Can Short Sales Really Be Automated Like Cookie Cutters- One Size Fits All?


 

 
Can Short Sales Really Be Automated Like Cookie Cutters and become like one size fits all?I don't think so. Real estate agents along with NAR made their voices heard to the powers that be in Congress and in the banking institutions. Of course, it is a pain to not have guidelines and to be negotiating short sales in wild, wild west fashion but on the other hand the cream rises to the top so the agents with the talent of negotiating skills and the gift of listening and communication skills rise above the rest and have come to have very successful short sale businesses, they close their short sales and save many homeowners from foreclosure. 
Be careful what you scream for, be careful what you wish for- it may just come back to bite you.
Let's look at what is really behind the automation so widely being sought after by agents and the NAR these days in regards to short sales: 
California based Equator who changed their name from REOTRANS- has created and is implementing the very first short sale automation process for a large lender. The company will not come out and say in public who the lender is who they made this process for to begin with but anyone doing any number of short sales can see the obvious connection with Bank of America telling us that they are automating their short sale process and also with us already being given files to place into this automated system.
The company called Equator says the key to a successful short sale are:
  • accessibility,
     
  • responsiveness,
     
  • communication, 
     
  • fulfillment
Equator says that by large lenders using their new automated system that the homeowner will have 24/7 access to their file and will be able to directly upload required documentation. They will also be given real time updates electronically.
They claim their system will comply with all governmental regulations and compliance, quick fulfillment times, faster turnaround times and will automate the decision making process. 
Now that all sounds great and dandy but whenever you take out the human factor of emotions, making exceptions and taking the negotiations to another level you are not going to get the same approval ratios.
One size does not fit all. I am seeing the writing on the wall. You have several problems with this system even before they implement it.
First, you have to get all the processors and negotiators trained on the system. We are getting files already in this system but the customer service people at BofA and the negotiators are not even trained yet in using the same system. So chalk that one up to the learning curve.
More importantly when everyone starts to depend on an automated system there is less room for the human decision making process like for exceptions to the rule. We can not even count the number of times that a file did not 'fit' the system but we got the short sale approved anyways. When people depend on an automated system they tend to answer, " that is the way it is," or "sorry, the system says they are not approved," etc.
While real estate agents are screaming to streamline the short sale process homeowners may be pushed into foreclosure rather than doing short sale work outs just because some system says they are not approved for a short sale. 

So at the end of the day the result may be faster approval times but a higher rate of rejections.
 
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Can Short Sales Really Be Automated Like Cookie Cutters - One Size Fits All? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Can Short Sales Really Be Automated Like Cookie Cutters - One Size Fits All?*


 

 


Freddie Mac- Is There Anyone There That Knows How To Read?


 Freddie Mac- Is there anyone there that knows how to read? Our last hope is that someone there in your office has the decency to respond to our many requests and the homeowner's many requests for help.

 

 

Freddie Mac- You rejected a short sale work out program for this homeowner and we had 2 buyers ready to pay the appraised price for this property. Your appraisal came in below what the buyers are willing to pay for this house.

Freddie Mac- The homeowner even hired an attorney to make sure there was nothing amiss in the short sale documents. You sent this file to your legal department and then never disclosed the reason it was sent to your legal department. So much for the transparency that was promised.

Freddie Mac- Chase is the servicer for this note that you own. Our negotiator at Chase is the trainer for Freddie Mac loss mitigation.We know she knows what she is doing. She is highly respected and competant. She saw no issues with this work out package. In fact, she was fully expecting an approval from Freddie Mac.

Freddie Mac- You send Chase a denial letter for the short sale along with stating that you will not approve any work out program for this homeowner. So you want to own another home in Port St Lucie and then sell it in a declining market as a foreclosure instead of providing a home for a new buyer who is qualified and ready to buy this property?

Freddie Mac- Chase stopped the sale of this house back in July in order to process the short sale. The negotiator was so sure this would go through as we did also and the homeowner's attorney also thought this was a slam dunk short sale approval that they stopped the sale at the courthouse. As soon as you reject the short sale you put the property back up on the auction block with a date of October 27.

Freddie Mac- The homeowner has asked you over and over again for a reason for this rejection in case there is something that could easily be worked out. You stated back on August 16th that you would generate the letter. As of today neither us nor the homeowner have received any thing from you with a reason for the rejection. This is the first time since 1995 of doing short sales that we have run into such a stumbling block and one that is created by Freddie Mac.

The homeowner and we who are her agents have written letters, faxes and emails to all the chain of command at Freddie Mac and the Senators and Congressmen in Washington DC to beg for someone to care enough to respond. Time is of the essence. There has to be a reason and this rejection needs to be overturned because there is no possible legitimate reason why this short sale was rejected when it met every criteria that Freddie mac requires. (Unless you are discriminating against female senior citizens- we have not ever seen anything like this in our entire careers.) 

The following people have NOT responded!

  • Mr Bruce Witherell, Chief Operation Officer at Freddie Mac,
  • Mr Donald J Bisenius, Executive Vice President Freddie Mac, 
  • Mr Charles E Halderman CEO of Freddie Mac, 
  • Senator Bill Nelson, 
  • Congresswoman Caroline McCarthy, 
  • Congressman Tom Rooney.

Senator Charles Schumer is the only one who responded. He sent a letter he wrote in behalf of the homeowner, our letter and our homeowner's letter directly to Mr Bernard Fulton who is the Deputy Assistant Secretary for Congressional Relations for the US Department of Housing and Urban Development.  We have not heard from Bernard Fulton as of this date. We are very thankful to Senator Charles Schumer for his help in trying to get this situation in the right hands.

Freddie Mac- You can contact Nestor Gasset and Katerina Gasset at 561-753-0135 to get us the answers and remedies we are seeking.

FTC Disclosure: This post may incite, motivate or encourage a homeowner somewhere to contact us to list their property as a short sale because they see that we will fight to the bitter end to make sure our sellers get a fair shake and positive outcome to their short sale.

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Freddie Mac - Is There Anyone There That Knows How To Read? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Freddie Mac - Is There Anyone There That Knows How To Read?*


 


What Do Short Sales and The Health Care Bill Have In Common? Case In Point


 Have you ever done a short sale negotiation for a seller? Have you ever had to deal with Bank Of America, J P Morgan Chase, Bank of New York Mellon, Deutsche Bank?  

 

You know how tough that is. You know the lack of customer care your sellers get because they tell you about how they stay on the phone for 45 minutes only to get someone who won't help them. 

You know how many of your sellers tried, especially those who live in Florida, California and Arizona- to get a loan modification done before they called you to help save their home from foreclosure. 

Who has the power in a short sale? 

Now, don't get me wrong. I am not saying anyone is entitled to a short sale. That is not what this post is about. Stay with me here. 

What does the health care bill and the short sales have in common? The same players! The Wall Street thugs and the Banks are the heavy aggregate investors and owners of the major insurance companies! 

WOW, that really took my by surprise so I started to do a lot of research. 

You know you hear about everyone saying that the evil insurance companies are to blame for the health care costs, denying claims and high premiums. Our government is all too happy to point the finger at those big evil insurance companies. Well, that is what they want you to pay attention to so that you don't see what is really going on. Those big evil insurance companies are meeting in private at the White House. 

Lo and behold, these big evil insurance companies who deny your claims are the same ones who will benefit from the health care bill being passed. These big evil insurance companies that won't cover your condition because they say it was a preexisting condition are the ones that are backing up this health care bill, are paying for ads to get you to support it and are in bed with the government for the promise that they will get to be in control once again. When a public option gets passed, it won't be so public. The HMO's will get to run those programs and so if you think you are getting rationed care now, just wait to see what they have in store for you. 

You think that waiting for your short sale to get approved is taking way too long, wait until you need surgery! It is not even about the government. The same people deciding the fate of your homeowner doing a short sale or getting foreclosed on are the same people who will decide whether you get medical treatment or not and what you will have to pay for it. There is so much more than I can even put in a post. 

Let me break my research down for you and please do your due diligence also: 

AARP backs the health care plan. What does AARP stand to gain from supporting a health care bill that is going to cut services and treatment to their very own members? Well, guess what. The promise in return for AARP's support was that the bill will cut supplemental medicaid. That is like GAP insurance which all seniors need for services that medicaid itself does not cover. Who is the largest supplier of GAP insurance? AARP! That is not rocket science! 

Big Pharma supports the bill. Hmmm, does it take a brain child to figure that one out? Big Pharma has been promised no more pressure or laws to lower drug prices and of course a few more cronies on the FDA board so that Big Pharma can keep the little guy down, you know, the ones who actually have the cures for diseases instead of just treating the symptoms. There is no money in the cure only in the race for the cure. Think about it. 

Now, let's dig a little deeper: 

According to Fortune Magazine the top 5 HMO's in 2009 are:

 

  • UnitedHealthGroup who made $81Billion in revenue, 
  • Wellpoint who made $61 Billion, 
  • Aetna who made $31 Billion, 
  • Humana who made $29 Billion and 
  • Cigna with $19 Billion; of course, all while denying your claims and making your doctors go through heck to get paid and coming in between your doctor/patient relationship. 

 

And guess who is behind these companies?

Yep, those same folks who swindled us out of all that TARP money and Bail out money. You know, the money that was supposed to save those banks or else the world was going to fall apart? 

I did my research and on all of these top HMO's the following are actively present

 

  • Bank of America,
  • Bank of New York Mellon, 
  • Goldman Sachs ( ah gee, was that a surprise anyone?), 
  • J.P. Morgan Chase, Morgan Stanley and State Street. 
  • Oh we can't forget Barclay's- the British Company that got TARP money! 

 I also have the list of the money management firms involved in ownership. 

 

Wellpoint is one of the companies I researched and right on their website they list these short sale busters as being a part of their company! Something to be really proud of!  Let me give you the list of politicians on both sides of the isle in this scam on the American people. 

Wellpoint has quite the politician list: 

 

  • William Bush, younger brother of George HW Bush, 
  • Former US Senator and Banking Committee chairman Don Riegle-D-Mich, 
  • Sheila Burke who was the former chief of staff for Bob Dole-R-Kan, 
  • Susan Bayh who is the wife of Senator Evan Bayh-D-Ind. 

 

So while the government and the banks want you to keep giving your money to pay for more of their bail outs to the tune of $13 Trillion so far- they out of the other side of their mouths want to tell you what health care you can get, how you get it, how much you are going to pay for it and what it will or will not cover. 

I also researched Aetna and they were pushing for the Massachusetts's failed public care, they are all for this health care bill, (which should scare the pants off of you) they are for forcing everyone to have health insurance, gee, I wonder why! Their list goes on and on. 

This is not a new deal! This is about more of the same.  President Nixon is the one who started HMO pilot programs with Kaiser who on the White House tapes explains the amount of money that HMO's will get to make at the detriment to patients and doctors. Ted Kennedy led a bi partisan effort to sign HMOs into law in 1973. 

And last but not least- This bill is certainly not going to help the poor and indigent. The provision in the bill to take your medical records and electronically monitor them is the brain child of a company called Cerner. Nancy-Ann DeParle is the Counselor to the White House on Health Reform. She was the director of Cerner. Do you have any idea who is going to get that contract? Hmm, but worse than that is what this company has done to the poor people through this electronic management of medical records for the indigent of the inner city of Detroit. It will turn your stomach. 

Needless to say, before we approve of 2000 pages of anything- we need to know who has skin in the game, who is going to profit from these bills. 

Ask yourself if you do short sales- Is this who you want running your health care too?

Please REBLOG and Call Your Senators! 



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

What Do Short Sales and The Health Care Bill Have In Common? Case In Point was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*What Do Short Sales and The Health Care Bill Have In Common? Case In Point*


Short Sales in Palm Beach County Florida- Successes To Celebrate!


 

Short sales success updates for Palm Beach County Florida! It is always the sweetest sound when the phone rings and on the other end is the negotiator for one of the many lenders telling us that we have a short sale approved and the acceptance is on its' way!

 

YEAH! We had 3 short sales approved this week! Not one, not two, but three!!! YEAH!! Time to Celebrate!

Short sales are a lot of hard work and time intensive so when we get the approval we hang up the phone, jump up and down, give everyone a high five and then call our sellers to tell them the good news. After that we call and tell the buyer agents the good news.

We had a record time this past week with all three of the short sales. Two of them are with WAMU who is now Chase.

We had a short sale offer on one of our listings less than 10 days ago and got the approval on Tuesday! Is that a miracle or what! The seller was a call from our expired mailing package.

The second short sale approval took a bit longer with the same WAMU but we started that one before Chase was taking over. That one we had an approval on within 45 days from the time we got the offer. The seller was a referral from an attorney who refers short sales to us.

The third short sale acceptance was one in which the lender told us ahead of time what they wanted for the property. It was a rare instance where the price we had it listed at was the approved price so no BPO was needed after the offer came in. The offer came in at the exact list price. The agent on that offer was so nervous because he never wanted to make an offer on a short sale for his buyers. We put him at ease and convinced him that he was in good hands with us. Now his buyer is SO happy because we had an approval back within one week of her offer coming in! This seller was from a call from our Active Rain blog!

One from each of the sources we work on getting our listings from! How about that!

We are happy campers tonight!

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales in Palm Beach County Florida - Successes To Celebrate! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales in Palm Beach County Florida - Successes To Celebrate!*

 


Active Rain Gets Us Another Short Sale Successful Closing!


 

It was about 8 months ago that Jerry called us to tell me he had heard that a short sale may be an option for he and his wife. He was reading our Active Rain blog when he called us. He picked up the phone after reading a short sale article I had posted on our blog to call us.

He had just been fired from his job as a Radio account executive who had some great accounts because he is 'too old' and they could get a young spring rooster to do his work for less than half of what Jerry was getting paid. So in their late 70's; they are moving to Costa Rica to live the spend their retirement years.

He certainly met the hardship test. We priced the property right at fair market value and received offers within that range. As we proceeded along with the negotiations, the agent that was hired to do the BPO was not from our area, did not know the values nor cared about how the BPO was going to turn out. So she blew the deal for us and these sellers, right out the water. Her value came in well over what we could ever sell the property for.

As is always the case, we play the 'show me' scenario with the lenders. We list it at the price that the agent's BPO comes in at for 30 days and of course no one comes to look at the property. We are in the trenches, we know what the price needs to be at. After 30 days we lower the price again to where we know it will sell and get an all cash offer right away. The buyers were very patient. Good thing!

This one had to be taken to the top of the short sale lender- all the way to the VP of Florida operations. We were assigned the head lady for all of South Florida to see this through. We did get our approval. We also got the sellers a fully satisfied mortgage payoff.

We just closed on this property last week.



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Active Rain Gets Us Another Short Sale Successful Closing was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Active Rain Gets Us Another Short Sale Successful Closing*


Wellington Florida Short Sale Agents


 Wellington Florida Short Sale agents can help you negotiate your short sale with your lender.

Are you behind in your mortgage payments? Have you just been turned down for a loan modification? Are you thinking about just letting the bank foreclose on you? You may be able to have your Wellington Florida short sale approved with good negotiating skills and correct pricing.

What is a short sale? Most people do not know what a short sale is. To read more abouWellington Florida short sales you can read our short sale series and facts here.

Wellington Florida short sales are increasing here. This is something that is a part of the whole mortgage meltdown. Many Wellington homeowners call us because they have lost their jobs or fallen ill. They are very ashamed of their circumstances. We are here to tell you bad things happen to good people.

Your call to us is confidential. We do not charge you any upfront fees. We are here to help you as much as possible in your situation. Nestor Gasset and Katerina Gasset are Wellington Florida Short sale agents.

Don't hesitate, pick up the phone today and get your short sale started. You can mitigate the damage to your credit, to your ability to buy another home and to your peace of mind. You don't have to give your house up in a foreclosure. Wellington Florida short sales are being approved.

Whatever you do, do not believe everything everyone meaning well tells you about Wellington Florida short sales. They may or may not have the facts. Check with your Wellington Florida Short Sale agents first.

Wellington Florida short sale agents break the myths that are floating around about short sales here.

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Wellington Florida Short Sale Agents was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Wellington Florida Short Sale Agents*


Florida Short Sale Realtors®- 4 Short Sales Myths Busted!


 

Short Sales- Palm Beach County- Facts vs Fiction- Myth #1 Busted!

 

Short Sales in Palm Beach county and all over Florida keep on coming. Certification programs spring up out of nowhere suddenly whenever there is some niche that turned up in the market.

Everywhere I turn I see Certified Distressed Property Specialist certification programs, REO Certification programs and now all about how to become a loan modification specialist.


The one thing that I know for sure about these programs is that they don't mean a whole lot if the people aquiring these certifications either did not understand what was taught or were taught the wrong information. More on that later.


The one thing that you can be certain about is that the rules change as we go.


The banks and the investors change their short sale policies, some from time to time and others a lot!


Each bank does things a bit differently and each servicer has their own protocol.


So if you are learning in some class that this is the case, ask for your money back and get the heck out of that class!


The most important thing to know is that there is no ONE way that a short sale is done!


MYTH #1 BUSTED!- the biggest myth that I have been hearing around Active Rain and about Short Sales in Palm Beach County Florida is that the homeowner has to be behind in his/her mortgage payments.


While there are investors and lenders who do require that the homeowner is behind there are many that do not!


To tell a homeowner carte blanche that they must be behind in their mortgage payments without verifying this with their lender is irresponsible and negligent. We just had an agent who called to show one of our listings and she was asking how this property can be a short sale if there is no lis pendens filed on this property.


A short sale is an accepted payoff of a mortgage to the lien holders of less than what is owed. No where in that definition does it say that only foreclosures can be short sales. No where in that definition does it say the homeowner has to be behind in their mortgage payments.


We have closed short sales where the sellers were not behind in their mortgage payments. This is the fact. It can be done. There are lenders out there who will approve the short sales like this.


Timing is everything when it comes to short sales. So even if you find the lender is going to require a 30 day late, 60 day late or a 90 day late; you have to time the market and the lender's time to approve short sales in order to have the seller get away with the least amount of credit damage possible in any given situation. I will go into greater detail in our Short Sales Success Ebook that is almost finished. We use special negotiating techniques in behalf our our clients to get their short sales through.


This is the first in a series on Short Sale Myths Busted! Stay tuned for Myth #2 Busted! 

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Palm Beach County - Facts vs Fiction - Myth #1 Busted! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Palm Beach County - Facts vs Fiction - Myth #1 Busted!*


 

 

Short Sales- Palm Beach County- Facts vs Fiction- Myth #2 Busted!

 

Short Sales- Palm Beach County- Facts vs Fiction- Myth #2 Busted!

Read Short Sales Myth #1 Busted first before you read myth #2.

The next myth that we are going to bust is that you have to be broke to do a short sale. I get this one all the time. A seller will call me and say that they need to do a short sale but that their attorney, their real estate agent or one of their well meaning friends told them they would not be able to do a short sale because they have a pension plan, they have a 401k or they have money in their savings account.

Since we already know from busting myth #1 that the only constant thing is change- the rules change constantly and that each lender and investor does things differently. There is no such thing as one way to do a short sale.

Three addages that come to mind in this scenario are:

  • There are exceptions to all the rules.
  • Rules were made to be broken.
  • The rules are always changing.

You can be approved for a short sale even if you are not living on your very last penny. You do not have to be totally down and out to be approved for a short sale. You also don't have to have a financial hardship. The words, financial hardship are relative at best. What that means to one person and one lender may mean something else to another lender and situation.

We have been getting short sales approved for both those who are more than broke and others who have enough money to get by to those who are just trying to soften the blow.

The worse the hardship is of course the more you are going to be relieved of the obligation to pay back a deficiency and other matters that are involved in the short sale approval process. But the myth busting is about the statement that you can do a short sale if you have money and that is simply not true.

The more financially stable you are the more you will be asked to contribute to the short fall. We have negotiated down those deficiencies to as low as 10% of the deficiency.

We are working with a older couple who have well over 1 million in their retirement accounts and savings accounts that they need to live the rest of their lives with as they are in their early 80's. In our negotiations with the bank is not that they have this money it is rather that at their age they may have to stop working tomorrow. Anthing can happen and they need that money to help them in their twilight years. So instead of a pay off deficiency of $120,000 we are able to negotiate with their lender to accept the buyers offer along with a sellers contribution of $20,000 in cash at closing to make the deficiency go away.

So blanket statements like you have to be penniless to get a short sale approved is false and does a disservice to your clients if clients are allowing foreclosures to take place without even trying to do a short sale first.

Look out for Myth #3 Busted

Read Short Sales Florida Myth #1 Busted here.

 

   

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

 

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Palm Beach County - Facts vs Fiction - Myth #2 Busted! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Palm Beach County - Facts vs Fiction - Myth #2 Busted!*


 

 

Short Sales South Florida- Fact vs Fiction- Myth #3 Busted! 

 

Short sales in South Florida are still going strong!


We are writing this short sale series- Busting the Myths and misinformation out there regarding short sales.

Short Sales- Palm Beach County Florida- Myth #1 Busted

Short Sales- Palm Beach County Florida- Myth #2 Busted


You may hear that you will or will not get a 1099 after your short sale. Let's get the facts straight on the dreaded 1099

President Bush signed into law the Forgiveness Debt Relief Act in the latter part of 2007.It has been extended to the end of 2012.

The forgiveness act states that if you live in your home for at least two out of the past five years and this home was your primary residence (in the state of Florida that would be your homesteaded property) then you will not have to pay on the deficiency part and that part will not be taxed as income.

You will still get a 1099 from your lender.

If you are doing the short sale on an investment property or on a second home, you do not fall in the Forgiveness act and the loss will be treated as income according to the IRS. It will be up to you and your accountant to prove whether you are insolvent or not and what losses you will be able to offset.

This is where most people get confused. If you don't have to pay taxes on the loss, why are you going to get or why did you get a 1099 anyways?

Because the lenders are required by IRS law to issue 1099 all the deficiencies on short sales.

It is then up to the taxpayer to bring the 1099 to their accountant or attorney and have it exempted with the forgiveness act.

The lenders are not going to divide up the short sales into two sections; those that have to pay on their 1099s and those that don't.

The short sale lenders 1099 everyone and then it is up to you to find out the category you fall into.

Calling the short sale lenders and threatening them demanding that they do not issue your client a 1099 will be a waste of energy on your part. If it was me, and I had a choice to do what the IRS tells me to do or to do what you tell me to do, well, that is a NO brainer. Sad, but true.


 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Palm Beach County - Facts vs Fiction - Myth #3 Busted! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Palm Beach County - Facts vs Fiction - Myth #3 Busted!*

 


 

Short Sales- Palm Beach County- Facts vs Fiction- Myth #4 Busted!

 

 Florida short sale realtors® understand what you are going through. We have helped many homeowners avoid foreclosures in Florida.

The most important thing that you can do once you know you can no longer pay your mortgage payment is to contact your Florida Short Sale Realtor® in order that you can be proactive in developing your options to see if a short sale may be just the ticket to moving on with your life without leaving the keys on the table.

Time is of the essence, you need to plan right away.

Myth #4 of our short sale myths busted is that if you ignore the foreclosure summons and complaint, the papers that get served on you that the foreclosure will somehow go away. You can not be in denial of the importance of your situation at this time.

The next part of this myth is that you will get to stay in your house for a year or two without making any payments, without paying your taxes and insurance. It does not always turn out that way. The other myth is that the lenders are not foreclosing on anyone in Florida. This is simply not true. While there have been some lenders slowing the process down there are just as many lenders pursuing their rights to foreclose on property in Florida.

Foreclosures Fl- Foreclosures in the state of Florida are happening everywhere. Some people get away without making payments and some people don't. You should hire an attorney for foreclosure defense and raise defenses to the complaint. That will lengthen the time that you can stay in the house but you need to have a plan. That plan may well be to lengthen the time you are allowed to stay in your home until you can get your house sold as a short sale. Eventually your time will run out and you need to have a place to go.

The first thing that I ask you in the Short Sale intake evaluation is where are you going once the property is sold if you are living in the property? We have some sellers who move in with their parents or their children. We have some folks going into rentals or moving out of the area. All of your plans should be in order when we begin the process of your short sale negotiations.

You can read our Florida short sale series on our website at Short-Sales-Florida.com. 

We are writing this short sale series- Busting the Myths and misinformation out there regarding short sales.

Short Sales- Palm Beach County Florida- Myth #1 Busted

Short Sales- Palm Beach County Florida- Myth #2 Busted

Short Sales- Palm Beach County Florida- Myth #3 Busted

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales - Palm Beach County - Facts vs Fiction - Myth #4 Busted! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales - Palm Beach County - Facts vs Fiction - Myth #4 Busted!*


Palm Beach County Short Sales Should NOT Become Expired Listings!


 Florida short sale agents handling Palm Beach County Short Sales need to know how to do a short sale before they list your house. We monitor the listings in our market place and are surprised to discover how many homes are in foreclosure that have just expired. 

When we further look into the listing details there is no mention that this house was a short sale. When we do the math; the amount owed to the lender on this particular property which is public record here in Palm Beach County compared to the asking price on the property it is clear that this was a short sale.

How does a short sale listing expire? We see more and more of these non disclosed short sales and disclosed short sales expiring in the mls. We have never had one of our short sales expire. Why would a short sale listing expire? To learn more about short sales read our series on short sales at Florida Short Sales.

90% of our short sales get offers on them within the first 60 days of our listing. Then it is a matter of processing the short sale. Those that do not get offers get automatic price reductions every 21 days or so until such time as we get an offer. The listings we do extend are those where we have problems with the short sale lender and so we have to play the waiting game with the short sale lender. We get a simple extension agreement signed with the seller.

In all of these cases there was no reason for the listing to show up on the mls as an expired listing.

There is only persistence, assertiveness, perseverance, diligence and fortitude allowed in our short sale processing.

If these principles are applied than the short sale listings will not expire. When these sellers call us because they receive our expired listing package in the mail every one of them has said that their agent did not want to do short sales. That they kept talking bad about short sales, how hard they are, etc. What signal is that sending to the seller? More negative confirmation that their situation is doomed.

We get approached constantly from short sale processing companies. The reason we don't sign up with them is that our sellers are not files, they are people who we want to save from foreclosure. We are not of the mentality that short sales are a numbers game, you win some, you lose some. Not on our watch!



Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  
 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Palm Beach County Short Sales Should NOT Become Expired Listings! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Palm Beach County Short Sales Should NOT Become Expired Listings!*


Florida Short Sale Agents- Anyone With A Closing With Indymac- FDIC?




 

Florida Short Sale agents- Have any of you had a closing on a short sale listing of yours where Indymac- FDIC was the noteowner?
 
This is a Florida state question because the laws are different in each state. We have a short sale approval on an Indymac-FDIC short sale but the letter came back with the deficiency clause in the acceptance. We are trying to get this removed right now. The initial answer as is always the case is based on legal grounds that Florida is a judicial state. Well, you can negotiate any terms you wish to accept. There is no law that says that you have to pursue a deficiency and we get plenty of acceptance letters waiving deficiencies.
We would love it if you would share the legal language of your acceptance letter in regards to the deficiency paragraph and if you were able to waive the deficiency was it done in your first acceptance letter or was it an issue that you had to go back and negotiate with either the servicer or directly with FDIC.
We are getting ready to plead in behalf of our disabled homeowner to whoever will listen to our plea to get this deficiency clause removed and want to strengthen our position as best as we can. 
Thanks!
 
 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Florida Short Sale Agents - Anyone With A Closing Withh Indymac-FDIC? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Florida Short Sale Agents - Anyone With A Closing Withh Indymac-FDIC?*

 

Short Sale Agents'  "Double Standard" On Listings Rebuttal 

My dear friend (for real) Patricia Kennedy wrote a featured post: Do Agents Have a Double Standard When It Comes To Short Sale Listings?

While I understand where Patricia is coming from I had too long of a comment to post. I understand that her point of reference is from Washington DC where they do not have many short sales.  AFTER I read all the supportive comments I really had to write this post, bearing the fact that her post really hit a nerve with over 130 comments thus far- I see that there are some clear misunderstandings going on about the short sale listing agents. 

The short sale is NOT a regular listing and should NOT be treated as a regular listing. 

The commenters stating that they treat their short sale listings and regular listings the same either don't know how to do short sales or don't understand the short sale process. 
If you still stand by your statement that you treat them the same- I can prove otherwise very quickly. If you truly are treating them the same then you are doing a disservice to your short sale homeowner. 

So you see, each of these types of listings are NOT treated the same. Unless you are selling cookie cutter houses all with their ducks in a row- you are NOT treating all your listings the same and if you are- you are not being sensitive to the needs of your client.

How does any agent say that they treat all their listings the same? If you have a $100K house and it is vacant and you have a $2,000,000 listing that has to be agent accompanied- do you accompany the $100k vacant listing showings also or do you decline the 2 million dollar listing because you won't be able to treat them the same? Do you see the fallacy in this statement?


Every listing should NOT be treated the same. If you have a listing that is selling for $100K in a market where the days on the market are less than 30 days and then you have the luxury estate property listing that is on acreage- you will have two different marketing plans or you should. For the luxury property you are going to spend $500 on a great areal photograph to show off the acreage of this property. Are you also going to go and spend the same $500 on the $100K listing you know you will have multiple offers on in just a few days?

Comments were referred to this statement in the post: "There isn't always contact information for the people living in these properties, greatly increasing the possibility of our walking in on folks who are massively indisposed."


Each state has their own showing 'culture'. In Washington DC this may be prim and proper to have home occupants' contact information. Well, here in our part of South Florida that would NEVER happen unless you were listed with a limited service mls only company who lists the homeowner contact even for showings. We would be calling the broker of the buyers' agent to complain that their agent contacted our seller! So that is not a standard in standard listings and therefore is a  mute point in short sale listings in our area. 

This statement really hit a nerve: "There are no photos of the property posted with the listing - sometimes not even an exterior shot." 


While you should put photos of all of your listings whether short sales or not- this can be a touchy area. 

  • We have some short sales where the homeowner does not want all his or her neighbors to know. They want their privacy. They are the ones who choose to opt out of photos. If you are a buyers agent who like some who commented refuses to show the houses with no photos, that is your decision but your buyer may just miss out on a wonderful home that is perfect for them because you jumped to conclusions and want to make to somehow punish the listing agent. Well, the listing agent will most likely just sell that listing to another buyer.


  • We have listings that are tenant occupied and the tenants will not allow any interior photos. We are not going to turn down those listing just because of that.  You can not MAKE a tenant do your bidding. We have one exterior photo on those listings. And in spite of all the complaints I read about this in the comments on Patricia's post- we had 4 offers within hours of putting a listing in our mls with only one exterior photo and while people were commenting, we got another 6 offers on another listing that we had only in the mls for 2 days with only one exterior photo. 


I believe a lot of this has to do with the area, the location of the property, the price range of the property and the number of buyers looking in a certain neighborhood. We have received offers before sight unseen with no photos from people who know a neighborhood very well. They know they want a house in that community and the exact model. 

The next statement in Patricia's post also brought forth a lot of comments: "There is not Sentrilock box on the door, but a combination lock.  Since many agents are including the combo information in the MRIS comments, they are obviously not tracking showings, something we do for our "normal" sellers, or following up to get feedback." 


  • We use combo lock boxes on ALL of our vacant listings where the HOA allows them.
  • We have condo developments that do not even allow lockboxes at all. You have to get a key from the front desk.
  • Very rarely will a tenant allow any kind of box on the property.
  • All of our owner occupieds have either a Supra Lock Box or NO lock box. If we have a mother at home alone often with her children we are not even going to have a supra on her door.
  • We have luxury listings that would never consider any type of box whatsoever!


Again, not all listings are treated the same. Each comes with its' own unique issues and needs. 

One more statement that commenters contributed opinions to:  "It's not unusual to see short sales that have been listed prior to any contract with the lender or any paperwork started to get the short sale approved."


We do not list short sales without all the short sale paperwork in our possession from the seller. However, none of the paperwork is sent into the lender without an offer. This is one of the lenders' biggest complaints about agents. They say that agents take up valuable time sending in short sale packages without an offer. 

I also do not see anything wrong with asking for questions to be emailed to us. That is a given here. We have a much faster response time with email than with the phone. We also have a written paper trail of communications with buyer agents which we then turn into the lender with our marketing and showing reports. All showings are scheduled on line in a secure fashion and all that information is uploaded along with our short sale package to fight for the benefit of our sellers. My time is much better spent working on the phone with the short sale lenders negotiating so that your buyer can get into the house they want to buy! 

One of the reasons we have 9 out of every 10 sellers list with us that we talk to is because we do NOT use the same marketing plan with each listing. 

Each listing is unique, has it's own strengths and weaknesses and each listing needs its' own customized marketing plan.

Copyright © 2010 By Katerina Gasset, All Rights Reserved.*Short Sale Agents'  "Double Standard" On Listings Rebuttal

 


Active Rainer Dan Forbes Is Up In Lights- Short Sales In Bradenton Florida


Short Sale Expert Dan Forbes Is Up In Lights! Active Rainer Dan Forbes Is A Real Estate Star!
 

Short sales are a very rewarding part of our business. We help a lot of sellers who have hardships to move on with their lives and avoid foreclosure.

This also means that a lot of buyers are getting some great values in homes that they can call their own. We have been able to take the negative,down market and turn it into a positive experience for many sellers and buyers.

On the west coast of Florida which is opposite of us and about 4 to 5 hours drive from us is our friend
Dan Forbes.
 

Active Rainer Dan Forbes' name is up in lights this month. The Florida Association Of Realtors interviewed Dan Forbes and wrote a very nice and long article about short sales and how Dan has been involved in short sales. The name of the article is 'Successful Short Sale Seminars" and is in the April 2008 issue or the FAR magazine. Make sure you get to read this article.

Dan Forbes and his partner Marie Avery who are broker associates with Re/Max Gulfstream Realty in Bradenton Florida started to do these short sale seminars. In just 2 months they got over 12 listings. They got so busy from the business they generated from doing these short sale seminars that they can not do any more of them for a while. What a good problem to have! Their first seminar had over 60 people consisting of sellers and investors. Their seminars last about 90 minutes.

The magazine has a whole column under the success story devoted to Dan Forbes and a super nice large photo of both Dan and Marie in front of a nice house. Kudos to Dan for getting our association to take notice of his success. The market may be down but if you look for the opportunity instead of the problem you will find ways to become successful.


 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Luxury Homeowners Have Options - Palm Beach County Short Sale Agents was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Luxury Homeowners Have Options - Palm Beach County Short Sale Agents *

 

 


Luxury Homeowners Have Options- Palm Beach County Short Sale Agents


 

If you own a luxury home in Palm Beach County Florida valued over $1,000,000 in the locations of Wellington Florida, Palm Beach Florida, Manalapan Florida, Jupiter Florida, Delray Beach Florida, Hypoluxo Island Florida, Boyton Beach Florida and North Palm Beach Florida- and need to relocate or downsize contact Nestor and Katerina Gasset in order to get your short sale process started.
Your attorney or your lender may have already mentioned to you the possibility of completing a short sale instead of going into foreclosure on your property in Florida.
  • This is not the time to list your property with your friend's wife or your neighbor that does real estate part time in this financial environment and does not know how to negotiate a short sale. 
  • This is not the time to list your property with the boutique exclusive corner brokerage that has no experience negotiating short sales.
Gone are the days that your neighborhood broker is the only one that can sell your listing. Gone are the days of newspapers and fancy print ads in home magazines.
Today is the day of the innovative online marketing strategies that weed out the non buyers and attract the serious decision makers.
Today is the day that you need to have a short sale agent who understands market trends, understands values and how to arrive at values and has experience closing short sales
 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

 

 

 

 

 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Luxury Homeowners Have Options - Palm Beach County Short Sale Agents was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Luxury Homeowners Have Options - Palm Beach County Short Sale Agents *

 

  

 


The Bitter And The Sweet- Fruits Of Short Sales


 Sometimes a short sale is worth every minute you spend on it.There are times where passion runs deep. No matter how often you may tell yourself not to get emotionally involved there comes a story that pulls on your heart strings. 

We had a client who had called us because she found our Active Rain blog online and asked us to do her short sale. It was one of the smoother ones we have done. After her short sale was finished she referred us to this elderly gentleman. We will call him Phillip. 

I spoke with Phillip as I always do with short sale sellers on the phone. Sensing the urgency in his voice and his doubtfulness that anything would ever turn bright in his life I felt compelled that Nestor and I would need to drive down to his house to visit with him, holding his hand along this process of completing his short sale.

You see, most of our short sale listings are done through email, fax and phone. Rarely do we meet the sellers until the closing if they are around town, which most of them are not. Most people doing short sales here in our area have already moved on by the time they call us to help them. They are usually absentee owners.

But Phillip was a different matter altogether. It was one of those in the gut feelings that you get and you know you must follow. Most of our short sale sellers are not in the most dire of situations. In our area most short sales are the result of using homes as ATM machines, trying to flip the properties and got stuck or moved out of Florida, bought a home and now letting this one go. One time I even raised money for a couple that  I really felt sorry for only to find out that they had assets they could sell to raise the money to keep their home.

Phillip is different. When we walked into his little house we  immediately witnessed the care and pride that this single man had decorated his home with. The first thing he told me was that when we sell the house we can take whatever furnishings and accessories we would like to have or give away. He was so eager to explain to me that he had decorated and furnished his entire house for $1,200 from items at Good Will and with things that his neighbors threw to the curbside to be sent to the dump. He did find some treasures of art and baskets. I was stunned that this entire home was decorated in this manner.

The first thing I asked him as he proudly showed us his home was, "Where are you going to go? Where are you going to live?"It was very comforting to hear him say that both of his X wives have invited him to their homes where he will be taken care of.You see, he has Parkinson's Disease. Today there is attention to this disease especially with the work that Michael J Fox has done for awareness as he struggles with Parkinson's.

We enjoyed sharing his trip down memory lane.He proudly showed us his photo albums of the days when he did not have the disease. It was a bitter sweet moment of emotion for both Nestor and myself. Here was a man who had lived a great life full of adventure and excitement, good will and bravery and here he was stripped of all of who he had been. On the one hand we shed a tear for how sad we were to see him lose everything including his own control over his body and another tear of joy for the magnificant life he has lived. Not many people live their dream life like he did. He was strong, handsome and full of life. He saved people drowning in the oceans because he was an amazingly strong swimmer, he sailed all the way to the Fiji islands! He was a boat captain.

I felt his pain as he then told us how he had been stripped of his Captain's license- all those years of service and glory, fun and thrill- just a memory as the license gets yanked away as he is told that this is because of your Parkinson's disease. It is no longer safe for him to be on a boat.

In fact, one of the symptoms of Parkenson's is dimentia; we see the signs setting in. He will need assistance for the remainder of his life. It is no longer safe for him to continue to live alone in his home. I thank God that his loan is NOT with Countrywide as we negotiate his short sale.

We already received several offers on his property and the course is moving along smoothly.

Phillip has touched our lives in many ways in the short time we have known him. One of the most significant impressions is how we take our health for granted. We gained a new understanding of how blessed we are with our bodies that function so well. We were blessed to realize how we really need to live in gratitude for all that God has given to us and that we are each free to choose our own path in life and how we respond to the trials that come our way.

He shared with me one of his favorite musical groups, Il Divo. Oh my! My heart was touched with these amazing voices and talent. I had not ever listened to this group before. He played their CDs for us while we were there. It was tough for me to concentrate on explaining about the short sale process and paperwork as the music captivated my emotions. I looked at this man suffering from this disease amazed at his attitude and his love for life. It was a lesson, a life lesson that we can all learn from. I posted Il Divo, Enamorado, one of my favorite songs below. If you love Italian- You will be in Heaven! Turn your speakers on and volume up!

Scroll down, be sure you don't miss taking a moment out of your day to enjoy Il Divo.

I wrote the cover letter to his lender today and because the person who reads the cover letter may not have a clue of what Parkinson's disease is and how it affects your ability to get around I included the symptoms as listed at the Mayo Clinic. I am including those here so that you can understand more about this disease. I am including the words I wrote to the lender with a prayer to soften their hearts.

"Mr ------ is no longer able to pay his mortgage payments or keep his home. He is an older gentleman who has aged beyond his years due to being diagnosed with Parkinson's disease. This disease actually came on quite suddenly. He is shaking so much that the most he could write on his hardship letter was one paragraph; therefore we are writing in his behalf.

He was laid off of his job because of his Parkinson's disease. xxxx was a strong and able man all his adult life. He was a boat captain. He also saved many people's lives out in the ocean and prevented many drownings. He is well known for his bravery and integrity. Now all that was stripped away from this man. He was stripped of his captain's license because he poses a danger now on the seas with his disease. He was stripped of his dignity while the disease strips away his control of his muscles. He was stripped of his manhood as he is not able to physically work or do things that normal men can do even at his age.

The first thing we do when we list a short sale is to make sure our clients do not go homeless when they sell their homes. He will need to move out of Florida and move in to a room in his x-wife's house. At least we will not find him under a bridge somewhere. He is going to need constant assistance with his living and basic human needs.

The following are just some of the symptoms of this horrible disease in case you do not have any experience with it: ( Taken from the Mayo Clinic Website)

  • Tremor. The characteristic shaking associated with Parkinson's disease often begins in a hand. A back-and-forth rubbing of your thumb and forefinger, known as pill-rolling, is common. However, many people with Parkinson's disease do not experience substantial tremor.
  • Slowed motion (bradykinesia). Over time, Parkinson's disease may reduce your ability to initiate voluntary movement. This may make even the simplest tasks difficult and time-consuming. When you walk, your steps may become short and shuffling. Or your feet may freeze to the floor, making it hard to take the first step.
  •  Rigid muscles. Muscle stiffness often occurs in your limbs and neck. Sometimes the stiffness can be so severe that it limits the range of your movements and causes pain.
  •  Impaired posture and balance. Your posture may become stooped as a result of Parkinson's disease. Imbalance also is common, although this is usually mild until the later stages of the disease.
  •  Loss of automatic movements. Blinking, smiling and swinging your arms when you walk are all unconscious acts that are a normal part of being human. In Parkinson's disease, these acts tend to be diminished and even lost. Some people may develop a fixed staring expression and unblinking eyes. Others may no longer gesture or seem animated when they speak.
  • Speech changes. Many people with Parkinson's disease have problems with speech. You may speak more softly, rapidly or in a monotone, sometimes slurring or repeating words, or hesitating before speaking.
  •  Dementia. In the later stages of Parkinson's disease, some people develop problems with memory and mental clarity. Alzheimer's drugs appear to alleviate some of these symptoms to a mild degree."

I go on about the market and other important facts pertaining to this property. I pray that the lender's heart is softened and that do not give Phillip any grief through the short sale process.

Touching lives- making a difference when it really matters.



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

The Bitter And The Sweet - Fruits Of Short Sales was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*The Bitter And The Sweet - Fruits Of Short Sales*


South Florida Short Sales and REOs Offer Great Values


 South Florida Short Sales and REOS Offer Great Values For Investors in Palm Beach County Florida.

Prices are the lowest they have been in years and with interest rates climbing back up this might just be a good time for the seasoned investors to purchase Florida properties. 

This is not a flip and turn market, but rather a buy and hold market right now. With the stock prices falling there are many investors moving money into the real estate market. There are areas of Florida where you can get a positive cash flow on rental property that you was unheard of few years ago.

The rental investor market really took a beating for several years in Palm Beach County because the negative cash flow simply did not make sense.

Donald Trump is advising investors to buy now in Florida and also for move up homebuyers and first time homebuyers to purchase their homes using the new tax credit that is now available.

If you want to invest in the Wellington Florida area you will be able to find properties from Condos and Townhouses to Single family homes. The prices can range from below $100,000 to into the Millions. It all depends on what your use will be.

The lowest prices in this part of Florida are in Port St Lucie in St Lucie County which is north of Jupiter. You can find 3 bedroom single family homes with about 1600 square feet under air for $130,000. These are 2003 prices! You will be able to get some great bargain prices there as most of the homes for sale in Port St Lucie are either foreclosures or short sales. The prices have gone as low as 30 cents on the dollar of the mortgage owed by the homeowner to their lender.

Nestor Gasset and Katerina Gasset's real estate team can find you just the right investment properties that fit your criteria. We only work with one investor in one market area per agent at a time so that there is no problem about making choices of which investor to be loyal to in our findings. We simply ask you to sign a buyers' representation agreement with us. The retainer fee which is refundable at closing is determined by the scope and complexity of the criteria with which you are searching and the quantity and quality of the offers that will be presented.

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

 

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

South Florida Short Sales and REOs Offer Great Values was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*South Florida Short Sales and REOs Offer Great Values*


 

Let's Get Down To The Truth About Short Sales


 There have been so many posts written about short sales on Active Rain lately. When I first started blogging on Active Rain in June of 2007 there was only us and Dan Forbes that were writing series on how to do a short sale. At that time I would say that 90% of all the comments that we received were that agents were refusing to list or sell short sales. In fact, there were brokers who dissallowed the agents in their offices to participate in Short Sales.

It only took about a year or so before agents started to realize that if they did not at least show their buyers short sales that they may not stay in this business. Although I don't believe that to be true because there are many niches to conquer in real estate- but that is another subject. There are now designations and certifications so you can call yourself a short sale expert even if you have never done a short sale through to closing.

As soon as Nestor got his real estate license in Texas many moons ago- his very first listing was a short sale and after they had an offer he closed the short sale in 2 weeks. Yep, 2 weeks is how long it used to take to get a short sale approval. We did short sales back in the 80's recession also.

Short sales are not new. They are not foreign. They have been around as long as mortgages have been around. Do you remember or still see those signs anywhere in your state from the company, We Buy Ugly Houses? They were doing short sales long before most agents knew what the term meant.

Even as short as last week, here in Florida- I was asked by a real estate agent who was setting up a showing for one of our listings, "What is a short sale?".  I was about to ask her what rock did she just crawl out from under, but instead I educated her about what a short sale is and how to write up an offer for a short sale and how to explain it to her buyer.

Of course writing short sale posts on Active Rain is great for Google Juice. I have seen a huge increase in real estate agents on Active Rain writing posts about short sales and many of these posts are being featured. The only problem with that is that much of what is being written are simply not facts.

Much of what agents write about is one or two or three listings that they have closed on as short sales.While it is fine to write from one's own experiences and tell the process as it pertained to that particular short sale it is not a good idea to write blanket statements about short sales.

I highly recomment that if you are not an authority on short sales that you do not write articles as an authority. Instead for your protection and to do the consumers justice with correct information please preface your posts with disclaimers:

  • If you are writing about certain customs in your state- let the public know that your post is about your state. This way a seller in Florida does not read a post from someone in California and form the wrong opinion such as- the state of California is a non deficiency state for owner occupied primary residences and the state of Florida is a deficiency state. This is a huge difference.
  • I don't think that consumers understand the law in different states so if you are writing in generalities- don't! This is NOT fair to homeowners who may have found your blog online and then take your word as gospel.
  • If you are basing all of your short sale article on just one or two of your closings and you are sharing that information to the nation and the world in a public post- be careful. You need to make sure that you crossed all your T's and dotted your I's. I read posts written here on Active Rain where what transpired during the short sale process was NOT in the best interest of the seller. This is not information you want to share with the world and have someone come back at you later.
  • Know what a short sale is. Even today I am reading on Active Rain definitions of what a short sale that are not true or factual. 

A short sale is a seller's lender agreeing to accept less than what is owed to them. Period. End of story. Nothing more, nothing less.

Anyone can ask their lender to accept a short pay off. There are so many articles giving false information on the Internet and on Active Rain about sellers' having to qualify and who can get a short sale approved and who can not. This is extremely unfair to the consumers reading your blog. You may not want to list certain short sales but the fact is that anyone can ask their lender to accept a short pay off. If you do not want to list certain short sales because of your judgment that is a call you make because it is your business but don't spread it all over the Internet that property owners of certain circumstances can not do a short sale. Your ethics may not be their ethics.

The extent to which it will be approved will depend upon the real estate agents' ability to negotiate. I will write another post about that.



 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Lets Get Down To The Truth About Short Sales was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Lets Get Down To The Truth About Short Sales*



What Short Sale Lenders Say About Agents


 Since we list a lot of short sales and close on these short sale listings we get the opportunity to talk to many supervisors and executives at the different lenders and servicers that make decisions about accepting a short pay off on a mortgage.  

We have developed some good working relationships with negotiators, supervisors and executives at many of the short sale lenders and their servicers over the years to the point that all we have to do is send an email when things don't go right and we will get immediate attention to our situation. This benefits our sellers tremendously and it helps to assure Buyer agents that we know how to get their short sale offer to closing as long as they implore patience.

This has also given us a chance to discuss why it takes so long and why so many other short sales fall through and never get to closing or fall apart at the closing.

The number one reason direct from the mouths of the short sale lenders is that the real estate agents do not know how to do short sales, don't understand the process, send in incomplete files along with incorrect information and do not return phone calls to the negotiators when they need to ask for additional documentation.

Our buyer's agent can attest that this is also true for her. She has lost short sale offers for buyers because the listing agents do not know how to do a short sale properly, that they don't communicate properly with the negotiators.

I can not tell you the number of times that a short sale negotiator or supervisor has told Nestor, "Thank you for being on top of the files, thank you for turning the short sale package in completed, thank you for being patient."

I promise you that yelling and being a bully is not going to get your file worked on.

This is why Countrywide has now said that if an agent does not return requested additional documentation within 3 days of their request they will just close the file.

Why is it that every one of our short sale listings close or will eventually close as a short sale no matter how long it takes us while the national average is so low for closings on short sales? Is there a common denominator?

We have one short sale going on 2 years now without a closing, but we just got another offer, the 14th offer on this property and this time the agent who did the BPO finally got it right! We will close on this file, finally.

Don't shoot the messenger.


 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  



 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

What Short Sale Say About Agents was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*What Short Sale Say About Agents*



Wellington Florida Short Sales and Loan Modifications-Homeowner Information


 

When your loan modification is turned down you will need to make a decision. Are you going to be able to stay in your house and make up the payments or are you going to have to sell your house and move on with your life? 

Right now, there are a lot of homeowners trying for the loan modification programs. One thing that our attorney reminded us of the other day was that the administration's loan modification program is a temporary modification. It is anywhere from a 1 year to a 5 year modification program. Please keep that in mind as you decide what your next steps are going to be. 

Are you trading cash for credit? At what point is the stress too much to bear? 

We had one seller who had used up every penny in her savings to make her mortgage payments on her first home here in Florida after her renters moved out. She had been relocated to another state with her employment. 

After every penny was gone from her savings account she startedusing the money from her 401K plan until that was all used up. Of course, the stock market did a lot of the depletion on her savings there also. 

So then she turned to her parents who did not want her credit to be ruined and who wanted her to continue to do the right thing. While, I agree that this is the right thing to do by being responsible, there comes a point where your credit may just not be worth every penny you have. Her father began to help her pay for 2 households.Our seller is a single woman, never married with no children. 

Her father paid until he suffered a heart attack and died. Now she was helping her mother to cope with the loss of her longtime husband and her mother stepped in with the last of the family savings to keep on paying these bills. 

This is different than just wanting to let your house go into foreclosure because the value went down. This is about the only money left that is going to be needed to take care of the seller's mother in her older years. 

The worst part was that this particular lender would not entertain the idea of a short sale for this homeowner unless she was behind in her mortgage payments. This is the ultimate idiocy in this matter. Here is someone doing the right thing, being responsible and there is no relief for her but she knows people on her block that don't pay their mortgage payment for over a year, living mortgage free, rent free, responsibility free and they will get the benefit. Some kind of a slap in the face. 

Unfortunately, this is the way it is much of the time. You have to make the decision of how much pain can you bear financially, how many jobs can you hold down because you get relocated. 

Relocation because of your employment is considered an acceptable hardship for which you may likely get a short sale approved for. We work with a lot of sellers who have already moved out of the state of Florida because of job relocations and they have no choice left but to do a short sale. 

Consider the effects on the stress in your life, in your marriage, in your family if you have a hardship that was not caused by you. There are a lot of new ARMS that are getting ready to be reset. If you have an ARM coming into play here, you may wish to discuss the option of doing a short sale on your property in the state of Florida. 

Sometimes trading cash for credit is not the healthiest decision to make.


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  



For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Wellington Florida Short Sales and Loan Modifications - Homeowner Information was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Wellington Florida Short Sales and Loan Modifications - Homeowner Information*




Is Your Short Sale or Loan Modification Being Turned Down?



Has your short sale or loan modification been turned down and you have no idea why? 
Let's examine some of the reasons. These reasons may not make you feel any better or maybe they are just excuses by your lender, however there are a few things you may not even know about your loan.

Let's say that you make your mortgage payment to Wells Fargo. You can no longer handle your payments so you ask Wells Fargo to modify your loan- to do a loan modification for you. You are behind in your payments. You are in fact, in foreclosure but you are still living in your home and the judge in your case has not ordered the sale of your home at auction yet. You are scared. You see your neighbors losing their homes all around you. You are hopeful because you see on the news and in the newspapers that the Federal Making Homes Affordable Program has been helping some folks keep their home and get a loan modification.

You are no longer making your mortgage payment because your adjustable rate has been applied and your mortgage payment has gone from $1600 a month to $2300 per month. You just can not make these payments. You have been trying for almost 2 years now to get Wells Fargo to approve your loan modification. You even hired an attorney to help you with your foreclosure defense.

Wells Fargo turns down your loan modification request. You wonder, how could this be? After all, Wells Fargo is one of the large lenders and is participating in the government's Federal Making Homes Affordable program.

But Wells Fargo tells you that the investor is the one that will not allow you to get a loan modification. What in the world is an investor doing making decisions on your loan you wonder. Well, you are not alone in your confusion. Every day we are explaining the whole mortgage note owner thing to buyers agents, real estate agents and homeowners.

Just because you make your house payments to Wells Fargo does not mean they own that note that you are paying on. They are the servicer. Other words you will hear them called are  asset management companies.

The very first thing you need to do before you ask for a loan modification is to find out who actually owns your note. You can do this by calling who you make your mortgage payments to and asking them.

If it is Freddie Mac or Fannie Mae that own your note- you have a much better chance at getting your loan modification approved if you qualify. If it is a private group of investors, your chances go way down. Why would this happen?

One in eight homeowners' loans were sold to investors on Wall Street. What happens is that a bunch of loans are packaged together. These are called mortgage-backed securities. They are then sold off to investors. Homeowners who have mortgage-backed securitized loan are five times more likely to be late on their house payments. Many of these borrowers were given loans they were not qualified for from the beginning. Many of the homeowners getting these loans did not read the fine print and did not realize how high their mortgage payments might go when adjusted.

The rules to allow modifications, short sales and terms of foreclosures and deficiencies are ambiguous at best. Homeowners who are told no by the investor have little recourse.

The federal Making Homes Affordable program lenders who participate in the program must modify all homeowners that qualify. The exception is when the investor has a rule that they do not allow modifications.

The Federal Housing Finance Agency reported to Congress on June 3rd that these securitized mortgages are a "hurdle" to the success of the Making Homes Affordable program. The treasury department has not disclosed why the modifications are denied so there are little to no facts to go on.

Why would the investors say no to your loan modification? Well, Wells Fargo's response is that the investors need their money. Wells Fargo has one situation where the borrowers ( the homeowners) are trying to get their loan modified but Goldman Sachs is the issuer and Deutsche Bank is the trustee. But when you go and talk to these investors and we have on several occasions when doing short sale negotiations for our sellers; the investor passes the buck back to the servicer. For instance, Deutsche Bank says that Wells Fargo is solely responsible for the decision to modify a loan or not.

Some people say that the investors are the scapegoats. Everything can easily be blamed on them. Since you rarely get to speak to anyone at the investors' group it is hard to tell who is telling the truth. In this particular situation Wells Fargo is saying that the investor is not forgiving the past due debt and that makes the payment go up on a loan modification because then Wells Fargo would have to put that past due balance along with all the penalties and fees into the loan modification which then may cause the homeowner to not qualify financially for the loan modification.

Servicers have agreements, contracts that they sign with investors. These agreements contain the rules for modifications. These agreements are called Pooling and Servicing Agreements which is known as PSA's. The PSA is most often what the servicer says is the reason for them not being able to do the loan modification or release the deficiency on a short sale.

But when you talk to other people in the management areas or to the investors they claim that there is nothing in the PSA's that would prevent the servicer from approving loan modifications, short sales and releases. There is a new study coming out from a law school wherein they state that only 8% of these mortgage-backed securities  agreements contain any language that says the servicer is not allowed to do a loan modification for these notes. That means that about 92% of all the NO's; could actually be YES's. So why would that even happen?

Fear of law suits! The language in the PSA in question here, Wells Fargo and Deutsche Bank- it says that Wells Fargo can "waive, modify or vary any term" as long as Wells Fargo as the servicer makes a "reasonable and prudent determination" that the modification is in the investor's best interest. Attorneys examining these agreements say there is quite a bit of room for servicers to make these decisions. But the language itself in this agreement is enough for the servicers legal counsel to be concerned with the investor suing them for not acting in the best interest of the investor. They can not, no matter how inhumane this sounds, put the homeowner ahead of the investor. This is about business and if they want business from investors they need to make sure they are looking out for the interests of the investors.

The treasury department has stated that the fear of law suits is the biggest deterrent to getting the servicers to approve loan modifications and short sales. So doing little or simply turning down the loan modifications are the answer many servicers choose. This is not personal and this is not against you, the homeowner. The position of the servicers is to watch their own backs and to protect the assets to which they have been entrusted with, your mortgage-backed security. The Treasury Department says they can relieve some of the pressure of the fear of lawsuits by standardizing requirements for loan modifications and also provide some type of calculation to figure out if the investor will make more money by the loan modification or by the foreclosure.

We need to keep in mind one big thing in all of this and that is that these investors end up being regular people because most of these mortgage-backed securities were bought by pension funds and retirement plans of folks like your parents or even yourselves. You may well be one of the shareholders of the very loan you can not pay.

 

 
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Is Your Short Sale Or Loan Modification Being Turned Down? was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Is Your Short Sale Or Loan Modification Being Turned Down?*


Short Sale Strategies- When The Lender Blames The Investor- Case In Point


 

There were a lot of questios and comments on the featured post - Is Your Loan Modification Or Short Sale Being Turned Down? - that I wrote last week. That post was reblogged 36 times and it keeps on going. Important information needs to be spread- education is key. The more that we get important information out to agents and consumers, the more empowered we will all be during these next few years of doing short sales.
When the lender who is the servicer; also known as the asset management company blames the investor you can take it to the next level, call their bluff- so to speak.
Let me give you a case in point. This one is one that happens often. Please bear in mind this won't work with every servicer. I preface this post that this has to do with Florida state which is a deficiency and judicial state. 
  • The loan was originated with Indymac. There is only one loan on this property. 
  • Indymac is no longer a viable lender.
  • One West Bank is handling Indymac files.
  • One West Bank is called the Asset Management Company or Servicer. Either terminology is commonly used. 
  • FDIC owns the note on this file. FDIC is called the investor. Of course, there are shareholders.
  • Our Seller is an attorney.
  • The negotiator from One West Bank processes the file quickly.
  • The buyers- Husband is an agent and wife is an appraiser. Purchase price accepted by One West Bank= $480,000 and no reduction in commission.
     
  • The negotiator is excited that she has her approval in for the property and quickly emails us the demand letter.
We always forward our demand letters on to our sellers and allow the sellers to decide what their next step will be, consult with their attorney, etc. 
We have a clause in our short sale addendum that our attorney drafted for us to protect our seller in the even they can not perform by the terms demanded by their lender. It is our sellers' walk clause.
Our seller informs us that he will not close without the deficiency removed. One West Bank has left their pursuing deficiency in the demand letter according to Florida State Law. In Florida, a deficiency may be pursued up to 5 years from the date of the closing.
Nestor contacts the negotiator to let her know not to get so excited so fast. The terms are not agreeable to our seller. One West Bank ( Indymac) must remove the deficiency clause and allow our sellers to be free and clear of any future judgments or deficiencies.
The negotiator says, "We can not do that because it is a Florida state law that mandates that we have the deficiency in the demand letter." Excuse me? The Florida law has nothing to do with whether you remove the deficiency or not.  You are using the Florida law as your scape goat so that you don't have to remove the deficiency paragraph. We are not that stupid. You can negotiate even when the law says you can pursue the deficiency. The law does not state that you as the creditor HAVE to pursue it.
Nestor tells her that she must get this waived. She says it will take her about a week to see if her supervisors will allow her to remove this paragraph. The answer she brings back is that the investor will not allow One West Bank to remove the deficiency!
Now, if you read my post about, Is Your Loan Modification or Short Sale Being Turned Down? you know that the sevicer; One West Bank is blaming the investor who is the note owner for not releasing the deficiency.
Why would they be blaming the investor? Because of the PSA agreement being so vague in dealing with protecting the investor's best interests. If the investor wants to seek a deficiency later on and finds out that the servicer released it- they could sue the servicer for the loss on his investment. It has nothing to do with the investor themselves, it has to do with the servicer's fear of the unknown and the PSA being so unclear in this regard.
So what to do?
You go direct to the investor. We knew this to be FDIC. So Nestor starts his research into who all the players are in the FDIC, procures all of their email addresses and phone numbers. Then he proceeds on to start calling and emailing. Nestor has the patience of Job when it comes to this sort of research and calling. Not me, that is why we make a good team.
He gets clear to the top of FDIC and speaks to a decision maker there. At the same time he is also still insisting with the negotiator that she must release the deficiency clause and she is sticking to her guns, she is not budging and says her hands are tied by her managers.
FDIC is shocked that we can not get this deficiency removed based on the hardship of our clients, the sellers and the great offer price on the property. FDIC states this is NOT their policy and they have NOT insisted upon this. Nestor gives them the file, the case, the names, etc. 
As Nestor is working through the maze and connecting the dots within 2 weeks we get an email from the negotiator that suddenly One West Bank's policy has changed and that she now has the authority to remove the deficiency clause from the demand letter.
This proves the point that this was a policy based in fear of the servicers and not the policy of the investor.
We closed on the property 2 weeks later and our seller has no deficiency and is free and clear of any future consequences to his short sale decision. Needless to say, the seller being an attorney was amazed at our tenacity and the way that Nestor did not let go and give up. Never give up.


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sale Strategies - When The Lender Blames The Investor - Case Point was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sale Strategies - When The Lender Blames The Investor - Case Point*
 

 

 


 


Active Rain Simon Conway Gets Our Short Sale Listing Referral Closed!


  

Kudos to Active Rain Member Simon Conway for going the extra mile to take care of a short sale listing referral we gave to him a few months ago. It was a short sale listing that was referred to Nestor and I from one of the attorneys who sends us a lot of referrals for short sale listings.
Simon Conway got a long very well with this seller and his wife. He had the listing sold within a couple of weeks and then it was into the negotiating on the short sale end of the listing. Simon was able to negotiate a fully clean slate for the sellers, no promissory note, no deficiency and no cash outlay from the sellers.
"Simon,
 
 I know it is a done deal when the Broker is paid and all the disbursements are done. Susan and I appreciate all you and Frankie did in making the deal happen. Given that the transaction was a short sale it appears we will come out OK.
 
I will certainly give you all the referrals I come across for buyers, sellers and sales associates. 
 
Regards,
H. "
 
It was a nice surprise to hear from the seller who sent us an email letting us know how much he liked Simon and that he would be sending any Orlando referrals to Simon Conway. Then today I got a surprise phone call from Simon that he had closed on the property and the check was in the mail.
Don't you just love referral checks that show up in the mail! Setting up a good referral system is a great way to add additional income to your business.
It works the other way around also. Lenn Harley referred a listing to Broker Bryant who sent the referral to Nestor and myself and we just sent him a check because we closed on the listing a couple of weeks ago. You may have read Lenn's featured post about the transaction that we would not give up on. We send Broker Bryant's check off to him with a smile and gratitude.
If you have a short sale that you need to get closed we will refer you to an agent who is a good match for you.
 


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Active Rain Simon Conway Gets Our Short Sale Listing Referral Closed! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Active Rain Simon Conway Gets Our Short Sale Listing Referral Closed!*

 


Florida Short Sales Do Close- Makes For Happy Sellers and Buyers!


 We just had another successful short sale closing this past Friday for a short sale listing we had in Port St Lucie Florida.

The sellers had already relocated with a job transfer to New Jersey. Mr Seller called us as he was reading an article we had written about short sales here on Active Rain. He picked up his phone, called us, and told me that his lender had suggested him to do a short sale.

He was a FSBO for over a year trying to sell an overpriced house in the 3rd most foreclosure filings city in the entire United States. In fact, at the time of his trying to sell his house to break even the county clerk had added on a second shift and asked clerks to come in on the weekends to help out with the amount of foreclosures being filed.

Thank goodness for Mr Seller, his lender finally told him he should try to do a short sale. They even had a BPO ordered and then called him and told him he needed to list with a real estate agent who knows how to do short sales and list the property at $189,000. So we listed the property.

Mr and Mrs Seller kept their home showcase clean and in perfect condition. We had multiple offers within the first 48 hours and most were even over the asking price. The seller chose the best one to go with. Then during the short sale process the buyer skipped out. We had all the back ups in place so the next best offer was put in the place of this first offer where the buyer walked. According to this new agent, the buyer really wanted the house. We sent the short sale lender the second offer and proceeded on with all the stipulations such as the home inspections and appraisal.

The closing was set up for a mail away closing for our seller. He receives all the papers from the title company and sends them back. COOL! Now the company was just waiting for the funds to close from the buyer's lender. Instead of funds to close, she gets a denial letter from the buyers' lender. The buyers had a rental property that the lender decided to lower the ratios on and that put these buyers outside of the guidelines. This is after the lender told us everything was fine, told the title company everything was a go.

So back to the drawing board we go. Well, Nestor does his CMA for the current values and guess what! No longer is the lender's $189,000 going to work. 3 months have gone by and the prices dropped $30,000 during this time. So we tell the lender that the asking price is going to have to be $159,000.

We got an offer within a couple of weeks and then the short sale process had to begin again because a new BPO was going to have to be ordered. We just stayed in the good graces of the negotiator and yet were very persistent to make sure things moved forward.

The investor who owned the note said fine, he would take the 159K but then the PMI company said no.They had just paid out to the investor about 99k for the insurance and wanted to recoup some of their money. They wanted our seller to take a promissory note back for $30,000. We said no way. The seller just could not afford it. We kept negotiating until finally the PMI company said OK, just drop it and close. This was our seller's primary home and he only had one loan on this house.

The buyer was an all cash buyer, thank goodness. He was from Canada. He wired his money to the title company. Our title company resent all the docs to the seller in New Jersey. The seller signed all the docs and returned them. The title company met with the buyers agent to give her the keys for her buyer and we have another successful short sale closing.

The seller called me over the weekend to thank us for our help. He said one thing is for sure; you guys are so persistent! I asked him to put that in writing and he said of course. I should have that testimonial letter this weekend.

Moral of the story: Be persistent!


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Florida Short Sales Do Close - Makes For Happy Sellers and Buyers was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Florida Short Sales Do Close - Makes For Happy Sellers and Buyers *
 


Florida Short Sale Success Requires Agents With Experience And Dedication



Thanks Lenn for the great testimonial! This short sale closing was quite the one from you know where. We never gave up. No matter how hard or tough it got, we hung in there. Lenn and I were ready to throw in the towel when Nestor said, hold on, let's just wait to see what happens. It is a much longer story than stated here on what went on behind the scenes.
The seller had a relative who decided when we received one of the low ball offers that if that buyer could buy the property this low, the sellers should just buy the note. I asked the seller ( after working on the file for nearly one year and going through offers with the lender that were turned down) how would we get paid? You see, when you buy the note there is no transfer of title, thus, no commission is earned. She then asked me what I was going to do to earn the money! I told her we do not work for free. She never did speak to me again after that.

It was only our daughter who is our listing manager and Nestor that saved this. Nestor said, just let time go by and see what the seller does with the next offer. The sellers stopped seeking for buying the note on their own and accepted the next offer which we got approved through two short sale lenders.
 
FLORIDA SHORT SALE SUCCESS REQUIRE LISTING AGENTS WITH EXPERIENCE AND DEDICATION.
A TESTIMONIAL FOR KATERINA and NESTOR GASSET of International Properties and Investments, Inc. in Wellington, Florida. 
The first time I read in one of Katerina's posts wherein she stated that she and Nestor have a 100% successful track record closing their short sale listings, all I could say was WOW!  To say that I was impressed would be an understatement.  I know how difficult short sales can be for sellers, buyers, listing agents and buyers agents.  I also know that, when compared with the complexity and degree of difficulty involved in listing short sales, a Buyers Broker's job is far easier. 
Our job, as a Buyers Broker, may be complicated with new and different procedures for each listing, each approving lender(s), each property, etc.  However, it's a piece of cake when compared with the complexity of the listing side of short sale transactions. 
GO WITH EXPERIENCE!  I am a firm believer in the value of experience, particularly for financial advice, products or services. 
If a home buyer is in need of short sale real estate brokerage services, they should be seeking the services of a broker with successful short sale experience. 
If a real estate agent or broker is in need of referring a home owner/seller in need of short sale services, it makes sense to make the referral to an experienced broker with successfulshort sale experience
Last October 2008, I received a request for information about short sales.  However, the property happened to be in Florida.  So, I did what I always do when in need of help with any real estate matter in Florida, I contacted Bryant Tutas  of Tutas Towne Realty, Inc.  I refer all matters involving Florida real estate to Bryant Tutas.  If it's a buyer, Bryant will either help the buyer himself or, if the buyer is not in his area or for some reason he can't help the buyer himself, Bryant will contact an agent who can. 
When I contacted Bryant about the short sale prospect, he immediately contacted Katerina Gasset who is in the geographical area of the property.  Katerina took over, listed the property, worked through a myriad of problems and finally, last week closed the sale. 
I LOVE FEEDBACK.  I got better and more frequent feedback from Bryant and Katerina about a referral about 1000 miles away than I often get from agents 10 miles away.  I love feedback.  Bryant kept me posted and Katerina would call when things looked like they might not work out. 
THERE WERE A FEW PROBLEMS:
  • Ball 1.  The property was listed for about $270,000.  No problem getting a contract with the seller.  The bank turned it down.

  • Ball 2.  Cash buyer made offer of $235,000.  Bank countered to $260,000.  Buyer walked.   
OVER THE MONTHS, THINGS BECAME A TAD TEDIOUS.
  • Strike 1.  Tenant refused lockbox, access and made it generally difficult to show. 

  • Strike 2.  Owner tried to cancel listing and wouldn't communicate with broker.
NOT OUT YET!
The property went under contract in July and the tenant moved out in August.  It appeared from the feedback that Katerina got tough with the owner who got tough with the tenant. 
Over the period of the past 11 months, when the property would go under contract, Katerina or Bryant would call me with an update.  Of course, they also called when a contract would fall apart.

The property finally closed for $235,000, the same price the bank rejected months ago. 


 
I WROTE THIS RE REFERRAL OFF ABOUT 5 MONTHS AGO.  I underestimated the tenacity of Katerina and Nester.  They are a powerful, experienced, hard working team who know short sale processes as well as anyone in their market.  Of course Bryant Tutas is in the same league which is why this referral had a successful outcome.

LAST WEEK, I got e-mail from Bryant that the property closed and the check was on the way. 

THE MESSAGE IS, when making buyer or seller referrals, go with experience and folks who will keep you in the loop.  You just might be getting a referral check in the mail. 

THIS ONE IS LIKE FOUND MONEY    
 


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Florida Short Sale Success Requires Agents With Experience And Dedication was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Florida Short Sale Success Requires Agents With Experience And Dedication*




 


Short Sale Strategies- Getting The Facts Straight - Case In Point



Let me set the record straight with who can get a short sale approved and who can not. 

The main answer to the question is that is all depends on the lender and their policies regarding approving short sales. 

Most lenders would rather have a short sale approved then foreclose on yet another property even if there is no financial hardship. 
There are some lenders who will only approve short sales for financial hardships and others who will approve short sales if the terms are right for just about anybody. 
Before taking on short sales you need to find out the policies of each of the short sale lenders that you will come into contact with.

It is simply NOT true when agents tell you that your clients without financial hardships can not do a short sale. In fact, just the mere fact that an agent is making a judgment call like that without knowing or trying is doing a disservice to a seller. It depends on how hard you want to fight for your sellers.

There are a lot of blogs out there where agents who say they know how to do short sales are not stating the facts correctly. 


Just because your seller does not have a financial hardship does not mean they will not get approved for a short sale. 

First let's get clear on what a short sale is since even after the last several years of short sales being prominent here in Florida, many states are just now beginning to experience short sales in their respective markets. A short sale is when a seller's property is worth less and will only sell for less than what the seller owes to his lender. So the seller is going to have to ask his lender to accept less than a full pay off of what he borrowed from his lender. It is up to his lender to say yes or no or yes with conditions. 

A short sale is a short pay off of a loan, nothing more, nothing less. There are many terms and conditions that can be attached to a short pay off. 

So now that we all understand what a short sale actually is we can look at some different possible outcomes for a wealthy seller, an investor or a non financial hardship case. There are also many cases where the seller may appear not to have any hardship but after you ask some probing questions you may discover hardships that the seller may not think of. I will write a short sale strategy post on this process. 

One other thing I want to get really straight right now is that we do list and sell short sale listings and we have clients from all different financial backgrounds and situations. So the cases I will expand upon are real but I can not disclose the names to protect the identity of clients' financials. I want to make it very clear that these are true cases. I am not making this stuff up. I am not teaching out of some real estate book. I am not out in left field. I am in my own back yard, my own field of short sales. So if you want to listen to agents who don't do short sales but tell you how to do them, that is your decision. We are in the trenches. We carry a lot of listings and we close a lot of short sales. 

When you first do your intake evaluation with a potential short sale client you must make certain things very clear and you must assess the client's situation. 
Financial hardships are relative and you can create a good case if you know the right questions to ask. 

When we have clients who have money in their bank accounts or who own several to many other properties we will not take their short sale listing unless they agree to participate in the terms of the short sale. The usual way that a short sale lender treats a short sale is that the more financially strong the homeowner is, the more the lender is going to want them to contribute with a cash contribution towards the short fall and/or a promissory note. 

We have closed on short sales where there is not a financial hardship for the homeowner but that something else changed in their lives.
 We just closed one that Broker Bryant referred to us where the sellers have great credit, they own and live in a home in another state and they no longer wanted their rental here.
They had tenants in the rental who were paying the mortgage. Their lender turned down our first short sale offer because the sellers were current on their mortgage on the rental which is the property they wanted to do the short sale on. So then they stopped paying their mortgage.
We received another offer.  You should have seen the bank statements and what they used their money for.  They were also paying off their credit card debt. They kept the rental money too. The first lien holder let them off free and clear through our negotiations with them. The second lien holder asked for a $30,000 promissory note which we negotiated down to $13,000 with payment of $110 per month and ZERO interest. This was a great offer for these sellers and they understood going into this deal that they would be required to participate in some way.
It was not our job to judge their motives or whether they were 'worthy' of a short sale approval or not. Our job was to negotiate the best possible outcome for them based on their own set of circumstances. 

We never take their initial offer as fact. 
Everything is negotiable. 

Nearly every situation where there is not a hardship case the seller is going to be adding cash or signing a note
. If the sellers do not want to take part in that then we don't take the listing. There are many ways around this situation which we won't go into now- suffice it to say- you got to pay if you want to play. 
On our financial hardship cases, we always get our sellers off without any payment plan or cash contributions even when there is PMI involved, which I will post on later- how to deal with PMI companies. 

We have another listing where the seller owes over 2.6 Million dollars ( not disclosing exact #s). We just got approval on the short sale to close in the $600,000's. The buyer is going to pay all cash. The lender wants a $25,000 cash contribution. The buyer and seller are going to pay that contribution to the short sale lender.

Case in point- Seller has over 1 million dollars in his bank account and has some joint accounts. He was going to pay to play then changed his mind. We have been through several buyers because the lender wants a cash contribution from the seller of $50,000 but the seller does not want to take that out of his bank account. He owns several other properties and is not late on any mortgage payment except this one. This is not sitting too well with his lender. They feel he is getting off too easy. We negotiate back, saying, what does it matter, still better than a foreclosure.  Now we finally found a buyer who is going to contribute a large hunk of this and the seller now will finally contribute to make the short sale happen. We will get this closed. 

Case in point- Seller owns many properties around the country. They want to short sale their rental here in Florida. They make very good money. We will only accept their short sale listing if they agree to contribute to the short sale financially.  We know their lender and they will be able to do the short sale. The seller agrees to participate financially if that is a condition. Knowing this lender- they most likely will require a contribution. The seller understands this and will participate. Investors can get short sales approved. We have one investor where we have listed and sold 4 of his properties  so far as short sales and all were approved. By the way, all of his were Countrywide loans.
Case in pointDoctors and attorneys. We list and negotiate short sales for attorneys' personal and investment properties. We have already listed and closed short sales for 2 attorneys and are in negotiations on short sales for 3 other attorneys right now.  The attorneys look great on credit and paper. It is all about selling their story. They all understand that based on their occupations alone they are going to be scrutinized and expected to play ball with cash to close or promissory notes.  Many attorneys have taken a hit in income depending on what their specialty is. So although they may be able to pay a mortgage payment of $3500 a month; they no longer can make payments of $7,500 a month. If the lenders are not going to approve their loan modification which has been the case for each of our attorney clients their best option may be to try to get a short sale approved, cut their losses and move on with their lives and businesses.
The biggest obstacle is getting your short sale file to the upper management in these cases because employees at these servicers are looking at the occupation of 'attorney' or 'doctor' and instantly judge them to be some rich people who are much better off than they are. Diligence is key here. 

Hopefully this clears up some misconceptions as to who may get approved for a short sale.Please remember this is based on Florida stats, Florida laws and the way the lenders treat properties in Florida which is going to be much different than in Arizona or other trust deed states. The only constant is that rules and policies change in regards to short sales often.


Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

 


For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sale Strategies - Getting the Facts Straight - Case In Point was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sale Strategies - Getting the Facts Straight - Case In Point *
 

 


Chase Pulls Out The Stops On Short Sale Flippers!


 Chase pulls out the stops on short sale flippers. They are adding short sale flippers to their black ball list on a daily basis. Yes, Chase has a black ball list of companies that they will not approve short sales for. 

These consist mostly of Short Sale investor companies that flip the properties during escrow or put the properties in trusts. The trust twist was working quite well and there is are legal ways to do all of this. But just because it is legal it does not mean that lenders are going to approve the offers from these companies.

It is NOT because it is illegal or legal, ethical or unethical that Chase is not approving short sales. It is because they do not want to recycle bad loans. Now I do wonder, what do they care if another bank gives a loan and it becomes bad later on? Nevertheless, the rule is that they are scrutinizing the short sale offers and buyers carefully and not wanting to approve short sales that could become bad in just a few months.

A lot of investors come into the markets and believe that they know how to flip the properties and that the investors before them did not know how to do it right. So then they buy to flip the short sales in a declining market and find out after just a few months that they do not have the magic solution. So within 4 to 5 months they are also in foreclosure on the current loan. Of course there are exceptions in every market and for every scenario but Chase has the position of not approving short sales with short sale companies that flip the properties.

Make sure you understand how your short sale is going to be negotiated and remember if it sounds too good to be true, it most likely is. 

If you have a Chase home loan and have stopped making your mortgage payments call Nestor Gasset and Katerina Gasset right away at 561-753-0135 to find out what your options are. You may be qualified to do a short sale and save your property from Foreclosure. Hire Palm Beach County short sale agents that know how to negotiate your short sale and close their short sales with Chase.

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  



 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Chase Pulls Out The Stops On Short Sales Flippers! was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Chase Pulls Out The Stops On Short Sales Flippers!*

 

 

Short Sales Updates For CountryWide and Bank Of America.


 Short sale updates for those who work with Countrywide and Bank of America short sales.

 

Even though Countrywide is now Bank Of America and they are under the Bank Of America umbrella there are still 2 different departments.

There are short sale files that go to the Countrywide departments and there are short sales that go to the Bank Of America department. All the rules are now switched over to Bank of America policies.

Bank of America has a 30 to 45 day turnaround time for the short sale process which is their published public policy. It is very important for companies to adhere to their public policies. Since we know that this is certainly not the case with Bank of America or Countrywide files; you can expedite your file by calling them on this issue.

Where your file is routed to depends on who the note owner is. This is a point of much confusion in short sales and we will cover this extensively in our short sale book. But here are some helpful steps to understand: If the noteowner is Freddie mac your file will go to a negotiator during the second phase that works just on Freddie mac files. These negotiators know how to prepare the file to send out to Freddie. The same goes for Fannie mae notes and then there are those who handle the private investors such as Bank of Mellon New York, Wells Fargo, etc. There are also notes that are owned by Bank of America or Countrywide. Those will eventually go to upper management for a decision on your file so if you know anyone higher up in management this is who you want to get your file to. This will save a lot of time.

One of the VP's of Countrywide's section has informed us that Bank of America is working on a website system to help streamline the short sales and get them processed faster. This website will be a place where we as the listing agents will be able to upload the files directly to them. This will be a huge timesaver. We all know how many times we find out that our short sale file, all 120 pages of it are lost and never found by Countrywide. I always wondered why in this technology age we are required to fax documents to a fax machine when they can be uploaded right into the system!

The projected date to get this website online is July 20th of this year, that is like in a week! Let us all hope and cross our fingers that this is going to happen and in a timely manner.

                                           Remember in doing short sales, NO is not an option!

 

 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Short Sales Update for Countrywide and Bank of America  was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Short Sales Update for Countrywide and Bank of America*

 

Bank Of America Leaves Mortgage Brokers and Buyers In The Dust

Bank of America announced that they will no longer be working with mortgage brokers. They are leaving the wholesale part of the loan business. They will no longer be working with mortgage brokers to do loans. They say that the broker part of their business was only 4% in the first 6 months of this year. short sale specialists


President of Bank of America Loans- Barbara Desoer made this comment: " By exiting the first mortgage wholesale channel, we can redirect critical operational resources to further enhance our capabilities in direct- to -consumer channels." 

Hmmm, let's see. I wonder if that will be any consolation to the buyers they let hang out to dry due to their lack of customer care and service. 

We had one of our short sale listings under contract. The buyer that wanted to buy this listing was represented by another agent. This buyer walked into her Bank of America branch office because that is where she banks. They took her application and told her no problem. She got us her pre- approval letter and then she got us her approval letter. The buyer's agent even set up the closing date based on what BofA statements about the buyer getting her loan. The buyers had all their belongings in a moving van. The day before the closing our title company began to worry. Tina felt like BofA was stringing her along. They ordered the survey, the appraisal was done and the buyer had paid these outside of closing. 

The day of closing came and an hour before closing, BofA tells the buyer they were declining her loan. 
This of course was something that should have been decided months before the closing. There was nothing that had changed in this buyers application to warrant a change of decision. 

But in our experience this had been par for the course when it comes to buyers who walk into branch offices of Bank of America. 

We always cringe when we hear that the buyers just go into a branch office of a bank to get a loan for a house. Who is that loan employee of Bank of America working for? There is only a customer relationship not a client relationship. It is just the same reason you as a buyer need a buyers' agent to represent you when you buy a home for a builder. The sales reps in the builder's office are not working for you. They are working for the builder. 

This is just another step towards controlling the entire real estate transaction. You think they went away quietly after being defeated with trying to get into the real estate brokerage business? Yes, NAR was able to get a nice swift kick over the line- but they are not running off with their tails between their legs. They may have lost the fight but they plan to win the war. 

And Bank of America is sponsoring the NAR Convention in New Orleans....

 

 To  view Welington Florida short sales  Click here. We know  Wellington Florida Real Estate and Wellington Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.

 

Copyright © By Katerina Gasset 2010*Bank of America Leaves Mortgage Brokers and Buyers In The Dust* 


Your Short Sales Are Approved! Acceptance Letters or NOT?


 

Great news! Your short sale listing has been approved. Please find the attached acceptance letter!

 

These are the sweetest words a short sale listing agent can hear! Or are they really? 

Because sometimes there is a catch! So don't start doing the Happy Dance too soon! Make sure you read the fine print first. Most of the time the acceptance letter contains language that can still blow your deal right out of the water.

Hold on to that phone, hold back your tongue, don't jump before you read those acceptance letters!

Last week we received 5 acceptance letters:

1. Your short sale has been approved. Investor (owner of the note) is requiring a cash contribution of $20,000 from the seller.

2. Your short sale has been approved. Investor (owner of the note) is requiring a cash contribution of $25,000 cash from whomever wants to give it for a lien release but if seller wants deficiency release the cash contribution goes up to $80,000.

3. Your short sale has been approved. Closing must take place within 9 business days with a buyer who is getting financing!

4. Your short sale has been approved. All is a go until the fine print discloses that the lender is reserving his right to a deficiency.

5. Your short sale has been approved with a counter offer to the buyer. The buyer declines the counter offer but we have another buyer ready to close in that time frame, but this servicer's policy is you can NOT sub buyers!

Problems: cash contributions from sellers who either will not pay or can not pay.

Solution: Go higher up the chain of command. Use lots of honey, niceties and flattery. Flattery does get you far in the short sale negotiating business. Don't give up, keep fighting for your sellers.

A word of caution: Once you have found your well, don't abuse it, don't go back to it too often, only when really needed.

Problems: Deficiency rights. To some homeowners this may not be a deciding factor yet to others for a variety of reasons it may just be the nail in the coffin so to speak. We had a seller ask, then why not just keep living here for 2 years, not pay my payments, then let them foreclose, then file bankruptcy and then they have no more right to their deficiency. He has a point.

Solution: Go higher up the chain of command until you find someone who can and will reverse this decision.

Problems: Buyers walk or say no to counter and you have have a ready willing and able buyer to take their place.

Solution: Ask for the managing supervisor. Tell her you understand the policy. Ask her to please close the file right now and tell her you are sending her directly the new offer with the new buyer and ask her to expedite the opening of the new file.

So that puts us into hyper telephone, email and fax mode!

There is no problem for which there is not a solution.

We would rather take all these problems, solve them and have closings than accept the alternative! Keep your chin up! Be in gratitude for having deals to work on!

 
 

Call Nestor Gasset and Katerina Gasset today at 561-753-0135 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Boynton BeachManalapan, Manalapan Point, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

  

 

For more information about Florida Short Sales and Palm Beach County Short Sales Click Here.

To  view Wellington Florida Homes  For Sale Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

Your Short Sales are Approved! Acceptance Letter or Not?  was first published on South- Florida-Luxury-Living.com.

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