Loxahatchee Short Sales

Loxahatchee Short Sales provide some great buys in the western communities of Palm Beach County.  Loxahatchee Short Sale agents

Loxahatchee Groves is an equestrian community and also is adorned with many garden nurseries where you can buy tropical palm trees, fruit trees and landscaping plants.

There was a stigma over Loxahatchee for a while over a cancer cluster scare. This hurt the property values. Those buyers who were keen to the fact that these kinds of rumors tend to go away after a while were able to take advantage of some great prices being offered in Loxahatchee.

But like the rest of South Florida property values took a hit in Loxahatchee when the real estate market when bust.

This has created a lot of homes that are underwater on their mortgages. If you are planning to live in your home for a long while then now is not the best time to sell in most situations. But if you get relocated for work, get sick, lose your job or many other reasons- you may need to think about doing  a Loxatchee short sale and choose an agent who knows how to do short sales and understands the Loxahatchee market.

Loxahatchee Short Sale Agents- Short Sale VS Foreclosure

Loxahatchee Short Sale Agents- Short Sale VS Foreclosure  

You may have heard from your friends or neighbors that you should just put the keys to your house on the counter and walk away from your Loxahatchee home.  Loxahatchee short sale agents

That is not always the best option. We are not attorneys but we do know a lot about the short sale process. We have been helping short sale sellers since 1995. This is not the first downturn in the housing market we have worked through.

What is the difference between a short sale and a foreclosure?

A Foreclosure is when the bank takes your house away from you through a judicial court procedure here in Loxahatchee Florida.

The most common reason that the bank files a foreclosure summons and complaint against you is when you stop making your mortage payments. If you stop making your mortgage payments you could lose your home to foreclosure. 

A short sale is a way to avoid foreclosure. A Loxahatchee short sale is when you negotiate an agreement with your bank for them to accept less than you owe to them when you have a buyer for your home.

At the completion of a Loxahatchee short sale you will be asked to vacate your property. If your home is your Loxahatchee Florida primary residence you may qualify for a HAFA short sale.

In a HAFA short sale you will be getting up to $3000 to move out of your home to help you with your relocation expenses. If you have an old WAMU or old WACHOVIA loan you may be able to even get up to $20,000 from the proceeds of your home when you sell it to a buyer even though you are under water on your mortgage. 

Things to Look Out For in a Loxahatchee Short Sale

Things to Look Out For in a Loxahatchee Short Sale.

There are things to look out for in a Wellington short sale. Sellers should be aware of the consequences and issues they face before they proceed with a Loxahatchee short sale:

1. Credit impact

Loxahatchee short sales have less impact on the seller’s credit history than a foreclosure, but it still has an impact on one’s credit standing.

Loxahatchee short sales are generally reported as “paid less than full balance” in the seller’s credit report.

 

2. Deficiency judgement

A deficiency is the shorted difference in the Loxahatchee short sale’s price and the seller’s mortgage debt. Some lenders do not run after this deficiency and release the seller from all liability.

However, some lenders will still pursue a deficiency judgement and collect the unpaid amount from the seller after the Loxahatchee short sale.

Before you do a Loxahatchee short sale, make sure to check with the lender whether they will pursue a deficiency judgment.

 

3. Taxable income

If the lender does not pursue a deficiency judgment and releases the seller from any liability, then the seller is free from mortgage debt. But some state laws classify forgiven debt as a taxable income in the IRS form 1099-C.

Consult your tax advisor to find out your personal tax liabilities before you continue with a Loxahatchee short sale.

 

4. Long waiting period

The short sales process involves so many parties and with the increasing number of short sales in Loxahatchee, lenders are having backlog with paperwork so it wouldn’t be a surprise if there will be many delays and a long waiting period in the Loxahatchee short sales process.

These are some of the major things to look out for in a Loxahatchee short sale which an experienced Loxahatchee short sale agent will be able to help you with.

Contact Nestor Gasset and Katerina Gasset at 561-753-0135 today to help you navigate through the Loxahatchee short sale process.

Loxahatchee Short Sales Gone Wrong

Loxahatchee Short Sales Gone Wrong.

You might have heard stories of Loxahatchee short sales gone wrong. Almost ⅓ of all short sale deals fall through. Knowing the reasons why these short sales fall through will help you ensure that your Loxahatchee short sale will be a success.

Here are some of the reasons why Loxahatchee short sales go wrong and how to avoid them:

1. Stricter standards in lending

Buyers find it more difficult to obtain a home loan these days. More than 25% of applicants for mortgages are rejected, which makes it even more intimidating for borrowers to attempt to get a mortgage.

Tip: To save yourself from the hassle of going through a Loxahatchee short sale just to find out that you aren’t qualified for a home loan, make sure to get a prequalification and preapproval from the lender to determine if you are qualified for a loan before you make an offer for a short sale.

Submit your offer with a preapproval letter. A preapproval letter bears more weight than a prequalification letter since this signifies that the lender has approved you for a loan. A preapproval letter is as good as cash to a Loxahatchee short sale seller.

2. Low Appraisals

Some lenders hire outside appraisals and the disadvantage of this is when the appraiser is not too familiar with the area of the Loxahatchee short sale, they will rely solely on the numbers in the books.

This means that if there are several foreclosures in a particular neighborhood, it will significantly affect their appraisal, and they may overlook the desirability of street that the Loxahatchee short sale is in.

Once the appraisal turns out lower than the amount of the Loxahatchee short sale, the buyer will not be able to get the full amount of the loan to cover the payment for the home, making it necessary for the buyer to cover the difference with cash.

Tip: Hire an appraiser who is very familiar with the area. If the appraiser needs a GPS to find your Loxahatchee short sale, this should be a warning sign that they are not familiar with your area.

3. Perfectionist buyers

There was a time when buyers didn’t make a fuss if home inspections uncovered some defects in need of minor repairs because this became an opportunity for them to negotiate for a lower price with the seller.

In today’s market, buyers are tighter with their finances and a Loxahatchee short sale that needs repair could give them second thoughts about buying since they would need to spend more for it later on for repairs.

Tip: Have your Loxahatchee short sale professionally inspected before listing it. Once you discover all the damages and problems, make all necessary repairs, however small they are. Your Loxahatchee short sale agent should make this report available to all serious buyers so they won’t end up surprised when they get their own inspection done.

4. Short sales is a painstaking process

Short sales in Loxahatchee and elsewhere are long and usually frustrating, with many parties involved. While waiting for an approval for your Loxahatchee short sales, the prices of homes continue to drop every day.

Although many buyers look for great bargains in Loxahatchee short sales listings, the risk is the time they lose in waiting.

Tip: Fannie Mae has released new guidelines to streamline the waiting time for short sale approval. These guidelines were effective since November 2012 and has benefitted both buyers and sellers with shorter waiting periods. This means the sellers can also move on faster with their lives after a Loxahatchee short sale.

A Loxahatchee short sale gone wrong can be avoided if you follow the tips mentioned above. Hiring an experienced Loxahatchee short sale agent is the best way to ensure that your Loxahatchee short sale will be a success.

Contact Nestor Gasset and Katerina Gasset at 561-753-0135 today to help you navigate through the short sale process in Loxahatchee.

The Benefits of a Loxahatchee Short Sale

The Benefits of a Loxahatchee Short Sale.

There are many benefits in opting for a Loxahatchee short sale to avoid a foreclosure. In a short sale transaction, the bank will allow you to sell your home for less than what you owe. You will need an experienced Loxatchee short sale agent to help you through the process and the negotiation. The idea is for you to be able to sell the home, often on a significant discounted price, while your lender recovers the majority of what you owe.

Although this may not totally absolve you from the debt you owe from your mortgage, this is still a better option than a full-on foreclosure and here’s why:

1.  You may protect your credit with a short sale. A Florida short sale allows both you and the lender to be ultimately in a better position because the lender, too, will prefer to recoup only part of the mortgage amount than to absorb a total loss from a foreclosure. More often than not, the bank will be willing to cut its losses from the difference in the amount that was paid and the amount of the loan than go through a costly deficiency judgement litigation.

2.  You can prevent a foreclosure. It will be in the best interest of everyone involved if a foreclosure will be avoided as this affects not only you as the homeowner, but also the housing market and the lender.

3.   You can have more control. While short sales will also involve negotiations, meetings and a lot of paperwork, the process will still be more like a regular sale as compared to the laborious and stressful process of foreclosures. You can have an active role in dealing with the bank, the buyer, and your Loxatchee short sale agent throughout the process.

4.  You can have peace of mind. Remember that a short sale is at no cost to you. While it is true that short sales may not guarantee that there will be no financial implications on you credit, it will open the door to possible solutions as compared to a litigious foreclosure. It will not only leave you in a more positive position, it will also decrease your financial woes and salvage your credit to a degree.

Keep in mind that every cloud has a silver lining, and that may be a Loxahatchee short sale in your case. Let us walk you through the process, give you all the information you need, and provide you with all the necessary tools with our Loxahatchee short sale services. Call Katerina Gasset at 561-502-1577 today to get all your Loxahatchee short sales questions answered.

Should You Consider A Wellington Short Sale?

Should You Consider A Wellington Short Sale?

You may be considering a Wellington short sale and wondering if it’s apt for you if you are hoping to avoid the ramifications of a foreclosure due to a failure in meeting mortgage payments. A short sale is the process where you sell your home for a price that is lower than what you owe and the profits will go directly to your lender to pay for the majority of your debt. This option may work for you if you meet the following main requirements:

A Proven Financial Hardship
This is an unanticipated situation where it deters your capability to meet your mortgage payments on time. This will include circumstances like loss of a job or income, death in the family, relocation or an illness. You will be required to submit a detailed hardship letter to your lender. You will also have to submit appropriate documentation that will prove your current financial state.

Mortgage is in or Nearing Default Status
If you have failed to meet your mortgage payment, or you recognize that you will be unable to pay your monthly mortgage due to an unexpected financial hardship, then you may be qualified for a short sale. You may not have to wait until your mortgage becomes on default as most lenders will be willing to work things out with you to avoid a foreclosure.

Your Home Can Be Considered “Under Water”
You may be eligible for a short sale if your Wellington home’s current value is lower than the owing mortgage balance. Seek for your Wellington short sale agent’s help in determining your property’s market value.

A short sale may just be the appropriate option for you if you are able to pass all these requirements. While the short sale process may be less complicated as opposed to a foreclosure proceeding, it is still imperative that you get in touch with your mortgage lender and find an experienced Wellington short sale agent for their invaluable assistance.

Let us walk you through the process, give you all the information you need, and provide you with all the necessary tools with our Loxahatchee short sale services.

Call Katerina Gasset at 561-502-1577 today to get all your Loxahatchee short sales questions answered or visit http://wellingtonfloridashortsales.com for more information.

What Is A Real Estate Housing Hell?

Real estate is NOT National- Not Regional- But very local! 

Our great negative newspaper loves to spread ill will it seems. Doom and gloom sells papers I suppose or else why would they keep reporting this stuff?? 

Here is a snippet from our local paper:

” South Florida and the Sunshine State are stuck in housing hell…”

What is the point of this statement? What part of South Florida or what part of the Sunshine State is he referring to specifically? How verifiable is his statement and what investigative reporting and research did he do prior to writing this statement and the rest of his article?

How many real estate brokers did he talk to to verify this statement?

And did he talk to top producing brokers and agents who are kicking butt with sales in South Florida or is he asking those about to give up being an agent and not renew their dues at the end of the year?

All answers to open ended questions are the result of perspective, attitude and one’s own understanding.

What is a housing hell? 

That is quite a scary term if you ask me. Would this cause homeowners to just give up and not even try to do a short sale first if they can not pay their mortgage payments? 

Would this cause people who need to sell, to just walk away or not to sell? 

Real estate is very local. Very local. 

In Miami for instance, the prices along the waterfront, South Beach, Miami Beach- went up over 50% in 2011! There are bidding wars, people are coming to Miami from Brazil with cash to buy penthouses and other waterfront condos! The new units are selling fast! They are ahead of their projected sales in new condo projects. 

Is that housing hell? I don’t think so!! 

In Wellington we have wonderful horse farms and equestrian properties that are sought after year after year. We only have about 19% of our inventory on the market labeled as short sales and very few foreclosed properties. We are selling and closing properties in Wellington Florida as our many other agents in Wellington Florida. 

We have more buyers requesting properties to buy here than we have had in years. Our buyers agents are so busy with the leads we send to them that they are telling us they can’t handle any more people to work with until the help those they are helping. 

Is that housing hell? I don’t think so!!! 

What Is A Real Estate Housing Hell?

Real estate is NOT National- Not Regional- But very local! 

Our great negative newspaper loves to spread ill will it seems. Doom and gloom sells papers I suppose or else why would they keep reporting this stuff?? 

Here is a snippet from our local paper:

” South Florida and the Sunshine State are stuck in housing hell…”

What is the point of this statement? What part of South Florida or what part of the Sunshine State is he referring to specifically? How verifiable is his statement and what investigative reporting and research did he do prior to writing this statement and the rest of his article?

How many real estate brokers did he talk to to verify this statement?

And did he talk to top producing brokers and agents who are kicking butt with sales in South Florida or is he asking those about to give up being an agent and not renew their dues at the end of the year?

All answers to open ended questions are the result of perspective, attitude and one’s own understanding.

What is a housing hell? 

That is quite a scary term if you ask me. Would this cause homeowners to just give up and not even try to do a short sale first if they can not pay their mortgage payments? 

Would this cause people who need to sell, to just walk away or not to sell? 

Real estate is very local. Very local. 

In Miami for instance, the prices along the waterfront, South Beach, Miami Beach- went up over 50% in 2011! There are bidding wars, people are coming to Miami from Brazil with cash to buy penthouses and other waterfront condos! The new units are selling fast! They are ahead of their projected sales in new condo projects. 

Is that housing hell? I don’t think so!! 

In Wellington we have wonderful horse farms and equestrian properties that are sought after year after year. We only have about 19% of our inventory on the market labeled as short sales and very few foreclosed properties. We are selling and closing properties in Wellington Florida as our many other agents in Wellington Florida. 

We have more buyers requesting properties to buy here than we have had in years. Our buyers agents are so busy with the leads we send to them that they are telling us they can’t handle any more people to work with until the help those they are helping. 

Is that housing hell? I don’t think so!!! 

Beware of Mortgage Payment Reduction Notices

Beware of Mortgage Payment Reduction Notices 

Every time the government comes out with some kind of program that is supposed to help homeowners there are companies that use marketing tricks to take advantage of that information. 

There is nothing wrong with piggybacking off of the news or events. In fact that is very smart to do in your marketing for any company. 

However, there are laws that must be obeyed when it comes to advertising and there are laws against false or deceitful advertising especially in the real estate and mortgage space. But that does not stop those who will use false advertising from doing it. And they tend to do it on a big scale. 

The biggest trick they use it to make their mail look official as if it is from the government or from your lender. 

Be very careful. There are so many scams out there. And there are a lot of “almost scams” – the ones that just toe the line to really look out for. 

Right now there are these “payment reduction notices” being mailed out. We actually received one. The dead give away on ours was it was stating on the notice that our bank had our payment reduction in their “pending review” department. Well, the pending review that was listed was from a bank we had over 8 years ago and had refinanced with a new bank since then. 

They make the mailer look very official. 

It contains: 

  • An official looking ID number. 
  • Department phone number that looks official ( after all we call government offices, departments) 
  • Payment Reduction Status- then it says there- PENDING REVIEW
  • Code- Oh yes, a code sounds important, doesn’t it? 
  • Then it says they have important information about your loan. Sounds serious! 
  • Address Personal ID number- yes, that sounds official, like a government usage of words
  • Notice Type: Homeowner relief ( this is the part that makes it appear like it is the government program) 

Regarding: Home Loan Assistance Program. Hmmmm, that is the name of the government program. But this is NOT the government program they are sending out. This is where you need to be very careful. If you think you are calling the homeowner’s relief program you will likely believe that the offer being offered to you is something that is good for you when in actuality it is not going to be. 

Please be careful and don’t fall for these false advertising Mortgage payment reduction notices. 

Palm Beach County Foreclosures Are Full Steam Ahead! Maybe You Should Do A Short Sale

Palm Beach County Foreclosures are back in full swing again. The robo-signing disputes are pretty much over. All of 2011 we did not see very much foreclosure activity or many foreclosure lis pendens filings because 1. the banks were dealing with the robo-signing problems and 2. the big banks were waiting to see what they were going to end up negotiating with the administration. 

Last month almost 1,200 homes went into foreclosure! That is an increase of 58.5% over the same time last year. 

Sharon Block, the Court Clerk said she was not suprised at all. They were expecting this increase because of the delays from last year. 

The state of Florida is loooking for ways to deal with the 368,000 backlog in foreclosure courts. We need to be mindful of what those changes will be because you want to protect your property rights. There is a bill that just passed the house and is now in the state Senate regarding a fast track for foreclosures. 

Completed foreclosures are now also on the rise. In February there were 929 properties advertised for sale and about 68 % of these were closed on schedule. That is compared to about 49% from a year ago. 

If you have been living in your house without making payments for a few years, that time may be coming to a quick end for you shortly. It may be time for you to start making your plans about where you are going to move once the bank forecloses on your property. 

There may still be time for you to complete a Palm Beach County Short sale. Contact Nestor Gasset or Katerina Gasset at 561-753-0135 for a confidential short sale evaluation on the phone. You may even qualify for relocation cash to help you move from your lender. 

Selling Your Wellington Fl Home

Selling Your Wellington Fl Home

There are many things you need to consider when deciding to sell your Wellington Fl home and also before you choose your Wellington real estate agent. 

The first thing you need to do is decide on whether you want to sell your home or not. Do you really need to sell or just want to sell your Wellington home? 

If you are relocating, most often selling your Wellington home is going to be your decision. 

But if you are not relocating you should decide on why you want to sell your home.

Where are you planning on moving to and when? Are you going to rent a home or buy another home? 

Can you stay in your Wellington home for the next six years or so in order to gain back some of the equity lost in the real estate bust? 

Is your home going to be a Wellington Short Sale? 

Does your home need a lot of repairs? In this market depending on what price your Wellington home will fetch will determine in what condition your home should be in. The higher the price point of your home, the more in perfect condition it will need to be in to get a decent offer. 

Nestor Gasset and Katerina Gasset at International Properties and Investments LLC can help you go over all your selling home options. We have advised homeowners who would NOT benefit from selling their home to NOT put their home on the market. Call us today at 561-753-0135. 

Royal Palm Beach Hires Company To Track Foreclosures

Royal Palm Beach hires a company to track homes that are in foreclosure. 

The Royal Palm Beach village council voted and confirmed they will be hiring a third party company, Federal Property Registration Corp to track foreclosures. Royal Palm Beach has been doing this work in house and it is very time consuming and not an effective task for a city to undertake. 

There was a difference in what Royal Palm Beach village was finding and what the company was finding. The company can track back further than the city was able to do. The city had a staff who tried to do it themselves for three months. 

The company collects a fee of $75 per registration and the village charges $150 per registration. This company services about 25 communities in Florida, Georgia and Pennsylvania. 

It was a unanimous decision of 4 to 0 in favor of hiring this company to track and monitor the foreclosures in Royal Palm Beach Florida. 

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