Category Archives for Loxahatchee Short Sale Agents

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!!! 

What You Need To Know About Loxahatchee Short Sales

What You Need To Know About Loxahatchee Short Sales

If you live in Loxahatchee you have probably heard about Loxahatchee Short Sales. 

You may know someone who has been through a Loxahatchee Short Sale- your friends down the street, your neighbor or even perhaps one of your family members. 

On our website here you will find some important facts regarding short sales in Loxahatchee that you should understand whether you are buying or selling a short sale. Whether you are buying or selling a Loxahatchee short sale the real estate broker you choose is going to make the difference in how successful you are going to be in getting your short sale approved. Not every agent can fight for you to get you the best possible outcome in your own situation. 

This is not a cookie cutter type of real estate transaction. You need someone who is NOT an order taker. Your broker needs to be in your fox hole with you.  The lender is not your best friend and many times they are moving along with your Loxahatchee short sale at the same time as moving your foreclosure right along. 

Call us today to go over your foreclosure options. Your call is confidential! 



Loxahatchee Short Sales- Can I Do A Short Sale On My Loxahatchee Property?

Loxahatchee Short Sales- Can I Do A Short Sale On My Loxahatchee Property? 

Your family, friends and associates are well-meaning. They share their concerns and advice with you. Sometimes their advice is based on hear say and sometimes it is based on past events that have taken place in their own lives. In 2007 the short sale market really started to happen here in Loxhatchee Florida but most agents and most sellers and most people did not even know what a short sale was. The banks did not even know how to handle them and were ill equipped to take on the enormous case load of thousands upon thousands of short sale files that hit their loss mitigation departments across the country from Florida, California, Arizona and Nevada. 

So many of the stories you hear about how a short sale was done in 2007 is way different that how they are handled today in 2011 and into 2012. It used to be as I have written in many of our earlier articles on short sales that you had to have a hardship to do a short sale. That is not alway the case any more. In fact, some lenders are not even asking to see your financial statements any more. Some lenders are paying your moving expenses up to $20,000 at your short sale closing. 

We have been getting sellers who have old WAMU loan and old Wachovia loans up to $20,000 at the closing. This is sometimes a dream come true and a huge surprise to sellers who are so upside down. Just imagine what twenty grand can help you- you can even put a down payment down on another property through an FHA loan if you relocated because of your employment and you were not late on your mortgage payments or you were only late because your bank told you they would not process your Loxahatchee Short Sale unless you were late. 

Times have changed. We are not attorneys and we are not giving you legal advice. We have great attorneys that work with us, that we confer with, that our sellers can hire if they choose to and that we help in short sale situations. We offer Loxahatchee homeowners a free, no obligation short sale evaluation that is totally confidential. 

Loxahatchee Short Sales- Legal Updates

The National Association of Realtors® Legal Scan – Legal Issues did a survey on issues facing Real Estate Professionals, it is the opinion of Brokers, agents and attorneys that the biggest disputes are and continue to be about disclosure issues especially concerning short sales. 

The disputes center around the issue of property disclosures, the disclosure of known material defects to a property in short sales. It is being reported that some Brokers and agents are not disclosing material defects. 

Dual agency in those states that have dual agency is another issue of concern. Florida is not a dual agency state. The other complaint is about agents breaching their fiduciary duty. Again, in Florida it is presumed that brokers are acting as transaction brokers unless a single agency agreement has been entered into. 

Because Loxatchee  short sales and other Florida short sales are sold in “as is” condition, sellers and agents are not providing sellers’ property disclosures and many who are – have property disclosures that are weak and lack quality. Of course, if the property has never been lived in by the owner of the property and that owner does not live in Florida they would not necessarily have knowledge of defects depending on who was handling their property. 

We really encourage buyers agents to strongly suggest to their buyers to have a home inspection completed within the first 20 days of their offer being accepted by the seller, before the bank approves a short sale. This way, the buyer can move to look for another property should the inspection report come back with repairs the buyer is not willing to accept. 

The NAR- National Association of Realtors®  legal scan report it also states that there is a disclosure problem with agents not disclosing that the listing is a short sale or soon will be a short sale. This is a whole other topic because this dispute has two sides to it. It has an agent who has a duty to disclose material defects and it can be argued that a short sale is NOT a material defect to the property. It can also be argued that a seller who may get fired by his employer for doing a short sale needs to keep this information private and that by making his short sale situation known to the world especially online can damage him which then is another dispute about confidentiality of his financial condition. 

As your Loxahatchee short sale agents we keep up with the legal updates. We are not attorneys and are not giving you legal advice. Call us at  561-753-0135 for a confidential Loxahatchee short sale qualification phone meeting. No obligation

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.