If your Wellington short sale agent has told you that the value of your property makes a short sale imperative, one of your first reactions could be shock or denial. Many homeowners are resistant about the idea of short selling their home as it could mean a tediously long process of negotiation with their lender as well as the risk of selling at a loss. Nevertheless, there comes a point in time when you need to learn how to let go of a home that’s steadily draining your bank account – and shows no signs of stopping from doing so.

If you want to confirm what you have learned so far from your short sale agent, you should consider asking the following people about it.

Attorney

If you have your own real estate attorney or you know someone who practices real estate law, don’t hesitate to ask them about the consequences of doing a short sale.  Make sure the attorney you speak to is an expert in the field of short sales.

Accountant

Again, you can ask either your personal accountant or anyone you know who’s in the accounting profession. Accountants take into consideration your financial standing.  They can help you understand just how long you can probably last before you start having trouble paying the bills, and it’s all because of your decision to stick with a property that is no longer financially practical to hold on to. Of course, you are going to need a place to live so you will need to figure that out to.

Financial Manager or Adviser

If you have someone managing your finances, you can definitely ask him or her about whether it’s a good time to short sell your home. It’s possible that your financial manager may have long thought of the same thing but refrained from broaching the topic out of concern for your personal feelings about it.

People you know who had previous success with short sales

Last but not the least you can confirm what your Wellington short sale agent is telling you by asking advice from family members, friends, and neighbors who had previous experience with short sales. They may even have some particularly helpful insights to share about the process and the kind of advice that may make it easier for you to adjust to the idea of short selling your home.

What is a Wellington Short Sale? 

We created this very short 2 minute video for you to answer the question: What is a short sale? 

Short sales have been around since the origin of the mortgage and loans for homes- properties and other tangibles and non-tangibles. But most people had not really heard what a short sale is until the real estate bust in 2007. Most real estate agents did not know what a short sale was until recently either. Most homeowners did not know what a short sale was and many homeowners still don’t know that a short sale is a great option to foreclosure in many circumstances. 

If you are looking for an easy way to explain what a short sale is this video is simple, fast and straight to the point. 

Wellington short sale broker Nestor Gasset and Wellington short sale agent Katerina Gasset train and coach real estate agents how to negotiate a successful short sale transaction.

Contact Nestor Gasset or Katerina Gasset for a confidential short sale interview to go over your short sale options and avoid foreclosure today. 

Authored by Katerina Gasset 

Selling A Wellington Home as a Short Sale. Some Helpful Information

The situations that lead to a short sale are nearly as numerous as sunken Spanish gold coins in 1591 when a hundred ships were lost in hurricanes. There are many situations that you may be facing when the subject comes up in your house about whether a Wellington short sale is your best option or not. 

The most common reason that a homeowner does a short sale is because they are facing foreclosure. 

Because this is the most common reason people do short sales it may seem to many people that you have to be in some stage of foreclosure in order to do a short sale. This is not the case. 

If you are in foreclosure in Wellington Florida then the bank does want to try to work things out with you in regards to resolving your serious delinquency. Most of the time, when we are negotiating short sales for Wellington homeowners the banks are more agreeable in negotiating terms with you than if you are current on your mortgage.

If you are behind in your Wellington Florida house payments but not in foreclosure yet the bank also wants to give you the option of doing a short sale in most cases. This is a great time for the bank to save some money by not pursuing the foreclosure filing in the state of Florida but also a good time for you to do a short sale to be able to negotiate the best outcome.

If you are current with your mortgage payments many real estate agents, attorneys and friends will tell you that you can not do a short sale if you are current on your mortgage payments. This is not true in most circumstances.  A lot of this depends on your bank and who the note owner on your mortgage is. So it depends on a lot of factors. But for the most part, most Wellington homeowners who are contemplating doing a Wellington short sale and are current on their mortgage payments may pursue a short sale.

If you are current on your mortgage but are in danger of becoming delinquent you are also a good candidate for a short sale. If you are depleting all of your savings and are laid off from work this is a good case to make to your lender that you really don’t want to have a foreclosure on your credit report and you also don’t want to go late on your payments. This is a good time to pursue a short sale.

If you are current on your mortgage, have tenants in your property but the rent does not cover enough to make your mortgage payments- you can do an investor short sale. We work with Wellington property owners and Wellington investors who have lost so much equity in their properties and can not get re-financed. If you are in this situation we have a lot of experience in helping investors get their Wellington short sales approved.

If you are current on your mortgage and do have enough money to keep making your mortgage payments you may be able to do a ‘Strategic Short Sale’. In Wellington there are many homeowners who have lost equity in their property- some to the tune of 50% of their equity evaporated in the mortgage melt down and real estate bust in South Florida. Most of the time with strategic short sales you will get your best offer from your lender if you do go late on your payments. That is when the bank is going to make a move in looking at your short sale seriously. If you keep current on your payments your bank may require a larger cash contribution than if you are late or default. Again, it all depends on who your servicer is and who owns your note. They all have different guidelines. 

The best thing to do is to call us- Nestor Gasset and Katerina Gasset at 561-753-0135 to have a confidential phone interview about your situation and we will go over your foreclosure options and Wellington Short Sale options. This way when you are having your next sit down meeting at your house you will have some actual facts to go over instead of just hear-say from good intentions of friends and family members.  

Bank Of America Extends Florida Cash Incentive For Short Sales 

Bank of America has a program to help short sales move along that is being piloted here in Florida. If your loan is being serviced by Bank Of America you had until November 30th to apply for up to $20,000 cash incentive to you, the homeowner at the successful closing of a short sale on your home. The incentive program is $5000 to $20,000. 

This cash incentive is based on the amount of money you owe on your mortgage and you do not have to be late on your payments in order to begin the process of seeing if you qualify for the cash incentive. 

Bank of America has extended the deadline to apply for the Florida Short Sale cash incentive to December 12, 2011. So you still have another week or so to get your request into Bank Of America. Call us because we can help you get this process going for your short sale. 

In order to qualify for this program you CAN NOT have an offer on your property. We initiate the short sale and make the request. You must close on your short sale by August 12, 2012. You must also be eligible for either the HAFA program or the Bank of America Proprietary program. 

The eligible short sellers will also be granted deficiency waivers in this program. 

The following are NOT ELIGIBLE for this program: 

  • Ginnie Mae loans, FHA loans, VA Loans and USDA loans. 
  • Lot loans
  • Short sales with offers. 

ONLY FLORIDA Properties are ELIGIBLE. 

Contact Nestor Gasset or Katerina Gasset at 561-753-0135 right now to get your file moving so you can see if you qualify for the short sale relocation assistance. 

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How do you choose a Wellington Short Sale agent? If you found this post on the internet you also have found other websites about short sales on page one on your Google or Yahoo or Bing Search. 

Just because an agent is on page one on Google does not make him or her a short sale specialist or expert. You may land on a blog or website of someone who has a few articles about Wellington Short sales. But again, look closely at who is writing those articles. 

Is this person just having other agents they know from different parts of the country adding articles about short sales? This may be a signal to you that the author of the website does not know how to do short sales for sellers in the Wellington short sale market or the Palm Beach county short sale market. 

If you read carefully the articles on these sites that you may find on page one of google for Wellington Short Sale agents, you will find out how much they really know about actually negotiating a successful short sale in the state of Florida. You may read posts and articles from agents who do work with buyers on Wellington short sales but that does not mean by any stretch that this same person has any experience working with sellers on short selling their homes in the state of Florida. 

Be careful about messages to call an agent or a company that does not have testimonials from completed and successfully closed short sale listings- where they have represented the seller in the short sale transaction. Always ask for testimonials, always ask for references. Don’t take a person’s word for it that they know how to represent you in your Wellington short sale listing. 

Click on our “Testimonials ” tab right here on this Wellington Florida Short Sale website. You will be able to read many references and happy clients who we saved from foreclosure. This is what we do every day. We have helped many, many, many homeowners negotiate a short sale instead of losing their homes to foreclosure. 

Don’t take our word for it, listen and read what our Wellington short sale sellers have to say and then call us at 561-753-0135 at International Properties and Investments Inc, a Licensed Florida Real Estate Brokerage.