We have not had many short sales here in Wellington for a few years now.
Currently there are only 16 properties on the market out of all the listings in Wellington that are short sales. Some of those are already under contract only on the market for back up offers.
That is a huge difference from 2008- 2010 where we would easily have 30 to 70 short sale listings to negotiate just in our company. There were hundreds of short sales.
That may all change again soon.
There is a record amount of defaults in HELOCs currently. The default rate increased 87% more than a year ago.
Millions of homeowners took out home equity lines of credit ( HELOCs) in 2004 with terms like interest only payments, low interest payments, extended payments and payments to be paid in the future. Those terms were normally set for a period of 10 years.
Well, we are now up on those ten years. Many homeowners have sticker shock when they see their new payments on their HELOCs.
Some of the homeowners will be able to refinance since they now have equity in their properties once again.
But many of the homeowners will not be able to refinance so they will be stuck with payments they can not repay.
The total of the HELOCS that were taken out during those hot years in real estate values, 2005 through 2007 amount to $192 billion.
We are ready to negotiate your short sales for you. Contact Nestor Gasset at 561-753-0135 for a confidential phone interview regarding your sitution to see if maybe a short sale is the best option for you to take.
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Our blog serves two groups - One is for Sellers and Buyers and the other is for real estate agents and brokers.
In real estate we service Wellington, Palm Beach, Royal Palm Beach, Port St Lucie, Loxahatchee, Boca Raton, Delray Beach, Boynton Beach, Lake Worth and surrounding towns in Palm Beach County, Broward County and Miami/Dade County.
Nestor Gasset is the real estate broker of International Properties & Investments LLC. Click on our profile to read more about Nestor Gasset and his qualifications and experience. We sell properties others could not sell.
Call Nestor Gasset today to work with him in reaching your real estate goals: 561-753-0135
Llámenos hoy al 561-753-0135 para vender su casa.
Katerina Gasset is a real estate agent who is also a digital marketing strategies, website designer and consultant for real estate brokerages, agents, entrepreneurs and small business owners.
Katerina is a Certified Digital Marketing Funnel Expert. She is the creator and owner of Listing Experts Academy teaching real estate agents and brokers how to dominate their marketing on the internet.
She develops products and online courses to empower real estate agents to reach their marketing, SEO, social media and branding goals. Katerina Gasset is a blogger, author, podcaster, and keynote speaker.
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