South Florida Real Estate and...

Short Sale Approved- Closed With Original Buyer!

Wow! Not often the same buyer sticks with the deal on a short sale all the way to closing! 

Short sale approval time: 71 days.

Short sale property- Investor Owned
Lender- BankUnited Florida
Amount owed: 250,000
One loan
Short sale referral source- Business Attorney referred this client to us to list and negotiate the short sale.
The referral attorney is doing the title work and closing.

Buyer is a cash buyer.

• 09/24/2009 Offer and short sale package sent to Bank United Florida.

• 10/27/2009 BPO was ordered

• Notified by Bank United Florida that this property does have PMI- Private Mortgage Insurance.

• Genworth is the PMI company.

• 11/23/2009 Bank United Sent package to Genworth for their approval.

• 12/04/2009 Approval is in from Genworth, Bank United Florida sends approval letter to us.

Approval Letter-

Fully satisfied paid in full.
No Promissory Note.
No Cash to close from Seller or Buyer.
6% to agents approved.

• 12/09/2009 Buyer does home inspection. There is MOLD in the house. The smell of MOLD is there too.

• Waiting for inspection report to come back.

• 12/12/2009 OH NO!!!!!!

Estimated cost to repair- $16,000. Click here to learn about Chinese Drywall. 

Buyer wants BankUnited to give him a cash contribution at closing of $3000.
We send in photos of the mold, the inspection report, the buyer's request and the explanation that if BankUnited forecloses on this house they will have to disclose the Chinese Drywall to all prospective buyers.

So the file goes back to BankUnited who has to send the buyer's request back to Genworth.

Guess what Genworth said? That can come out of the Realtors® commissions!

Sale Price- $119,000- You do the math!

We contact buyer's agent with Genworth's response. Buyer decides to close anyways.

During this time the attorney says there is an issue with title.

You just can't seem to get relief at times! Just when you think we are clear to close:

Underwriters did not want to underwrite a title policy because the previous title company who did the closing when our seller bought the property- did not do a partial release from the developer so the property technically had an 200 million dollar possible encumbrance on the title.

The attorney contacts the previous title company to tell them they need to clear this partial release and get it recorded. The previous title company refuses to help.

Come to find out, the builder filed bankruptcy, he owned the title company, and all the homes in the area are in the same situation. Once the attorney found this out, it actually worked in our favor. There is a title mutual indemnification treaty that ended up being what would cover this type of title screw up.

This is a reason for buyers to check their title policies before closing! Especially from a builder or a developer!

If you are an investor you may be able to do a short sale on your investment properties. Contact Nestor Gasset or Katerina Gasset at 561-753-0135 today for a confidential interview over the phone.

To  view Florida Short Sales- 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 Approved- Closed With Original Buyer!* 

Freddie Mac still does not come clean. They keep passing the buck. They keep making up excuses as to why they can not even just give one simple answer. They make empty promises.

Read Freddie Mac- Does Anyone There Know How To Read- Part I, to understand the history of this short sale file.

We have never lost a short sale due to our negotiations. Every listing we take goes through an intake evaluation to get everyone on the same page, to make sure the seller understands what a short sale is, to analyze the seller's commitment to the short sale process and to evaluate the chance for success of the short sale.

We have a 100% closing ratio because we do not give up on our sellers no matter what monster shows up. This would be the very first file that we will lose to a short sale rejection. 

So here is the update to what is going on:

The homeowner wants to know why her short sale was rejected when she meets all of Freddie Mac's guidelines.

The seller has been on the phone with Freddie Mac every day trying to get an answer.

She finally reaches a supervisor who promises to help her find her answer. All she wants to know to begin with is why she was rejected. She has now gone through 3 employees at Freddie Mac with not one of them giving her the reason for the rejection. The last person says to her:

This is directly from our seller as to how she is being treated:

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.

To  view Florida Short Sales- 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.

By TwitterButton

Port St Lucie Florida was hit very hard with the meltdown. In fact, Port St Lucie Florida was ranked the 3rd highest foreclosed city in the United States.

Currently there are 3,694 ACTIVE on the market listings, homes and condos for sale!

This last month 327 were sold.

The most expensive property listed for sale is a mansion on the river listed at $3,800,000. There are 144 active homes for sale between the prices of $539,000 and $3,800,000. All of these homes are either on the river or on Lake Corrente; or in the PGA and other golf club communities in Port St Lucie Florida. Some of the communities are: Tesoro Club, Ballantrae Estates, Vikings Landing and PGA Village. Many of these properties are short sales.

If you are looking for a golf or waterfront luxury home you will find some great bargains here in Port St Lucie Florida.

There are 113 homes for sale right now between $371,000 and $539,000 in the Tradition development.

You can get a Torino area home and some other great bargains in Tradition for $299,000 to $371,000; currently there are 183 homes for sale in that price range.

Currently there are 526 homes for sale between $200,000 and $299,000 and 754 homes for sale between $150,000 and $199,000. This is so amazing! Most of these homes for bought for over $350,000 during the boom.

This home below is one of our listings that we sold for $178,000. A 4 bedroom/3bath/3 way split.

In the best first time homebuyer price range of $100,000 to $149,000; there are 1198 homes for sale!!!!! Can you believe that?

Never before in my entire 20+ years in Real Estate have I seen anything like this.

You can even get a small home between $79,000 adn $99,000 now! That was unheard of anywhere in South Florida just a few short years ago. You can choose between 435 of these homes for sale!

Are you seeing why now is a great time to buy a property, especially a short sale in Port St Lucie Florida?

There are also 285 homes, townhouses and condos for sale between $50,000 and $79,000!

Here is one of our listings that ended up selling at short sale for only $79,000.

And there are about 51 condos, townhouses and fixer upppers that you can get for under 50,000. This is awesome for investors.

Only one luxury property sold in the last month and that was one in the Ballentrae Estates listed at $1,400,000 and sold for $1,350,000.

A golf course property sold last month for $360,000 and they were asking $475,000.

4 homes sold in the $300,000 ranges, 18 sold in the $200,000 prices and 67 sold for between $150,000 and $199,000.

We also discovered that 133 homes sold for between $100,000 and $149,000 and 96 homes, condos and townhouses sold for between $50,000 and $99,000.

There is a lot of inventory and most of it consists of short sales and bank owned properties.

If you are in the market to buy a home we have a team of buyers's agents to assist you in your purchace whether you are an investor or a first time home buyer. Contact us at the number below.

We carry a lot of listings in Port St Lucie; our buyer agents are up in Port St Lucie showing property and know the area, the market and the values very well. We close our short sales.

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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 Port St Lucie Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Port St Lucie  Home or Land ; 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.*Port St Lucie Florida Short Sale Agents Tell All- Market Update!*

By TwitterButton

The original blog is posted at South-Florida-Luxury-Living.com.

Short Sales in Port St Lucie Florida and Palm Beach county are found in abundance. The amount of listings on the market and in foreclosure in Port St Lucie is staggering. Prices are going down as well they should be. The market is correcting itself. It is a great time to buy- we are selling short sales!

Each time our fax machine rings with an acceptance letter for one of our short sale listings we do our victory dance! We jump up and down and celebrate with a smile, a hug, a prayer of thanksgiving to God and a big sigh of relief for a fight well fought, a battle well planned and a victory foreseen!

This week we received 3 acceptance letters! While much of the market is at a standstill we are cooking those short sales.We are getting our full fee on 2 out of 3 of these acceptances.

Yesterday was a day that I will hold special in my heart for this one family that was approved for their short sale. The husband is a sheriff who works at a prison. He and his wife and their 2 children moved to Port St Lucie to build their dream home. But only two short years later the real estate bubble burst and suddenly the revenue for all the public  departments began to shrink. Due to poor planning on South Florida's politicians who went crazy spending money as if it was never going to end his overtime was gone and his salary reduced. The wife is a stay at home mother. So they had to move closer to his work. This is a very religious Jewish family that knows that God will help them through this new struggle. Their faith in Elohem or Yhwh has reminded me of who's work is at hand in our blessings. Their faith has been a strong example to me.

One of the obstacles we had was that the lender wanted to know why the wife did not work and why she JUST stayed home with the children. When I relayed this to the wife, she calmly stated, "It is no business of theirs whether I work outside the home or not. It is my duty as a mother in Elohem to raise my children to the light of Him." The faith that God would see them through this time of struggle in their life was nothing short of amazing. They have done without luxuries in order to fulfill their calling as parents. After I spoke with her; Nestor went right to management to complain about this negotiator asking the homeowner these types of questions. Suddenly, within 2 hours- we had an acceptance letter.

As I called the wife to let her know of the great news she exclaimed,"Praise be to YHWH, he sits on this thrown and blesses our lives and brought you to us as an intrument in his hands to do his work and to bless us thereby blessing you."

When Nestor and I were ready to do our dance of victory, her words rang true and caused a stupor in both of us for as we were celebrating our success, we became humbled. Chills ran up and down my spine as I contemplated the mighty hand of God in all things. We were humbled in understanding that through this family, we were brought to our knees with tears in our eyes in gratitude for all that is good in our lives and the blessing that this short sale was accepted and the Glory left us and was proclaimed to God.

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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.

Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and St Lucie Country; we will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; 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.

P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales and Port St Lucie Short Sales.

Copyright © 2008 By Katerina Gasset, All Rights Reserved.* Celebrating Another Short Sale Approved! Realtors Do Get Paid and Short Sales Do Close!  *