Stephen P. Panczak

How to Deal with a "Border-Line" Short Sale! Palm Beach County, Florida

In a recent conversation with a client, it got me thinking on how to deal with a client on a non-Short Sale listing and marketing efforts going forward. Yes, I've done all of the usual approaches (Active Rain, Craigslist, etc.) but still the client is faced with a dilema, do they have the funds to cover any variance in payoff or "go short". Some in the industry may even call this some type of "hybrid strategic default". Of course, the obvious questions come up as to drop in commission, but really! I know ever listing has it's own unique circumstances and issues, but this one has tugged on me even harder than others. Struggling middle class, single income with a local law enforcement agency (showing responsibility) never late on their mortgage and refinanced almost two years ago. Now faced with selling property at market value (hopefully).

Heck, this sounds like everyone I know in South Florida - almost everyone!

With all of the REO/Short Sale activities in the Palm Beach County area, you almost need to be standing "naked" in front of your Open House sign to be noticed by serious (qualified) buyers. OK - maybe that's a stretch!

After careful review of the situation and market conditions, I'm working on getting the listing priced to a break-even point and getting the property sold. In addition, the client has decided they will tap into retirement funds in order to avoid any deficiencies, if necessary, keeping an acceptable credit rating for his employment. Since I lack a law degree, not too sure on deficiency judgments and assets such as retirement accounts in Palm Beach County court and recommended legal counsel.

I know all of us facing these decisions everyday with our clients, dealing honestly and objectively is our credo. Seeing people tap into their retirement account (that sounds familiar) to satisfy a debt, I'm not sure how many people would make that decision in this econmy, regardless of a credit hit. However, working with this client gives me a new sense of hope to many struggling home owners here in the Palm Beach County area.

What would you do or recommend if faced with the same circumstances....send me your thoughts?

For all of your Palm Beach County real estate needs, please call Stephen Panczak, Sr. (561) 254-8098 or visit our website at www.palmbeachsteve.com.

A proud member of the Keller Williams Realty - Palm Beaches team!

IMMACULATE 5BR/4BA COUNTRY SETTING WITHIN 2 MINUTES TO I-95/BEACHES

PALM BEACH GARDENS COLONIAL STYLE HOME FOR ENTERTAINMENT IN COUNTY SETTING.

BREATHTAKING LAKE VIEW, THIS IMMACULATE COLONIAL 5BED/4BATH STYLE HOME ON 1.87 ACRES IS 3 MINUTES TO I-95/10 MIN TO GORGEOUS BEACHES.THREE HORSE STALLS AND ZONED TO HAVE A HOME BUSINESS (FORMER PHYSICIAN).

THIS AMAZING HOME HAS IT ALL, CHARM, WARMTH AND COUNTRY FEELING. A MUST SEE HOME!

CALL STEPHEN PANCZAK, REALTOR

(561) 254-8098

KELLER WILLIAMS REALTY OF PALM BEACHES

MLS# R3199824

Maroon 5 and Train will be in concert on August 30th 2011 in West Palm Beach, FL

Come join in the summer fun for a night of good friends and great music.

Maroon 5 and Train in Concert at Cruzan Amphitheatre

August 30th 2011 (Tuesday) at 7:00pm

Standard Ticket Price: starting at $32.00 up.

For all of your Palm Beach Gardens to West Palm Beach real estate needs, please call Stephen Panczak, Realtor (561) 254-8098 at the winning team of Keller Williams Realty of the Palm Beaches. Visit our website at www.palmbeachsteve.com for more information.

TIME TO PLAN FOR YOUR HURICANE NEEDS - PALM BEACH COUNTY

4 Steps Towards Preparing Your Home for a Hurricane.

As we begin to approach the most active part of this years' hurricane season, we need to take a few moments to review our Hurricane Disaster Plan.

There are steps you can take to protect yourself, your family and property should disaster strike.

According to the Insurance Information Institute, here are four (4) important steps to consider in your preparation plan:

STEP #1: REVIEW YOUR INSURANCE COVERAGE

Each year (along with filing your tax forms), check your insurance policy to ensure that you have the right kind of coverage. Check your deductibles and coverage limits. In addition, homeowners should check on the amount of 'content insurance' for perilous loss of interior items (furniture, clothes, paintings, etc.) Ask about flood insurance, which is not covered under the standard homeowners policy. Learn more about flood insurance at www.floodsmart.gov.

STEP #2: CREATE AN INVENTORY OF YOUR HOME

By having an updated home inventory list, you can help expedite the claims processing by substantiating losses and provide documentation for tax purposes. In addition, collect and attached any receipts your may have on any high-end item, along with photos of the item. Always remember to secure this complied information in a locked and secure place for future reference.

STEP #3: PROTECT YOUR PROPERTY

Invest in storm shutters and reinforced garage doors. Make sure you know where all pins, screws, bolts, etc. are located and other items are stored before the hurricane warning is issued. Don't wait until the last minute to visit your local hardware store to purchase items that should be on-hand. Remember to secure roof shingles and seal any openings, cracks and holes.

STEP #4: HAVE AN EVACUATION PLAN

Beforehand, decide where you and the family will go and how you will get there in the need of an evacuation. Always have more than one option. Keep phone numbers, addresses, money, credit cards, medicines, insurance policy and photos wrapped in a water-proof container and ready to move. Always have at least one week of non-perishable food on-hand for all members of the family.

Lastly, think about your pet(s) and their needs during the storm. Think ahead and plan what to do in the event of an evacuation, please check with your local Veterinarian Society for more information.

BOTTOM LINE: BE PREPARED! BOTTOM LINE: BE PREPARED!

fOR ALL OF YOUR REAL ESTATE NEEDS IN PALM BEACH COUNTY, CALL STEPHEN PANCZAK, REALTOR AT THE WINNING TEAM OF KELLER WILLIAMS OF THE PALM BEACHES. (561) 254-8098

VISIT MY WEBSITE: www.palmbeachsteve.com

Why do Short Sales Take so Long to Close?