The Short Sales in Palm Beach County is a series of articles for sellers and buyers to better understand what a short sale is and how to proceed with closing with a short sale. In order to understand where we are at in the series please read part 1 and part 2.
Short Sales In Palm Beach County- What You Need To Know, What Is A Short Sale?
Short Sales in Palm Beach County- What You Need To Know, Who Qualifies To Sell A Short Sale?
So now that you know what a short sale is and you have passed the qualifying tests as set out in the above posts you are now ready to put your short sales package together for your agent and your lender.

Before you even list your property with your agent you should have your short sale package put together. This way your agent will be able to expedite the short sale process. Once an offer is made on your property your short sale package must accompany that offer. You will be delaying the process and possibly lose the buyer if you are waiting until you get an offer before you gather up all your documents for your short sale package. There are no exceptions to this process that I have heard about or experienced.
The very first thing that you need to do is call your lender, tell them you are putting your house up for sale and confirm who the lender is. Make sure that the lender you are calling is still the note holder or servicer. We just went through sending out a short sale package for one of our sellers only to find out that the note was sold to another lender. We had to start the process all over again. You may be able to save some time by confirming your lender.
The next thing that you will need to do is write out an authorization letter for your agent to discuss your loan standing, details and short sale offers with your lender. This letter has to have the name of the person the loan is under and the loan number must be on the letter along with the name and company of your agent. Please date the letter. Most lenders have a period of time in for which the authorization letter is good for and after that time has expired you will need to write another authorization letter.
Here is the list of all the documents you may be required to submit. If you put together a package and then you find out they don't need one of these documents then just take it out of the package. It is better to be prepared and find out you did more than required than to submit an incomplete package. Your agent should be checking the package to make sure there is nothing missing. The lenders receive so many files each day that they can not even look at the incompleted packages.
Put all these documents together and give them to your Realtor® so that he/she can get to work on your short sale package and make all the proper notations. Each document will have to have your loan number written on it.
After you get an offer you and your agent will have to put together the rest of the package and that includes:
Your agent should put together a sales package along with the short sale package. He/she should have your current market value paperwork and evidence showing the offer is reasonable. We also put newspaper articles in the package showing our current market conditions. Documentation beats conversation. This is one of those times you can take all the bad news and work it in your favor. Nestor makes a very thorough and compelling argument and we have met with good responses to going the extra mile with the lenders. Nestor is putting together another short sale package as I am writing this post.
Stay tuned for part 4 of our Short Sales In Palm Beach County Series as we discuss what happens after the short sale package and offer is sent in to the lender. If you are interested in buying a short sale property understanding what happens after the lender receives your offer will be benefit you.
Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.
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.
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. We are accepting referrals.
Copyright © 2008 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida- What you need to Know If You Are Buying Or Selling Part 3 * Contact Katerina Gasset for Customized Business and Personal Coaching.
Visit our profile to find out more about our services. 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 Multiple Listing Search where the globe is on the right side of the screen that opens up. 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 Wellington Home or Land ; call us today.
P.S. If you are listing your home as a short sale in Palm Beach County 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.
The South Florida Fair held in West Palm Beach Florida is still going strong and you can still take part in all the action until February 3, 2008 so head on over to the fair. Even if you don't like the rides and the fair food there are fun shows there this year including animal exhibits and a magic/illusion show that actually is quite good.
We spent the day at the South Florida Fair for our Palm Beach County Homeschool Fair Day. It was really fun. Nestor, Tristan, my daughter Milet and her baby Aylandra all went together and met up with our homeschool friends.
At the Showgrounds they also have the Yesteryear Village which is a period representation of life in the days before there was electricity and you cooked mostly over an open fire. It just so happened that when we were there we got to watch the reenactment of many activities such as making breakfast here complete with pancakes, potatoes and bacon cooked on cast iron skillets over the open fire. See the lady cooking is even dressed in period clothing.
We also saw how they made homemade ice cream back in the old days. It was quite a system they had going here. You can also buy the homemade ice cream fresh at the South Florida Fair Yesteryear Village.
Next we saw the post office with all sorts of antique artifacts from the pony express days. There was a sign in the post office that said you will get your mail in about 3 months time. The kids had fun looking into the postal mail boxes and peaking through the old window.
Here is Tristan ringing the old school bell. I could not get a good photo of the old school house but it was a one room school with all ages put together. That was a good thing, I can attest to that. When my first set of 5 kids were all small the younger ones learned so much from watching the older ones learn and do things at their level. I always taught at the higher levels and the smaller children would desire to catch up to their older siblings. I did not even have to teach my younger two children how to read, they learned on their own and from their older brothers.
When was the last time you saw an old 1924 American La France Fire Engine? There are only a three of these in America right now and the Yesteryear village has one of them. I could not imagine having to be a fire man on this fire engine as one person had to hand crank the siren the whole time! My arm would get so tired! Oh, we sometimes take for granted how easy we really have it!
Here is an old 1935 Ford police car. This older man you see in the photo was so proud of his 'toys' he gets to be the caretaker of.
The old church is down the way a bit and then there is a old camp reenactment which also kept the children's interest.
As we headed for the exhibit halls we came upon the petting zoo. Tristan loves to feed the goats, llamas and other friendly animals they had here.
There are a lot of great community exhibits and the 4H club had a great exhibition hall. We saw cows, sheep, chickens, roosters, rabbits and horses. We also saw this wonderful Orchid Exhibit, if you would like to see the beautiful orchids I have them posted here.
The kids got to take a quick break and jump in a sandbox filled with corn kernels.
In the main exhibition hall they had a shark encounter exhibit which was a bit hokey as we have been to SeaWorld and Tristan just took a class on sharks at the West Palm Beach Science Museum which was way better!
But the Sea Lion show was a blast. I don't really think anyone can ruin a sea lion show. Sea lions are quite entertaining in their own right.
The bee exhibit was very interesting for kids and adults alike.
What Fair or show anywhere in Palm Beach County would be complete without a boat for sale!
So head on over to the South Florida Fair in West Palm Beach at the fairgrounds right off of Southern Blvd about a 10 minute drive from Wellington Florida.
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Contact Nestor 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. We are accepting referrals.
Visit our profile to find out more about our services. 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 Multiple Listing Search where the globe is on the right side of the screen that opens up. 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 Wellington Home or Land ; call us today.
P.S. If you are listing your home as a short sale in Palm Beach County 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.
Copyright © 2008 By Katerina Gasset, All Rights Reserved. *South Florida Fair West Palm Beach- Homeschool Field trip, day at the fair * Contact Katerina Gasset for Customized Business and Personal Coaching.
Sellers- This is why you have an agent. Agents- This is why you must instruct your sellers not to talk to the buyers!
The agent called to make an appointment to show one of our listings. Our sellers were at home and happened to be home when the buyers came over with their agent. The buyers fell in love with the house. The agent tells us they will make an offer. After a few days we still don't have an offer from these buyers so Nestor calls the agent to get the feedback as to why they did not pursue their offer.
The buyers told their agent that they liked our sellers so much and did not want to hurt their feelings because they felt the pride that our sellers had for their home. The buyers were only qualified for a certain amount for a loan and our listing was well over that price.
My first question is: Why are you showing a house that is out of the price range of what your buyer is qualified to pay?
Nestor with his great communication skills tells the agent to just make the offer. If it offends the sellers than he will deal with that. The agent procures the offer and we start negotiations until we come to a meeting of the minds between the parties. The agent tells us her buyers are approved and we get the mortgage broker information to follow up.
Their lender tells us everything is fine. Then one evening our sellers get a call from the buyers. The buyers tell our sellers that they must come over to talk to them. The sellers allow them to come over. The buyers show up with no agent.
The buyers tell the sellers that their lender just told them that they can not do the contract the way that it is written. They want the sellers and them to rewrite the contract without the Realtors involved and do a second note under the table after closing. >HELLO! What is wrong with this picture!
Now you must understand that the sellers just saw all their dreams of moving unraveling before their eyes, the time spent packing their boxes to accommodate a fast closing looks at first glance like such a waste of time. They are in no emotional state to make this decision. That is why they have AGENTS!
They called us straight away and they called their attorney who was going to do the closing. We told them that this is called Mortgage Fraud and we will have no part in it and neither should they. We spoke to their attorney and he said that as the closing agent he must testify that the only proceeds and the only deals are the ones on the HUD1 closing statement and that he knew we would not go along with this. He concurred that this is Mortgage Fraud!
Our sellers would in no way ever willingly or knowingly participate in mortgage fraud. They felt like something was wrong. They could feel this just stunk! Can you just imagine if they had participated in this deal? The sellers said what if they did this and after the closing, what type of assurance did they have that the buyers would even execute the second mortgage and if they stopped paying and the sellers tried to foreclose, can you see the conversation? NOT GOOD!
So back on the market goes our listing and the sellers will now tell any buyers that they must bring all their conversations through their agents. Mortgage Fraud is not acceptable!
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Contact Nestor 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. We are accepting referrals.
Visit our profile to find out more about our services. 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 Multiple Listing Search where the globe is on the right side of the screen that opens up. 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 Wellington Home or Land ; call us today.
P.S. If you are listing your home as a short sale in Palm Beach County 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.
Copyright © 2008 By Katerina Gasset, All Rights Reserved. *Mortgage Fraud- Why Your Sellers Should Not Talk To The Buyers Without Their Agent! * Contact Katerina Gasset for Customized Business and Personal Coaching.
Don't forget to get out and vote today! Polls are open until 7 p.m. in most counties in Florida.
Exercise Your Right To Vote!

You have the right to vote and you also have a duty to vote. That is what makes a Free America work. Your voice is heard. Amazing things happen when voices get heard.
Call your friends, neighbors and coworkers and tell them to get out and vote.
We live in an amazing country and one of the ways that I show I love my country is by casting my vote.
One of the things that makes us so American is that we get to go to the polls to vote without threats to our lives, without armed guards at each poll and without being told who we are to vote for.
This is not a duty to be taken lightly. Just look around the world, really look at countries that are not Free, that do not have the freedoms we do have and thank God you are here and not there. Then go and show your gratitude by voting. It is easy, painless and only take a few moments out of your day. It is however, one of the most important actions you can take as an American.

Contact Nestor 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. We are accepting referrals.
Visit our profile to find out more about our services. 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 Multiple Listing Search where the globe is on the right side of the screen that opens up. 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 Wellington Home or Land ; call us today.
P.S. If you are listing your home as a short sale in Palm Beach County 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.
Copyright © 2008 By Katerina Gasset, All Rights Reserved. *VOTE- Don't Forget To Vote Today! Florida Residents Get Out And Vote! * Contact Katerina Gasset for Customized Business and Personal Coaching.
The phase III Wellington Florida Water Restrictions are in effect. Please be sure to do your part in understanding when you can water your lawn and use outdoor water.
The water restrictions DO NOT apply to you if you are using 100% reclaimed water.
Water Restrictions apply to ALL other sources of water. Even if you are getting your irrigation water from a well, the lake, pond, canals or rivers; you will still need to apply these water restrictions. Water needs to be conserved from all sources.
The Village of Wellington is famous for giving out tickets to residents who do not adhere to the water restrictions set down by Wellington Florida. They even have signs up on all the major intersections of Wellington letting all of us know that the water restrictions are in full effect right now.
These water restrictions are based on the fact that even though we have seen a lot of rain here it has not been enough to make Lake Okeechobee water levels rise high enough.
We are now on a ONE DAY A WEEK irrigation schedule. That means you can only water your lawns and use your sprinklers one day a week, no more than that. I have read of cases where residents have gone to court to tell the judge they don't want to be fined because they did not know what the schedule is. Well, ignorance is no excuse for not adhering to water restrictions. If you are a part time resident you can find out online at the Village Of Wellington's website what the rules are for irrigating.
Our golf courses may not be as green as we would like because their allocated water use has been cut by 45%.
There are no restrictions for washing your car or pressure washing your roof, driveway or walkways. Hand-watering with a hose that has an automatic shut off nozzle is allowed for 10 minutes a day if used to prevent plant die-off.
Use can use a microjet or drip system to your plant roots with conservation in mind.
Odd street addresses can water their lawns on Mondays between 4:00 a.m. and 8:00 a.m. or 4:00 p.m. and 8:00 p.m.
Even numbered street addresses may irrigate Thursdays between 4:00 a.m. and 8:00 p.m. or 4:00 p.m. and 8:00 p.m.
If you own more than 5 acres you can expand your irrigation hours between 12:00 a.m. and 8:00 a.m. or 4:00 p.m. and 11:59 p.m. on the assigned watering day.
For more information about Florida's water management read about how you can visit wonderful water conservation areas right here in Palm Beach County, Florida. Florida's water is worth saving, Our Eco Systems.
Here is last years water restrictions but there is also a chart on how water is used in households.
Please use conservation in all your water usage. It is a precious resource and we must become aware of how to use our water in the most conservative ways.
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Contact Nestor 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. We are accepting referrals.
Visit our profile to find out more about our services. 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 Multiple Listing Search where the globe is on the right side of the screen that opens up. 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 Wellington Home or Land ; call us today.
P.S. If you are listing your home as a short sale in Palm Beach County 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.
Copyright © 2008 By Katerina Gasset, All Rights Reserved. *Wellington Florida Water Restrictions Phase III- Help Do Your Part * Contact Katerina Gasset for Customized Business and Personal Coaching.
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