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Whether you are buying or selling a home in the Lake Worth, Boynton Beach, Wellington, and surrounding areas, chances are you will be involved in a short sale. So many home owners are in short a sale situation, it has recently set the prices of the market. The good news is, houses in the Lake Worth, Boynton Beach, Wellington, and surrounding areas are again affordable. People who couldn’t buy are able to buy, and people that wouldn’t buy are realizing prices are bottoming out. It is not uncommon for foreclosed properties to have multiple offers and to sell over the asking price in Lake Worth, Boynton Beach, Wellington, and surrounding areas. The short sales are seeing 1, 2, even 3 or 4 back up offers. The ratio between new listings and sales is beginning to even out and inventory is finally shrinking. Some new home communities have even raised prices as well as cutting back on free upgrades and incentives. It is a great time to buy. To quote the renowned real estate trainer David Knox, when posed the question, “how do you know when the market has hit bottom?” The answer is when prices start going up. If you think you are going to pick the bottom, chances are you are not. While a short sale is still a painful process to buy, basically due to the incompetency that exists in the banks, it still could save you a lot of money. At our company, Exit Realty Premier, we retain and pay for an attorney to represent our sellers, and this seems to streamline the process. If you are in a short sale situation in the Lake Worth, Boynton Beach, Wellington, or any of the surrounding areas, call us. We are truly the experts. We will market and sell your home with absolutely no cost to you and we will even pay a licensed Florida Real Estate attorney to represent you. If you would like a free consultation related to buying or selling, please call Victor DeFrisco at 561-967-3948. If you plan on buying a short sale we are the experts. Many of our agent have completed the courses and have the designation and distinction of being a Certified Distressed Property Expert. Also we have a good in house inventory of short sale homes the attorney works on closing.
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We are posting this to let everyone know we are offering free assistance to all distressed homeowners in Lake Worth, Wellington, Boynton Beach and all of Palm Beach County. We have put together a team of professionals combining Realtors, attorney’s, and title companies that will perform their services at absolutely no cost to you if you wish to short sale your home. The service will start with a free, confidential, consultation with a Realtor trained in short sales. From there you will have a free consultation with a licensed Real Estate Attorney and between the two you will be advised of your options. If it is agreed that a short sale is the course of action, we will immediately go to work for you. We will market your home without any short cuts. We will do multiple photographs, advertise your home on MLS, all major search engines, as well as multiple websites. We will advertise in multiple print publications and even create full color brochures for the buyers that visit the home. We will keep you abreast of all developments and present all offers to you. When we get an offer, the attorney will handle all contact and negotiations with your lender. When an agreement is reached we will coordinate with the title company and move forward to closing. We will all have your interest in mind and will keep you informed every step of the way. For all of these services there will be absolutely no cost to you, we will get the lender to pay all the fees. In this trying time you will be dealing with all well trained, competent, and compassionate people. If you have any questions please call me, Victor DeFrisco at 561-951-3759 and I will answer any questions you might have. You can also email me at vdefrisco@exitrealtypalmbeach.com.
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Doing a short sale in Lake Worth is no different than anywhere else and we can do a short sale anywhere in the State. We are in Lake Worth and prefer to focus on Palm Beach County. At Exit Realty Premier in Lake Worth, we have made the process very simple. Not only is it simple, but it is free to the seller. We have come up with a program that puts a team of experts on your side while going through the short sale process. Everyone is trained and active in the short sale practice. Working for you will be a Realtor that will do the marketing of your home, a Florida licensed Real Estate Attorney negotiating on your behalf with your lender, and a title company that will close it. You will be provided all of these services free of charge, we will get he lender to pay for all services. You will pay for nothing. If you would like to get started with a free consultation to explore your options please contact me, Victor DeFrisco, 561-951-3759, or send me an email at, vdefrisco@exitrealtypalmbeach.com.
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Buying a short sale may or not be the way to go. If you are patient, not in need of immediate housing, and have a good Realtor, you may get the bargain of a lifetime. The advantage of buying a short sale as opposed to a bank owned property is usually the condition of the property. Usually, in a short sale situation the home owner still lives in and maintains the property. A bank owned is often abandoned and many times appliances and fixtures have been removed, utilities are off causing mold and mildew, the yard is unkempt, and the home is generally in need of somewhat extensive repairs. When you get the contract, the bank inundates you with addendums that you know are strictly to protect the bank, and as we usually advise when you purchase a bank owned property, consult an attorney, so that, is an additional expense. A short sale is very different. The homeowner is still the seller, although the bank must approve the price because they are agreeing to take less than the mortgage balance owed as a payoff. If there is a second mortgage holder involved, it even becomes more involved. In that case both lenders must agree to accept less as a pay off. The second lien holder is in a very week position because if the first lien holder forecloses, the second lien holder will get anything. That is why the second lien holder will usually accept a very deep discount, as much as 90 or 95%. One of the biggest problems is the time factor. It may take as much as 45 days to get a response or a counter offer from when you first submit your offer. That is where very often a good agent on both sides of the deal can help. On the listing side we use an attorney, at no cost to the seller, which helps speed up the process, so the buyer doesn’t get impatient and move on to another home. Another big problem is inexperienced or unethical agents that price the home way below the market to increase traffic, knowing the price they are advertising is not even close to what the bank will accept, and that just confuses buyers and slows down the process. Banks will discount the property below the market, but within a reasonable range. Buyers look at these properties that are priced 50% or more below the market and can’t understand that if they offer full price, the offer wasn’t accepted. Everyone wants to offer less, based on asking price. The asking price on a short sale may not even be close to reality and no indication what the home actually will bring on the open market. If you are making an offer on a home in a market like this, be realistic. Have your agent do a thorough evaluation on the market price of the home, and then offer 20-30% less to start. Be prepared for a counter offer the banks know what they are worth and although they are discounting, they are not giving them away. This is a buyers market, but that doesn’t mean you are the only buyer out there. There are many buyers out there. Buyer activity is getting very strong and it is not uncommon to find multiple offers on a property and even have it sell above the asking price. The best advice we can give you is be cautious, use a qualified, experienced Realtor, and
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First let me start by saying the legislators in Washington are so far out of touch with reality it is pathetic. They refer to “low-cost refinancing for responsible homeowners suffering from falling prices:” Then they use an example referring to a homeowner that has a 30 year fixed at 6.5%, with a starting principal of $ 207,000, on a house worth $ 260,000 at the time of purchase. They say in the example, today they owe $ 200,000.00, which is suggesting they have been in the home for over 3 years. Then they assume in the example the value of the home has decreased by 15% to $ 221,000, making them ineligible to refinance at today’s low interest rate of 5.16%. The example suggests they put 20% down when they bought the house. And if this all made sense they suggest that by lowering the rate to 5.16%, their annual payments would be reduced by approximately $ 2,300.00 per year, or just under $ 200.00 per month. In what planet are they referring to where a house purchased 39 months ago lost 15% in value? Values have decreased in South Florida and many other areas as much as 50%. 39 months ago in South Florida and many other areas the median home price first off, was much higher than the example of $ 260,000. In 2006 the single family median price in Palm Beach County was $ 392,900.00 that is 50% more than they use in the example. They assume a 20% down payment. With the policies of Fannie and Freddy back then, a large majority of people put down very little or nothing. Then they suggest that refinancing, not modifying the loan, would save the home owner under $ 200.00 a month. I doubt that $ 200.00 a month on a combined payment of about $ 1,800.00 a month would make much difference to that home owner. Besides the fact there are costs in refinancing a home. What about the people that have lost their jobs, or households that depended on 2 incomes that have lost one. Is $ 200.00 a month going to help them? These are not the people that are in trouble. Some the people that are in trouble put little or nothing down. The ratio of loan to value in most cases is much more skewed than represented in the example. If the median price for a single family home was $ 392,900.00, that means that the majority of the people will not get the help they need. Even people like myself, I put 25% down and still owe more than my home is worth. I am now down $180,000 which was my down payment, plus another 100k that I owe more than the house is worth. My business was flourishing and the payment wasn’t a problem. When the bubble burst my income declined dramatically, the payments now difficult, does that make me irresponsible. You may say my income dropped dramatically because I am in the real estate business. This economy has affected everyone, especially small business owners and not just in the real estate business. They talk about “responsible homeowners.” Was someone that was forced to spend $ 500,000.00, to get a decent home, large enough to accommodate a family of 5 irresponsible? After all, both spouses had jobs or they owned a small business and business was good, they had a nice retirement set aside in their 401k, and housing was rising so fast they needed to buy then or they would miss the boat. Did these people know the mortgage broker gave them bad advice, or that the bubble was soon to break? Did they know the affect the bubble would have on the economy? Did they know their house would decrease in value as never seen before in history? Did they know the economy would be so bad there would be massive lay offs or their small business would get so bad they wouldn’t be able to earn a living. Did they know the value of their 401k and retirement accounts would be devalued b 50%? The answer is no, of course not. Most of these people are solid citizens that sought a better life for their families and never in their wildest dreams imagined they would be in a foreclosure situation. The government needs to get back to reality, what they are addressing with this plan is the tip of the iceberg. A majority of people will be left out in the cold.
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Last year if you wanted to flourish in the real estate industry, you had to get REO listings. Many of us tried to do so, but the majority failed. The REO groups from the banks to the servicing companies, to the real estate professionals that got in early, formed a “good old boys” club. That made it almost impossible for the rest of the Realtors. People wanted to buy bank owned properties to get a bargain. But when many people started looking into purchasing one of these homes, they were shocked at the condition. Entire kitchen’s and all the appliance taken by the homeowner prior to vacating, holes in the walls, stained mildew smelling carpets, and sometimes even mold. This became a problem for the banks because after spending large amounts of money on legal fees as well as prolonged periods of time to get the property back, they had an asset that was in very poor condition and very devalued. They either had to fix the deficiencies to make it sellable, or accept a deep discount to get it sold. Having spoken to some top executives at a major bank, it was indicated to me that the bank will back off of foreclosing in most cases and migrate towards, loan modifications or short sales. The consensus is that 30% of the troubled people will get a loan modification and 70% will choose to or be forced to short sale their home to avoid foreclosure. At Exit Realty Premier Properties, being a one stop shop has always been a priority for us. In addition to real estate we have always aligned ourselves with the best lenders, title companies, home inspectors, contractors, and appraisers in the business. We have grasped this philosophy to better serve our customers. That is why short sales and loan modifications have been implemented as part of our business model. Through education and having aligned ourselves with some of the best Attorney’s that specialize in short sales as well as loan modifications, we have become the experts, in getting short sales done. We did this recognizing that certain tasks should be left to the experts. We will assist our clients in making the right choices for their situation, in a difficult time. We will provide our clients with free legal representation should they choose to sell their home with us in a short sale situation as well as real estate services such as marketing, selling, and closing their home, that are free to them. We will do it all and get the lender to pay the real estate, attorney, and title fees. That’s right, all of this with absolutely no cost to the client. We are presently in the process of redesigning our website with all of the short sale information you need as well as creating a special section for short sale properties available for buyers. If you have any questions please contact me, Victor DeFrisco, at 561-951-3759, or email me at vdefrisco@exitrealtypalmbeach.com .
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Recently, more than ever, people keep hearing the words short sale coming up. While the concept of a short sale is quite simple, the process isn’t always that simple. The word short refers to the amount paid compared to the amount owed. Not the time it takes to sell the home. In simple terms, a short sale is when a person that has a mortgage on a property with a principal balance that is higher than the current market value and requests a payoff amount less than the bank is owed. If the bank agrees to settle for an amount less than is owed, that constitutes a short sale. A short sale for a seller is not for everyone. You must meet certain criteria to be eligible for a short sale. You may be disqualified for example if you have too many assets. View 10 reasons listed below.
• 1. Health issues • 2. Rate Increase • 3. Predatory Lending • 4. Divorce/Separation • 5. Over Extended • 6. Job loss or Transfer • 7. Multiple house payments • 8. Distressed Sellers • 9. Declining Market • 10. Pre-Foreclosure A short sale has many advantages to a foreclosure for everyone involved. It gets the seller out of a bad situation, it gets the buyer a home for a price usually below market, and saves the bank from the expense of foreclosing with the chance of getting back a damaged asset that then has to be repaired and maintained. See the list below comparing a foreclosure to a short sale. Short Sale • Negotiated Settlement • Credit bruised • No Attorney fees • Easier to buy again • Liens negotiated Foreclosure • Foreclosure • Credit ruined • Big Attorney fees • Foreclosure on credit 10 yrs • All liens extinguished It is up to you what you may find suitable for your situation. I would suggest a consultation with a qualified real estate attorney that specializes in these matters. Contact me and I will set up a free consultation for you with absolutely no charge and no obligation.
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• 3,365 sq. ft., 3 bath, 5 bdrm single story -  MLS® $2,200 USD Monthly Winston Trails, Lake Worth - GREAT HOUSE IN A DOUBLE GATED COMMUNITY OF WINSTON TRAILS, OVER 2700 SQ FT 2 CAR GARAGE ON A SERENE LAKE ENORMOUS COVERED AND SCREENED PATIO 1 BEDROOM AND BATH DOWNSTAIRS, BIG KITCHEN AND FAMILY ROOM GREAT FOR ENTERTAINING. IF LOCATION IS IMPORTANT THAN YOU FOUND HOME, SCHOOLS ARE "A" RATED TOO. COMMUNITY HAS POOL,TENNIS,PLAY AREA,PUBLIC GOLF,PUBLIC RESTAURANT, GATED, AND THIS HOUSE IS IN THE ONLY GATED SECTION WITHIN THE MAIN GATE. Property information
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• 2,793 sq. ft., 3 bath, 3 bdrm single story - MLS® $284,900 Carriage Pointe, Boynton Beach - IMMACULATE TOWNHOUSE WITH UPGRADES GALORE...TOP OF THE LINE APPLIANCES, CROWN MOLDING, SURROUND SOUND...DON'T MISS THIS ONE OF A KIND BEAUTIFUL TOWNHOUSE! Property information
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• 3,365 sq. ft., 2 bath, 5 bdrm single story - MLS® $325,000 Winston Trails, Lake Worth - NOT A SHORT SALE, GREAT HOUSE ON BEAUTIFUL SERENE LAKE IN THE DOUBLE GATED SECTION OF WINSTON TRAILS, ENOURMOUS SCREENED COVERED PATIO, 1 BEDROOM AND BATH DOWNSTAIRS, LARGE KITCHEN AND FAMILY ROOM WITH WET BAR GREAT FOR ENTERTAINING, SCHOOLS ARE "A" RATED, COMMUNITY HAS POOL,TENNIS,PLAY AREA,PUBLIC GOLF,PUBLIC RESTAURANT THIS IS AN AWESOME HOUSE MUST SEE Property information
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• 2,067 sq. ft., 2 bath, 3 bdrm single story - MLS® $161,500 Nautica Isles, Lake Worth - BANK OWNED ADORABLE HOME THAT NEEDS A FAMILY! VERY CLEAN AND NO DAMAGE! ALLIT NEEDS IS STEAM CLEANED CARPET. A RATED SCHOOLS RIGHT OUTSIDE THE COMMUNITY. COUNTRY CLUB AMENITES. NEAR ALL! LOOKING AT FORECLOSED HOMES, AND BEEN DISAPPOINTED,NO NEED TO LOOK FURTHER, THIS 2 STORY HOME WITH ALL THE APPLIANCES AND WASHER AND DRYER IS IN AWESOME SHAPE. RIGHT OFF THE CUL DE SAC . NEAR ALL SHOPPING, FEW MILES FROM THE BEACH, 1-95 AND ALL!!!! THIS ONE WONT LAST! Property information
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Looking for a home in South Florida? Now is the time, the window will begin closing by June of 2009. This is the forecast of many economists. Florida was one of the first and hardest hit to experience the decline in home sales and pricing. Florida still has all the same wonderful things to offer, but now the prices are as much as 50% off of the highs and the smart money has already begun to buy. There are people coming into the market that think they can offer 20-50% less on bank owned and short sales, only to find they are cut off at the knees when savvy investors are scooping up good properties with multiple offers and they wind up selling at the asking price. Banks and financial institutions are not giving properties away. They are doing their homework and setting asking prices 10-15% below today’s already bargain market prices. At the rate these homes that are priced well are being bought up, the window is getting ready to gradually close. The prices have adjusted to levels that have greatly increased the size of the buyer’s pool, the interest rates are low further increasing affordability, and taxes have decreased with values. Put that formula with what we have always had in Florida, great weather, lower cost of living and no state income tax, this is becoming a desirable place to live again. Remember though, the sheep are still pessimistic, but that s not going to last forever, and the real estate market needs to be the first to recover to improve our economy. The government knows that, and they are already taking steps to see to it that it happens. Last month was one of the first recent months that inventory nationally, actually decreased. The real estate market is very similar to the stock market except the movement is not as fast. But one thing still holds true, as the expression is in the stock market; “bulls make money, bears make money, and pigs get slaughtered.” Keep that in mind when you make an offer on a property. You can be bearish and just wait, you can be a bull and jump in as the smart money is doing and be aggressive and take advantage before the window closes, or be a pig and make ridiculous offers and no one will deal with you, brokers and sellers alike, and you will buy nothing therefore getting slaughtered. There are thousands of real estate millionaire optimists that have become such on the inactions of real estate pessimists.
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• 1,323 sq. ft., 2 bath, 2 bdrm single story - MLS® $82,000 Canalake, Greenacres - BANK OWNED, QUICK RESPONSE, NICE 2 STORY TOWNHOME! CUTE BACKYARD PATIO! TILED FLOORING DOWNSTAIRS! WHY PAY RENT WHEN YOU CAN OWN! Property information
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High Point, Delray Beach - Announcing a price reduction on 14d-4550 NW 2nd St, a 1,070 sq. ft., 2 bath, 2 bdrm single story. Now MLS® $124,900 - . Property information
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• 2,724 sq. ft., 2 bath, 3 bdrm single story - MLS® $269,000 Sun Valley, Boynton Beach - This is a beautiful Ruby model without the sunken living room. There are wood laminate floors throughout most of the home. Nice private backyard. 1 year home warranty for the new buyers. Property information
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