Wellington Florida Short Sales – June 2012
What is a Wellington Florida Short Sale? A short sale is when the seller of a property owes more to their mortgage lender than what a buyer is willing to pay for the property based on appraised and market values.
In Wellington Florida the homeowner is the one putting their home up for sale. The contract to purchase from a buyer is between the homeowner and the buyer. The seller’s lender does not sign the offer. The seller does have to get an approval from his lender to take less than what he owes them. That is what we call third party approval.
Currently there are only 40 short sales that are active on the market in Wellington Florida.
There are only 300 active listings in Wellington. That means that only about 13% to 14% of the listings that are ACTIVE in the Village of Wellington are short sales. This is not including parts of Lake Worth that most people still consider and call Wellington.
I don’t remember the last time inventory was this low.
One agent we spoke with the other day who has shown one of our listings said that he had shown another property just earlier where 30 people were looking at the property for sale in Wellington in the lower price ranges below 150K. He and his buyer actually climbed over the property fence to get inside to see the house.
Bidding wars continue to as buyers battle to get Wellington Short Sales under contract. Our buyers agents are educating their buyers that low ball offers will not even be looked at. When you have multiple offers coming in you as a seller are certainly not going to accept the lowest bid even on a short sale.
Buyers who are getting FHA financing are in a pickle as well. We had one listing where the FHA appraiser discovered the seller did not have a permit for a room that had been built on to their property. The current sellers did not build the room, they bought it this way with a loan in the days when lenders could care less about permits. Not so anymore. We are running into this over and over again. Only cash offers will work on these types of properties.
If you are a buyer getting FHA financing- make your offer as strong as possible with as few contingencies as you can. You are competing against a lot of ALL CASH buyers.
About 60% of the sales in Wellington are ALL CASH or private equity financing.
Wellington short sales are also not the ugly houses that many buyers envision in their minds. Wellington homes typically are still in pretty good condition as short sales. All of our homeowners who currently reside in their properties take good care of their homes. It may not always be the case if tenants are in the property but overall you can pretty much expect decent showings on Wellington short sales.
If you are looking to purchase a Wellington Short Sale contact our office and partner up with one of our buyers agents who have been trained under Nestor Gasset and Katerina Gasset in short sale procedures. We offer full Wellington Short Sale Services. Contact our office at 561-753-0135.