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Wellington Florida Short Sales- Luxury Listing Short Sales Do Close!

Wellington Florida Short Sales- Luxury Listing Short Sales Do Close!

If you own a Wellington Florida Luxury home and have been wondering what your options other than foreclosure are; you may be able to do a short sale on your luxury property.

We just closed on a listing we had that was appraised for $2,400,000 just 3 years ago. This is one of our favorite listings because it sits right on the International Polo Fields and events. The views are outstanding during Polo season where you can host great parties overlooking the Polo games.

wellington Florida short sale agents

There were two loans on this property. The seller listed this property with many different agents that 'know' all the Polo players and those in that line of work and obviously his thinking was that these agents would be able to sell his home. He even listed this property with my best friend because of who she is married to but even that notoriety did not sell his home. Nestor kept in touch with him for 3 years. But the seller had promised it to this agent and that agent before he met with us. We were like 4th in the line of who he promised his listing to. Finally he listed his house with us through an expired mailing program where Nestor just stayed in front of his face on a regular basis. When it came time to really need someone to negotiate a short sale for him- he listed with us as the other agents who promote this type of listing are not into doing short sales.

We listed the house for $1,795,000 and reduced it to $1,495,000 when we started to get offers. The final reduction was down to $995,000. We had some crappy offers and then about 3 good offers. The seller chose the offer that he liked the best and that he felt most comfortable with.

Both short sale lenders were quick to respond and easy to work with. It took less than 60 days to get acceptance letters from the short sale lenders and we got an offer through at $740,000. This is one smart buyer! The land itself is worth $695,000! We have lots listed for near the same price in this exact neighborhood.

Another successful Short Sale closing!

wellington Florida short sale agents

FTC Disclaimer: Not all short sales close successfully. Not all luxury home markets have success in closing short sales. There are no guarantees that your short sale will be approved by your lender. This post is to be considered marketing for the purpose of obtaining listings. The information within is for informational purposes only.

T o 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.

Posted by Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes on 10/25/2009 07:45 PM

Comments (13)

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Originally posted at: South Florida Real Estate and...: Wellington Florida Short Sales- Luxury Listing Short Sales Do Close!

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13 Comments on Wellington Florida Short Sales- Luxury Listing Short Sales Do Close!

OCT

Congrats on getting it closed, although it's really not a surprise with you guys. You know your stuff!

Congrats on the closure.....what a time frame. What a price reduction!!!

congrats, obviously,this was not a freddie mac short sale. That probably helped with the quick turn.

Holly Cow, that is amazing. And it also sets a new comp and there are going to be some others that won't like what is happening to their assets. Congratulations on the good work. I pitty the poor neighbors. Is this one of the more extremes situations that have seen in your area or does it worse? Having lived a lot of years in Fla., maybe I need to consider returning, :-)

Congratulations but what a sticker shock to see the price reduction from the past appraisal! Looks like a beautiful property!

OCT

I need to move back to Florida. .what a deal!!. . .your price reduction skills are tops!

Katerina,

This was either one very savvy buyer or very lucky. Either way they got themselves a great buy.

Don Rogers- NO, this was one savvy real estate team that knows how to negotiate the transaction! The last time they tried a short sale with another agent- the bank wanted a cash contribution of 250,000! We got that contribution down to $15,000 because we know how to negotiate!

William- No, it will not tarnish the values. These properties are all custom built homes and each bring its' own values. There is one grand estate that is being built a few acres down from this property and just the construction alone is well over 2 million. The value is still in the land also. We have lots right next door to this property for sale for 749,000 for just the land. I wish I could disclose all the details in our negotiating arsenol but for confidentiality reasons we can not. There was also a few big snags along the way that we got through. I will post in different posts so we don't tie it to this particular deal. Katerina

Congratulations! I bet the seller wished he had listed it with you and Nestor from the beginning!

Congrats on the closing! What a roller coaster real estate ride that was over three years to have that dramatic a reduction...good lesson for those sellers still stuck in the 2006 mindset!

OCT

Katerina, good for Nestor for being persistent. You are gaining marketshare and you have earned it by your diligence and expertise. That buyer got a steal.

OCT

Katerina - That's a good point on the LAND value. In my area of the country land is not getting any less expensive.

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