Where's Wellington?

There are several reasons why your Wellington Florida closing might be delayed and this is Part 2 of my series: "Why is my Wellington Florida Closing Delayed?" 

Today I'm going to share another reason why your closing might be delayed and how to possibly avoid it.

On more than one occasion the HOA (Home Owners Association) has held up one of my closings.  Why?  There are numerous reasons, but here are the three main reasons I have encountered over the past year.

1.  The buyer submitted their HOA application late or not at all.  Regardless if you are the buyers agent or listing agent it is important to verify with the HOA that they have received the buyers application. 

• In order to avoid thisI recommend buyers get written proof from the HOA/property manager that they received the HOA application and provide both agents with a copy.  Another option is for the buyers agent to submit the application for the buyer.  Once again the listing agent should always verify that the application has been received by the HOA.
  

2.  The HOA didn't have enough time to process the application.  Almost all title companies or closing attorney's will not close withoutan original Certificate Of Approval (COA) from the HOA.  In my experience most HOA's will require 30 days to process a buyers application, but some may be able to complete the approval process sooner.

• In order to avoid thisthe listing agent should verify the approval process at the time of listing.  This way if the HOA requires 30 days the seller knows not to accept an offer with a 10 day closing period.
  

3.  The HOA forgot to process the application.  Yes, it is possibly for the HOA to receive the application and forget to process it.  It is also possible for the person processing the application to quit, get fired or go on vacation prior to approval being completed.

• In order to avoid this the buyer, listing and selling agent need to follow up with the HOA on a regular basis.  Never assume the application is being processed because it was submitted.

Start your Wellington FL Home Search Now!

Miss Part 1?  Read it now:  Why is my Wellington Florida Closing Delayed? Part 1

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
       Wellington Florida Short Sales | Buying a Wellington FL Short Sale?

©2011 All Rights Reserved

There are several reasons why your Wellington Florida closing might be delayed and this is Part 1 to my series: "Why is my Wellington Florida Closing Delayed?" 

Today I'm going to share one of these reasons and how to possibly avoid it.

Over the past month two of my Wellington Florida closings were delayed.  Why?  Both properties had liens placed on them by the City of Wellington that were discovered by the title company during their title search.

The first delayed closing was on a Short Sale property.  It turns out the previous co-owner of the property forget to get a Rental Unit Dwelling License on one of their rental properties, so the City of Wellington put a lien on ALL of his properties.  That little Rental Unit Dwelling License application fee of $100 quickly became a $10,000+ lien against the property.  Thankfully the previous co-owner was willing to negotiate and pay the lien, but it still took time to get the lien settled and removed.

The second delayed closing was on a Bank Owned property. This lien was against the previous owners for code compliance violations that stuck with the property after it was foreclosed on.  Once again the new owner (the bank) was willing to clear up any violations that still existed and pay the liens, but it still took time to find out what the liens were, get them resolved and then removed.

According to the City of Wellington the only accurate way to find out if a Wellington Florida property has a lien on it is to submit a Wellington's Property Assessment Form, which currently has a small fee associated with it. 

Now the title company or closing attorney will be doing this lien search prior to closing, so you don't necessarily need to do your own lien search.  However in order to avoid possible delays I highly recommend contacting the title company or attorney to verify that the lien search has been ordered.  Unfortunately some closing companies might wait days, weeks or even months before requesting this information, which might cause last minute delays that are not always necessary. 

Start your Wellington FL Home Search Now!

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
       Wellington Florida Short Sales | Buying a Wellington FL Short Sale?

©2011 All Rights Reserved

Back in 2006 Wellington Florida adopted a new ordinance relating to the regulation of residential rental units which so many Wellington Florida landlords are unaware of.

So what is this Wellington Florida ordinance?

This is Wellington Ordinance Chapter 71, which requires all landlords who have a rental dwelling unit in Wellington Florida obtain a "Rental Dwelling Unit License."

There is an annual nonrefundable license fee of $75.00 per license for each rental dwelling along with an annual inspection fee of $25.00, totaling $100. Each rental unit license expires on October 1st of each year.

Does every Wellington Florida landlord need a "Rental Dwelling Unit License"?

NO, check out the Wellington Florida Information Guide about Rental Units to find out who must obtain the "Rental Dwelling Unit License" and if you need a License here is the Wellington Florida Rental Dwelling Unit License Application.

For addtional information visit Wellington Florida Rental Unit License

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
       Wellington Florida Short Sales | Buying a Wellington FL Short Sale?

©2011 All Rights Reserved

Michelle,

I'm writing this to tell you and anyone who is reading this how much we enjoyed working with you on the purchase of our new home.  I cannot express enough how professional and knowledgeable you are in all things Real Estate.  Every piece of advice and every suggestion you gave us was spot on.  We couldn't be happier with how everything turned out.

One of the best ideas you had was to have us get FULLY APPROVED through our lender first.  This made our home buying experience a breeze.  Having our approval before negotiating a price was the best thing we could have done.

We were (and continue to be) amazed at the lightening fast communication you maintained with us.  Every question we had was answered within hours, sometimes MINUTES.  You kept us in the know at all times and we never had to wonder what was going on.  That part of this whole experience alone was priceless.  We will (and already have) recommended your services to everyone we know.

Thank you again for all your hard work and dedication.

Nikki & Matt Gehrke

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
       Wellington Florida Short Sales | Buying a Wellington FL Short Sale?

©2011 All Rights Reserved

I have a long list of questions for Wellington Florida Short Sale Listing Agents, which I always ask prior to even showing their listing.  Why?  I want to make sure I am not wasting my buyer clients time or mine showing a short sale that is no longer available or most likely will not close.

My standard questions have always pertained to the status of the property along with who the lien holders are.

However after a recent transaction I have now added ANOTHER question to my list, "Is the Seller current on their Homeowners Association Dues?"

If a short sale seller is not current on their homeowners association dues there is a good chance the homeowners association has put a lien on the property thus becoming another lien holder.  So instead of the bank(s) possibly being the sole lien holder(s) there is now an additional lien holder who might make the short sale approval process even longer especially if the seller owes a large amount.

If you are considering purchasing a Wellington Florida Short Sale contact me today and I'll guide you through the entire process from start to finish.

Start your Wellington Florida Home Search now

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
       Wellington Florida Short Sales | Buying a Wellington FL Short Sale?

©2011 All Rights Reserved

There are approximately 600 single family homes currently for sale in Wellington Florida and the average asking price for a home is $1,364,686.

That's right over one million dollars is the average asking price for a home in Wellington FL, which is made possible due in part to all of the magnificent Estate Homes, Equestrain and Aeronautical properties Wellington FL has to offer.

While the highest asking price of a home in Wellington FL may be $39,500,000, the lowest asking price is currently $114,900 and the median asking price is $499,999 making Wellington FL still very affordable for buyers.

Besides looking at the average asking price for a home in Wellington FL I also wanted to share the average sales price, which is almost $410,000 based on all of the single family home sales in 2010.

Search for your Wellington Florida Home here:

If you are looking to buy a home in Wellington FL I can assist you with all your real estate needs, whether your budget is $100,000 or 1,000,000.

Michelle Gibson REALTOR®
HANSEN REAL ESTATE GROUP INC.
561.333.0446

Search Wellington FL Homes For Sale | Search Wellington FL Homes For Rent
       Wellington Florida Short Sales | Buying a Wellington FL Short Sale?

©2011 All Rights Reserved