Buying a home via a short sale or from a foreclosing lender is making lots of headlines in today’s news.
But there’s plenty of confusion about how short sales, foreclosure auctions and bank sales are conducted.
Read the posts below to get a better idea of how to take advantage of the home buying opportunities (and avoid some of the pitfalls) presented by distressed home sales!
If you have questions about short sales or REOs, please feel free to ask . . . . no charge, no obligation!
From the category archives:
Short sales are attempts by financially distressed homeowners to sell their homes before the properties go to foreclosure auction. The short seller knows that the market value of his home is less than the amount of mortgage debt he owes on the property. The seller will be “short” at the closing: he lacks the extra money [...]
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Real Estate Owned (REO) sales are increasingly common on the MLS in Massachusetts. These REO sales are post-foreclosure offerings by the lender often via an agent using the MLS. So most REO homes are easy to find and any agent with MLS access can show these listings. As you will find when you look at the insides [...]
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There are many “short sales” listed on the MLS in Massachusetts. Some buyers hear “short sale” and assume they’ll get an outrageously advantageous sale (as suggested by the photo above). But a short sale itself does not guarantee good deal for buyers. Just because the owner owes more on the property than the home is [...]
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Warren Reynolds, Esq, GRI, e-PRO
Tel: 508.613.2889 | Contact
Century 21 Commonwealth
15 West Central Street
Franklin, MA 02038
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