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Short Sales

With the recent news that the Obama Administration’s Home Affordable Modification Program (HAMP) is failing to help the overwhelming majority of distressed homeowners in the country (see Money.com’s article “10 foreclosures for every home saved”), we may see more short sales and foreclosure auctions in coming months. New short sale program designed to help The [...]

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Better economy makes lenders resist short sales?

by Warren Reynolds on October 13, 2009

Improving economic conditions across the US are creating new obstacles to short sales, according to an article in the current edition of BusinessWeek magazine.  The firmer economy reportedly is prompting more mortgage lenders to refuse to cooperate with short sales or seek extra money from short sellers at closing.  Click the link to learn more about [...]

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Short Sale Success

by Warren Reynolds on May 24, 2009

As you may know, short sales abound in the current MA real estate market. With a short sale, the home being sold is worth less than the mortgage debt secured by the property.  The lender agrees to accept less at closing  than the outstanding mortgage loan balance. One of my recent listings was a short [...]

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Delays, Mistakes Common with REO & Short Sales

by Warren Reynolds on March 26, 2009

“After weeks of negotiating the purchase (of a bank-owned home) . . . it turned out the bank didn’t actually own the property, and had wrongfully foreclosed on the home.” This amazing quote is from an irate employee of an affordable housing organization trying to buy a foreclosed home.  The man wasted weeks of time [...]

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What is a Short Sale

by Warren Reynolds on January 30, 2009

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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Why Short Sales can be Bad Deals

by Warren Reynolds on January 30, 2009

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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