Short Sales

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 [...]

Tagged as: Short Sales

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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 [...]

Tagged as: REO Homes, Short Sales

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“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 [...]

Tagged as: Foreclosure Sales, REO Homes, Short Sales

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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 [...]

Tagged as: Foreclosure Sales, Home Seller Tips, Short Sales

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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 [...]

Tagged as: Home Buyer Tips, Short Sales

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