Massachusetts Short Sale Pitfalls

Over the last four years I have been diligently helping Massachusetts home owners successfully complete a short sale. If you look at the national success rate of these distressed properties you may be surprised to find out that many of them do not reach the closing table. The other day I was reading that less than 30 % of all short sales actually close!

Why does this happen? Often times it is because the Realtor who is working with the seller does not understand the short sale process. Unfortunately many Massachusetts home owners who need to short sell their home do not realize that you can't just hire any Real Estate agent and expect a short sale approval.

The Realtor you hire to complete your short sale needs to know what they are doing or more than likely you will find yourself facing a foreclosure. It is really aggravating to see Realtors who don't know what they are doing taking listings from home owners who will are trying to avoid losing their home. Watch the quick video below.

Trust me it only touches the surface on some of the foolishness that you see from agents handling these transactions. I will also emphasize that not all RE/MAX agents have short sale expertise. It just so happens that this short sale video does a nice job portraying the lack of knowledge of some of the Realtors listing these homes.



So what are some of the biggest Massachusetts short sale pitfalls that I see from Real Estate agents that don't know what they are doing? Here is a run down on a few of them:

• Underpricing or overpricing the short sale property ~ Pricing a short sale is really an art that should not be taken lightly. If you overprice the home and do not find a buyer in a timely fashion the seller is going to be that much closer to getting a foreclosure notice. On the other hand if a Realtor under prices the home the lender probably will reject the short sale. When a short sale contract is submitted to a lender, they will send out an appraiser or a Realtor to do a BPO (broker price opinion) in order to establish the value. The contract price accepted is going to need to be in close proximity to actual market value.

• Another common pitfall I see often is Realtors sending multiple unsigned offers to the lender. Remember the seller still owns the property. The lender is only there for one thing and that is to accept or deny the short sale terms submitted. When a seller does not sign a Real Estate contract the buyer can walk anytime. As a seller this is the last thing you want! Making sure the contract locks in the buyer is essential. In all of my Massachusetts short sale contracts the buyer's have to wait 90 days or they won't be buying the home!

• Having the seller sign a contract with terms that do not make sense. A short sale contracts terms should be set up the same as any other Real Estate sale. For example the short sale home inspection should be done right away NOT after short sale approval. A listing agent that allows a home inspection to occur after short sale approval is clueless! 

• The rest of the terms like the signing of the purchase and sale and the time allowed for a buyer to get financing approval are like any other transaction. There are buyers agents that think they are saving their buyers some money by doing a home inspection after approval in the event the short sale does not happen. The problem with that is if there are issues there are NO negotiations after approval. What would you rather do save a few hundred dollars or give up the chance to potentially negotiate thousands of dollars?  

• It is quite possible that your Realtor will be approached by an investor who wants to purchase your property. On many occasions the investor will ask to take over negotiations with the lender. Realtors should never let a short sale investor negotiate with a lender. Why a Realtor who has been hired to help a seller with a short sale would ever do this is beyond me.

• Another common pitfall is a Realtor not explaining that when you short sell a home in Massachusetts there can be short sale tax ramifications. If you are selling an investment property and not a primary residence you will more than likely get a tax bill.

• One of the biggest considerations when doing a Massachusetts short sale is the debt removal. One of the things that whoever you have hired to negotiate your short sale should be doing is to make sure the negotiate the best terms possible regarding the short sale deficiency. Make sure you read the article I have written on short sale debt removal.

Here are some other short sale articles that I have written that are worth taking a look at:

• Stopping a Massachusetts foreclosure auction
• HAFA short sale program

If you are needing to complete a  short sale of your home or condo in Ashland, Bellingham, Framingham, Franklin, Grafton, Holliston, Hopedale,  Medway, Mendon, Milford, Hopkinton, Southboro, Westboro, Natick, Northboro, Northbridge, Whitinsville, Upton, Uxbridge, Shrewsbury, Worcester, or Douglas Get in touch! I would love to interview for the chance to represent your best interests.

Completing a short sale remains a much better option than letting a property go to foreclosure for a number of reasons centering around credit and your ability to buy another property in the future.

I am successfully completing short sales through out the Metrowest Massachusetts area as well as parts of Worcester County. As of this writing in almost four years, knock on wood, I have a 100% success rate for short sale approval!

I work hand in hand with a local short sale Real Estate attorney who knows how to get short sales done! I will admit there is some luck involved in my success rate but the team I have put together does a stellar job.

About the Author: The above Real Estate information on Massachusetts short sale pitfalls was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Getting a Massachusetts Home Mortgage

Getting a mortgage in Massachusetts or anywhere else for that matter is a lot more difficult today than it used to be. With the financial turmoil and Real Estate melt down that has taken place over the last five years mortgage lenders are far more cautious.

You can expect that when you do apply for a new mortgage or are even refinancing a mortgage you will be asked to jump through hoops. The amount of paperwork and background checks you will go through is endless. It can be a very difficult process but unfortunately is a necessary evil to make sure the right borrowers are selected to get loans.

As a 1st time buyer one of the things you may want to investigate before you actually apply for a loan is to check on your credit report. Often times you may find something that is not correct and may need to fix a credit report error. This becomes incredibly important because if there are credit report errors they can have a negative impact on your credit score. One of the factors in determining what interest rate you will get for you mortgage is the FICO credit score.

FICO scores can range from a low of 300 to a high of 850. Anything over 800 is considered exceptional and would put you into a select group of individuals with outstanding credit. According to the FICO scoring system there are five factors that determine a borrowers score. The factors include a borrowers payment history which carries the most weight, a borrowers credit utilization, the length of credit history, types of credit used and lastly a recent search for credit or amount of credit obtained recently.

If your credit report history check out with no errors you will want to find a reputable lender to work with. Of course looking around for an attractive program should be at the top of your list of priorities. A word of caution though don't be fooled into thinking the lender who has the best rate is necessarily the best option.

What you need to pay close attention to in addition to the interest rate is the fees, points and closing costs that you are going to be charged! Getting the best mortgage loan often times depends on really analyzing all the charges and costs of obtaining the mortgage.

If you need a recommendation on a terrific mortgage broker who has competitive rates and exceptional service don't hesitate to get in touch as I would be happy to provide his contact information.

About the Author: The above Real Estate information on Getting a Massachusetts Home Mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge, Northboro, Shrewsbury, Bellingham and Uxbridge MA.

Shrewsbury MA Home For Sale 42 Saybrook Road

Are you looking for a Shrewsbury Massachusetts home for sale that is located in a great commuting location and has been well maintained by the owner? Look no further than this adorable ranch located at 42 Saybrook Road in Shrewsbury. Located just off of Rte 9 this home offer the perfect location for those that need convenient highway access.

There are three bedrooms and two full baths.With the finished lower level the home is 1900 plus square feet of living area. This Shrewsbury home is listed at $289,900. For much greater detail on this property visit 42 Saybrook Road Shrewsbury Massachusetts. You can also see a slide show video tour of this home below.



To sign up to have MLS access to view all home and condo's on the market in Ashland and surrounding towns see Shrewsbury MA Homes For Sale.

Helpful home sale articles:

Staging a Massachusetts home
Handling Real Estate offers

About the Author: The above Real Estate information on 42 Saybrook Road Shrewsbury Massachusetts was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge, Northboro, Shrewsbury, Bellingham and Uxbridge MA.

Village of Americas 121 America Blvd Ashland Massachusetts

Are you looking for a great Ashland Massachusetts townhome? Look no further than this beautiful condo at The Village of Americas! This condominium located at 121 America Blvd is listed for $329,900.

As you step inside you will be immediately greeted by an upgraded kitchen with granite counters and stainless steel appliances. The kitchen flows right into the fireplace family room with bay window. The unit is positioned to get great sunlight.

The 2nd floor has two outstanding bedrooms including a master that is fit for a king! You will find a 2nd fireplace along with a lavish bath and vaulted ceilings! To continue reading see 121 America Blvd Ashland Massachusetts.  You can also see a slide show video tour below as well.




To sign up to have MLS access to view all home and condo's on the market in Ashland and surrounding towns see Ashland MA Condos For Sale.

About the Author: The above Real Estate information on 121 America Blvd Ashland Massachusetts was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge,Northboro, Shrewsbury, Bellingham and Uxbridge MA.

Finding a Top Metrowest Massachusetts Realtor

Original Source: Massachusetts Real Estate Blog

Carefully interviewing a Realtor should be one of the most important things any home seller does when considering selling their home yet many do not.

Having been in this business for almost twenty five years I have found this to be pretty fascinating. There are lots of folks that will make contact with a Realtor from any number of sources including seeing a for sale sign in their neighborhood, visiting an open house, getting a post card in the mail or maybe even from a recommendation from a friend or relative.

One of the problems I have found is that many consumers think that all Realtors do the same things to sell homes. This could not be further from the truth!

In most businesses 80% of the work is done by 20% of the people. The old 80/20 rule. In Real Estate it is a mind boggling 94% to 6% ratio! That is just an amazing statistic. Given these figures is there any wonder why there is so much dissatisfaction from consumers? It is really easy to get stuck with a Realtor who does not do much business or have a great work ethic.

Unfortunately getting into the Real Estate industry is very easy. Take and pass a Real Estate test and you have made it. It shouldn’t be that easy but that’s the way it works. So how do you avoid getting stuck with a poor Real Estate agent? Ask great Real Estate interview questions! Trust me when I tell you, these questions will make an unskilled Realtor very uncomfortable.

There is no better recommendation than a track record of success. As a home seller you will be paying a Realtor quite a bit of money to sell your home. Why not work with a top producing agent? There is a reason most agents continue to be successful year after year.

In most circumstances it does not cost you anymore to work with a terrific agent than someone who does very little Real Estate business. To continue reading and see all the questions visit Real Estate interview questions for Realtors.

About the Author: The above Real Estate information on finding a top Metrowest Massachusetts Realtor was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge, Northboro, Shrewsbury, Bellingham and Uxbridge MA.

4 Fox Lane Milford Massachusetts Real Estate For Sale

Are you looking for a good size home in a fantastic neighborhood? Do you have an interest in cars or have a large family and need an extra garage bay? This Milford Massachusetts home at 4 Fox Lane would be perfect! There are four bedrooms and 2.5 baths. The kitchen and master bath have been remodeled and show beautifully. The home is listed for $355,000 and is located in Milford's finest area with an easy commute to 495 and the Mass Pike. For more information see 4 Fox Lane Milford Massachusetts.

For a quick look at the interior see the slide show video presentation below.



To sign up to have MLS access to view all home and condo's on the market in Milford and surrounding towns see Milford MA Homes For Sale.

Helpful home sale articles:
Staging a Massachusetts home
Massachusetts home buyer turn offs
Sold in 70 days
Handling Real Estate offers


About the Author: The above Real Estate information on 4 Fox Lane Milford Massachusetts was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge,Northboro, Shrewsbury, Bellingham and Uxbridge MA.

Chapel Hill Condo's Framingham Massachusetts

Are you a 1st time buyer and looking for a condo with a fantastic commuting location? You need to come check out this condominium at the Chapel Hill complex in Framingham Massachusetts! The formal address is 1550 Worcester Road unit #201 Framingham.

This 2nd floor condo is in outstanding shape. The owner has completely remodeled the interior with updated kitchen and baths including Corian counters, NEW vanities and marble flooring, NEW Lighting, Berber carpets and paint. This condo has an outstanding 2nd floor location overlooking the woods with private balcony area! This unit gets loads of great natural light and shows outstanding! The condo fees include heating, AC, electric, pool, security, fitness center and billiards. The unit is listed at $214,900 and is one of the best values in Chapel Hill. For a complete description of the unit see 1550 Worcester Road #201 Chapel Hill Framingham MA.

*** Update - this condo was sold on 9/1/10 for $195,000. ***

See the slide show video tour below of condo's interior.




To sign up to have MLS access to view all home and condo's on the market in Framingham and surrounding towns see Framingham MA Homes For Sale.

About the Author: The above Real Estate information on 1550 Worcester Road Unit #201 Framingham Massachusetts was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge,Northboro, Shrewsbury, Bellingham and Uxbridge MA.

23 Devon Drive Northbridge Massachusetts Real Estate

Are you looking for a well maintained home with a farmers porch in a private cul-de-sac neighborhood? Look no further than this Northbridge Massachusetts home at 23 Devon Drive. It has just been put on the market for $339,900.

This property has lots of great features and amenities! One of the unique aspects of the home is the flexibility in the floor plan. There could be multiple uses for a few of the rooms due to the family/great room addition that was put on the back of the home.

The kitchen is well appointed with Oak cabinetry, granite counters and stainless steel appliances. You can see from the kitchen right into either a family room or dining room depending on how you like to live. These rooms take up the entire back of the home. Adjoining both of these rooms is the younger addition. This room is awesome with cathedral ceilings, skylights, bead board wainscoting and a view of the in-ground pool.

To see a complete description of this home see 23 Devon Drive Northbridge MA Real Estate. You can also view the video tour below to get an idea of all the great features of this home.



To sign up to have MLS access to view all home and condo's on the market in Northbridge and surrounding towns see Northbridge MA Homes For Sale.

About the Author: The above Real Estate information on 23 Devon Drive Northbridge Massachusetts was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Metrowest Massachusetts for the last 24+ Years.

Bill services the following towns in Metrowest MA: Hopkinton, Milford, Southboro, Westboro, Ashland, Holliston, Framingham, Mendon, Upton, Hopedale, Medway, Franklin, Grafton, Northbridge,Northboro, Shrewsbury, Bellingham and Uxbridge MA.