Buying and Selling a home in the Greater Boston Area

Avenue 3's Short Sales Tips for Watertown MA Real Estate

Posted by Avenue 3 Real Estate on Thu, Apr 26, 2012

The terms short sales, foreclosures, and REO or bank owned properties were real estate terms rarely heard a decade ago. Back then they were associated with the occasional mortgage fraud or personal financial tragedy.  We know how times have changed and that the circumstances properties are sold short, are foreclosed upon and possessed by banks are the result of many mitigating factors; predatory lending, a major recession, and job losses, to name a few.

With all the hoopla in the news, one would think that every community was overwhelmed with distressed properties. Times have been tough for a lot of people since the financial crisis of 2008, but fortunately there are fighters and survivors. Many Greater Boston area cities and towns escaped the devastation that depressed property values and blighted neighborhoods. In fact, a look at the data for Watertown MA from MLSPIN, the regional multiple listing service, reveals that the numbers were modest for the 12 months ending 4/15/12. From a total of 301 sold properties, only 14 were either short sales or bank owned properties; 2 single family homes, 8 condos and 4 multi-families.That that's a skinny number!

That's good news for Watertown MA Real Estate home owners but maybe not for those looking to "get a deal".  For those buyers who want to live in a stable and vibrant community moving to Watertown is a thumbs-up for them!
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Topics: buying a home, Watertown MA, buying a condo, short sales, Property Search, Watertown MA Real Estate

What's the Skinny on Short Sales in Cambridge MA Real Estate

Posted by Avenue 3 Real Estate on Fri, Apr 13, 2012


 The terms short sales, foreclosures, and REO or bank owned properties were real estate terms rarely heard a decade ago. Back then they were associated with the occasional mortgage fraud or personal financial tragedy.  We know how times have changed and that the circumstances properties are sold short, are foreclosed upon and possessed by banks are the result of many mitigating factors; predatory lending, a major recession, and job losses, to name a few.

With all the hoopla in the news, one would think that every community was overwhelmed with distressed properties. Times have been tough for a lot of people since the financial crisis of 2008, but fortunately there are fighters and survivors. Many Boston area cities and towns escaped the devastation that depressed property values and blighted neighborhoods. In fact, a look at the data for Cambridge MA from MLSPIN, the regional multiple listing service, reveals that the numbers were modest for the 12 months ending 3/31/12. From a total of 896 sold properties, only 9 were either short sales or bank owned properties. That that's a skinny number!

That's good news for Cambridge MA Real Estate home owners but maybe not for those looking to "get a deal". For those buyers who want to live in a stable and vibrant community it's good news for them.

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Topics: Cambridge MA, Cambridge MA real estate, Cambridge MA homes for sale, short sales, Property Search

What's the Skinny on Short Sales for Belmont MA Real Estate?

Posted by Avenue 3 Real Estate on Thu, Apr 5, 2012

 

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Topics: Belmont Real Estate, foreclosure, Belmont MA, buying a home in Belmont MA, short sales, Property Search

What's the Skinny on Short Sales for Arlington MA Real Estate?

Posted by Debby Heffernan on Tue, Mar 27, 2012

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Topics: foreclosure, Arlington MA homes for sale, Arlington MA, Living in Arlington MA, short sales

Avenue 3 asks: Are you a good candidate for a short sale purchase?

Posted by Debby Heffernan on Fri, Jul 15, 2011

I was counseling a buyer client recently who was relocating for a job and he had ninety days to be moved into a new place. He was keenly interested in the prospect of getting a bargain if he purchased a single family home which may be a "short sale". I didn't want to be a pessimist, but I told him we needed to have a discussion about the " Facts of Life" of a short sale.

First off, a " short sale" isn't necessarily a quick sale. 90 days might seem like a long time, but in the life cycle of a short sale, it is not. A short sale is a pre-forclosure transaction and it involves many layers of decisions and actions by people who are not usually communicating with each other in a timely oe efficient fashion.

A short sale occurs when the mortgage debt on a property exceeds the value of the property and the lender or lenders agree to accept less than the full amount of the debt. Even if a homeowner is willing to accept a certain price which is less than the amount of the debt, any offer is subject the lender's final approval. If the is more than one lein holder, the process is even more complicated.  

The most important prerequisites for a buyer for a successful short sale is patience and flexibility. The lender is in control and the buyer is not.

For details and tips for purchasing a short sale:

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Topics: single family homes, property values, homes for sale, short sales

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