Massachusetts Real Estate

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Why Lenders Will Foreclose Instead of a Short Sale

Original article source: Massachusetts Real Estate Blog

Why lenders foreclose instead of short saleAs a Massachusetts Realtor who deals with short sale transactions on a daily basis, I have seen and learned quite a bit since I started getting involved with these types of transactions four years ago.

One thing that I am extremely proud of is the fact that every short sale that I have listed has received short sale approval from the lender. This is no small feat, as nationally the success rate for completing a successful short sale in less than 30%.

I certainly can not take all the credit as the attorney I work with does all of the grunt work with the lender. The short sale law firm I use does outstanding work. My job in a short sale is the same as with any home I am marketing….get it SOLD! This means finding a buyer who will pay something in the ball park of market value and be willing to wait the time it takes to get short sale approval which is typically longer than a regular transaction.

Of course part of getting a short sale to the closing table is knowing how to follow proper procedures. The are plenty of Realtors getting involved with short sales who are completely clueless but see it as a money making opportunity and are willing to put a seller’s financial future at risk for their own potential gain.

Here are a few mistakes that I see repeated over and over again by Real Estate agents that don’t know any better:

  • Realtors® submitting multiple unsigned offers to the lender.
  • Realtors® submitting low ball offers to the lender.
  • Realtors® allowing home inspection contingencies after short sale approval.
  • Realtors® allowing an investor to negotiate the short sale.

To continue reading please visit the Massachusetts Real Estate blog for the reasons why lenders choose foreclosure over a short sale. I know there are many consumers and Realtors alike who have been in situations where they just can't understand why the lender would foreclosure and not grant a short sale approval. The article explains the four major reasons why.

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About the Author: The above Real Estate information on Why lenders will foreclose instead of a short sale was provided by BillRE/MAX Executive Realty Metrowest Massachusetts 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.

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise!

For Massachusetts short sale Real Estate information see Massachusetts short sale. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service Real Estate short sales in the following towns in and around Metrowest Massachusetts: Hopkinton, Milford, Upton, Bellingham, Southboro, Westboro, Ashland, Holliston, Mendon, Northboro, Shrewsbury, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Framingham, Natick and Douglas MA.

 

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23 commentsBill Gassett • February 08 2011 07:47AM
Why Lenders Will Foreclose Instead of a Short Sale
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Original article source: Massachusetts Real Estate Blog As a Massachusetts Realtor who deals with short sale transactions on a daily basis, I have seen and learned quite a bit since I started getting involved with these types of transactions four… more