Western Mass Homes Lesley Lambert

short sales

Need foreclosure advice? Use the resources available to you.

A new site developed by Fannie Mae came to my attention today and I wanted to share it with you. If you are a home owner in the Pioneer Valley of Western Massachusetts who is facing a tough time and is concerned about foreclosure, there are resources available to you.

I would be happy to sit down and discuss short sale, loan modifications, deed in lieu and foreclosure options as I know them with you in person at any time. A meeting with me is strictly confidential and professional.

Should you want to start discovering some options on the internet, visit KnowYourOptions.com to begin your research.

Help is only a phone call away: Lesley Lambert/Park Square Realty 413-575-3611

When Foreclosure isn’t the Final Word

This week an article on foreclosures and short sales came out that even I found shocking. Walking away from your home and allowing foreclosure may not be the end of your mortgage obligation.

The article went on to caution that selling your home via short sale does not automatically absolve you of the debt, either. This I did know, but realized upon reading the article I have never shared this important fact with my readers.
short sale

Short sales go something like this (although each one is very unique):
#1- you go into a default position with your mortgage by missing at least one full payment cycle.
#2- you list your home aggressively for fair market value with an agent that understands the short sale process
#3- you contact your lender and stay in communication regarding the status of the listing
#4- you hire an attorney who specializes in short sales
#5- you present offers to the lender for their approval
#6- the lender approves (you hope) the short sale and the house is sold
#7- IMPORTANT: Your attorney should get a signed release of financial obligation from the lender
#8- you move on to rebuild your credit

Step seven, if missed, can mean that the lender will come after you at a later date for the shortfall between what you owed and what the property was sold for. Be sure to discuss this issue with your attorney BEFORE the closing happens!

If you need help with a distressed situation like foreclosure or short sales, I am here to help with empathy and knowledge to give you a helping hand.

Should You Buy a Short Sale Home in Western MA?

During my work as a real estate agent in Westfield, MA and the surrounding areas of Western MA I run into a lot of discussion about short sales.

There are some things to consider when shopping for a new home and thinking about whether or not you should look at short sales.
short sale

Who SHOULD buy short sale property?

People who don’t have a hard and fast time-line can be great candidates for short sale purchases. They can exchange their ability to give time and patience for instant equity on a below market priced property.

People who are not emotionally involved might be perfect buyers for short sale properties. Investors who are looking to gain a financial edge can make out in this arena.

People who won’t be impacted by the loss of some of their cash outlay (inspections, application fees, etc).

Who Should NOT buy Short Sales:

First time home buyers hoping to get the tax credit should NOT be placing bids on short sales. Short sales can drag on for MONTHS.

People who are tight on cash for their purchase should not be looking at short sales. It is entirely feasible that you could spend thousands of dollars on the purchase expenses only to find out five months later that this whole thing isn’t working out.

If you are a buyer or seller in Western Massachusetts who has questions about the short sale process, please get in touch.

Short Sales and Foreclosures Aren’t Easy, But I Am Here To Help in Western Massachusetts

Recently a client hired me to help her with selling her home as a short sale and in our discussions she revealed to me that several other agents were unwilling (or unable) to help her.  I wrote a blog expressing my dismay that instead of referring her to someone who would help, they simply said “I don’t do short sales”.

Short Sale

This was frustrating for this client, but it brought to my attention the fact that most real estate agents either do not understand the short sale process or are completely negative about working on them.  I was stunned enough to write this short sale help blog.

I won’t fluff on this: short sales ARE hard. 

That being said, they are also a reality of this real estate market and working with homeowners to successfully close a short sale makes me feel fulfilled in helping the economic recovery, even if it is just one Western Massachusetts house at a time.

If you are in a situation that you think a short sale is the best option to solve there are a few things to keep in mind:

#1- Sadly most lenders will not start a short sale packet until you are behind in at least one payment. 

#2- You MUST be open and upfront with your real estate agent about the situation and the status of your mortgage.  If you are days away from foreclosure it will be a much different job than when you are behind one or two months mortgage payments.

#3- Communicate with your lender.  Answer their calls (I know that is one of hardest things) and keep them up to date with what you are doing.

#4- Hire an agent with the experience, empathy and determination required to work a successful short sale.

#5- Remember that all short sales are different.  There is no rule book or standard: each home is handled on a case by case basis.

There are many reasons that people in Western Massachusetts land in a distressed home sale position. Not the least of these are divorce, death or changes in income. There is no reason for home owners to feel that they are alone, there is help out there. For the full story on why I am empathetic with homeowners in a distressed sale position read my blog about my own home selling experience.

If you are a buyer then there is a different set of issues.  The appeal of a short sale or foreclosure property is usually price. The buyer needs to remember that there is a different cost involved in buying these types of home:  time.  It will often take double the time to close a short sale or foreclosure that it does a traditional home sale.  There are also many agents out there that don’t want the homebuyer to look at short sales or foreclosures because they don’t want to take on the extra work and risk involved in these sales.  I look at these sales as a perfect facilitation and another way that real estate agents can help the economy.

Sometimes the biggest concern for buyers is the fact that these homes are listed in “as is” condition. For more information on whether “as-is” really means “as-is” in a foreclosure purchase see this blog I wrote for people buying a foreclosure home.

If you are looking at a short sale home as a buyer, things may be getting a bit easier in the future.  We real estate professionals are hopeful that the government and lenders are able to come up with a way to make it easier to buy a short sale home.

My point is that there is a place for short sales as both sellers and buyers and that there are realtors out there that are willing and able to help.  If you are looking to sell your Western Massachusetts home and need short sales advice please do not hesitate to contact me for a confidential and totally obligation free consultation.  I will review your situation and try to help you organize a game plan to solve your situation. 

If you are a buyer looking at foreclosures and short sales as a way to get into a home for less money then I would love to do a free home buyer consultation with you to discuss your goals and how we can best approach buying your new home.

I am here for you.

 

Short Sales May be Getting Easier

I am hearing rumors that the short sale process is going to be streamlined. With the proposed changes the short sale process will be expedited and home retention options will improve.

To read more visit this story at Agent Genius.

If you need help with a distressed situation like a short sale then I hope you will contact me. I have the experience, patience and empathy to help you move on with your life.