Western Mass Homes Lesley Lambert

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The Home Buyer Tax Credit Expires April 30, 2010!

APRIL 30, 2010

That is when the home buyer tax credit expires. No kidding. No rumors of extensions.

GONE.

If you are a first time homebuyer, you must close on your new home by April 30, 2010 to collect up to $8,000 in tax benefits.

Other buyers who may qualify for the “Step Up” Home buyer credit must be in contract by April 30, 2010 with a closing no later than July 1, 2010 to collect up to $6,500. My blog post on the tax credit extension has a complete guideline for your review.


Flash-Toys

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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.

 

Angels and Demons

Last year I decided to work as a home retention consultant. This was one of the most difficult things I had ever taken on because I was going to have to show up unannounced and knock on the doors of people who were in pre-foreclosure and in danger of losing their home.

All About Stopping Foreclosure

Not the most comfortable feeling, but since I had just been through the process I knew that I could help people if I got over my fear of knocking on doors.

Day one arrives and I pull up to the first house. I steel myself with reassurances that I have a service and a will to help. The nerves don’t subside, but I find the strength to knock on the door.

The woman that comes to the door is a beautiful, petite latina and is obviously not expecting me. She meets me on the porch and as I explain to her why I am there and what I hope to help with-she starts crying. The story that I hear includes a cheating husband she is kicking out, an attempt to finish her college degree, a tenant that doesn’t pay rent and all of this is her secret.

We make an appointment to fill out the loss mitigation paperwork and she reaches out to hug me. I have to paraphrase, but she said something like: “I will always remember this day and the way you looked when you showed up to help. You are my angel.”

Inflated and excited by the success of my first stop, I head to my next home.

This time I am met by a short middle aged man with lots of tattoos and a military buzz cut. I begin by explaining that I have an already designated loan modification that will reduce his principle, reduce his rate, restart the loan with no foreclosure and knock $600 a month off the payments. He responds with a tirade and the words “shotgun, burn the *&#()0($#’ing house down and they will have to get me first”.

He tells me to leave and I say that I am sorry I couldn’t help. I head back to the car to program the GPS and I see him heading towards my car. NOW I am nervous as can be. I roll down the window a half inch and let him talk.

He apologizes: I am collateral damage after he has spent countless hours on the phone trying to resolve his issues. He says, “I am sure I am the last person you would want to help after my outburst, but if you would accept my apology and come in, I sure would appreciate that.”

An hour, a pile of paperwork and a phone call later and his loan modification was in process and his house saved.

Vác Gates & Doors - The "Portrait" Collection

Every door is answered by a new story, but they are all so real and they all need help. These are two of the families that will be able to stay in their home because of the home retention program… it is a wonderful feeling to be part of that mission.

I am here for you!

If you are someone who needs help getting a housing issue resolved, this is the resource for you. I have lived through financial difficulties and divorce which led to pre-foreclosure and short sale. I understand how emotionally charged these transitions can be and I am here to help.

This blog will focus on: foreclosure issues, divorce, short sales, overvalued property and the emotional and financial decisions required in these difficult times.

I am an empathetic resource for you and would love to help you if I can.