Avoiding Foreclosure - The Field Guide to Short Sales

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Moreover, lenders often rejects the first offer, especially if the offer is lower than the short sale listing price. Having to negotiate multiple counteroffers can draw out the process. The seller's real estate agent, rather than the lender, might have set the listing price.

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So, even if the buyer offers the asking price, the lender could come back with a higher—perhaps much higher—counteroffer. Real estate agents sometimes intentionally set a low listing price to attract offers. Instead, it will most likely come back with a notably higher counteroffer.

Moreover, a house that has a below-market asking price often attracts multiple offers from different buyers, which can lead to a bidding war between potential buyers. Additionally, the general condition of the property might be poor as sellers might not be especially motivated or financially able to provide upkeep before selling. With all these downsides, why would anyone want to do a short sale?

If both buyer and seller are able to be patient through the process and negotiate as favorable terms as possible, then a short sale can work out in the best interests of all parties. In the best case scenario, the buyer gets a great home for a very reasonable price and the seller is released from making unaffordable mortgage payments, prevents a foreclosure, and hopefully avoids a deficiency judgment as well. To get help working out a short sale with your lender—or if you have questions about buying a home in a short sale—consider talking to a lawyer.

Even if you decide not to hire an attorney to represent you throughout the short sale, you might want to consider scheduling a consultation with a qualified attorney who can answer any legal questions that you have about the transaction. A HUD-approved housing counselor is also a good resource if you want to learn about different ways to avoid a foreclosure. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site.

The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state. Search Term. The short sale process involves risks for both buyer and seller.

How Do You Do a Short Sale to Avoid Foreclosure? Here’s a Step-By-Step Walkthrough

Learn about them. Downsides of Short Sales for Homeowners in Foreclosure Sellers While completing a short sale can be a good option for homeowners who want to avoid a foreclosure, short sales come with the following potential disadvantages and risks. You Might Have to Pay a Deficiency Judgment In a short sale, the sale price is less than the amount that the borrower owes on the mortgage.

You Might Have to Pay Taxes Following the short sale, the lender might decide to forgive the deficiency amount and issue a C Cancellation of Debt form to you. Finding a New Home Unlike other loss mitigation options, like a loan modification , with a short sale, the seller has to give up possession of the property.

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Foreclosure Might Be a Better Option Not only might you get some extra time to live in the home if you simply let the foreclosure happen, but you could possibly also avoid being held liable for a deficiency judgment. For specific advice about what to do in your particular situation, talk to a local foreclosure lawyer Downsides of Short Sales for Buyers Short sales also have drawbacks for buyers looking to purchase a home.

Slow Process Short sales can potentially take a significant amount of time to negotiate. Lowball Listing Prices The seller's real estate agent, rather than the lender, might have set the listing price. Why Choose a Short Sale? When to Seek Counsel To get help working out a short sale with your lender—or if you have questions about buying a home in a short sale—consider talking to a lawyer.

Radon cannot be detected by human senses because it is colorless, odorless, and tasteless. When radon undergoes radioactive breakdown, it decays into other radioactive elements called radon daughters. Radon daughters are solids, not gases, and stick to surfaces such as dust particles in the air. If contaminated dust is inhaled, these particles can adhere to the airways of the lung. As these radioactive dust particles break down further, they release small bursts of energy that can damage lung tissue and therefore increase the risk of developing lung cancer.

In general, the risk increases as the level of radon and the length of exposure increases. High levels of radon are reduced through a mitigation system installed into the home.

The Secret to Short Sales and Foreclosures

The Massachusetts Department of Public Health, Radiation Control Program in conjunction with the EPA did a study in , and with the data obtained it is possible to estimate the potential of radon problems by county. However, the only way to know if your home has a radon problem is to do a radon test. In a foreclosure, a homeowner is delinquent on their mortgage and the mortgagee [the bank s or lender s ] files a pre-foreclosure notice and ultimately foreclosures on the property. Additionally, HUD maintains a site with their foreclosure properties but many of these properties are also on the MLS.

A short sale is often compared to a foreclosure property but it is a different animal altogether. Very often with a short sale, the homeowner is in arrears on their mortgage payments, and the mortgagee the bank or lender that lent funding to the seller for the purchase or refinance has filed a pre-foreclosure notice.

Avoiding Foreclosure – The Field Guide to Short Sales – Professional Edition – Gina Branch

The homeowner now has several options:. The most common type of auction for the sale of real estate is bank auctions, which can sometimes be a fantastic value for the savvy real estate investor. Very often, a property can be purchased at a bank auction for what is owned on the note, plus the costs associated with foreclosure and conducting the auction. Bank auctions can also potentially be a very good investment for the lay buyer, however it may not make sense for most buyers, particularly first-time homebuyers.

There are other types of auctions other than bank auctions.

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Some towns have a different tax rate for commercial properties. Assessed property values in Massachusetts are to be determined by fair market value. Taxpayers have the right to file for an Abatement of their taxes if they believe the property has not been fairly assessed, i. Information regarding applications and deadlines to file for Abatements is available at your local Assessor's Office.

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Applications for abatements are due on or before the due date for payment of the first actual bill. The Assessor's Office has three months to take action on your abatement application. If you have any questions or would like to request an application of appeal, you may also call the Appellate Tax Board. Also, many communities allow for searches online for assessor's information and property records, such as square footage.