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ma real estate atorney: Rent to Short Sale in Massachusetts - 10/23/10 03:44 PM
So many short sales end in disaster even when all of the parties have the best intentions and under the best circumstances. A common issue that I have come across is that the bank will often refuse to pay the back taxes or utilities for the property. Another problem with vacant properties is that the Seller after leaving the property refuses to pay for utilities and they are shut off by the providers. . . .  Sometimes these issues can be a compete deal breakers.  Often times we are just a few thousand dollars short from making such short sales work. … (4 comments)

ma real estate atorney: 2010 Update on Short Sales / With Review Part 1 - 04/25/10 04:23 PM
SHORT SALES FOR THE REALTOR
a three part seriesby Attorney Nyles L. Courchesne Updated Spring 2010 PART 1 Getting Familiar With Short Sales:
This first section of the series describes the basic definition of a short sale, the motivations of the Seller and Lender in negotiating a short sale and the basic steps that need to be taken when a Realtor works with a Seller who needs to accept offers that are lower than the amount necessary to transfer the Seller’s property free and clear of all liens and costs ---- The updated portion of this section is the identifying the … (1 comments)

ma real estate atorney: FOR SALE BY OWNER / QUICK GUIDE TO SUCCESS- PART II - 04/25/10 03:55 PM
Step Two: Determine Your Costs. Your entire budget for selling your home will consist of two sets of costs, costs of preparation and marketing and closing costs. Costs of preparation and marketing will be paid by the Seller in anticipation of the sale and usually "outside of the closing" - meaning that these fees are paid in advance and will not appear on the settlement statement. Closing costs are the fees that will be paid at the time of closing and will appear on the settlement statement.
A. Preparation and Marketing Costs: Every FSBO Seller should expect the following costs in … (1 comments)

ma real estate atorney: A Short Sale Miracle in Springfield, MA - 02/07/10 02:56 PM
We Had a Deal!
At least I thought we had a deal.. .  After 3 months of negotiations I had a short sale agreement with two lenders (1st and 2nd position).  We had postponed the auction and the last word from the first Lender before Christmas was "either meet our requirements or we will not postpone the auction again."  We faxed and emailed a new HUD showing that we met the requirements and heard nothing.  Then we heard some bad news
They Foreclosed Anyway!
The negotiator had gone on vacation.  No one covered her file.  No one saw that we had come to terms with … (2 comments)

ma real estate atorney: Ever Fall In Love with Your Own Comment? Social Media - 01/12/10 09:36 PM

 
I just posted the following as a comment on a post regarding social media and the waves of the newest and greatest ways of connecting and how overwhelming they all are. . . I loved my own comment so much I turned it into a post.  Oh well, tell me if you agree:
I think that social media is great because it allows you to instantly communicate with so many people. The problem is that if you are just another junk email or request to become a fan of ____ then you are definitely wasting your time.
I believe … (9 comments)

ma real estate atorney: Contract Explanation for New Realtors and First Time Home Buyers - 09/29/08 10:15 PM
I have been teaching the sales persons course at the Realtor Association of Pioneer Valley in Springfield Massachusetts and I have to update my materials so I thought, what better way then to start at the heart of the course and update the analysis of the purchase and sale agreement.  These next 26 passages are my view on the contract and should be helpful to the new Realtor or First time Home buyer looking at all of this "Greek" and wondering what it all means. . .
 
For purposes of these posts (and my materials!)  I am reviewing the 2005 … (4 comments)

ma real estate atorney: Accountant View of Short Sales in MA - 09/28/08 07:22 AM
Following is a laetter that I requested from an accountant friend of mine, Dan Alexander. With his permission I am posting it here as a guide to the tax consequences of selling real estate "short".

September 4, 2008
The following information was pulled of the Internal Revenue Service website regarding recent hot spots in the real estate industry. Below you see information on Short Sales and Cancellations of Debt, including the Mortgage Forgiveness Act. The bulk of taxpayers will end up falling into the latter of the two subjects should a dire situation arrive.
Short Sales
A short sale is … (1 comments)

ma real estate atorney: Updated MA Short Sale Addendum - 09/27/08 11:50 PM
Although I have heard a great deal of complaints about the short sale addendums that are flying around he Commonwealth of MA (and the country)  The contracts must be ammended to reflect the nature of the transaction!
Here is what I suggest:
ADDENDUM TO PURCHASE AND SALE AGREEMENT
BUYER understands and agrees that the sale of the Premises is the subject of a “short sale” meaning that the SELLER has made a request to his lenders, to accept loan payoff amounts for each loan that is less than the amount due under the terms of each lender’s Note. BUYER further understands … (5 comments)

ma real estate atorney: Short Sale Inspection Issues and Other Matters - 09/27/08 11:44 PM
As part if the series that I had been working onfollowing is my take on Short Sale Inspection Issues and Other Matters.
Inspections
Generally the Seller is not willing to pay for any repairs. This should be made clear in the contract. Recall that paragraph 15 of the standard Realtor contract in Hampden County requires that the Buyer pay for the first $1,000.00 in termite treatment and repair. If Seller is unwilling to pay this charge, it should not be left in the offer or purchase and sale agreement as a potential deal breaker. A compromise on this point is to … (0 comments)

ma real estate atorney: Managing Time MA Real Estate Attorney Working With Realtors - 09/27/08 11:14 PM
Did you know that Realtors are extremely hard working and often take their workday into the night and weekends?  Of course you did! As a MA Real Estate Attorney, I have come a long way in my journey from attorney to real estate attorney to real estate attorney that acts like a team member in each transaction.   I have come to appreciate just how hard Realtors work and how difficult it is for them to manage their time. 
When it comes to working with Realtors I think that it is important that attorneys help streamline the process. We need to … (1 comments)

ma real estate atorney: Modifications to the Realtor Contract for Successful Short Sale Transactions - 09/07/08 11:25 AM

 
SORRY ABOUT THE PIC, I JUST LOVE THE BASKETBALL HALL OF FAME!!!!
Short sales remain a slick shifting maze. The market has been changing, rates are climbing, and the number short sale transactions that are being processed by lenders is also increasing. These factors are creating more stress on an already stressful process. Below are a list of changes to the offer and purchase and sale agreement that balances the equities between buyers and sellers in these transactions and a brief explanation of the reasoning for each. This first article will focus on timeline changes and the second post … (0 comments)

 
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Nyles Courchesne Massachusetts Real Estate Attorney

Springfield, MA

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Peskin, Courchesne and Allen, P.C.

Address: 101 State Street, Suite #401, Springfield, MA, 01103

Office Phone: (413) 734-1002

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