short sale: Consulting With an Attorney Before Taking a Short Sale Listing - 04/02/11 03:13 PM
I know that it sounds strange, but with short sales I think it is a good idea that we start the process as a team before you commit to taking a short sale listing. A few years ago I was working on a short sale and during the inspection negotiations we discovered that the Seller had actually already lost the home to foreclosure six months prior to the date of our contract. The listing agent was understandably upset. She had been showing a house that her Sellers had not owned for six months! What I am getting at is that there is some review and planning that I … (3 comments)
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short sale: Successful Short Sales Begin with a Quick Title Search - 11/14/10 08:26 PM
As a real estate attorney with a growing short sale practice I have begun to identify patterns that lead to short sale success and failure. Generally speaking a short sale's success or failure can be determined with a review of the current title.
THE ABSOLUTE IMPORTANCE OF CHECKING THE TITLE
Short sales as we all know are long term professional commitments that can take months to come to fruition. In one short sale transaction wherein I represented a Buyer, the Seller's attorney had not checked the title prior to accepting the short sale client. We got into heavy contract negotiations … (2 comments)
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short sale: 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)
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short sale: 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)
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short sale: Evaluating the Likely Success of a Short Sale - 03/10/09 08:46 PM
Over the past year I have been involved with approximately 100 short sale transactions in the Springfield Massachusetts area. (My real estate law practice is located in Springfield, Massachusetts. I have been practicing real estate law and conducted real estate closings for approximately 13 years.) Many of my short sale transactions have come through successfully and I am happy to say that this week I have three that look like they are "ripe" for settlement. In my experience, not all short sales are created equal and many are doomed to failure from the start. Others fail because of the "wrong pairing" … (0 comments)
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short sale: 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)
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short sale: 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)
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short sale: 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)
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short sale: Distressed - 09/23/08 09:58 PM
I have declared 2008 the year of distress!
There's a crazy looking distressed image for ya. . .
Everything that I am working on has a "distressed" component. If it is not a distressed sale (short sale) or a distressed property (neglected REO bank owned), then I am working with a Buyer who has distressed credit.
In fact I would have to say that the distress is not just limited to the clients and property, but extends to the real state professionals that I am working with as well. Every day I speak with distressed Realtors who are despairing … (3 comments)
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short sale: 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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short sale: Massachusetts Short Sale Falls Through Due to "Unforseen" Circumstances??? - 05/07/08 10:29 PM
I was working with a Buyer on what seemed to be a very straight forward short sale. It was my understanding that there was one mortgage to be paid off that would be about 10% short. I placed the purchase in the normal purchase routine with the understanding that things could possibly go wrong and so I delayed ordering the title examination until we "had a deal" with the lender.
Unfortunately, the Seller's attorney had not ascertained that there was an execution on record before he had negotiated the short sale. The issue of the execution for $18,000.00 + came to … (6 comments)
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short sale: Representing the Buyer in a Short Sale - 05/06/08 10:56 PM
In previous posts I have reviewed the Short Sale process from the Seller/Realtor's point of view. I have remained very active in representing Sellers in Short Sales (Currently I am involved with 7 Short Sales as the attorney for the Seller). On occasion I find myself representing the Buyer in a Short Sale. This can prove much more difficult because I am completely out of control of the Short Sale. Many times the Seller's attorney is not really involved with the process and it can be very frustrating.
When I have a Buyer I prepare th Buyer for the good possibility … (6 comments)
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short sale: Short Sales in Massachusetts Revised Article - 03/19/08 02:14 PM
SHORT SALES
by Attorney Nyles L. Courchesne
There is a lot of talk these days about short sales. Many people looking to make a move find that they cannot afford to sell their homes at current market values. Following is an overview of the short sale process directed primarily toward Realtors and anyone using their services in a short sale transaction.
SHORT SALES DEFINED
Short sales are sales in which the total amount owed by a Seller (including adjustments and costs of transfer) that is greater than the price for which a property may be sold. Typically a Seller who finds herself in the position … (9 comments)
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short sale: Short Sales - Attorney Advice to Realtors - 01/22/08 10:48 PM
PART 2 Crunching the Numbers and Gathering Information:
This second section of the series describes the necessity of crunching numbers and gathering accurate information from the Seller in order to properly market the property and prepare for the short sale negotiation ----
WORKING WITH DEBTORS:Many times people who are in debt lose track of all of the bills that they owe, many of which effect the proceeds of the sale of their property. It is important that the Realtor is aware of the mortgages on the property, along with any other liens. In addition to mortgages and liens that are on record … (6 comments)
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short sale: Short Sales - Advice from an attorney to realtors - 01/19/08 06:00 PM
SHORT SALES FOR THE REALTORa three part seriesby Attorney Nyles L. CourchesnePART 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 ----SHORT SALES DEFINED
Short sales are sales in which the total amount owed by a Seller (including … (5 comments)
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