Real estate blog entries tagged with short sale by Nyles Courchesne Massachusetts Real Estate Attorney (Peskin, Courchesne and Allen, P.C.)

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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 … (0 comments)

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 … (1 comments)

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 … (4 comments)

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 … (0 comments)

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 … (3 comments)

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 … (0 comments)

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 … (6 comments)

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 … (6 comments)

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 … (4 comments)

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 … (5 comments)

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 … (5 comments)

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