short sales: How will a short sale effect my credit score? - 02/22/12 10:14 PM
Reprinted from Massachusetts Short Sales
A common question that is asked of me, is how does a short sale effect my credit score?. Lets make no bones about it, a short sale will negatively effect your credit score.  Plain and simple.  No one can predict exactly how much a short sale will effect your credit score.  There are many variables involved.  While the impact may be less with a short sale it will mostly likely be as much as a foreclosure and it is irresponsible for any one to promise it will be less.
How Does a Short Sale Effect My … (2 comments)

short sales: The effects of a Short Sale on Credit Scores - 11/04/11 10:17 AM
The following blog post is being reprinted from Short Sale- How Will it Effect My Credit.  As a Massachusetts Realtor who is heavily involved in short sales, many sellers want to know what effect a short sale will have on their credit.    The effects of a Short Sale on Credit Scores Unfortunately a short sale will effect your credit scores.  Make no mistake, the “ding” to your credit score can be very minimal (50 points) to much higher (150 points or more).  This is also the case in a deed-in lieu of foreclosure. While a short sale can have less … (3 comments)

short sales: Massachusetts Short Sales- Things to Consider - 08/24/11 03:32 AM
As a real estate agent in Massachusetts that closes on a large number of short sales every year, I run into upside down homeowners that have taken too much time chasing options that are not viable for them.  Pursuing options that won't work for your situation can put you an additional 6 months to a year in arrearages while having foreclosure proceedings breathing down your neck.
Here is a link to a recent post Considering a Short Sale in Massachusetts.  You will find information in this post about different options that may be available to you rather than foreclosure, points to … (0 comments)

short sales: 35 Riverwalk Way, Unit 106 Lowell MA 01852 MLS #71252026 - 06/24/11 05:50 AM
35 Riverwalk Way, Unit 106 Lowell MA 01852 MLS #71252026
Bedrooms: 1 Baths 1 Type: Loft Total Rooms 3 SpectacularLoft unit on Renaissance on the River. Large windows (almost floor to ceiling) soaring ceiling, exposed wood beams and columns. This unit is very spacious and offers a great layout. Overlooks the Merrimack River and walkway. Conversion in approx 2005…. almost NEW!! Easy access to highways and downtown Lowell walking distance to everything Lowell has to offer. Clubroom, excersize room and more offered in the complex. Condo fee includes heat hot, hot water and air.
see more photos and all the … (1 comments)

short sales: Andover Short Sale Closed!! - 01/06/11 05:08 AM
421 South Mains Street- Closed $295,000
4 Bedrooms 2 Bath 1857 sq feet .37 Acres What does it take to close a short sale?  Short sales are not the easiest of real estate transactions.  If you are considering a short sale, first and foremost you need to work with a real estate agent that knows what they are doing.  
You want an agent that has been doing short sales for a number of years with them successfully closing at least 5-10 short sales a year.  A successful short sale agent should be working with an attorney on the negotions of the … (2 comments)

short sales: Taste Style and Charm abound... 14,000 sq foor private yard with this condo!! - 08/04/10 10:17 AM
3 Bedroom, 1 Bath, 1164 square feet
Taste, style and charm abound in this not your "cookie cutter condo". Approxiamately 14,000 square feet of exclusive use yard!! with garage/storage shed Rare opportunity to have your own private yard with a condo!! Tons of living space as well as 3 bedrooms. Completely renovated around 2000. Deck off master bedroom as well as off the kitchen. Kitchen is spacious, light and bright, Minutes to down town Merrimac as well as route 495. No monthly condo fee!!
For Sale $185,000 For more info.....
This property is a short sale and subject … (2 comments)

short sales: Massachusetts Foreclosure Process - 06/07/10 11:57 AM
Massachusetts Foreclosure Process
There are two ways a lender can forelcose on your property.  One is entry and possession but is very rarely used in Massachusetts so I will not cover this type of foreclosure.  The second is the Non-Judicial process, which is what we typically see in Massachusetts. 
The Non- Judicial foreclosure process takes advantage of the power of sale clause in your mortgage.  When you sign your mortgage at the closing table there is language in the mortgage, stating that you "pre-authorize" the bank to sell you home to pay off the balance of your note if you are … (0 comments)

short sales: Buying a Short Sale- What you must know..... - 05/27/10 04:55 AM
Buying a short sale is different than buying a regular home for sale on the market.  There is a complex negotiating component with the bank that needs to be addressed and it take s time.  If you have a little bit of an understanding of buying a short sale it can make the purchase process a little easier.  Following is a post from another blog that I maintain.
Buying a Short Sale
Definition of a short sale: A short sale of a property is where a homeowner must sell their home due to a hardship (usually financial) for less money than … (2 comments)

short sales: Short Sale Documentation - 05/10/10 11:29 AM
The first part of the short sale package is completing a financial overview.  If you have pulled together some of the documents you need prior to your first meeting with a Short Sale Specialist it can help expedite the process.  Some forms Like the Personal and Financial Statements can be specific to the bank or whomever is handling the short sale for you.
Authorization to Release Information
Copy of Last 2 Years Tax Return (Include all shedules)
Last 2 Months Checking, Savings and Investment Accounts (all pages)
2 Most Recent Paycheck Stubs
A Handwritten Hardship Letter Explaining Your Current Hardship
Most … (3 comments)

short sales: Short Sale for Sale- Dracut Massachusetts - 05/10/10 09:07 AM
14 Jasmine Court, Dracut Massachusetts
1085 sq feet, 2 Bedroom, 1 Bath
Taste style and charm abound in this picture perfect cape. This home is meticulously kept and maintained. Lawn and gardening perfectly manicured with a deck off the kitchen and a patio in the back of the house. Yard feels very private. Very open living on the first floor. Kitchen is front to back with a breakfast bar and features ceramic tile and hardwood floors. Spacious living room with hardwood floors. The basement offers expansion potential and storage.
Property is subjec to short sale approval from Lien Holder.


short sales: Another Dracut MA Short Sale Successfully Closed - 05/10/10 06:45 AM
My short sale team successfully closed another Dracut MA short sale. 183 Long Pond Road, Dracut Massachusetts was listed October 28th 2009 subject to short sale approval from a first and second lien holder, with MI (mortgage insurance) on the second.  Both the first and second lien were held by Citibank.
The first buyer backed away due to home inspection issues and then we had to do some negotiating with the bank on the final price due to the condition of the home, but we eventually came to terms.
We have a happy short sale seller as they have no threat … (1 comments)

short sales: Methuen Short Sale for Sale- Almost New 4 Bedroom Colonial - 05/06/10 08:24 AM
4 Bedroom, 2.5 Baths, 3368 sq feet, Colonial, 2 Acres-  $460,000

61 Ayers Village Road, Methuen MA
Beautiful, modern colonial, set back on its own private oasis. Built in 2005 this home offers plenty of space, large eat in kitchen, many rooms with hardwoods and more..... large cathedral ceiling family room with fireplace and french doors that open to a beautiful sunroom. Great master suite with large master bath and large walk in closet. Laundry is on the first floor and in its own seperate room. This home has a long drive and is set way back … (0 comments)

short sales: The Problem with the new HAFA Regulations - 04/25/10 06:54 AM
The new HAFA Regulations on the surface seems like a good thing.  But there are several pieces of the regulation that will end up hindering the short sale process.  Here are a few pitfalls that will end up creating issues for homeowners who end up going the short sale route through the HAFA program.
Market Value is determined prior to marketing the property.  Many homes will be coming on the market overpriced.  Overpriced homes for sale sit on the market and get stale.  Really when have we seen appraisals come in where they really should? Plus, in a declining market you … (2 comments)

short sales: Successful Short Sale- Dracut Massachusetts - 03/28/10 02:40 AM
Just completed a sucesfull Short Sale on 22 Regate Road Dracut Massachusetts.
1st Lien Holder Wells Fargo 2nd Lien a HELOC with Wells Fargo
Beautiful, young colonial set upon large private lot in quiet subdivision known as Park Place Estates.The home boasts a spacious gourmet kitchen offering gourgeous maple cabinetry, oak flooring, center island and eat in area with french doors leading to oversized deck offering wonderful seasonal views.One of the homes 3 bedrooms is completed with tray ceilings a walk in closet and elegant full bath. A walk out lower level with access to the two car garage … (3 comments)

short sales: Allowable closing costs for a short sale - 02/10/10 12:25 AM
Following is a post from the Law Office that I partner with to do short sales.  I find much confusion when it comes to concessions on a short sale.  My first piece of advice.... if you do not need the concessions, do not ask for them.  The cleaner you can make the deal the more likely you will be to get your offer approved.  Secondly if you do want concessions keep them on 3% of the total purchase price.  With properties selling for under $100,000 buyers are asking for concessions of 5-6% for closing costs.
Keep your offer clean.
Reposted … (2 comments)

short sales: Breaking Urgent News: New Short Sale Program Details Released....(Agents, read NOW) - 02/09/10 03:59 AM
Maybe some good news involving short sales.  As agents we should be honing our skills in short sales.  Short Sales look like they are here to stay for awhile.  If you can't beat them join them.
Fresh off the information for you that reinforces our belief that the Obama Administration is about to open the flood gates for short sales.
In other words, as we have been advocating for well over 3 years now...and as many of you will agree...
Short Sales are THE solution!
Here is what we have just learned:
Seth Wheeler, Senior Advisor to … (0 comments)

short sales: Amesbury MA- 3 bedroom- 2 Bath Ranch - Short Sale $260,000 - 02/02/10 01:46 AM
2 Claire Road, Amesbury MA - $260,000
1170 square feet, 3 Bedroom, 2 bath
This is a great home on a dead end street.  Great living space... kitchen opens to a large spacious living room with cathedral ceilings, hardwood floor and a fireplace... Must See.  Property is in good shape and is deceiving from the outside.  Basement also is finished and offer additional living space with a hearth for a wood stove.  Also an awesome room between the garage and the kitchen to be used as a dining room, den or playroom.
The property is a short sale and subject to … (4 comments)

short sales: When should I consider a Short Sale? - 01/20/10 11:51 PM
A short sale is a last option before foreclosure and should be considered after you have explored the following:
Loan Forebearance Loan Modification Bankruptcy Deed in Lieu of Foreclosure Once you know you are going to miss a payment it is important to explore your first asses your situation.  Is your situation temporary, long term or permanent.   Losing your home is emotional and it is important to stay objective.  Involve another party who can help you stay objective and rational, whether it is a friend, a non profit that helps distressed home owners, an attorney or a real estate agent that … (2 comments)

short sales: Haverhill Condominium for Sale- 140 Old Ferry Road- $110,000 - 01/18/10 05:43 AM
2 Bedroom, 1.5 Baths, 1042 Square Feet
Only $110,000
Beautiful Riverside Townhouse offers affordability along with a great location to its new owner.
This condominium has an updated kitchen and half bath... it is a must see for this price range.... including new cabinets, newer black appliances and a breakfast bar with seating for 4. Unit has a nice fenced yard with storage shed.... provides privacy and an opportunity to do a little landscaping and gardening. Good sized master with 2 closets.
Just apply your finishing touches and your at home.
This home is a short sale and subject … (6 comments)

short sales: Short Sale Buyers- Avoid Disappointment - 01/04/10 06:53 AM
Reposted from More about Merrimack Valley Real Estate.
As an agent that works with buyers and sellers I see a lot of Buyer's disappointed when making offers on short sale properties.  Here are a few tips to help avoid disappointment.
First the bad news!! Short sales can take a lot of time. It may be 90-120 days before you receive a response to your offer, sometimes more. You must be able to wait several months before receiving a response from the seller/bank regarding your offer and whether it has been accepted or a counter offer has been tendered
The good news!! … (0 comments)

Kevin Vitali, Helping Massachusetts Home Buyers and Home Sellers (EXIT Realty- Massachusetts Short Sales & Residential Sales) Rainmaker large

Kevin Vitali

Helping Massachusetts Home Buyers and Home Sellers

Tewksbury, MA

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EXIT Realty- Massachusetts Short Sales & Residential Sales

Address: Essex County, Middlesex County, Merrimack Valley, Tewksbury , MA, 01876

Office: (978) 851-3600

Mobile: (978) 360-0422

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