Len and Leslie Marma | Marshfield Real Estate, Scituate Real Estate, Pembroke Real Estate


“Short sales” may have one of the most deceiving names in real estate. Any client who is undertaking the purchase of a short sale property will ask, “Why is this taking so long?” Short sales generally happen due to lapsed payments on a mortgage. In the short sale, the owners take a loss on the property, but it saves them from being foreclosed on by the bank. Many of these sales are circumstantial by divorce, or a sudden change in job. The seller asks the bank to take less money than the amount owed on the house in a short sale transaction. 


If You’re Buying A Short Sale Property


If you have made an offer and the seller accepts it, your dealings are far from over in a short sale. The seller’s bank needs to approve the sale. Since the bank is losing money in the deal, this is where the hold up can be in the entire transaction.


The First Step


The seller’s bank must review the short sale package first. The seller needs to submit a complete picture of their finances to the lender. The seller’s credit score will also be reviewed. A bank would not approve a short sale if, let’s say, the seller happened to have a lot of extra cash just sitting in a bank account. The lender needs to protect themselves.


The listing agent should be on top of all of the paperwork that should be done in order to have the transaction approved. As a buyer, you’ll appreciate a good short sale listing agent. 


Make Sure Everything Is In Order


There’s a lot of paperwork to sign in order to get a house. There’s even more paperwork to sign in order to secure the purchase of a short sale. If just one page of the documents are missing or one signature is left unsigned, the entire process can be slowed down even more. As a buyer, you should confirm that all the required documents have been signed and received. 


Another problem that can occur is that documents quickly become outdated. Bank and other financial statements are a good example of this. By the time paperwork is ready to go through the lender, last month’s bank statement could be completely outdated. The lender will then need an updated statement, holding up the process even more. The seller and agent need to be ready for these circumstances. The faster the lender is responded to, the smoother the process will go.          

 

Remember You’re Working With Two Banks


When you’re purchasing a home that’s a short sale, you’ll need to deal with two banks- your lender and the bank handling the short sale. Be mindful of the timelines that each bank has. If you aren’t, you could be approved hours too late to buy the property, leaving you and the seller to start from scratch. 


Buying a short sale is risky because there is always a greater chance the sale will fall through or succumb to foreclosure due to some kind of circumstances beyond the buyer or the seller’s control. If you have the right realtors on both sides of the table, the process of buying a short sale should go as smoothly as can be expected.      


This Single-Family in Marshfield, MA recently sold for $615,000. This Colonial style home was sold by Len and Leslie Marma - SUCCESS! Real Estate.


7 Seager Farm Rd, Marshfield, MA 02050

Single-Family

$599,000
Price
$615,000
Sale Price

10
Rooms
4
Beds
2/1
Full/Half Baths
THIS IS IT!!...The home and neighborhood you have been waiting for. A spacious Hip Roof Colonial featuring an upscale kitchen with crown/dental mouldings, center island with Viking oven and cooktop, s/s appliances, granite countertops, recessed lights and more; a family room with vaulted ceiling and ceiling fan opening to a large new deck; formal living and dining rooms; a master suite with full bath (granite and cer. tile), walk-in closet and skylight; 3 other bedrooms; a large finished play room in the basement and 2 car garage. Amenities include column storage and a sprinkler system..This open and bright home has been meticulously maintained and shows a true pride of ownership. Great location! Great neighborhood! Great home! Great value! Move right in!

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Great side street location just up from water in No Weymouth. New kitchen/family room addition for gatherings and just relaxing. Step outside to a huge deck for Summer fun and get togethers. Private, quiet yard.Very convenient...close to everything.

More Info on this Property | New Listing Alerts


11 Stratford Rd, Weymouth, MA 02191

North Weymouth

Single-Family

$389,000
Price

8
Rooms
4
Beds
1
Baths
Great side street location just up from water in No Weymouth. New kitchen/family room addition for gatherings and just relaxing. Step outside to a huge deck for Summer fun and get togethers. Private, quiet yard.Very convenient...close to everything.
Open House
No scheduled Open Houses

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Choosing a real estate agent is one of the most important things that you’ll do in the process of finding and buying a home or selling a home. Your real estate agent is a true ally throughout the process. You want to be sure that the agent you choose is someone that you trust and feel comfortable with. If you don’t know anyone who is an agent, there’s a few things that you can do in order to find an agent who is right for you. 


Ask People Who They Prefer


You can talk with friends and family and let them know that you are in the market to buy a house. See if they have any recommendations for a realtor. You can also do a bit of research on prospective realtors. You can ask for a list of what gents have helped to purchase and sold in the past year. You can also contact clients directly if you’re able to get contact information. Find out if they were pleased with their realtor in the process. If you’re selling a home, you’ll have different needs than if you’re buying. You, of course, want to most money in the sale of your home. Yet, when you’re buying, you just want a great price and a dependable property. 


For Sellers:

  • How long were the homes on the market?
  • How were the homes marketed?
  • Compare the price that home sold for with other properties in the neighborhood
  • What’s the strategy for selling my house?


For Buyers:

  • Compare the price of homes bought to that of other homes in the neighborhood
  • How long did it take clients to buy a home? 
  • How long have you been an agent?


Look Up Your Agent’s License


Every state gives you the opportunity to look up real estate agents and see what types of licensing they have and if there has been any disciplinary action taken against them. You can probably find this information right online.


Find Out What Your Agent Specializes In


Some agents specialize in helping military families find homes. Some agents have taken classes in residential real estate. Other agents have accreditations in being buyer’s representatives. A good rule of thumb when looking for an agent is: if they have a lot of letters after their title, they have a lot of special qualifications!   


Here’s what some of the abbreviations mean:


ABR

Accredited buyer’s representative


SRES   

Seniors real estate specialist

NAR

National Association Of Realtors


ABR

Accredited buyer’s rep


CFR

Certified foreclosure resource


ASR

Accredited seller representative



Look At The Agent’s Current Listings


Just take a peek at your prospective agent’s listings online. This can give you an idea of the type of market that they may typically appeal to. You can also check the listing prices and see how long different properties have been on the market. If you’re buying a home, your realtor is able to represent you no matter who the listing agent is for a property, so keep that in mind.


Doing a bit of ground work before choosing a real estate agent can really be helpful in finding the right person to guide you through the process of buying or selling a property.




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