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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
SHORT SALE advice!!
Does anyone know of a real estate agent who is very experienced in short sales in the Attleboro area?
I am considering this option after recently getting divorced : ( But I want to make sure I know everything about it before I go forward with it. Any advice would be appreciated!!
Re: SHORT SALE advice!!
I'm sorry to hear about your divorce. I don't know any agents in that area, unfortunately, but wanted to encourage you to do your own independent research on the topic. There are lots of online resources and books at the library that I'm sure you could look into. It helps to come armed with some info so you have your own opinion and specific questions before talking to an agent. They'll most likely try to convince you to just do it since that's in their own best interest.
Good luck, I hope it all works out for you.
I work for a real estate law firm, but we do the other end - REOs (post-foreclosure). I'm sorry to hear that you're in a short-sale situation, but sometimes its a good option if you're in that position.
My sister just purchased her condo from a short sale... but short was a relative term. The offer was placed Apil 5th, she closed December 13th. Between bank bancruptcies and transferring of portfolios, its like a needle in a haystack trying to figure anything out... but patience was a virtue on her part, and with the appraisal coming back $18k less than the offered, she really made out!
I can give you her real estate agent's contact information if you'd like it. He's out of Needham, but I don't think being in Attleboro will be a problem
Hi Cheryl,
The major risks of a short sale are mostly for the buyer, not for you as the seller. For the buyer, a short sale means a lot of waiting for the seller's mortgage lender to approve the deal, which may never happen. For the seller, the key is to have someone (a lawyer) who is prepared to negotiate with BOTH your mortgage lender (to get them to accept a lower payoff than they are due) and with potential buyers (who need to agree that, no matter what happens, there is no deal if your lender doesn't end up approving the SS). I have represented a lot of sellers in short sales in the past year, and I think the key to it for a seller is to make sure that, before you get a broker or approach your lender or do anything, you talk to a lawyer and make sure that person is ready to package up the deal and sell it to your mortgage lender.
Also, one note of caution -- if you end up deciding to try to do this with just broker, some brokers will charge 6% for a short sale. In a sense, it's the bank's money you're playing with, so you might be tempted to take the deal, but bear in mind that the more of a haircut the bank is being asked to take, the less likely it is that they will approve the deal. I would hold out for 5% with any broker.
Dave
Sorry to hear about the divorce. I hope 2010 brings you good things!
We had an accepted short sale offer on a house in Framingham and after months of being patient we finally gave up out of frustration. The house still hasn't closed. If you go for the SS the best thing is to have a ton of patience and be willing to wait months (or even a year) to close.
Good luck with whatever you decide :-)