The World is My Domain - Welcome to MaryBeth Mills Muldowney's World: February 2010

Short Sales*** Short on Information but plenty of misleading pricing!

Okay so what is up with the price on that four bedroom house with two and half baths in a great neighborhood for the short money!  As a Realtor I receive calls during the course of the day on several homes on the South Shore and Plymouth which seem to be the DEAL OF THE DECADE! The prices are so out of whack with what is a true market value.  Some buyers say "what is wrong with this house, is it on a toxic dump site?" and the answer, most likely is "NO, the listing agent is trying to get your attention with the pricing.  The price was set by the seller and the listing agent.  The seller is under the false impression that he or she has no responsibility for the deficit of the monies owed outside of the list price on the property.  The listing agent is telling the seller "list it for whatever, who cares, just get a buyer, you don't have any equity in the property, what do you care?"

Well once one of these excited buyers gets an offer excepted by the Seller it must go forth to the bank for the "THIRD PARTY APPROVAL".  This is when all the documented paperwork be forwarded to the bank including the original market analysis of the listing agent comparing this property to others in the area.  The bank will send out their own appraiser and do an analysis of what is a fair price based on other homes which have sold, condition and location.  The Bank may at this point in time establish an acceptable sale price but before it goes any further the lender will want to negotiate the deficit with the homeowner, who is going to pay the difference? do you have other assets? retirement, other properties, bank accounts, etc? if so the bank is going to want to attach those funds or have the seller sign a note for the amount under the accepted price, also how this is handled affects your credit score too and how long it will take you to recover from this short sale.

The majority of the time, when Buyers and their Realtors are getting frustrated with the listing agent and the bank, is spent with the owner of the property and the lender trying to work out the financial implications.  So Buyer beware just because Mr. and or Ms. Seller accepts your offer on a short sale, this does not mean you are buying this home at this price!  Short Sales are the longest Sales in the World.

If you need an experienced Realtor to list your home which is in a short sale situation or if you are a buyer who is interested in purchasing a short sale and need assistance please contact me or drop by one of the TradeWinds Realty Group LLC offices located on Route 53 at 124 Washington Street in Norwell, near Queen Anne's Corner; or our downtown Plymouth location at One Court Street, Suite 26, Route 3A. You can contact our Plymouth office on 508-746-5559 or Norwell on 781-681-9959.  Feel free to call me on my cell on 781-910-7294.  Our website is www.WeGoOverboardForYou.com  To add the Massachusetts MLS to your cellphone please text TWRG to 87778, you will be very pleased with the additional information including solds and other properties listed in the area as well as community information available to you on www.TradeWindsMLS.com !

MaryBeth Mills Muldowney, Massachusetts Real Estate Broker and Licensed Auctioneer

"The pessimist complains about the wind. The optimist expects it to change.

The Leader adjusts the sails." -John Maxwell

Founder and President, TradeWinds Realty Group LLC

www.TradeWindsRealtyGroup.com

MaryBeth@TradeWindsRealtyGroup.com

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781-681-9959 Norwell office   508-746-5559 Plymouth office   781-910-7294 cellular

Comment balloon 2 commentsMaryBeth Mills Muldowney • February 26 2010 11:43PM
Short Sales*** Short on Information but plenty of misleading pricing!
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