New England Properties: Kevin Vitali- Helping Massachusetts Home Buyers and Home Sellers (EXIT Realty- Massachusetts Short Sales & Residential Sale)

I have reprinted this post from by blog. As real estate agents we throw around the term Multiple Listing Service or MLS like we expect everyone to know what it means.  Home buyers and home sellers will say they no what it is but do they truly understand the impact that it has in their home purchase or home sale?

The Multiple Listing Service is probably the single greatest tool a real estate agent bring to a buyer and seller to aide in the purchase or sale of a home.  It is important for home sellers and home buyers to understand the impact that the MLS has towards their success in the real estate market.  If you combine the data in the MLS with an experienced committed real estate agent you surely will find success in the real estate market place.

Read the Article:

What is the Massachusetts Multiple Listing Service?

The Multiple Listing Service, or as it is commonly referred to, MLS, is a large property database or “warehouse” of homes for sale.  Participants in the MLS agree to cooperate with other members in the sharing of the inventory of homes for sale. Basically, all the real estate companies in Massachusetts pool the inventory of their homes they have to sell, making every home available to every other agent that participates in the MLS.

In this day and age, I do not know of a real estate office that does not participate in the Multiple Listing Service.   The Multiple Listing Service is the single biggest tool a real estate agent has to aid buyers and sellers in the real estate market today.

The Evolution of the MLS

Before the creation of the Multiple Listing Service, home buyers would go to each real estate office to see what inventory they had to sell.  Basically, you were limited to what that office had to offer.  You literally had to go to each individual office to see what was available.  Then the MLS was created and every week a “book” was created for each office in an associations territory and was distributed to each office.  Thus, it allowed buyers to go to one office to see all the inventory in a group of communities and it allowed sellers much greater exposure to the buying pool.

Around 1996 with the growing popularity of computers, the MLS data started to be put online.  Giving access to the individual offices much quicker with less lag time.   Fast forward to today and literally the minute an agent inputs listing data for a home for sale it is distributed not only to the real estate community but the generally buying public.

Some Interesting Massachusetts Multiple Listing Service Facts

As of November 4th 2011, I called the Massachusetts MLS that serves my area and a large majority of Massachusetts.  They told me that they roughly run 27,000 member real estate agents and approximately 40,000 homes for sale.  The pool of homes is tremendous as well as the pool of buyers that have access to the MLS.

I also wanted to do a little research to see how many of the home sales are run through the Massachusetts Multiple Listing Service.  In Andover Massachusetts there were 1,766 home sold through the MLS in a 5 year period. In that same time period, I looked at the public records and there were 2,318 home sales recorded.   So 76% of the home sales were run through the MLS.  Out of the 24% of the home sales left over, most of those are private sales (homes never offered to the general public, the most common being a transfer between family members), lenders taking back a home because of non payment and the rest being a For Sale by Owner.  Looking at nationwide statistics, a staggering 95% of the homes that are available to the general public are sold through a Multiple Listing Service.

What does the MLS Mean to a Seller?

If 95% of the homes are sold though the Multiple Listing Service. where do you think buyers turn to find their new home? They turn to a real estate agent that gives them access to the MLS.  It is convenient and gives them the immediate access to most of the available homes for sale that meet their criteria.  A home listed today can be at a buyers fingertips that same day!!

With today’s access to the internet, buyers are directly choosing the homes they see and not relying so much on a real estate agent to pick and choose the homes they see.  The MLS instantly exposes your home to the largest pool of buyers, instantly!!  No other media can even come close to the power of the Multiple Listing Service.

When registered with a Massachusetts Realtor or Real Estate Agent you have access to the largest pool of homes for sale that meet your criteria, instantly.  You will know about homes new to the market almost as quickly as the real estate age community does!!

Every participating real estate agent can provide access to the Multiple Listing Service data through an IDX (internet data exchange).  By the rules of the MLS for a home buyer to access all of the information they must be registered with an agent and all contact information must be on file with that agent.  Otherwise you can see a limited amount of data.

Essex County New to Market Inventory- Homes that are new to the market or have had a status change in the past 4 days.

Middlesex County New to Market Inventory- Homes that are new to the market or have had a status change in the past 4 days.

The MLS is a very powerful tool in aiding both buyers and sellers either market properties or find properties for sale.  It also offers historical data that can be accessed by a buyer or sellers agent that will help determine fair market value of a home as well as median house price in a community, predict days on market and so on…

We all hear the term MLS or Multiple Listing Service and as agents I think we are quick to throw around the term.  I hope this post informs home buyers and home sellers on the impact of the Multiple Service has on the purchase or sale of your home.  As always I encourage viewers to post a comment or start a discussion!!

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This post was reprinted from What is the Massachusetts Multiple Listing Service?, and was provided by Kevin Vitali of EXIT Group One Real Estate.  Kevin has over 10 years experience and has closed on hundreds of homes bringing you the experience you need.  If you are looking to buy or sell a home call Kevin at 978-360-0422.

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 of or the same impact as a foreclosure on your credit, it has the benefits to your future financial health.  Please do not think a short sale will not effect your credit it will and it is irresponsible for someone to tell you otherwise.  Remember the how the short sale is reported can effect your credit score but equally important is how many late payments did you rack up while going through the process of a short sale.

There are many variables to how much your credit score will be impacted by a short sale.  The number of rolling late’s on your mortgage how your mortgage company reports the short sale to the credit agency as well as what your original credit score was.  It appears that the higher your score the harder your hit. These will be some of the factors in determining how much of an impact a short sale will have on your credit.

A key point to remember is, that many times, while struggling with your mortgage, you may be experiencing trouble with other lines of credit.  Every late you may have on credit card, car or student loan payments or any other line of credit, will impact your credit score.  The more late payments, of any type, that is reported to the credit bureaus, the more impact it will have on your credit score.  Many times by the time you are considering a short sale, a home owner will have already have had some serious impact to their credit score.

There is one significant difference between a foreclosure and a short sale.  A foreclosure stays on your credit for 7 years.  While your credit score may improve over time with both a short sale and a foreclosure, the foreclosure will be reported as a foreclosure and when applying for a mortgage and some other lines of credit they do ask the question if you have ever been foreclosed upon.  A foreclosure may impact your ability to get future credit in the intermediate term.

So, yes, a short sale will effect your credit, how much depends on many factors.

The bigger question to ask yourself is do you have another alternative?  For many underwater home owners a short sale may be the best and only alternative to an imminent foreclosure.  And, while yes, a foreclosure effects your credit there are other advantages to a short sale that makes it a better solution to a foreclosure.  Here is a recent article I wrote, Considering a Short Sale.

In a nut shell, if you are facing a future foreclosure and you see no way to stay in your home or it is not financially practical to stay in your home, a Short Sale is probably your best option, irregardless of the impact on your credit score.

Other short sale articles:

Considering a Short Sale
How Does a Short Sale Effect My Credit
Tax Consequences of a Short Sale
Should I stay in My House During a Short Sale
The Deficiency Balance
When Should I consider a Short Sale?
Who Pays the Fees in a Short Sale?
Chasing the Loan Modification

This post was printed by Kevin Vitali of EXIT Group One Real Estate.  If you are struggling with your mortgage call Kevin at 978-360-0422.  Kevin can answere your questions and help you decide what route may be best for you and your family.

$180,000  |  3 Bedroom  |  1 Bath  |  925 square feet  |  11,258 Acres

Move right into this home situated on a quarter acre, level lot in a great neighborhood setting. Yard offers tons of poetential for this homes new owner. Many newer updates include…. new carpet, paint, furnace, roof (New in 2010) and windows. Large eat in kitchen with good cabinet/pantry space. Great home and location if you are downsizing or looking for your first home. Minutes to 495.

More information and photos of 52 Sherman Avenue, Haverhill MA 01832- MLS# 71267951

View all the Haverhill MA Homes for Sale

One thought thrown around by home sellers looking to move up to a larger home, is... I will wait until my home was worth 5 years ago before I purchase a new one.

Seems to makes sense.... or does it? On the surface it probably seems to make sense for many Massachusetts homeowners that are looking to sell their home and buy a new one. I would like to show you why, you might want to reconsider. Selling your home in a down market or buyers market to purchase a larger more expensive home can make a lot of sense from a financial standpoint. It can save you money on your new home purchase or allow you to buy more home for the same mortgage payment!!

Of course every home owner remembers what their home was worth 5 years ago. I could of, should of, would of..... What the home owner tends to forget is that even though their home dropped 25 or 30% from peak, so has the price of homes that would have been in their price range, making that new home more affordable. Lets take a look at a few numbers.

This only makes sense if you either have equity to work with or cash in the bank and you are moving up. You will still have to come up with a minimum down payment and maybe closing costs.

The other thing to remember is that interest rates are still at an all time low. You may even have more savings if you are dropping a half a point or more in interest rate. The other advantage is while we are in a neutral to buyers market it is not unusual to get home sellers to pay all or some of your closing costs as well as the fact that home sellers are more willing to do necessary repairs to get their house sold.

If you have been waiting for the market to turn around to purchase a new one maybe its time to reconsider crunch some numbers and you may find it is more advantages to buy and sell now.

Reprinted from Merrimack Valley MA Real Estate

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This post, Moving up in a Down Market,  was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.

I pride myself in the quality of my work while helpingbuyers and sellers make dreams come true.

Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury

S; color: #333333;">Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence,

With almost 23% of the homes in a negative equity position nationwide, it leaves many homeowners that are not in a financial hardship wondering why they are paying on a home that is worth significantly less money than what is owed on it. Some homeowners are deciding to walk away from their homes. When a homeowner makes a decision to stop paying their mortgage without a financial hardship and let the bank foreclose or do a strategic short sale, this is called a strategic default.

Traditionally in the past, most banks would not consider a short sale with out a financial hardship. Some lawyers are arguing that anyone who has negative equity of 30% or more on their home are in a financial hardship. This really leaves us thinking that a financial hardship can be very subjective. Furthermore when banks start walking away from foreclosure or foreclosed properties themselves, it makes homeowners wonder why they are way overpaying for a house that no longer has the equity in it. Following are articles about banks canceling foreclosures or walking away from homes they own.

NY Times article on banks canceling foreclosures

Chicago Tribune article on bank walk-aways

When you read this articles, as an underwater homeowner, it makes you wonder why your not walking away. Let's face it, the banks are profit driven and if they are making a financial decision to just walk away, why wouldn't homeowners.

The question is why are the banks willing to not foreclose or walk away? The cost to foreclose and maintain the property or if the bank already owns the property the cost of maintaining it is greater than what the bank can sell it for.

So will the banks consider a strategic short sale? Some will and some won't. If a bank thinks you will walk away from a home and you will let them foreclose, they may consider a strategic short sale a better option. In a foreclosure the banks will easily spend an additional $35,000 to $50,000 dollars in legal costs to foreclose and the cost of carrying a home. It is a weighty decision for a homeowner to walk away from a home. Massachusetts as well as many other states is a "recourse" state. Meaning that the bank can take action to collect the difference that is owed between what the house is sold for and what is actually owed on the house. There are credit reporting ramifications, there can be tax ramifications as well as overall financial ramifications.

It is a decision that should not be taken lightly. At the end of the day, regardless of the outcome you may decide a strategic short sale or a foreclosure may be right for you.

reprinted from www.MerrimackValleyMARealEstate.com

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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.

I pride myself in the quality of my work while helpingbuyers and sellers make dreams come true.

Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury

Dracut short sale, marketed, sold and closed in 90 days.  2 liens from HSBC and one non related real estate lien.  Short sale approval went quickly with HSBC.

Sold $225,000

What did this client have to say?

"Thank you so much for helping us sell our home during such trying economic times. Your expertise in short sales and knowledge of the real estate market was instrumental in getting three offers on our home the first day it hit the market! The offer accepted was more than the asking price! You did an outstanding job in going the extra mile when any issue arose.

We can’t thank you enough for giving us your objective opinion numerous times and guiding us through contract negotiations and the closing process. You truly have the client’s best interest at heart from the moment you meet them until the job is done! We HIGHLY recommend you to anyone looking for the “BEST” in the business to sell their home!"

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Call EXIT Group One at 978-851-3600

Massachusetts Short Sales, Southern New Hampshire, Merrimack Valley, Boston North Shore, Boston Metro West including Andover Short Sales, Billerica Short Sales, Boxford Short Sales, Chelmsford Short Sales, Dracut Short Sales, Georgetown Short Sales, Groveland Short Sales, Haverhill Short Sales, Lawrence Short Sales, Lowell Short Sales, Merrimac Short Sales, North Andover Short Sales, Newbury Short Sales, Newburyport Short Sales, North Reading Short Sales, Rowley Short Sales, Tewksbury Short Sales, Tyngsboro Short Sales, Westford Short Sales, Wilmington Short Sales, West Newbury Short Sales

3 Bedroom- 2.5 Bath- 1912 square feet

Nearly new constuction on a side street. Great open floor plan througout the downstairs.  Kitchen opens to large family room with fireplace also living room and dining room on first floor. Slider from kitchen opens to deck with nice yard. Laundry in bathroom off kitchen.

Walk up attic for future expansion or tons of storage as well as walkout basement with expansion possibilities. Close to 495. Large master with walk in closet and master bath. Check out this house now! 

Only $285,000

Property is a short sale and subject to lien holder approval.

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 to lien holder approval.

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Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury

I was stuck photographing this dining room on a blistering day at about 11am.  I wanted to show detail outside the window but have the room properly exposed. 

What I ended up doing was photographing 3 exposure +2/-2/0 to fuse together in the Photomatrix Exposure Fusion mode.  The result after running through exposure Fusion:

I felt the room was too dark and did a flash exposure to light up the room and furniture.  I used 2 Nikon SB800s with the omni diffuser to fill the room.

I then took and stacked the photos in Adobe Elements with the flash exposure on top and the Photomatricx Fusion below.  I took the top layer and played with the opacity button until I found a decent balance between both exposures.  I then erased areas like the windows that I wanted to show through from the bottom exposure.

The reslut was as follows:

Just curious if there are any other suggestions to handle the situation.  There was not a possibility of moving some of the flashes into the room as there was no place to hide them.