New England Properties

Wakefield Short Sale Closed Today!!

37 Rosemary Avenue Wakefield MA

Successfully closed on a short sale in Wakefield Massachusetts today. This home was a relatively easy one.  US Bank was the only lien holder and we received short sale approval in 15 days from submitting the package.  No deficiency judgements!!

From the lender standpoint this was perfect, no issues no additional liens.  many times we have to deal with multiple liens, mortgage insurance companies, tax liens and so on.....

Blazing fast... kudos to US Bank for a fast turnaround on this short sale.

 

If you are a homeowner in Middlesex County or Essex County Massachusetts and your are facing a possible foreclosure.  Give me a call.  I can explain your options and help you decide the best route to go.  If a short sale needs to be done, I am an agent with plenty of short sale experience.  You do not need to go it alone.

 

 

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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

 

 

 

0 comments • Kevin Vitali Massachusetts Short Sale Realtor • June 03 2010 07:09PM

Short Sale Documentation

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 Recent Mortgage Statement or Statements

All Recent Correspondence from your Mortgage/Lien Holders

A List of all other Liens on your Home- including tax liens, condo liens,municipal liens, etc.....

Personal and Financial Statement

Bankruptcy Petition or Discharge if applicable

Once your home is listed for sale it is important to keep document handy that you may need to update periodically, such as paycheck stubs, account statements and so on.  Rather than scrambling for them at the last minute it is important to keep them handy throughout the short sale process.

 

 

 

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Is the short sale process right for me?

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

 

 

 

3 comments • Kevin Vitali Massachusetts Short Sale Realtor • May 10 2010 06:29PM

Another Dracut MA Short Sale Successfully Closed

Closed Short SaleMy 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 of a defeciency judgement hanging over thier head.

Final Sale Price $210,000

 

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Have you or anyone you know missed mortgage payments? This free eBook "Should I Short Sale My Home" is packed full of information considering the many options to foreclosure including short sales.  Be informed now and call your local short sale specialist- Kevin at 978-360-0422.

 

2 comments • Kevin Vitali Massachusetts Short Sale Realtor • May 10 2010 01:45PM

The Problem with the new HAFA Regulations

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.

  1. 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 should be pricing ahead of the market not at market.
  2. For the second lien holder to take advantage of the monies guaranteed from the HAFA regulations they must release the homeowner from future obligations.  Right now most first lien holders are releasing the home sellers anyways.  Second lien holders are starting to clamp down.  They are under no obligation to to release the home seller from future defeciency judgements, most are getting there $3,000 anyways and retaining the right for the defeciency.
  3. This is the biggy.  Home sellers may be (which means most likely) will be required to pay the mortgage payments up to 31% of their gross income to the bank while they are in the short sale process.

Too many little things will get in the way of a program that was supposed to help homeowners in a financially distressed situation.

Should I Short Sale My Massachusetts Home

Avoid Foreclosure- Know your options including a short sale

Why a Short Sale?

Free list of non-profits for homeowners facing foreclosure in Massachusetts

 

 

Bookmark and Share _____________________________________________________________________________________________

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

 

 

 

 

 

 

 

 

2 comments • Kevin Vitali Massachusetts Short Sale Realtor • April 25 2010 01:54PM