With the recent popularity of the Short Sale in the Boston real estate market it’s no wonder property values can quickly become like the wild wild west. The illogical market goes something like this…A distressed homeowner short sales a property because the mortgage is worth more than the house. Home buyers aren’t stupid though and realize that banks will settle for 80% of the FMV (Fair Market Value). This is because on many Boston area homes it costs banks at least 20% of the FMV to foreclose on a property (i.e. lawyer fees, upkeep fees, auction fees, etc…).

If this fee isn’t taken into consideration at the start of the process things can get very sticky and unravel days before closing. In order to make sure the status of the HOA fee will not harm the short sale process the association should be contacted. Think of the HOA as a ‘third lien’ on the property.

Are you experienced with Short Sales? In today’s Quincy real estate market it’s essential that your real estate agent to well versed in the short sale/pay market. Since Obama’s administration has implemented so many programs that promote foreclosure avoidence the local Quincy real estate market can definitely expect more short sales in 2010.

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Initiating a short sale can be an experience with a whole host of emotions. Every bank’s short sale process is a bit different. Total time frames can significantly vary, even from what the bank is telling you. However, below is, as of today, a little bit of insight that Quincy home owners facing foreclosure will find usefull.

For example, if you are a married couple and you purchased a property in your name alone before the marriage, will you have to disclose your significant other’s income while attempting to short sale the property?

Short sales maybe a great opportunity for distressed home owners, but for Quincy home owners that want stability and home price appreciation they are horrible. It all has to do with cost analysis. If a foreclosure (i.e. including attorney fees, maintenance fees, processing fees, etc…) is more costly than a short sale the banks will want to settle.

You are in talks with a prospective buyer regarding the matter of selling your house, the deal is almost struck, and suddenly, your prospect expresses his desire to get your house inspected by a home inspector.

The problem is that hundreds and thousands of computer files are being transferred back forth between Wamu and Chase. Until, the new database is functional you can expect delays with Wamu’s short sale department.

A short sale is, “The sale of a property by a financially distressed borrower for less than the outstanding mortgage balance due where the proceeds from the sale will be used to repay the lender. The lender then accepts the less-than-full repayment of the mortgage (and the borrower is released from the mortgage obligation) in [...]