So, you have been living in Framingham, Massachusetts for quite some time now but are looking to sell your house quickly because you got a job in a new city, or you are moving into a better house or just to save yourself from bankruptcy. What if we told you that we can make an offer on your house within 24 hours and complete the whole process of selling within 10 to 30 days? Too good to be true? Well, it is true!
That’s exactly what we do at www.sellfastmass.com. We buy your house or help you sell it to potential buyers without any hassle in a quick and effortless manner.
Selling your house for whatever reason is one of the toughest ordeals one has to go through. Letting go of the numerous memories and happy moments that link you to the place is hard. Add the whole frightful process of selling and it might just get torturous.
With more than 10 years real estate experience in the Framingham, Massachusetts area, we can ensure that you have an easy, quick and hassle free sale. We buy your house directly from you enabling you to move on with your lives without any worry or we help you list your home for sale and help you find potential home buyers.
If you are moving out of Framingham, or selling your house out of necessity, we ensure that you get the best deal. As we are specialized in the Framingham area, we know the area and real estate market quite well. This expert knowledge helps us to make an offer within 24 hours. We assure you that the whole process of sale will be over within 10 to 30 days without you experiencing any difficulty.
If you have a house in Framingham and are thinking of selling it, then contact us as we buy houses in Framingham, even if it is a really ugly house. We buy your house fast making sure that no Framingham seller is forced to sit for months waiting for their homes to be sold. But that doesn’t mean we don’t give you a good deal.
All you have to do is contact us, give us a few necessary information and we will contact you quickly with a cash offer. We don’t charge you with any fee for submitting your request, or receiving the offer or for buying your home. You are free from any obligation to accept our offer once we make it. You only need to accept it if you like it.
So to sell your house as-is and when you need to, let us know and it’s sold. Please call us at 781-591-0779 or complete our online form at http://sellfastmass.com/we-buy-houses-framingham-ma/. Thank you!
Custom Realty Solutions, LLC
22 Bellview Heights
Ashland, MA 01721
Your lender will require many documents to review a short sale. Bank statements, tax returns, pay stubs and many other financial documents will be required. Your lender will review these financial documents to help determine if you qualify for a short sale.
While these documents are important, the lender also wants to know why you are applying for a short sale, they want to see a ligament reason for what caused you to fall behind on your mortgage. Is it a loss of a job, curtailment of income, health problems? They want to know these things as its part of the puzzle that describes your complete situation to your lender.
They also want to know if your hardship is short-term or long-term. Many of my clients have long-term hardships that will prevent them from being able to make their mortgage payments. Once in a while a client may have a short-term hardship such as temporary unemployment. In this case this helps your lender to know if maybe a loan modification rather than a short sale could be the better solution.
When home owners call me asking for help to short sale their home I often first ask them what is their hardship, why can they no longer afford their home? Occasionally a home owner will state that they do not have a hardship. They simply want to move on from a home that is upside down but cannot sell it because they own more than what their house is worth. I then explain to them that their lender is going to require a hardship, and that if they do not have one, and if they are current on their mortgage, it’s highly unlikely that their bank will accept a short sale. This situation is rare and most likely you do have a hardship and just need some assistance in writing one.
Keys to writing an effective Short Sale Hardship letter:
- Be honest and forthcoming-Just be honest with why you cannot afford your home. Maybe it is because of an involuntary job transfer, illness, loss of income, divorce/legal separation, or military transfer. Whatever the reason, make it clear and concise.
- Mention Long-term or Short-Term-If you hardship is long term state that it’s long-term and why.
- Bankruptcy Intentions-If you are being advised by your attorney that you may have to consider filing bankruptcy if the lender does not accept a short sale than please state this.
- Keep it to one page-The loss mitigation reps who review short sales are often understaffed and do not have time to read a 2 to 3 page hardship letter.
- Use a timeline-Include timelines of when your hardship started; what date you lost your job, incurred health problems, etc.
Remember, that the hardship letter is your chance to state why you can no longer afford your home, of which combined with your financial data will help your lender to determine that accepting a short sale is the best options for you and your lender.
Questions To Ask When Selecting A Short Sale Specialist
It is important to take some time and do your research when choosing a short sale specialist. Short sales can be complicated, and you want someone who knows what he is doing. Asking the following questions can help you find an agent you can depend on.
- How many years of short sale experience do you have? Obviously, the more experience an agent has, the better. Select someone who has been handling short sales for at least three years. This ensures that the specialist knows what she is doing and can help you successfully navigate through the process.
- How many homes have you sold via short sale? An agent who has sold hundreds of homes via short sale is probably well versed on the variety of sale packages that different banks offer. They are also able to help you streamline the entire process.
- Do you have a history of working with my bank? If your agent has worked with your bank before, he already knows what they require and can simplify the process.
- Will you negotiate the terms of my short sale? If you expect your agent to handle the negotiation, make sure that she will not outsource the responsibility to a third-party. Your agent may advise you to hire a lawyer for the negotiation, but if you do not want to pay the separate fee, ask your agent if she has experience doing it.
- Do you see any problems that may affect my short sale? Although your agent cannot give you legal or tax advice, he can give you some good pointers and warn you about any possible problems that you may experience.
- How long will the short sale take? The answer to this question will vary depending on your bank, but an agent who has experience working with your bank will be able to give you a good estimate of the timeframe to expect.
Ask these six questions when you are looking for a short sale specialist to find an agent you can trust.
If you are having a hard time keeping up on your mortgage payment, but do not want to file for bankruptcy or have your home foreclosed, you may want to do a short sale. A short sale means that your lender will accept less than what you owe on your home when you do not have enough equity.
Custom Realty Solutions
11 Jonathan Rd
Burlington, MA 01803
Good news! Wells Fargo is trying to streamline their short sale process. I have been negotiating short sales with Wells Fargo many years and it sounds like they are making some positive changes that will hopefully speed up the short sale process.
Wells Fargo uses a software called Equator of which allows real estate agents to upload docs in behalf of the seller and allows for communication throughout the short sale process. While Equator is a great tool, myself and other agents have complained to Wells Fargo that there are issues with Equator that needs to be resolved. Sounds like Wells Fargo have finally listened and have made some positive changes based on our feedback. Please reed below email from Well Fargo.
Email from Wells Fargo 2_11_13
Your Voices have been heard.
Wells Fargo to roll out new Equator Low Doc Process
Effective 2-15-13, for all loan portfolios except FHA, agents will no longer be receiving the following tasks within Equator
- Hardship Reasons
- Financial Information
Equator has removed these tasks in order to provide agents a better experience when navigating through Equator and to provide agents a quicker response and decision timeframe for their short sale.
On 2-15-13 Agents will receive the following task instead:
- Upload Required Documents
Prior to agents receiving this task, Wells Fargo will review the file in order to request only the documents needed to review that specific file. This avoids agents from having to upload blank or search for and upload potentially unnecessary documents.
What does this mean for you as an agent?
If we don’t need a document, we won’t ask for it, and you won’t have to find it. This will allow your file to move quicker through our processing pipeline and get an approval even faster!
More Approvals = More Closings!
How does this affect your current files?
As with any transition there will be impacts, and we have done everything to ensure a smooth transition for agents. However, any active files will have to be converted to the new Equator Low Doc Process. Each file still requiring documents will be systematically reverted back and will restart its lifecycle within Equator, while this sounds tedious; it will be very quick and is the best solution to ensure a smooth transition.
Agents will be sent the following tasks:
“Upload 3rd Party Authorization”
“Borrower Contact Information”
“Is there an Offer”
Once the tasks are completed each file will end up right back in its respective workflow.
Need to short sale your home? Call 781-591-0779 or visit us at www.sellfastmass.com.
Short sale your home and receive no money at closing, is that fair?
Selling a home is stressful for all sellers. It is especially stressful for someone who is facing financial difficulties and needs to short sale their home. They have to provide their lenders with countless documents to help their lenders to realize that they cannot afford their home and must sell.
Luckily, with patience and endurance, we are able to obtain a short sale approval from the lender of which allows the seller to move on from a very tough financial situation. At the time of closing, the seller walks away without receiving any proceeds for the sale of their home. Meanwhile, the real estate agents involved, attorneys, and others receive some form of compensation. Is this fair?
Yes, it is fair as the sellers receive the following benefits:
1) You minimize the impact to your credit.
If someone is going through a short sale, they are most likely behind on payments and accordingly have experience a decline in their credit scores. Upon a successful short sale of their home, many of my clients are able to slowly but surely rebuild their credit over time. Usually it takes around 2 years if they are paying their bills on time and doing the right things. However, the alternative, a foreclosure sale, will have a long term negative impact on their credit scores sometimes lasting up to 7 years.
2) You Avoid a deficiency judgment
Normally, with most shorts sales, the lender will accept a short sale and will waive deficiency judgment, meaning the lender will not come after the seller for the loss taken by the lender. However, with a foreclosure, the lender will in most cases come after the seller for a deficiency judgment of which can be quite damaging.
3) Have you ever had a foreclosure?
Many of times, when applying for a loan, you will find that whoever is lending you money will ask you the following question: “Have you ever had a foreclosure?” There is a reason why they ask you this question. If you could lend money to someone who had a foreclosure in the past or to someone who might have had credit damage in the past but avoided foreclosure because they cooperated with their lender, which would you choose? When you short sale your home you are cooperating with your lender and that is looked upon as someone who took responsibility and made the best of a tough situation.
When you decide to short sale your home you are receiving the above benefits and many more benefits. In addition, some lenders are no allowing sellers to receive proceeds at the time of closing. I recently closed a short sale in which a client received $3,000 at the time of sale.
If you are considering a short sale, please call Custom Realty Solutions, LLC at 781-591-0799 or please fill out the form located at http://sellfastmass.com/short_sale_my_home/.
How Can I Get a Rental During A Short Sale?
Under what conditions would a landlord rent to someone going through a short sale that obviously cannot afford their home and is behind on payments? I have been asked this question many times by clients, and I can fully understand their concerns.
Many of my clients are behind on mortgage payments, sometimes for many months. They all know that their credit rating is the one thing most landlords do check. They wonder why a landlord would rent to them with bad credit. They fear that they will never be able to find a rental property and will be homeless after the short sale.
I have been negotiating short sales for many years, and I have been able to secure a rental property for each and every one of my clients. How can this be? There are a number of reasons:
1) Landlords care about the bottom line: Getting paid rent each and every month and on time. When I show them that my clients can afford the monthly rent, and I can back this up with proof of income (which I have because I am handling my clients’ short sale negotiations), the landlords are usually quite satisfied.
2) Most of my clients are transitioning from high monthly mortgages payments to monthly rents that are sometimes half in cost. I can clearly show the landlords that my clients are doing the right thing; they are transitioning into lower monthly housing expenses, which they can clearly and justifiably afford.
3) Most of my clients can show a history of paying other bills on-time, such as electric bills and water bills, each and every month. This further demonstrates to the landlord that the only issue that my clients face is the high monthly mortgage payments on their current home. That obviously puts them at ease.
Have there been instances when clients have been rejected by a landlord? Yes, but most of the time it has to do with issues unrelated to my clients’ credit rating. Sometimes it has to do with the pets that the clients own. Some landlords simply will not rent to tenants with pets. However, even this road block can sometimes be overcome with a higher initial security deposit.
In the end, all of my clients have been able to secure new housing with dignity. A number of them have come back to me after they have reestablished their credits and end up buying a new home!
Need to short sale your home? Call us today at 781-591-0977 and let us help!
Mortgage Forgiveness Debt Relief Act Extended
As part of the American Taxpayer Relief Act of 2012, or the fiscal cliff bill, passed by Congress on Jan. 1, a one-year extension has been approved for the Mortgage Forgiveness Debt Relief Act! This is GREAT NEWS!!!
The Motgage Forgiveness Debt Relief Act was created in 2007 to provide home owners with a tax exemption when short selling their homes and receiving debt forgiveness. Prior to this, individuals who sold their home via a short sale where hit with taxes for the forgiven debt. If a seller say sold their home for $200,000 and their lender took a loss of say $50,000, then the seller would be responsible for a taxable income of $50,000 to the Federal government.
Luckily, the Act ensures that that debt forgiven by seller’s lender during the short sale process is exempt from federal taxes!
The Mortgage Forgiveness Debt Relief Act of 2007 was set to expire at the end of 2012. Myself and many of my clients who were in the middle of a short sale where patiently waiting and hoping that that this act would be extended. Luckily, for our current clients and future clients, it was extended and has allowed short sales to continue to be the better alternative to foreclosures for all parties involved. Short sales are win-win for both the sellers and lenders and fortunately the act was extended!
The Mortgage Forgiveness Debt Relief Act is now set to expire on January 1, 2014 and only applies to a primary residence. Lets hope that a year from I will be writing another article stating that the Mortgage Forgiveness Debt Relief Act was extended again yet again!
For more information about this act and to learn more about short sales please call us at 781-591-0799. We look forward to help you today!