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Mikel Defrancesco's Blog

By Mikel Defrancesco | Agent in Milton, MA
  • Looking for a Dorchester Short Sale or Bank Owned?

    Posted Under: Home Buying in Dorchester, Foreclosure in Dorchester, Investment Properties in Dorchester  |  November 25, 2012 6:24 AM  |  173 views  |  No comments

    Bank Owned and Short Sale Properties often offer the best deals and the most opportunity for an investor or buyer willing to put in some "sweat equity" - but they often sell very quickly. If you want a list of currently available Bank Owned or Short Sale properties to buy, flip or invest... please contact us today. We can also put you on our list to be notified of a pre-market or coming soon listing that fits.



    Call / Text Direct to 617.755.8272 or
    mikedefran@gmail.com
  • Looking for Bank Owned or Short Sale in Quincy?

    Posted Under: Home Buying in Quincy, Foreclosure in Quincy, Investment Properties in Quincy  |  November 25, 2012 6:22 AM  |  128 views  |  No comments

    Bank Owned and Short Sale Properties often offer the best deals and the most opportunity for an investor or buyer willing to put in some "sweat equity" - but they often sell very quickly. If you want a list of currently available Bank Owned or Short Sale properties to buy, flip or invest... please contact us today. We can also put you on our list to be notified of a pre-market or coming soon listing that fits.





    Call/Text direct to 617.755.8272 or
    mikedefran@gmail.com
  • U.S. Sues Banks for $41 Billion over Mortgage Losses

    Posted Under: Home Buying, Home Selling, Foreclosure  |  September 2, 2011 3:44 PM  |  401 views  |  1 comment

    The FHFA ( which oversees Fannie and Freddie ) sued 17 U.S. Banks today for $41 Billion dollars over the losses in the Sub-prime mortage market.  Will such a lawsuit ( and  likely ultimate settlement ) further drain the banks and/or make lending criteria even stricter?

    Click to Read Entire Article





  • How to Buy Foreclosure / Bank Owned / REO or Short Sale properties

    Posted Under: Home Buying in Milton, Foreclosure in Milton, In My Neighborhood in Milton  |  August 25, 2011 5:06 PM  |  377 views  |  1 comment

    The Difference between REO (Bank Owned) and Short Sale

    In the current Real Estate Market many of the lowest priced homes are often Bank Owned or Short Sales, and if you know what to look for, or how to properly manage these homes, you can often get a great deal. Read on for the differences between the 2 types of distressed sales, and how you can properly evaluate them each to find a good deal.

    REO: Let’s start with the definition, since there is some confusion about them. REO stands for Real Estate – Owned. It’s a shorthand acronym that the banks use to identify Real Estate that they took over, in short this is a property that has gone through the entire foreclosure process to completion, and the bank now owns it. Another way these homes are marketed are Bank-Owned or Post-Foreclosure, as foreclosure is the actual process the bank uses to repossess the property.

    Short Sale: A Short Sale is also a lower priced or distressed sale, but can also provide a great opportunity to buy Real Estate at a good deal. A “ Short Sale “is still owned by the owner but they are typically upside down on the mortgage so the house is worth less than what they’ve mortgaged on it. A very common condition in today’s market. Since they need to sell, but would need to bring funds to the closing that they do not have at this point… they are attempting a ‘ Short Sale ‘. This means they will market the property, find the best deal that they can and bring it to the bank and hope the bank will sign off on the sale. Why would the bank do this? Simple… a Short Sale costs the bank less than paying for a full foreclosure proceeding, then paying for an eviction ( all the while paying taxes and upkeep ) then eventually paying Property Manager and R.E. Brokers to sell it as a REO anyway. It’s faster and less expensive to bless a deal now than to potentially take less later.

    Bank Owned & Short Sale Pros: It can be the least expensive way to buy Real Estate or a home in any town you are considering. Short Sales or REO’s can go for 10%-40% lower than a comparable market sale.

    Bank Owned and Short Sale Cons: Condition – often the condition of the home is sub-par. The home likely has deferred maintenance and often is in need of immediate repairs and most buyers would want to upgrade several other items. Delays: Short Sales can take anywhere from an extra month to several extra months to hear back from the bank…the seller does not receive any proceeds because their debt is being forgiven, but they still need to cooperate with the bank by providing tax forms, bank statements, hardship letters etc… all items the bank needs to evaluate whether a short sale is their best option. Contracts: a REO property owner will allow you to do an inspection, but because of the extremely low price of the Real Estate they will often not address any issues. You need to be sure to get such a good deal on the Real Estate that you are OK with the above issues.

    What to offer? Many buyers mistakenly think there is lots of negotiating room on REO/Bank owned Real Estate. Often there is not much.. the way the banks often work is that they hire several brokers and appraisers to tell them what the property is worth in it’s current condition, for a price that will put it under in 30 days or less. So when you come in with a low offer… they weigh your offer versus the price their experts have told them it will sell for, even it the current market and condition. Remember.. .. the Asset Manager of the Home may be handling 1,000 properties. They have no time to thoroughly evaluate the offer or your opinion. So often it takes something fairly close to the low asking price to get a REO offer done. The good news is that they order new pricing analysis every 30 days. If the property has not sold, it is likely there will be a price break. So if you watch lots of REO properties, you will see that the price is set and is fairly firm for a month or so, then there will often be a price break, followed by another 30 day period so on and so on.

    For Short Sales: It is easy to get the seller to sign an offer… after all it’s not their money they are negotiating! You should do your own due diligence and try to determine the lowest number that has a chance of working and that is what you should offer. Crazy low offers have no chance of succeeding, only tying you up for months at a time. Do a market analysis ( we can do one for you! ) of the Real Estate market with homes similar to the subject…figure out the lowest price and offer that number. We know how the banks value these properties! If you want a free consultation for any Short Sale Real Estate property or in any south shore town… please call us today.

    We offer free advice on how to hone your MA real estate REO and Short Sale property search, maximize your offer and your chances of getting a home for the best price, as well as suggestions on comparing communities and amenities. You can visit us at www.SuccessInMass.com or call 617.755.8272 for instant and direct access to the MLS or for a price opinion of any home currently on the market.

    If you want a custom list of Short Sale, REO or Market Priced Real Estate for sale, A Free MLS Search set up to email you matching properties as they come on the market, please contact me. I can always be reached directly for advice or guidance – mike@successinmass.com or at our webpage www.SuccessInMass.com, which contains direct access to the MLS and enhanced search that will make your Quincy MA Real Estate Search more efficient and guaranteed to provide better results.

    ** We also have a constantly updated list of Local Real Estate that is bank owned or available for short sale for the best deals available. We’d be pleased to show you how we can provide the best search, advice and guidance as your Local Real Estate Expert!

  • Home Inspections for Bank Owned / Foreclosure Properties

    Posted Under: Home Buying in Boston, Foreclosure in Boston, Property Q&A in Boston  |  August 24, 2011 8:53 AM  |  343 views  |  No comments

    Buying a Bank-Owned ( a.k.a  Foreclosure or REO property ) can be a great deal for a savvy buyer!  You can often buy the property at 20-40% below a similar market property.  But buying a Foreclosure has it’s own hurdles!  Read on for tips on how to protect yourself during a REO transaction.

    The banks direct their marketing agents to have all REO properties secured and vacated.  They typically will have them winterized to protect against burst pipes in the winter and often the power or heat is turned off as well.  In addition, the bank will provide an addendum to the Purchase and Sale that absolves them of any knowledge or responsibility about the property and it’s condition.  Long story short… this is the epitome of an “ AS-IS “ sale!

    There are 2 things you need to do to protect yourself:

    1)   Place an offer on a Bank Owned / Foreclosure after carefully viewing and taking into account the many issues that are likely to crop up.

    2)   Hire a trusted, thorough and licensed home inspector to inspect the home.

    Since the bank comes to their valuation based on the price opinion of several brokers and appraisers in it’s “ as-is” condition… they are unlikely to make any concessions based upon your inspection.  Often your only 2 options are to proceed or withdraw and get any deposits back.  So be sure to fully understand the condition, and to negotiate the best deal possible up front!  That way you can get a great deal on your home while maintaining the ability to withdraw if major or unexpected issues arise.

    What do you think of our Homebuyer series of Blogs?   Can I answer any other questions you had?  Did this contain enough information for you? Any feedback is greatly appreciated.   If I can help you in your home search for a market, short sale or Bank-Owned real estate please don’t hesitate to contact me.  

    If you want a list of Specifically Bank Owned  properties in your area that I think would fit your style, please contact me.  I can always be reached directly – mike@successinmass.com or at our webpage www.SuccessInMass.com.

  • Home Inspections for Bank Owned / Foreclosure Properties

    Posted Under: Home Buying in Boston, Foreclosure in Boston, Property Q&A in Boston  |  August 24, 2011 8:52 AM  |  295 views  |  No comments

    Buying a Bank-Owned ( a.k.a  Foreclosure or REO property ) can be a great deal for a savvy buyer!  You can often buy the property at 20-40% below a similar market property.  But buying a Foreclosure has it’s own hurdles!  Read on for tips on how to protect yourself during a REO transaction.

    The banks direct their marketing agents to have all REO properties secured and vacated.  They typically will have them winterized to protect against burst pipes in the winter and often the power or heat is turned off as well.  In addition, the bank will provide an addendum to the Purchase and Sale that absolves them of any knowledge or responsibility about the property and it’s condition.  Long story short… this is the epitome of an “ AS-IS “ sale!

    There are 2 things you need to do to protect yourself:

    1)   Place an offer on a Bank Owned / Foreclosure after carefully viewing and taking into account the many issues that are likely to crop up.

    2)   Hire a trusted, thorough and licensed home inspector to inspect the home.

    Since the bank comes to their valuation based on the price opinion of several brokers and appraisers in it’s “ as-is” condition… they are unlikely to make any concessions based upon your inspection.  Often your only 2 options are to proceed or withdraw and get any deposits back.  So be sure to fully understand the condition, and to negotiate the best deal possible up front!  That way you can get a great deal on your home while maintaining the ability to withdraw if major or unexpected issues arise.

    What do you think of our Homebuyer series of Blogs?   Can I answer any other questions you had?  Did this contain enough information for you? Any feedback is greatly appreciated.   If I can help you in your home search for a market, short sale or Bank-Owned real estate please don’t hesitate to contact me.  

    If you want a list of Specifically Bank Owned  properties in your area that I think would fit your style, please contact me.  I can always be reached directly – mike@successinmass.com or at our webpage www.SuccessInMass.com.

  • Quincy Investor or HomeBuyer Alert!

    Posted Under: General Area in Quincy, Home Buying in Quincy, Foreclosure in Quincy  |  August 1, 2011 4:29 PM  |  281 views  |  No comments

    Quincy MA REO Bank Owned and Short Sale Real Estate

    August 1, 2011 By Mikel DeFrancesco

    Below is a list of all the current Quincy MA Real Estate on the market as Bank Owned/REO or Short Sales. If you want a Custom Search that will email you whenever a new REO or Short Sale Listing comes on the market or by any of 115 other criteria ( such as Price, lot size, beds, baths, garage bays, Master Bath, within a radius of an Address YOU specify! etc )… call us or email and we can give you instant and FULL access to the MLS .. the same tools that Realtors use!

    Single
    Family Listings
    MLS #StatusAddressTownDescriptionDOMList Price
    71242626ACT67 Ratchford StQuincy, MA : Houghs Neck5 room, 3 bed, 1 bath Bungalow59$187,000
    71213234ACT42-R Rogers StQuincy, MA5 room, 3 bed, 1 bath Colonial115$195,000
    71229188ACT180 North Central AvenueQuincy, MA5 room, 2 bed, 1 bath Cottage86$239,900
    71240602ACT31 Martell RdQuincy, MA7 room, 3 bed, 1.5 bath Split Entry62$259,900
    71246182ACT1 Exeter StQuincy, MA6 room, 3 bed, 2 bath Bungalow53$259,900
    71030337ACT105 Cranch StQuincy, MA : Quincy Center5 room, 2 bed, 1 bath Colonial534$299,000
    71152843ACT129 Bayside RoadQuincy, MA : Squantum7 room, 2 bed, 2 bath Cape438$349,000
    71264399ACT17 Seagull RdQuincy, MA : Adams Shore9 room, 2 bed, 2 bath Bungalow12$359,900
    71086331ACT56 Albertina StQuincy, MA6 room, 3 bed, 2 bath Colonial437$380,900
    71241677ACT8 Price StQuincy, MA7 room, 4 bed, 2.5 bath Colonial61$499,990
    Single Family Listings: 10
    Average List Price: $303,049 Average Market
    Time:
    185.70

    Condominium Listings
    MLS #StatusAddressTownDescriptionDOMList Price
    71192263ACT205 Independence Ave U:243Quincy, MA3 room, 1 bed, 1 bath Garden109$119,000
    71170203ACT772 Willard Street U:B1Quincy, MA : West Quincy4 room, 1 bed, 1 bath Garden233$124,900
    71255996ACT215 Common St U:1Quincy, MA4 room, 2 bed, 1 bath Garden520$139,900
    71261588ACT1025 Hancock St U:2QQuincy, MA : Quincy Center2 room, 0 bed, 1 bath Garden18$144,900
    71219692ACT200 Falls Blvd U:F108Quincy, MA3 room, 1 bed, 1.5 bath Townhouse103$149,900
    71197107ACT200 Falls Blvd U:D106Quincy, MA3 room, 1 bed, 1 bath Low-Rise96$160,000
    71262723ACT77 Adams St U:705Quincy, MA : Quincy Center3 room, 1 bed, 1 bath Hi-Rise43$168,000
    71268125NEW133 Commander Shea Blvd U:613Quincy, MA3 room, 1 bed, 1 bath Mid-Rise3$169,000
    71265626PCG200 Falls Blvd U:I202Quincy, MA5 room, 2 bed, 2 bath Townhouse59$173,260
    71187094ACT33 Elmwood Park U:2Quincy, MA4 room, 2 bed, 1 bath Garden172$179,900
    71244989ACT67 Ratchford St U:1Quincy, MA5 room, 3 bed, 1 bath Detached54$187,000
    71265485ACT500 Washington St U:203Quincy, MA5 room, 2 bed, 2 bath Garden10$189,900
    71176783ACT15 Bower Rd U:A12Quincy, MA5 room, 2 bed, 2 bath Mid-Rise200$191,000
    71235381ACT200 Coveway U:417Quincy, MA5 room, 2 bed, 2 bath Mid-Rise74$212,000
    71239455ACT1 Cityview Lane 604 U:604Quincy, MA4 room, 1 bed, 1 bath Hi-Rise66$219,900
    71268266NEW80 Edison St U:80Quincy, MA4 room, 2 bed, 1.5 bath Townhouse3$226,050
    71202153ACT230 Willard St U:602Quincy, MA4 room, 2 bed, 2 bath Garden136$229,900
    71249381ACT15 Alton Rd U:2Quincy, MA6 room, 3 bed, 1 bath Mid-Rise54$255,000
    71219984ACT150 Quincy Shore Drive U:7Quincy, MA5 room, 2 bed, 2.5 bath Townhouse103$259,900
    71151854ACT37 Roselin U:37Quincy, MA6 room, 3 bed, 2 bath 2/3 Family136$289,900
    71208110ACT107 Suomi Rd U:107Quincy, MA : West Quincy8 room, 3 bed, 3.5 bath Townhouse123$359,900
    Condominium Listings: 21
    Average List Price: $197,581 Average Market
    Time:
    110.24 Average List Price per Square Foot:
    $203

    Multi-Family Listings
    MLS #StatusAddressTownDescriptionDOMList Price
    71251620PCG18 Buckley StreetQuincy, MA2 unit, 10 total room, 4 total bedroom 2 Family55$290,000
    71222684ACT79-81 SOUTH STREETQuincy, MA2 unit, 12 total room, 6 total bedroom 2 Family203$360,000
    71264623ACT43 Independence AveQuincy, MA2 unit, 11 total room, 5 total bedroom 2 Family – 2 Units Up/Down13$379,900
    Multi-Family Listings: 3
    Average List Price: $343,300 Average Market
    Time:
    90.33
    Thank you for viewing our Quincy MA Real Estate Report.  For A Custom Quincy MA Real Estate Search or list, please call us at 617.755.8272 or email to Mike@SuccessInMass.com today!

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