JON BLANGIARDO

Hi Del,

The home you asked about, 470 Ocean St in Marshfield, was listed in MLS PIN from July to December in 2008. It's a pretty home, 5 bedroom colonial right there on the water. If you're good and set on that home, it may worth your while to investigate it further. They may still be looking to sell, and if the home goes to auction, you may be able to pick it up on the cheap.

The property was listed as a short sale. If you're not familiar with the term, it's a home where the market value is equal to less than the balance of the homeowners mortgage. What that means is that the sale is basically the same as any other, except the homeowners lender will need to approve the sale and accept a loss and only partial repayment of the loan. This process often requires some time.

So, if the owners still own it, you might be able to negotiate a short sale, or you may also be able to buy the property at auction if the lender does foreclose on the property. I'd strongly recommend professional help if you're considering either of those routes.

I hope that helps! Feel free to contact me directly if you want to continue the conversation.

Thanks!

Jon Blangiardo
Options 153 Real Estate / Plymouth, MA 02360
617-365-9361 / Jon@BlangiardoRealEstate.com - Thu Mar 12 2009, 09:51