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Home Selling in Randolph : Real Estate Advice

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Activity 6
Sun Sep 1, 2013
Mack McCoy answered:
Sun Sep 1, 2013
Mikel DeFrancesco answered:
No doubt. I am very active in Randolph and one of the biggest challenges is enough inventory. So the short answer is yes, the market is very strong in Randolph this yr as compared to the previous several. ... more
0 votes 4 answers Share Flag
Sat Jan 22, 2011
Mikel DeFrancesco answered:
Holly,

I have worked directly with banks as both Short Sale Broker and to help them negotiate with delinquent owners.

The bottom line is the bank pays, since there is more owed than proceeds... the bank will approve the HUD which includes the commissions. A Few important items:

- The banks may reduce the commission, so the agents beware. It is why almost all Short Sales need to say " Commission Subject to third party approval "
- An atty should help prepare the package to the bank... if an incomplete HUD is ( Finally! ) approved by the bank and other items are discovered ( liens, fees, taxes etc ) .. then the banks approval is no good.
- The seller should only sign a realistic offer. The banks are so swamped with these that it may take weeks or months for them to process, get appraisals, BPO's etc. They are not interested in a negotiation. Many sellers sign a super low offer because they don't really care ( it's not their money... right? ) or some predatory " Investor " figures they'll take a shot. It's really setting themselves up for failure.

The instructions from a bank for a SUCCESSFUL short sale is:
- Only sign a realistic offer, that is likely to be supported by the banks independent review
- Send a complete HUD with all costs associated
- Send in complete seller papework, taxes, acct statements, hardship letter etc.

If the above is done... short sales are easy and successful. Most of the time it's not.. and that is why short sales fail.

If you are interested in discussing further with an experienced local broker ( My office used to be on S Main ) .. please contact us at direct: 617-755-8272 or Mike@SuccessInMass.com
... more
0 votes 9 answers Share Flag
Sun Jul 6, 2008
Melissa Mancini answered:
I’m not sure about the laws in Nebraska, but here in MA, there are 5 points that make an offer to purchase real estate legally binding:

Performance Date (closing date)
Purchase Price
Consideration (deposit)
Signatures
and all to be in writing.

If one of these factors is missing, then it is not legally binding. Your best bet is to consult an attorney.
... more
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Mon Mar 31, 2008
Territory.com answered:
Look at absorption rates.

For instance, right now Randolph has 8 months worth of single family listings on the market (i.e it is going to take 8 months for those places to sell). Compare this to a market we all know is hot right now despite the general iffy market - the South End in Boston - which has only 4 months of condo inventory on the market. Now look at Dorchester, a market that is tanking right now, they have 11 months of single family inventory on the market and 13 months of condo inventory. The conclusion you draw by doing this is essentially supply and demand. These numbers tell us Randolph is doing ok, but not great. The best way to determine where you should put your money right now is to take the 4 neighborhoods you are considering and see what their comparative absorption rates are and then go from there. See where the demand is.

If you need me to walk you through it I can no problem.
Good luck!
... more
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