Foreclosure in Harwich>Question Details

Jeanne Heroux,  in Harwich Port, MA

S.O.S.---I recently posted I had a property in Harwich, Cape Cod and wondered if I should do a fisbo---

Asked by Jeanne Heroux, Harwich Port, MA Tue Sep 25, 2007

You all recommended I use a broker, and I did. Thank you---It gave me much more exposure. However, not enough. I have been unable to sell and now am facing possibility of foreclosure. Lender will not do deferment or delayed / partial payment but would do a short sale. So....any investor out there who wants a great home (4 bdrm, 4 beth) on Herring River (beautiful view) for $630K (town valuation $730)---please let me know!!!!!!!! I am desperate. Thank you.

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Hi Peggy,
I am not sure where on the Trulia website the comps are---I'll go investigating. I am aware of the non-solicitation aspect of the guidelines, and have noticed some inappropriate use of this forum; a duplicitous action that elicits untrustworthiness for the entity posting the 'advertisement.' Thank you!
1 vote Thank Flag Link Sun Dec 23, 2007
hi peggy,
please contact me at your convience or send me your contact information to I can help you with a cash investor to buy your property.

Tx Dana
0 votes Thank Flag Link Sat Sep 3, 2011
Good Afternoon,
I am a Realtor on Cape Cod and have a great deal of experience and positive results with short sales. Should you need to move quickly and need assistance please feel free to call me. 508-292-3737 Mark Hansen --None of us want to see you lose your home.
0 votes Thank Flag Link Thu Jul 24, 2008
Hi Jeanne,
I just know you will figure things out - if not, email me.
0 votes Thank Flag Link Sun Jan 13, 2008
In order to do a comparative market analysis on, you may on the home page in the left column, under home search, put in your home's criteria, using a range for price and size. Out of the houses that come up, choose the ones that are in your neighborhood. Within a 1/4 mi. radius of yours usually works well. You may have to increase the radius if there is not enough data. This is your competition. Adjustments for waterviews have to be made. That can be tricky.
To find out what sold in your town/neighborhood, go to the right column and click on sold properties. The most reliable data is less than 3 months old. The price of homes that have sold prior to that have to be discounted by 5-10%, depending on when they sold in 2007.
Comparative Market Analyses are not simple because of the adjustments that have to be made to each property as none are exactly the same as yours, especially when waterviews are involved. However, this should give you a rough idea. Good luck with this and I hope this is helpful to you.

Tatiana Daniels
0 votes Thank Flag Link Sun Jan 13, 2008
Hi Jeanne,
Your best bet to check out comparable properties would be the Trulia website - which is why it exists and brings us together. AND you can get all kinds of free advice without a committment. We like to honor the Community Guidelines with our answers and try NOT to solicit you for business but just offer you advice which may prove useful. (Please see Number 3 of the Community Guidelines for our answers)

Peggy Gabour
0 votes Thank Flag Link Sun Dec 23, 2007
Dear Jeanne,

How I wish I had a buyer for your property! Maybe Jeanne can help you. I am very familiar with your area and know how desirable it is. True, as long as you are not in default, lenders do not modify the terms of their loans.
You mentionned you are trying to come up with some innovative way of marketing your property. In times such as these one has to use creativity. Hang in there as long as you can. I will definately keep you in mind. Tatiana
0 votes Thank Flag Link Sat Dec 22, 2007
I have a buyer who may be interested.. CAll me at 508-274-4802 and let me know when it's convenient to look at what you have. You can email me th MLS number to check out what you had listed. Check out mu website to find comparably priced properties. Jeanne
0 votes Thank Flag Link Thu Dec 20, 2007
Hi Andrew & Tatiana,
The lender knows. I have spoken with one man quite a bit at the mortgage company who is reasonable and has been helpful. He has agreed to do whatever he can within the parameters of the LLC's abilities. I am still not in default, so they won't modifiy the loan. Ironically, you have to really destroy your credit before they will work with you. I'm not doing that.

I have several ideas about marketing this property, which are, while unique to this area, a possibility for me and maybe for others in my position. Who could start a trend. I need to do more research on it. There may be a way to actually capitalize on economic depression!!! For now, the market is slow and everyone is in a holding pattern. I am, for one, holding on.
0 votes Thank Flag Link Thu Dec 20, 2007
Does the bank know that you have the property listed?

The bank will be more willing to work with you if they know you are trying to market the property, if they foreclose they will need to market the property anyway. If it is being done and the property is being somewhat taken care off they are likely to be easier to deal with. No guarentees on that, every situation is different.
0 votes Thank Flag Link Thu Dec 20, 2007
I am so sorry you are finding yourself in this situation, which unfortunately is shared by many Americans. Whatever you do, please stay in touch with your lender. Ask them to work something out with you. Initiate contact with them. Hopefully, you can keep your home. I do not think FSBO would help at this point. Many banks work with Brokers on short sales.
0 votes Thank Flag Link Thu Dec 20, 2007
Hi Jeanne,
The Town valuation means nothing these days - I don't really use it any more with my sellers. The valuation in Harwich was based on sales dating back 2 years ago so is not valid today. A home in Chatham sold recently for $100,000 BELOW assessed value, for example. I would lower the price and just get it sold. $600-$699 is a TOUGH price range in the Harwich/Chatham market. At this point, I would NOT go FSBO. Sounds like you need to do a short sale - most real estate companies in your area have worked with them . Good luck!
0 votes Thank Flag Link Sun Oct 14, 2007
You're just overpriced, unfortunately. On top of that agents don't want to get involved with shortsales for the most part. Get an agent who knows shortsales (get proof) and go that way... If you go FSBO it'll be near impossible.
0 votes Thank Flag Link Wed Sep 26, 2007
Okay, Whoa.
Just because no one made you an offer that you like is not the Realtor's fault. We do is expose the property to the market and negotiate on your behave. Unfortunately we cannot "make the market".

Did you have any showings? if so, what was the feedback?
Have any homes, like yours, sold during the time your's was on the market?

I need to be straight with you. The market price for a property is the price a willing, knowledgeable, and able buyer will pay to which the seller will agree.
What you need to get out of the sale, what you paid, what you spent on improvements, etc....none of that matters to the buyers. The fact that you are looking at a short sale is not an issue of the Realtor...although I agree, given the market shift we've seen most Realtors should be talking with sellers about anticpated net to determine whether there is a potential for a short sale.

Also, I would immediately talk with your lender. The last thing a lender wants to take back a property. They would prefer a short sale to foreclosure. Read my blog, a four part short pay and foreclosure primer.
0 votes Thank Flag Link Tue Sep 25, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
It is critical that you use a broker who knows how to handle Short Sales.
More importantly discuss with your account / CPA what kind of tax liabilities you are looking at in a Short Sale.
If you don't make payments on the money owed. The bank will issue you a 1099 forgiveness of debt. Uncle Sam will still want his money.
Now it depends on how good your accountant / CPA is.
Good Luck
0 votes Thank Flag Link Tue Sep 25, 2007
Mr.P, Other/Just Looking in Arizona
Hi Jeanne:

I'm sorry to hear of your circumstances.

During your listing with your agent, did you receive any showings at all? Any offers? Any feedback?

Did you price at this new rock-bottom price with your Realtor? If not, are you willing to do so now? Because that combination of priced-to-move and exposure might just be what you need to avoid foreclosure.

I did not see your original post, nor the advice you were given. I don't know what your agent did for you during your listing period and what, if any, activity you received, so any light you can shed on as to why you (or your Realtor) think you did not sell this time would be helpful.
0 votes Thank Flag Link Tue Sep 25, 2007
Where are your priced? When facing foreclosure, you should drop your price to your mortgage amount and try to get out without the credit hit of a foreclosure. If you owe $630 and the market won't bear that price, you are still going to have a problem. Have your agent word the listing to the effect that you will consider all offers. That might help. Get all over the internet. See where your agent has placed your home and do more! There are plenty of free sites to advertise on. Try these:
Web Reference:
0 votes Thank Flag Link Tue Sep 25, 2007
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