To All of My Friends and Clients,
I hope this letter finds all of you well. I am excited to let you know that I just became certified to specifically help buy and sell foreclosed, short-sale and bank-owned properties.
Foreclosure transactions are not simple and straightforward. They pose many challenges that often trip-up untrained professionals. My specialized training and certification means I know the most up-to-date information about foreclosures in Massachusetts.
I wanted to share a few important things about foreclosures and short sales you may not know:
1) You can get properties for less than market average, but nobody is giving them away:
Banks are for profit companies, and foreclosed properties are generally priced aggressively, perhaps slightly below market value. While there are good deals out there right now, banks with excessive inventory won’t give the house away- Sorry. With some sweat equity, patience and the help of a Realtor, you can identify good foreclosure deals.
2) If you’re worried about going into foreclosure yourself, you can’t avoid it by avoiding your mail:
Some homeowners think that if they don’t pick up their mail or read the notice of sale by the lender, that the foreclosure process will be stalled or even voided. MA foreclosure law only requires the lender to mail the borrower a notice of its intention to hold a public auction. The law doesn't require that the lender ensure the borrower knows about the sale, or that they actually receive the mail being sent; it only requires that the mail be sent to the appropriate address.
3) Short Sale, Foreclosure and REO are not different names for the same thing!
Short Sale refers to a specific pre-foreclosure transaction in which the owner of the property sells the property to a third party for an amount that is insufficient or “short” to pay off the lender. Foreclosure is when a bank or lender attempts to recover monies owed to them by selling the property. When the consumer borrowed the money in order to purchase or refinance a home, or to open a line of credit against the equity in their property, they made a promise that if they couldn't pay back the loan, then the lender could foreclose and take the property. REO stands for “Real Estate Owned.” It refers to properties owned by a lender as a result of a foreclosure.
Although your home is probably the single largest investment that you will ever make, first and foremost, your home is a place where you and your family live, a place for you to come home to every day and feel safe and happy. If you, or someone you know is at risk of having their home foreclosed, please contact me.
Stay HEALTHY and Stay POSITIVE!!
Have a Wonderful Spring and please stay in touch.
You can also find me on the web:
www.jenniferdrucker.raveis.com
www.twitter.com/jenniferrealtor
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