Reasons a Massachusetts Short Sale Will Fail

Boston, Massachusetts Real Estate

Reasons a Massachusetts Short Sale Will Fail

If you are a Massachusetts homeowner in trouble with your mortgage, and many in the state are, you have limited options prior to foreclosure. Perhaps the best option that does less damage to your credit score is a short sale. Short sales, however, are difficult to understand and require coordination between realtors, buyers and lenders.

Unfortunately, many realtors are not up-to-speed on the mechanics of short sales. They learned about the process while studying for their sales license, but few have actually been involved in a short sale. If you are considering a short sale, it is time to find out if your Massachusetts Realtor has the experience to represent you.

Not having skilled representation in a short sale is dangerous because the Realtor is your main contact during this difficult process. If your short sale is not done in a timely manner or does not meet the lender's approval requirements, you can easily find yourself in foreclosure - the thing you are trying to avoid by doing a short sale.

Realtors are all too eager to cash in on the short sale trend, and short sales have increased dramatically the last few years. The Realtors' code of conduct expressly prohibits them from being involved in a real estate transaction in which they have no experience. As the volume of short sales grows, watch for a flurry of lawsuits by disgruntled homeowners.

If you are selling your Massachusetts home in a short sale, or considering doing so, pay particular attention to detail. If you are a buyer trying to purchase a home in a short sale, you also need to be aware of the specifics involved in this type of transaction.

When you need to sell your home, be sure to hire a Realtor experienced in short sales. Short sales can be a much better alternative than foreclosure. Be forewarned that unless done correctly and on time, short sales are seldom approved. Be vigilant, do your homework and thoroughly understand what you are doing.

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