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My First Time: My First Short Sale

My First Time:  My First Short Sale

 

This post is being submitted as an entry in Patricia Kennedy's:  Your First Time - The Real Estate Edition Contest.

 

3 causeway road holland ma3 Causeway Road, Holland MA

 

In the summer of 2012, a couple contacted me for help with selling their home. In the course of discussion, it was revealed that they owed more on their mortgage than the house would gain in the market.  They expressed interest in selling as a short sale, and we listed the home as such. 

This was my first potential short sale transaction.  Luckily, I had gone through the training for the Certified Distressed Property Expert designation and had an encyclopedia of resources available. In addition, short sales had become a regular part of my market in Central Massachusetts. I felt this one had a good chance of being approved.

We listed the home in August at $209,900 and  received an offer in October.  The buyer was unable to obtain financing due to the fact that the home was in a flood zone.  We dropped the price to $199,900 in February. The activity was very good, but being over that $200,000 price point was just too high a reach.

A number of other offers came and went, and I have to say that this was largely due to buyers' agents not telling their buyers about the need and cost for flood insurance.   It was fully disclosed in the listing but was not being communicated clearly to the buyers. We would get halfway into the process. and the buyers would be denied financing because the cost of flood insurance put them over their monthly budget!

We finally sold it in January 2014 at $195,000.  

This was one of my most rewarding transactions, being able to advise my seller clients on how to work with their lender during the course of the short sale and finally seeing their lender approve the short. 

 

Putting Today's Technology Tools to Work for You

 

Text and photos copyright Kathryn J. Acciari unless otherwise noted. 
All rights reserved.

 

 

 

Sturbridge & Central MA Real Estate and More

 

 

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Kathryn Acciari, RSPS, SRS, RESE, CFA

Century 21 MetroWest
45 Lyman Street  Suite 14
Westborough MA 01581

Serving the Route 9/20 Corridors of Central Massachusetts
Sturbridge to Westborough

Cell: (508) 982-0686   
Email:
kasellshomes@gmail.com

Web site: kathrynacciari.com
Blog:
Real Estate Blog
Twitter: @kacciari

Comment balloon 5 commentsKathryn Acciari • October 22 2016 02:42AM

Comments

Congrats on the short sale closed transaction. I am sure your sellers are very happy that you had the knowledge to get it sold. Here's to many more to add to your inventory.

Posted by Michelle Tucker ~ Pooler Real Estate, Rincon~Savannah~Richmond Hill (!Daley Real Estate) over 1 year ago

Kathryn- I can remember in 2008 when short sales were the norm here.  Some agents didn't want to touch them.  Fortunately, there were agents such as yourself who became knowledgeable in short sales and could help guide the sellers through this process.  Good for you for participating in Pat Kennedy's contest. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) over 1 year ago

Thank you, Michelle. It was a most rewarding transaction.

Kathy - It was difficult to decide upon my "First" but this short sale was an important one. Thank you for stopping by!

Posted by Kathryn Acciari, RSPS, SRS, REALTOR(R) Sturbridge-Shrewsbury MA (Cameron Real Estate Group) over 1 year ago

Kathryn, I got through the whole meltdown epoch without doing a single short sale or foreclosure.  I think the agents who were doing lots of them were walking around a little shell shocked a lot of the time.  It's really earning your brokerage fee.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 1 year ago

Patricia, it was daunting to see so many home owners in distress. Many were able to obtain short sales, but still they were left with no property, no equity. I am hugely relieved that that difficult time has waned.

Posted by Kathryn Acciari, RSPS, SRS, REALTOR(R) Sturbridge-Shrewsbury MA (Cameron Real Estate Group) over 1 year ago

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