CLOSED! Haverhill Massachusetts Short Sale – Massachusetts Short Sales
Haverhill, MA Short Sale
Can a title issue kill your short sale? Sort of. This Haverhill Massachusetts Short Sale had a discharge that the title company was determined to track down, however, despite their diligent efforts they just couldn’t obtain it by the time we received all lien approvals. Unfortunately the buyer walked because title wasn’t clear.
I can’t stress how important it is to pull title at the beginning of a sale. We did that but even despite our efforts, this was a tough title to clear. Thankfully we had one of the best agents in Merrimack Valley for short sales. If you haven’t worked with Lisa Sevajian Johnson yet, you don’t know what you’re missing. She is one of the best agents I’ve ever encountered. She is thorough, aggressive and can get the job done.
She remarketed the property and got the house sold in record time. I wish we didn’t have to start over in the approval process, but that is common. By the time the second approvals came in, the buyer was ready to close and liens were cleared.
Lisa Sevajian Johnson - Short Sale Agent Merrimack Valley
Anyways, this Grandview Ave Haverhill MA short sale closed with the amazing team of Short Sale Mitigation, LLC, Lisa Sevajian Johnson, LLC – Grunale Law and of course Julie in our office.
Thanks for all the help.
The Short Sale Closers!
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Posted in Uncategorized by .
Broker Nick Aalerud & Maryann Little Short Sale Mitigation, LLC AA Premier Properties, LLC Serving Massachusetts and New Hampshire Homeowners with short sale negotiation.CLOSED! North Andover Massachusetts Short Sale
Adams Street, North Andover Short Sale
And Julie pulls another short sale together!! – North Andover, MA short sale CLOSED! Thank you to John Heenan Exit Realty, and his perseverance. This is the first sale we have done with John and thankfully it went as smooth as you could get.
Yes, we had one counter, and then a little bit of back and forth between two lenders that couldn’t agree, but Julie at Short Sale Mitigation pulled it off. John took was like a conductor of an orchestra keeping the buyer, seller, and attorneys in play. We couldn’t have done it without the help of all involved.
Thanks gang for this amazing sale and we very much appreciate all the referrals agents bring our way. We look forward to many more short sales with John.
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Posted in Uncategorized by .
The ART of Short Sale Negotiation in Massachusetts and New Hampshire
TIPS for SUCCESSFUL SHORT SALE NEGOTIATION IN MASSACHUSETTS AND NEW HAMPSHIRE
So, I’ve had SO many people ask us how we get all the approvals we get? I’d like to say we have it down to a science, or a special protocol for every sale, but to be truthful, each sale approach is different. I guess the one thing I’d advise anyone doing short sale negotiation would be to make sure you do your research up front! By that I mean, pull title, research the investor of all the loans, have a LONG conversation with the homeowner, find out their story, are their assets, etc. You can’t approach a traditional sale, and a FHA sale the same way. Knowing what type of sale you have will help you with how to attack it.
• I usually know at the beginning of a sale whether or not a homeowner will need to pay a cash contribution or have to sign a promissory note, but I prep every homeowner that that could be a possibility. We also address that in our contracts. I’ve also seen every reason why a sale could or would fall through, and we also try to address those issues in our contracts.
• I think being well prepared and well informed will help you negotiate the sale. The days of getting great lowball prices are over. Anyone dealing with a Fannie or Freddie backed property these days knows a great deal about over inflated values. Freddie and Fannie are trying to 
recoup and they are winning. Prepping a buyer WAY ahead of time that it’s likely their offer will be countered UP will save you in the long run.
• Short sale negotiation is not for the faint of heart. It’s long, tiring, cumbersome, and paperwork ridden, but if done well, will give you great satisfaction.
• Knowing that the lender’s goal and the buyer’s goal are inherently different, will also help you facilitate a plan. The true accomplishment is to TRY to get everyone to meet in the middle and come to an agreement.
• Be prepared that secondary lien holders can give you even more of a headache than the primary decision maker if they want more money and be prepared to have the buyers or sellers contribute to Jr. Lien holders to get the sale done.
• No two sales are alike, therefore the same approach to every sale won’t work. YOU MUST BE FLEXIBLE and understand that wanting to kill the bank’s negotiator isn’t going to solve any issues. Julie, Liz, Nick and I have all had to bite our tongues and sit back to digest a phone call. Sometimes it’s extremely hard to see what the lender needs when you have facts in front of you that completely contradict what the negotiator wants. It’s your job to get to that middle ground that everyone can live with.
• Be realistic with your expectations. It’s not normal to get a short sale approved in 30 days. It’s NORMAL to see an approval from 60-90 days, OR LONGER if it is an FHA loan. Understand there are a lot of moving parts. You should be negotiating all liens at once, and NOT one at a time. If you can’t get to a price that everyone can live with, you have to relist the property and try to attempt to get a higher offer. It may take time, but you have a duty to your seller to try.
• Work with a reputable attorney, preferably one that has closed LOTS of short sales, as I can’t tell you how many times we’ve had sales unwind because an attorney didn’t follow instructions on an approval letter. YOU CAN’T CHANGE A FINAL HUD without having to go through re-approval.
• Know who the BPO agent/Appraiser is, by pulling their license, making sure it’s active, making sure they don’t list a LOT of REO’s which could be considered a conflict of interest. Have them bring a photo ID to the appointment. We’ve run into a lot of “picture takers” who weren’t necessarily doing the valuation end of things.
My biggest tip is COMMUNICATE COMMUNICATE COMMUNICATE! You can’t leave buyer’s agents out of the loop. They should get weekly updates, even better, do 72 hour updates, EVEN if nothing has changed.
Short sales are still a strong part of the Massachusetts / New Hampshire market, and being educated will eliminate a lot of headaches. The reason we’ve closed so many and have such a high success rate is because we’ve seen the difficult side of short sales. A short sale is not an easy process, but many of the homes are well worth the wait for the right buyer.
Maryann Little, VP Short Sale Mitigation
http://shortsalemitigation.net
http://nhshortsales.net
New Hampshire Short Sale
Massachusetts Short Sale
~ The SHORT SALE CLOSERS
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Posted in Uncategorized by .
Apr 13
1
CLOSED! Beverly Massachusetts Short Sale! DO NOT TELL A SELLER THEY WILL NOT HAVE TO PAY ANY MONEY
Beverly Massachusetts short sale
CLOSED! Beverly Massachusetts Short Sale! DO NOT TELL A SELLER THEY WILL NOT HAVE TO PAY ANY MONEY!
I can’t tell you the amount of times, I’ve dealt with agent who have told a homeowner that because they are doing a short sale they wouldn’t have to shell out any money. Granted, there are sales where homeowners are paid money at closing, but lately they are few and far in between. What many agents don’t realize is how the seller’s financials impact the sale. The first thing the lender will look at are tax returns, a financial page, a hardship and then based on that information and the sellers bank statements and pay stubs, they will make a determination on whether they feel the seller can contribute to the short sale. Is the seller working? Do they make good wages? EXACTLY WHAT is going on in the seller’s financial picture has a direct result on whether on not the lender will be looking for $$ at closing or ask the seller to sign a promissory note.
Also, if the seller has MI on their loan, this is detrimental. In about 90% of the cases I’ve seen where MI is present, the short sale will result in the homeowner paying some cash or signing a promissory note at closing. Many times the MI company wants their deductible covered.
Agents should NOT be telling homeowners that they won’t have to pay any money in a short sale. Each short sale is different and the best thing you can do is prep a homeowner by being honest and saying, “It’s possible the lender will ask you for some type of contribution when the short sale is approved.”
For instance, the homeowner in our most recent short sale in Beverly Massachusetts was very forthcoming about his financial picture and when he and I did my intake call I knew almost immediately the lender would likely require him to pay money or sign some type of promissory note. Now, when we were getting verbal approvals, we knew they were looking for something from the homeowner and were able to have an honest discussion with him. It’s EXTREMELY important you don’t tell a homeowner they will not have to pay. NOT every homeowner is in severe financial distress. Also, keep in mind whatever amount the lender first requests, you have every option of renegotiating back to them. So on this sale, they wanted $66,000 in a promissory note, or $22,000 in cash. We were able to get the deal done with a $10,000 cash contribution and full waivers of deficiency were issued.
I have to thank Mike Quail on this sale, who, let us stay in the drivers seat. He had never worked with us before and I’m very grateful that he was open to working with a third party firm and let us explain the disclosures to the homeowner. Mike never told the seller he wouldn’t have to contribute. Thankfully the sale closed last week and all parties were happy. My seller was so happy in fact, he offered the following testimonial.
Mike Quail Short Sale Agent
I want to thank everyone at Short Sale Mitigation for helping me sell my home. After an extensive search for a company to assist me with short selling my home, I came across your company. Prior to speaking with Maryann Little, I inquired with several companies that claimed to be able to assist me in selling my home. Call after call after call, I was left feeling that I was talking to used car salesmen and not someone that would take the time to help me through the process from A-Z. All of that changed when I spoke with Maryann for the first time. After just a few minutes of talking to Maryann, I knew Short Sale Mitigation was the company that would help me. Thank you, Maryann, for making me feel comfortable with your straight forward and honest approach to the short sale process. Your extensive knowledge and experience were obvious from our first conversation. I also want to give you credit for building a great team of individuals who all went above and beyond to help me through this process.
An important part of your team is Julie Baker. In my opinion, Julie, you were the heart and soul of the operation because YOU got the deal done for me. You took on the big responsibility of negotiating with my lender (Chase), on two loans, and getting the approval on my short sale. Without your diligent efforts, I am not sure if the deal would have happened as quickly and smoothly as it did, if at all!
Last, but not least, I would like to praise Noreen Cowdrey at Grugnale Law Office, P.C. Once my lender approved the deal, Noreen stepped in and became an integral part of the process. Noreen, I can not say thank you enough for your work on the HUD and communicating with my lender as the closing date approached. Because of your professionalism and hard work, I had total confidence that that we would close. You may not know this, but oftentimes YOU were my point of contact for getting updates on the process, even before my own realtor. You were always there to take my call and give me information. Just like Maryann and Julie, you never let me down!
As a business owner, I know what it takes to run successful, productive business. I also know a business that takes pride in the quality of service they provide to their clients. The things that matter most are to always be there for your client and provide answers, updates, and support and to ultimately get the ABSOLUTE BEST DEAL done for your client. From day one of this process, each of you, Maryanne Little, Julie Baker, and Noreen Cowdrey did all of these things. You should all be very proud of your efforts! I have never had a company, and specific individuals, work so hard on my behalf. Beyond a shadow of a doubt, I will HIGHLY recommend Short Sale Mitigation to anyone I ever know in need of short selling their house! Thanks again Maryann, Julie, and Noreen!
This is the type of email that I am just extremely honored and grateful to receive. We work with the best homeowners around and will work to get EVERY sale approved!
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Posted in Uncategorized by .
Lawrence Massachusetts Short Sale
CLOSED! Lawrence Massachusetts Short Sale – MULTI FAMILY!
Once again we couldn’t have done this short sale without the amazing help of Lisa Sevajian Johnson! She stuck through this sale with patience and professionalism as usual. This was a difficult sale as it involved seller bankruptcy, squatters, no communication with those in the units and two different lien holders that couldn’t get on the same page.
We were grateful to also work with Marilyn Ellis as the buyers agent who also was patient and able to keep her buyer informed throughout the process. Thankfully we closed this and the homeowners were able to not have any deficiency to deal with.
Thanks to Meghan Grugnale and Noreen Cowdrey of Grunale Law and Phenix title who always make closings effortless for our firm and take the brunt of the anxiety from us at closing.
Lisa Sevajian Johnson - Short Sale Agent
Thanks to all who made this sale a success. We couldn’t do it without a great group of Realtors, who give us business, title companies, that make sure we can close and our amazing negotiators who get the job DONE!
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Posted in Uncategorized by .
Robert Benson - Gladewater National Mortgage
I had the honor to interview Robert Benson from Gladewater National Mortgage this month. Robert has over 17 years experience in the mortgage industry. We had a very honest discussion regarding concerns I’ve heard from several homeowners about when exactly they can purchase another home AFTER they complete their short sale. Robert had some excellent suggestions. Our interview is below.
Robert Benson, Gladewater National Bank
617-224-8276
rbenson@gladewaternational.com
Robert – With short sales, it’s important to reach out to a banker prior to short sale and with that said credit is really what we are focusing on and how it will impact buyer going forward..selling property. The main thing I’d like to do with people short saling and looking to purchase again and set a plan with them. I’d pull their credit, and then start the preapproval process with them to buy another home.
SSM – So you can do it THAT early in the process before the short sale starts?
Robert – Yes. I always say listen we really really have to look at this as a preapproval on a future purchase. I know we are going to have an event, which may or may not hurt your credit, but we have to focus on what is your ability to purchase again in the future. When we start this early, people understand we are going to guide them through this process. Whether it’s in 12 months or 36 months, that’s the commitment we have.
SSM – So sooner is better?
Robert – People are stressed and anxious and there are so many unknowns. With all the people I’ve dealt with, I’ve seen it all. Whether they have to file bankruptcy or whether they should pay the mortgage late or have paid it late, we can address that right away, and possibly prevent something bad from happening. People have recommended paying the mortgage late, to facilitate the short sale process, and I’ve heard you say that before, that that’s ridiculous. I feel the same way. It’s just bad advice. When you have someone who has good credit, you want to maintain that throughout the short sale process so they can purchase later.
SSM _ When a homeowner is selling, what should they know about their credit before and after the short sale and how it’s impacted?
Robert – I’m giving you two scenarios – One with a seller with perfect credit, and one with someone who is in default, credit card issues and many other credit problems – Analyzing them at the beginning helps. If they have good credit, I highly maintain they try to keep that so all we are dealing with is one glitch on their credit. The other scenario is the homeowner that has multiple issues on their credit. I may recommend talking to a bankruptcy attorney – That’s something that is not an easy decision and I’m not an expert on that. Let’s say they are looking at $30,000 in credit collections, once I analyze their income, I can see if they are even going to have the ability to pay this stuff. I can ask if they want a fresh start. That’s their right under the law. They’ll have everything zero’d out. Now we’ll have a two year plan. Once it’s discharged, FHA allows you to purchase 36 months after bankruptcy discharge with reestablished credit. There are a couple different opinions on bankruptcy.
SSM – What about a foreclosure with a bankruptcy?
Robert – FC is the biggest or worst thing you can do in regards to credit. If it’s a Freddie or Fannie backed loan, it’s 7 years before you apply for another loan. If I hear a homeowner say I’m going to let a home go to foreclosure, then that causes a huge wrinkle. You could add years if it’s bankruptcy and foreclosure. If someone was contemplating foreclosure I’d say, PLEASE don’t do it. A lot of people don’t realize what homeowners are. What I mean by that is banks look at 90 days late LIKE a foreclosure on your credit report. That is considered preforeclosure. It’s looked at LIKE foreclosure in the banks eyes. Borrowers really need to know that 91 days is the cutoff.
SSM – If they want to preserve their credit, they should NOT default correct?
Robert – yes. They need to pick and chose if money is tight, but it really does kill your credit. At 60 days late the lender wont’ even take the payment any more. Homeowners wanting to buy again quickly really need to not go past that mark. Pay on time if there is any way you can. Setting a plan with a homeowner BEFORE the short sale process, will definitely help.
SSM – Now what if a homeowner has to sign a note for the balance of the loan, or a portion of the balance?
Robert – A note is like any other debt. We will look at the payments on that and the terms. We use that as part of their debt, like a car payment. It will impact their debt ratio.
SSM – How should a homeowner prepare if they want to buy again in one to three years?
Robert – Setting a timeline is the key. I spoke to someone yesterday. They were reluctant to come to the decision to rent for a year and then buy, but if you set a plan and timeline, you will have no stress in what you’re looking to do. They wanted to move because of a school system. That was their main goal. I gave them a timeline. I told them you’ll have to rent and then you’ll be ready to buy. Throughout that whole process of renting we will monitor them, credit, income and we’ll get you ready to buy house the second that timeframe is up. This client is 12 months away from purchase. Just setting up a timeline is key.
SSM – Is there a difference between loans when someone is short sale, ie, Freddie, Fannie, FHA conventional, does that impact their wait time on a loan?
Robert – FHA has restrictions. It’s 36 months. If they short sale, they have to wait 36 months even if they are current if you don’t have extenuating circumstances. I’ve talked to my underwriter but he will allow a homeowner to do 24 months so long as their credit is good. With Fannie Mae they have the least amount of restrictions. If you have Fannie and 20% you can buy again in two years. Other than that they talk about 4 years with no default with 10% down. If there is any default I’ve been told you may need to wait 7 years. Even though FHA is a great option for people, but it’s expensive. Don’t go 91 days late otherwise you are eliminating options. The PMI is going to be there the entire life of the loan.
SSM – What if they refinance?
Robert – The goal is to refinance out of an FHA loan if you can into conventional financing. The rates today are 3.25% on a 30 year fixed on an FHA loan. Rates will stay competitive for a minimum of two years. It’s volatile but it depends on the bond market. If bonds do well rates will do well.
SSM – What would be your #1 tip for homeowners?
Robert – Have a good team around you. You need a good short sale negotiator. You need a good Realtor. You need excellent legal advice, whether it’s bankruptcy, real estate, and of course you need a good lender. People need to keep in mind every lender reports differently. Ask the lender HOW they will report the short sale.
Maryann Little, VP Mitigation
http://nhshortsales.net
http://shortsalemitigation.net
Massachusetts Short Sales
New Hampshire Short Sales
3rd Party Short Sale Negotiation Services
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Posted in Uncategorized by .
Andover MA short sale
Once again, we must thank Lisa Sevajian Johnson for working so diligently on this sale and also Cheryl Tibaudo for assisting on the buyer side. This sale was a Chase first and second lien only had MULTIPLE title issues before closing and then a valuation from Fannie Mae that left us all scratching our heads.
Interestingly the valuation from Fannie Mae was eye opening. The valuation on the property was more than $100,000 higher than the buyer’s offer. We knew something wasn’t right, but we were thankful that Cheryl Tibaudo insisted her buyer go forward with their mortgage commitment during the process of the short sale and not WAIT for short sale approval, because this yielded their appraisal. Well, with the buyer’s appraisal we were able to go back to Fannie Mae and do a valuation dispute which led to a $90,000 price reduction.
Lisa Sevajian Johnson - short sale agent Merrimack Valley
Fannie Mae is reasonable, but you have to put together your case. You must build it like a home brick by brick and show them what you’re looking at when you list a property, so that when these values come in and are so far off, you can show they WHY they should reconsider an offer.
Thankfully with Julie in the office and Lisa, Cheryl, Noreen from Phenix title and Meghan Grugnale, from Grunale Law, this sale came to a close in excellent time and we couldn’t have done it without the help of EVERYONE involved.
Thanks gang!
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Randolph MA Short Sale
Our buyer, who originally told us he was cash, turned out to be financed and anyone who knows how we run our company knows this sort of thing will drive me insane. BUYERS GET YOUR FINANCING IN ORDER BEFORE SHORT SALE APPROVAL.
Cheryl Short Sale - Massachusetts Short Sale agent
Our small army, got one small sale completed by working together. I can’t thank everyone enough.
Maryann Little, VP Short Sale Mitigation
Nick Aalerud, Exec VP Short Sale Mitigation, Broker New Hampshire / Massachusetts
http://shortsalemitigation.net
http://twitter.com/rapidshortsales
http://aapremierproperties.com
978-384-0032
603-505-4642 (f)
Stoneham, MA - Plaistow, NH
Short Sale Negotiation in Massachusetts and New Hampshire
Posted in Uncategorized by .