Massachusetts Short Sales (RE78R13)
Understand the ins and outs about what a Short Sale in Massachusetts Real Estate is all about
What Is a Short Sale?
Short Sale vs. Traditional Sale
Short Sale vs. Foreclosure
Why Do Short Sales Happen?
Understanding Negative Equity
Who Is Involved in a Short Sale?
The Lender Is NOT the Seller
The Seller's First Consultation
Is a Short Sale the Seller's Only Option?
Preparing to List a Short-Sale Property
Establishing Market Value
The Lender's Property Valuation
Pricing a Short-Sale Listing
Disclosing Short-Sale Status
The Short-Sale Package
The Hardship Letter
Authorization to Communicate With the Lender
Receiving an Offer
Submitting the Offer for Short-Sale Approva
Multiple Mortgages Change the Transaction
Understanding Lien Priority
When the Second Lienholder Says No
Other Liens Can Create Problems
Understanding the Lender's Net
The Short-Sale Approval Letter
What Is a Deficiency?
Possible Tax Consequences
Can the Seller Receive Money at Closing?
Closing Deadline Problems
Representing a Short-Sale Buyer
Is a Short Sale a Bargain?
The Buyer's Deposit
Financing a Short-Sale Purchase
The Buyer's Appraisal
Home Inspections
What Does “As Is” Mean?
Lender Counteroffers
Buyer Fatigue
When the Buyer Wants Out
Massachusetts Short-Sale Considerations
Short Sale Does NOT Automatically Stop Foreclosure
Short-Sale Fraud Red Flags
Undisclosed Side Payments
Arm's-Length Transactions
Agent Risk Management
Ethics and Professional Responsibilities
Complete Short-Sale Transaction Timeline
Final Massachusetts Case Study
RE78R13 Final Review
Everything you need to know about "Short Sales"