As we enter 2017 we decided it was time to again reveal the common misunderstandings surrounding distressed property sales and 2017 Massachusetts and Rhode Island short sale myths. Several years ago when the economy went to hell in a hand basket, the Massachusetts and Rhode Island real estate market was inundated with short sales and foreclosures. Thank the Heavens this is no longer the case but as we move into 2017 we thought it would be a good time to review where short sales are at in Eastern Massachusetts and Rhode Island and what Short Sale Myths remain out there.
Looking Back at the Real Estate Market in Massachusetts and Rhode Island.
Before we get started reviewing the Top Massachusetts and Rhode Island Short Sale Myths, it’s important to understand what distressed homeowners were thinking and feeling a few years back. There were many highly trained and successful people without jobs. They had been laid off, not because of anything they did wrong, but because business took a huge downturn. Employers were suffering and had little choice except to cut back by letting some of their best employees go. Then the bottom dropped out of the real estate market.
In the couple of years preceding this horrible economic disaster, people were buying homes at a very healthy rate and home values were rising pretty rapidly. When business went bad so did the real estate market, and prices dropped significantly and so did home values. This situation left distressed homeowners and lenders in a horrible situation, because many consumers were completely upside down with their mortgage. The timing of all this couldn’t have been worse.
The Plot Thickens
The next thing you know homeowner’s couldn’t pay their monthly mortgage payments and their homes were worth less than they owed their lender! Many of these homeowners had never been in this situation, never faced the possibility of foreclosure, and in fact some had never ever had been behind on their mortgage payments. Most real estate consumers, at least in Eastern Massachusetts and Rhode Island, didn’t even know what a short sale was. There was rampant fraud occurring, few people understood their options, and homeowner’s really didn’t know who they could trust.
It was for these reasons that we at Percy Law Group, PC started down the path of educating home owners, realtors and others about the short sale process, how to best plug into the opportunity short sales offered (especially compared to other options), and then successfully representing home owners throughout the short sale transaction.
Our friends, business partners and clients everywhere needed accurate information and they needed it from a source they could trust. Our real estate practice group got together and we delivered the information consumers needed. Part of that information included Tom Percy travelling throughout the area on a regular basis conducting short sale seminars, going on radio and online talking with folks about short sales, and generally walking everyone through the ups and downs of the short sale process. The result was our clients engaging us to fight hard for them to get the most from their short sale: excellent legal advice, in most cases a full deficiency waiver, a relatively smooth transaction, and the opportunity to move on with their lives in the best possible financial condition available to them.
2017 Short Sale Myths
In 2017, we will continue to experience successful short sale transactions. Over the past 12 years of our firm successfully conducting short sale transaction, our friends, business partners and clients have certainly become more familiar with short sales and now have a good general understanding of what a short sale is (and isn’t). But short sale myths will persist into 2017. So here is our list of 2017 Short Sale Myths and why they are, still, MYTHS:
Short Sale Myth 1 – A Short Sale is embarrassing! False! The fallout from the ‘Great Recession’ has continued for the last 12 years and millions of people just like you have moved successfully and even proudly through the short sale process and come out on the other side ready to move forward with their lives. We are an excellent resource for you be one of these people.
Short Sale Myth 2 – You must be behind in your payments. Not True! You do not necessarily have to be behind to short sale your home; some short sale lenders always require this, some not so much. Given the volume of short sales we conduct (and therefore the number of different short sale lenders we deal with) we can best advise short sale sellers about this issue.
Short Sale Myth 3 – There’s not enough time to short sale your Massachusetts or Rhode Island home. Not true! We’ve helped many, many short sale sellers receive extensions even one day before the foreclosure sale date! Still, that’s very risky and the longer you put it off, the harder it is to short sale your home. It’s best to start the short sale process sooner rather than later!
Short Sale Myth 4 – Short Sales take forever to get approved. Was true, but for most NOT ANYMORE! Our short sale team gets short sales approved and closed almost every day and while short sales does take longer than a standard sale transaction we get them approved and closed faster and more efficiently than anyone given our volume, focus, experience, determination and SYSTEM. Our short sale team has been at this for 12 years; they are simply THE BEST.
Short Sale Myth 5 – In 2017 it’s better in Massachusetts and Rhode Island to walk away from your home rather than attempt a short sale. This is very wrong for a whole bunch of reasons. If you are a homeowner and thinking about this option at this time, you need to come see us immediately. We will schedule an emergency, confidential and free meeting ASAP. A short sale costs nothing! Call us today and we will help you understand your options and how best to pursue them. We will stay focused on you, your needs, your results.
Short Sale Myth 6 – Buyers don’t want Short Sales – False! The truth is, given a choice, home buyers would prefer a standard sale transaction. It’s just faster and easier, but determined buyers can in fact enjoy a big savings when buying the right short sale property! It’s partly a matter of luck though, because it will depend on the lenders current financial situation, which changes regularly. In 2017 we can help you identify the best options for both short sale buyers and sellers.
Contact our short sale team in 2017 to best understand short sales in Massachusetts and Rhode Island. Rest assured our experienced and highly successful short sale professionals will stay focused on you, your case, your results. In Massachusetts and Rhode Island we are recognized leaders in short sales. Our short sale transaction lawyers close hundreds of these transactions annually. We have substantial knowledge and experience with all aspects of the short sale process. We will take great care to conduct your short sale quickly and efficiently. You, as the seller, do not pay our legal fees out of pocket. Our fees are only paid from the closing proceeds, as permitted by the seller's current mortgage holder. Contact us at (508) 828-1900, or SHORTSALES@PERCYLAWGROUP.COM.