Unlike neighboring Amesbury MA, Newburyport MA short sales are rare. The reason for this is simple; real estate values in Newburyport have not suffered that much. Short sales occur when people owe more on their homes than their home is worth, and have suffered a hardship that makes it difficult or impossible for them to keep the house. If the value of the home is worth more than the mortgage, there is no reason for a short sale. Newburyport values are such that there is rarely a reason for a short sale.
Newburyport MA Short Sales Update
Banks may be forgiving some of the seller debt, but they don’t like to give away money. They want the house to sell reasonably close to market value. Banks have become much more efficient in handling short sales so they are no longer as complex or need to take months to accomplish. A year ago I was still avoiding them, now I am doing them on a regular basis in some communities. The homeowner doesn’t really care about the price of the home as long as the bank approves the sale and forgives the balance of their debt. Between this and the bank wanting a reasonable price, you will find that short sales are priced to sell, based upon market value. Many homes on the market may be overpriced because the seller refuses to accept real value and their Realtor takes the listing anyway. That generally will not be the case with short sales.
The Future of Newburyport MA
Unfortunately, some Realtors are still pricing short sales at unrealistically low prices to collect offers to send to the bank. Beware of pricing that seems too good to be true – the lender won’t go along with it and you will be wasting your time.
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For additional information on this Newburyport MA Short Sales update, please contact John Wells, REALTOR at Wellsco Realty by calling 978-518-1481 or emailing firstname.lastname@example.org.