There has been much chatter about the deals to be had in purchasing shortsale properties.First, let me explain what a short sale is:A short sale is when a seller places their home on the market subject to their banks approval to take less than what they owe. For an example: Mary owns a property she is in danger of losing to foreclosure. The home has a mortgage note in the amount of $300,000. Fair market value is $250,000. The seller will need to obtain approval from their bank to take a lesser amount than what is owed. They would need to show hardship. 20% of short sales will be approved by the sellers bank. All buyers need to know this information prior to making an offer on a property. The buyer also must know that the sellers lender may not accept the offer. When a buyer places an of... 04/27/2008

This chart recently released from Banker and Tradesman clearly shows the decrease in the number of sales from last year to this year.  On average in the state sale prices have dropped 9% since the same time last year, locally we have seen more of a 13% - 15% decrease.The price drop is the steepest monthly decline in 18 years, according to The Warren Group, parent company of Banker & Tradesman. Some analysts predict that market conditions will continue to deteriorate, as foreclosure activity mounts and more homes are sold at discount prices. It's a simple supply-and-demand situation. We have an oversupply of homes for sale and unfortunately we have dwindling demand, not because interest rates are so high - they're not - but because buyers are cautious, especially first-time buyers. They ... 03/25/2008

Time to "Get Real".. Market Trends for Bristol CountyI read an article on Boston.com today.. For sellers, the  next year will be a trying year. If you do not need to sell.. DON"T.  Record numbers of foreclosures are causing home prices to fall.  In April of 2008, there will be hundreds of adjustable rate mortgages that will reset.. what this means is that those with adjustable rate mortgages may experience a larger house payment, which has been the driving force of the plethora of bank owned properties we are seeing on the market today.Today's buyer is shopping, shopping for price. The market is truly all about price. Average market time for the state of Massachusetts is 15 months now. 20% of the homes on the market are priced to sell. The other 80% will either expire or not sell at all... 11/23/2007

If you have been waiting for the perfect opportunity to buy a home, you have come to the right place. It is now, by expert opinion.. " The Perfect Storm"! Interest Rates are very low. Home Prices are low. What? You want the  home prices to go down more before you buy? You mean, you would pass up the home of your dreams based on price alone? Unless you plan on selling shortly after buying, whether home prices rise or fall a little more, it shouldn't matter to you, providing you have the means.I had a phone call recently from a buyer asking me if a certain home was still on the market, he said he was ready to buy it, to his dismay.. the house was sold! See, if a property is priced right with the right agent,  generally speaking, it will sell quickly. I met another home shopper who has bee... 11/17/2007

I remember being in school and of course always getting A's on verything that I did (not) (oops a correction). Then when I got that rare B+ my eyes focused solely on the correction the teacher made. I was a bad girl who did something bad.Why do we always see corrections as bad? Everything needs to be corrected, adjusted, tweaked to work better! That includes the housing market.  In my area - South Eastern Massachusetts - home prices far exceeded affordability for a long while. Along came those mortgage "solutions" that made it seem affordable making the homes escalate in value further. BANG!! CRASH!! CORRECTION! That is all this is.  Home prices HAD to correct. They had to become more in line with affordability. Once the line between price and affordability intersects again we will be a... 10/23/2007

Everytime the tv or the radio goes on we are overwhelmed with different newscaster and financial guru's giving their opinions and market predictions. Has doomsday happened or is it yet to come? Has the sky fallen or are we still waiting for it to fall? And that oh so lovely bubble....has it burst yet??? I just want to scream!!! What happened to buying a home that you love JUST BECAUSE YOU LOVE THE HOME?!?! I really can't remember when the change happened, did it happen when I was sleeping? Did someone flick the switch on the lightbulb? Or did the neon sign light up that said "A home is an overgrown stock ....buy, buy, buy and flip, flip, flip!!!"Where did "buy and stay" go? If people looked at a home as a long term "investment" than the question "Is it going to go down more in value nex... 10/22/2007

Once upon a time there was a Realtor. This Realtor worked long and hard for many years leaving many happy clients along the way. This happy Realtor in her travels came across a piece of land that some nice land owners wanted to sell. "What a perfect piece of land for beautiful homes!!" the Realtor exclaimed.  Then along came a builder. "Yes, this is a beautiful piece of land and I would love to build nice homes for you to sell." said the builder.  "Only what do we do with the home that is here? It is a tired, sad home that needs some love." asked the builder."Well than give it some love. It will always be a different type home but some love will certainly make it happy again." replied the Realtor. After many many days that turned into years the builder finally finished remodeling the di... 10/21/2007

I was contacted by a homeowner who needs to sell his home.  After asking some questions I found out he has been un Chapter 13 protection and it is being discharged on Monday.  He appears to have at least a small amount of equity in his home. He said that when the Chapter 13 gets discharged the foreclosure will begin.  I am meeting with him today and will read his mortgage statements and mailings received. My question is......will there be any time to market and sell the home? Do the banks immeditately go to court to be awarded a judgement to foreclose? 10/19/2007

If you are an investor or a first time buyer, you probably have considered bank owned property or properties being offered on "short sale". (A short sale is when the home is worth less than the note owed by the seller of the home.).I have submitted several offers on both bank owned and short sale properties, over the past few months. Here is what I have learned.1. Banks that own foreclosed properties like to see a bonafide pre-approval letter from a well known bank.2. Earnest Deposit money must be serious. $1000 on a Purchase and Sales Agreement will probably not be taken seriously by the bank or any seller for that matter.3. Very low offers are usually not even considered. The bank usually won't counteroffer. Their way of saying, "we have better offers".  Most of the bank owned homes a... 10/18/2007

When you decide to sell your house, there is much to consider.  In today's market, you need a strong agent that knows the neighborhood, is a great communicator and will pro-actively sell your home.Should I hire an experienced agent?Many experienced/veteran agents are so busy that they cannot keep up with the listings they have. Experience is important, but make sure the agent also has the energy to be of service to you and give you the attention you deserve. Should I hire a new agent?There is nothing wrong with hiring a new agent. In fact, some of the most energetic, "ready to prove something" rookie, could be the right choice for you.. Newer agents will be at your beck and call. However, be wary of hiring a new agent without formal training. You could have some serious challenges if yo... 09/20/2007

Taunton MLS Single Family ReportTotal Single Family Homes in Taunton MLS Listings  a on The Market- 292  Single Family Taunton Inventory is down since April by 10%.Sold Single Family homes  Taunton MA in the past monthUnder Agreement- 21Sold- 29It takes an average of 169 Days to sell  a single family home in Taunton MA Taunton MA MLS Multi-Family Report:Currently 115 Multi family properties in Taunton MA on the marketUnder Agreement 3Sold 5Average Days on Market 133 in Taunton  Real Estate in MasachusettsAccording to the National Association of Realtors, expect continued sale prices to continue downward at least until the end of the year. It is possible that prices will stabilize by mid-2008 09/16/2007

Living in the country poses the dreaded problem of dealing with our little furry friends, the field mouse. Just the thought of them sends shivers down my spine.  I am deathly afraid of them and have been know to stand on chairs, counters and the like when I spot one. I haven't seen one in the 2 years since we moved here. The house was a vacant rehab and this was one of the many problems!The best way to make sure the mice don't make your home theirs is to prevent entry.Caulk and seal any  small points of entry, bulkheads, cracks or crevices in the foundation. I like using "Great Stuff" which you can buy at any hardware store. Its a styrofoam like substance. Place traps (with a little peanut butter at the end.) near the bulkhead or basement door and around your basement. I am not an angel... 09/09/2007

  I speak to at least one homeowner in pre-foreclosure at least once a week and I am compelled to write on this topic. I see people who just give up. It is really sad. I also hear people pass judgement on those in this situation, when they don't even know the circumstances!If you are currently facing foreclosure, I am here to tell you to not be ashamed or embarrassed or intimidated. Don't let this event dictate who you are as a person. You may have been victimized by predatory lending, you may be in a divorce situation or your financial situation may have changed. In life, bad things happen to good people. Hold you head high and land on both feet no matter what!.Don't listen to the shoulda, woulda, coulda. The past is the past. Deal with the present as best you can and stay positive. It... 08/31/2007

Home Selling - Why great homes don t sell For Homeowners in MassachusettsYou have a fabulous home in a great location, yet it s been sitting on the market for months with little or no interest. What can you do?Real estate is a fickle business with markets fluctuating according to season, the economy and supply and demand. The general market aside, there could be other reasons your great home isn t selling.One of the top reasons great homes don t sell is because they are overpriced. Setting a sale price for your home is tricky business. You want to get the maximum possible return on the sale without alienating potential buyers with a too-high price. Many home sellers also mistakenly think padding the price of their home gives them an opportunity to negotiate down toward a more reasonable... 08/26/2007

Home Buying - Open house: How to make the most of the visit Buying a house for whatever reason should be a fun and exciting time. Open houses are an enjoyable event. You may even visit three or four different homes in one day. There are special things to look for when going to see these houses. An open house is used to check the market and let potential buyers window-shop. There are certain criteria you have in mind when searching for the perfect home. Jot those ideas down and compare them to the homes you view.Take a notepad with you to each house and make a note of the address of the homes you visit. Jot down things you like and dislike about each house. This will help you keep track of which house is which. Make note of nearby schools, the general neighborhood, how close is freeway a... 08/26/2007

There are   297 Single Family Homs Listed Lowest Price: $139,900Median Price: $305,000Highest Price: $2,049,000Average Price: $331,849 Data is as of 8/26/200722  single family homes in Taunton MA are currently under agreement37 homes have been sold in the Taunton over the past monthAverage number of months on the market for single family homes  is 10 months. Seller if you really need to sell, now is the time!  Most Buyers want to be in their new homes before the weather changes. Call or email me on how to get your home sold faster than others. I can help you make your home stand out among the others. Lori LincolnKeller Williams Realty508-878-0917lorilincoln@kw.com                                       LoriLincolnTeam.com"Serving Sellers and Buyers in Greater Taunton MA and surrounding c... 08/26/2007

The question is "What is the difference between a home inspection and an appraisal?"This question comes up quite a bit, especially from First time home buyers. A Home inspection has nothing to do with the financing of your property. The home inspection is something you should have done by a professional, to give you peace of mind and the facts about the structure of the home. You will find out if the home has evidence of termites, mold, roof problems and leaks and much more. It is very important for you to know all you can about the home you are buying..good AND bad.An appraisal is mandated by the lender, broker or bank you are working with to obtain financing. This is paid for by you.. in Taunton and surrounding towns a single family appraisal is anywhere between $270 and $350.  The le... 08/26/2007

There are 300  Single Family Homes on the market in Taunton. Average number of days on the market is 133 with a median asking price of $307,000.36 homes sold over the last month with a median price of $270,35510% have been price changed this monthAverage months on market 10 months.Studies show homes priced lower than market value,  they will sell faster, and may even create multiple offers a buyers market.   08/20/2007

If you are facing foreclosure, you may have recourse especially if you are a victim of predatory lending. Devol Patrick, the govenor of Massachusetts has declared a moretoreum on foreclosures on primary residences in MA.     He is urging banks to rework loans and/ or work with the homeowners to stop them from losing their homes.   There is  also an organization in Boston that assists homeowners who are at risk. Go to NACA.com.Explore all of your options. Communicate with the bankFind a good attorneyYou may be able to stop the foreclosure, at least temporarily, put your home on the market, and move on with your life 08/01/2007

This is my first blog about the city of Taunton, MA. I will give general information here, but stay tune there will be lots of great information about this great city to follow in the coming months.Taunton  a community in Massachusetts that is a city with a townlike "feel".  You can visit Massasoit State Park for Camping, Hiking, Biking or spend the day and have a picnic or cookout.. A well-maintained park.Dining: Benjamin's Restaurant,  Chili's, Joe's Diner, and several more to be mentioned in blogs to followShopping: My personal favorite is the Silver City Galleria Mall. 2 floors with many choices. Penny's, Macy's Sears, Famous Footwear, and more and an awesome Food Court.Population (approx.) 55,000Taunton's Average income is about $52,000Newpaper is the Taunton Daily Gazette.The Taun... 07/15/2007