Beware of Short Sale Fraud

Short Sales are real estate sales where the sales price of the home will not be sufficient to pay off the mortgage(s). Time and time again the equity of a home will be removed through second and third mortgages, effectively taking the profit out of the home prematurely. Often the financial situation results in folks having to relocate in the hope of clearing their debt. The increased number of these short sales has brought out a whole category of fraud.

Read the article on the Massachusetts Real Estate blog, here. This article came from Bill Gassett's (a REMAX agent in the Hopkinton area) blog. Enjoy!

Eastham New Listing - Oceanside Contemporary Cape

This is the ideal home for the beachcomber and the nature lover. On the ocean side of Eastham, approx 1.3 miles to Nauset Light Beach and Coast Guard Beach (20-25min. walk or 5 min. drive), near the bike path and ponds. This house has a consistent summer rental income of about $35,000. It has a wonderful open 3 bedroom, 2 bath layout that is perfect for families. Hardwood floors throughout the 1st level and terracotta tile in the kitchen. Upstairs is carpeted. It can be sold fully furnished and accessorized for those seeking a 2nd home or rental property.

Check out this listing (more photos, virtual tour) at http://3whidahlane.robertsheldon.com/. This is a short sale. Listed at $399,900.

Mortgage Underwater - Walk Away?

What should you do if your mortgage is seriously underwater and you are having difficulty making the payments? One of the options is to simply walk away - giving the keys to the bank and letting the situation be resolved with a short sale or foreclosure. Another is to just tough it out and make the sacrifices necessary to continue making the payments. The banking website, BankRate.com, answered this question. Take a look!

New Listing - Expanded Contemporary Cape

Eastham - SHORT SALE - NEW LISTING - This updated contemporary Cape has had several major renovations, including a large family room. There is a large first floor master bedroom and open beamed vaulted ceilings with a skylight. Open floorplan. This house has really nice landscaping, and sits on a quiet cul-de-sac. Come check it out. This is a short sale, listed at a significant discount to its assessed value of $447,500. Listed at $399,000.

Take a look at more photos, a map, and a virtual tour at http://210serbst.robertsheldon.com/.

Short Sale - Cute Eastham Cottage Near National Seashore

Cute Eastham 2 bedroom, 1 bath cottage - recently renovated with new family room and vaulted ceilings. This property is very near a public landing on Schoolhouse Pond and just a short walk to the National Seashore. This is a short sale being sold under assessed value, at $275,000. Go Here for more photos.

Want to see all Outer Cape listings? Check out http://mls-listings.robertsheldon.com/

New Listing - $285,000 - Short Sale - Just 100 Steps to Beach

Short Sale - This super-cute 2 bedroom condo is only about 100 steps to the stairs at the end of Eastham's Campground Beach Rd. This cottage has been totally re-done, with newer roof and flooring, cathedral ceiling in the living room & kitchen, and a large screened-in porch. This cottage is being priced 20% under the 2009 assessed value for a quick sale. Being sold unfurnished, as-is.

Check out http://735acampgroundbeachrd.robertsheldon.com/ for more photos and a Virtual Tour. Call me @ 508-237-9545 for an appointment.

Want to check out ALL the Eastham listings?? Go to http://mls-listings.robertsheldon.com/.

What Is A Short Sale?

In a short sale, a seller facing the threat of foreclosure enters into an agreement with their mortgage lender to accept a price for the property that’s less than the amount they actually owe on it. The seller makes no profit on the sale but avoids many of the problems that would come from a foreclosure. But, short sales have their own set of advantages and dis-advantages for sellers and buyers alike. Go to this article on AOL's real estate pages for the 'whole story'.

Short sales and foreclosures have been fairly rare on the Outer Cape, particularly Eastham. That said, look for a few over the next few weeks.