And this tough decision did not end up going well for the homeowner in Foreclosure. The property is at 194 Fells Avenue in Medford. It was in foreclosure and we mailed them an initial cash offer foreclosure MA of $594,915. When we mail them an offer, we also always tell them that this is one way on how to avoid foreclosure in MA.
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It’s true, our blind offers are based on houses that are in average plus condition. If the house ends up needing repairs, then we will need to adjust the offer down. However, there have been situations when the house is in better condition and we will actually increase our offer! Selling to a cash investor can be a great way to sell house in foreclosure Massachusetts. But it’s important to know that it is not the only way to do so! You can learn how we buy houses in foreclosure.
The seller’s then list their house for a very inflated $699,900. The issue is that they listed the house for sale on May 22nd with a rip off real estate agent (all real estate agents are rip offs with their inflated fees) just 13 days before the initial foreclosure auction of June 4th.
You have to give the Massachusetts Foreclosure seller some credit, because at least they acted. The issue is that they acted late. It didn’t leave them a lot of time or options. And while it seemed like they would be okay in the end… It actually turned out to be disastrous. Here are some great Massachusetts foreclosure prevention resources.
I know their agents gameplan… Because it’s all real estate agent’s spiel. Sign here. I will get you more for the house then you are asking. I’ve sold so many houses this year and am the most experienced agent on the face of this earth. The comps say the house is worth this, but with my rockstar marketing… I am going to get you so much more.
The Massachusetts Foreclosure seller listed the house on the market… But then it didn’t sell the first weekend. Now the real estate agent who promised the world is looking pretty dumb. So, what did she do? She reached out to us as I am confident the seller mentioned the offer she received when they first met.
We sent our revised cash offer foreclosure MA for $525,000 with a quick close. This was an as-is purchase. No home inspection. No buyer delays. No buyer headaches. Yes, it was lower than our original offer, but a couple of things had happened since we had sent it to the seller.
The first is that they hired a real estate agent. We hate working with agents. We find them a useless nuisance who are there to collect a fat check in the end. The second is that we saw the marketability of the property while it was listed. We saw the diminished Zillow views. Essentially, our initial valuation was off. Had they not listed the house, then that error in our valuation would have been the sellers gain and our literal loss. They listed the house and the market response spooked us. It’s as simple as that.
We sent in our offer and the agent never even responded to us. She never countered. Nothing. Had she countered, then we would have probably come up. There was a deal to be made, but not hearing anything from the seller agent meant the seller died to us. We have plenty of deals and plenty of opportunities. We don’t need to beg someone who doesn’t even respond to us.
The bank foreclosure extension Massachusetts because the house was on the market. This was a courtesy. Not all banks will do this. Most will always extend a foreclosure date should there be a cash offer with a valid proof of funds, but not necessarily for just putting a house on the market. The foreclosure date would be end up being extended to August 18th.
But here is the thing about that courtesy … And I learned this one the hard way. That extension is a courtesy. If you don’t perform by the day of that foreclosure date, then the house is bye bye. There is no going back no matter how much begging you do. Again, this lesson is from experience. It cost me a 6-figure wire in order to save the house from foreclosure so we could finish out the probate and close on the property. Understanding foreclosure extensions is VERY important!
So, what happened to 194 Fells Avenue?
- The house was listed on 5/22 for $699,000.
- They waited until 7/22 to reduce the price down to $649,000. (Again, just dumb to wait so long. The bank isn’t messing around here. Time is of the essence!)
- On 8/1, seller accepted an offer
- Signed a purchase and sale agreement on the 8/11.
- It turned out that the 8/18 foreclosure date was set in stone. Because the bank foreclosed on the sellers and the property went to a 3rd party sale.
Now I don’t know for sure, but the original mortgage was taken out in 2006. The owner had passed away and the house was left to her children’s demise. It’s a common story for Inherited house foreclosure Massachusetts. From my rough calculations, the children left hundreds of thousands of dollars of equity on the table. And here is the funny part. One of the siblings actually called me. They said they were staying out of it and it was their sister (who was living in the house) that was making all the decisions.
Talk about a conflict of interest! The sister, living rent-free, prioritized her stay over the family’s equity. Of course, she wasn’t going to act in the best interests of the estate and her other siblings! She was loving the gravy train and just couldn’t comprehend that the gravy train was coming to an end. And what did it cost her and her siblings? Most likely hundreds of thousands of dollars. This is why if you inherited a house in Massachusetts, then you want to be involved in the process. And please feel free to reach out if you are looking to sell your inherited house fast in MA.
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Like I said… This story didn’t have a happy ending. But there are a LOT of learning lessons here. And hopefully there will be some people that read this and learn that the foreclosure process is serious. That a bank doesn’t have to extend a foreclosure and that time is of the essence. And we are always happy to get you a cash offer for your Massachusetts home.
If you are looking to sell house in foreclosure Massachusetts and are looking for a guaranteed cash offer foreclosure MA sale that will ensure that you get the hard-earned equity that you deserve… Then please reach out! Banks are rich enough. They don’t need to steal your equity to make them richer!