Attention Investors, flippers and 1st Time Home Buyers looking for Ugly Houses, Pre-Foreclosure, Short Sale and REO properties.
Looking for Deals?
Especially in the current market, savvy investors have the potential to make a lot of money. The Massachusetts real estate market has, depending on the community, been either flat or declining. (To know where your community stands, ask for our 365 Day Sold Stats report on your town or register for this list to get your free bonus report.)
You, as the buyer, are in the drivers seat with people who need to sell for one reason or another. Some properties are 'distressed', some are not. Some need a lot of work, some need a little, some are ready to move in. In addition to fixer-uppers and bank owned properties, there are a lot of short sales available.
What is a Short Sale?
When a seller needs to sell but the net proceeds of the sale (selling price minus costs) is less than the combined mortgages and other liens it is a 'Short Sale' - it's 'short' the total amount needed to pay all obligations. Property taxes and condo fees get paid first, then with consent of the 1st Mortgage, closing costs (transfer tax, attorney and marketing fees, etc.), then 1st Mortgage and, if there are funds left, any other liens in priority order.
The bank(s) will often forgive the balance owed so the homeowner is free of the weight of a mortgage they can't pay but will have lost any equity they may have had in the home.
You, as buyer, will normally be able to purchase the property at below market value, often in move-in condition. Note: short sales do take longer, sometimes significantly longer than normal sales. The banks are backed up and can sometimes take a month or more to even respond to an offer. We just closed one in Framingham in move-in condition for $279,900. The bank was owed over $400,000. It took about 2 months longer to close the deal but was well worth the wait.
What Properties Are Pictured Here?
Photos
to the right are properties recently featured on my exclusive
eDistressed list, emailed weekly. They may or may not be still
available.
Why is NOW a good time to buy?
Everyone agrees we have been in a declining market. Depending on who you last listened to we are at the bottom or may still have a way to go. One thing is for certain - we won't know where the bottom is till after we've been there . . . and if you're waiting, you will have missed it. In the meantime, there are good deals out there that make sense - they can start or add to your portfolio today. When we know where the bottom is, your friends will say you were 'lucky' that you bought when you did. You'll know better.
Why this list?
To the best of our knowledge, this is the only county by county listing of distressed, bank owned and short sale properties available.
What's on the list?
The list includes a thumbnail photo of the property, a description, the
address, price and a link to the full information on our website.
How will I get the list?
The list will arrive weekly in your email inbox with a subject line "This Week's eDistressed List."
Where does the list come from?
This list is derived indirectly from MLSPIN, the Multiple Listing Service covering most of Massachusetts (parts of the Cape and Western Mass have limited listings*). As agents, we subscribe (pay a fee) to MLSPIN to post our listings and co-operate with other agents on their listings. Currently the only way to get the information is
Every day we download all properties into a database and then search the new
database for relevant properties using a variety of searches on various
relevant information fields.
In addition to the normal searches one
can do in MLS, we are able to search all fields from MLS including
Remarks, Disclosures and Firm Remarks for any word(s) or combination of
words such as "handyman special", "needs TLC", "as is", "needs repair", "bank owned", "subject to", etc.
We can't guarantee to catch every possible listing since each field is
completely free-form and every agent has their own way of describing a
property but we constantly scan listings looking for new descriptions.
Why is this List exclusive?
As far as we know, there are no other agents out there who have thought of or figured out a way to produce such a list. MLS does not provide a way through their website to extract this information from their database. On one hand it's not 'rocket science'; on the other, we've got literally hundreds of hours into it and as far as we know, no one else has done it.
Why will you send me one county free?
There is no fee for your first county list, but in return for receiving it you agree to use me or one of my team members to represent you for any properties you find on the list. We will arrange the showing(s), write the offer on your behalf, assist you with financing, home inspection, etc. and best of all, negotiate the best possible price for you. Acting as your buyers agent doesn't cost you anything AND if you aren't satisfied with our representation you can 'fire' us at will. All we'd ask is to know why so we can fine-tune our service.**
What if I already have a buyers agent?
No problem - have your agent give me a call. We can work with them.
Why shouldn't I call the listing agent?
The listing agent you see on a website or a "real estate for sale" sign works for the seller. It is their job and legal requirement to get the best deal and price for the seller.
We will represent you, and will work on your behalf to get the best possible deal with the best possible terms. Since you make your money in Real Estate when you buy, not when you sell, you'll want to be sure to have an agent represent YOU.
What will I receive and when?
Once a week, normally Saturday morning, you'll receive an email from our website of all the properties in your selected Massachusetts county that are New, Back on Market, Price Change, Extended or Reactivated in the past week AND are either Bank Owned, Distressed, Short Sales, etc. (see above) AND have list prices of at least 15% below assessed value.
Then What?
1. Once you've found a property that is of interest, drive by, check out the neighborhood etc.
2. If not already, get pre-approved for a mortgage.
3. Give us a call and we'll arrange a private showing.
At that point, if the property looks promising, we'll do market analysis, advise you on price points, write an offer that meets your price and time requirements, negotiate that offer, assist you with your home inspection, mortgage negotiations, etc. etc. all with the end to get you the best deal possible, and as is traditional, the seller pays our fee - it won't cost you anything for us to work on your behalf.
What's next?
At the bottom of this page you'll find the enrollment form. We'll need your name and email address. Phone numbers are optional. We'll also need your choice for the county you want for your free list and the town for your free report.
Also available . . .
Additional counties for a small monthly fee.
Coming soon . . .
Custom DAILY eDistressed lists to your exact search specifications.
Principals only please
This list is intended for use by clients that are serviced by Jim Byler's homeTEAM and approved agents.
Agents
Attention Licensed Agents: If you'd like to take advantage of this list, please contact us and ask for our official eDistressed Agent program.
Bonus #1
Complementary membership in our Home Management Club
Bonus #2
List of books (mostly Real Estate) that I've read recently and recommend.
Bonus #3
Free 365 Day Sold Stats for a town of your choice.
