Black and Buono Blog

As a realtor you have people in your community and clients that have come to you with mortgages that they cannot afford. Many people need to get out of their mortgages. They simply can’t afford the home, and need to get out from under the mortgage. Many times in these scenarios, foreclosures are imminent.

In most cases a short sale is a better solution than a foreclosure. A short sale is when the lender agrees to accept less than they are owed for an outstanding mortgage loan. A bank would much rather agree to a short sale than to foreclose on a home.

A real estate attorney, in this case is a perfect referral for these types of clients. Black and Buono works with realtors and lenders to facilitate the sale of a home rather than allow your client to face foreclosure.
 
When you clients’ home is worth less than they owe, do they let it go to foreclosure? No. Let your client work with a real estate attorney to negotiate with the bank for a short sale. Contact us.

Surely, as a realtor you have come across the client who needs to downsize or upgrade, but doesn’t want to sell their existing home with housing prices the way they are. Many homeowners are becoming reluctant land lords.
 
Your client needs a real estate attorney who understands the rental process. Black and Buono can assist your client in the writing and structuring of lease agreements, condo fees, rent to own agreements and general rental policies. You know it isn’t a seller’s market. But, it is a “renter’s market”, and your client could benefit.

Faced with selling their homes in today’s short sale and foreclosure ridden market or leasing them, many realtors are seeing their clients who want or need to move are becoming defacto landlords. Despite the difficulties the real estate market is facing, there are opportunities for interested entrepreneurs who want to an investment property.

Many of those people who are buying homes right now are downsizing for retirement, cutting living expenses to match reduced income, relocating for a new job and taking advantage of low prices and ultra-low interest rates to buy a better house for their needs.

If you have clients that can’t sell their home for enough to cover the mortgage and don’t plan on leaving the area, help them take advantage of the low home prices and buy their dream house. They can rent an existing home with your help, and the help of a reliable real estate attorney, contact Black and Buono.

Home sale transactions took a bit of a hiatus over the last couple weeks of December. Now it is time to ramp up again for the New Year. As a real estate sales professional, using the right real estate attorney who can help expedite home sale transactions is in your best interest.

E-recordings of the deeds at the registry allows for the transfer of money much faster. But e-recordings also allow you to save time. What if the paperwork could be filed at the registry at the closing? Black and Buono now offer e-recordings. This service allows you and your clients to get expedited service.

Reliable and knowledgeable real estate attorneys provide to realtors,  home buyers and sellers in-depth knowledge, experience and expertise in real estate transactions. Black and Buono specializes in all aspects of the process. If you are a realtor in the Metrowest area, contact us for more information on how we can work with you.

"Can I afford this mortgage?" is a question that only you can answer.  But I think it's probably worth outlining the questions you should ask yourself before you decide to default on your mortgage:

1.  Have I made a good faith effort to cut my expenses?  Have I cut out cable, sold vehicles or boats, cut down on bills, stopped unnecessary expenses or cut down on vacations?

2.  Have I made a good faith effort to ramp up my income?  Have I looked for freelance work, part time jobs?  Have I considered a roommate if that works in my situation?

3.  Is the mortgage cutting into necessary savings?  After I have worked on the income and expense side, can I pay the mortgage while still saving:

• 15% of my income for retirement
• An adequate sum for college if I have kids
• An emergency fund of at least 6 months worth of expenses
• Any savings for special needs or upcoming medical expenses

4.  Would keeping the house endanger my family's health or education?  If your two-story house is too far underwater to sell, you don't have spare cash to put toward the mortgage while you rent it out, and a loved one is in the hospital; default on the house if you don't have enough savings to make up the equity shortfall.  
 
5.  How likely is this circumstance to change?  If you just lost your job which was necessary to pay the mortgage, immediate strategic default should be held off.  But if it's been nine months and the mortgage is eating up your savings, it's time.  If your income situation is likely to be long term then there's no sense putting off the inevitable.  Stop paying your mortgage and start talking about a short sale, start talking to a personal bankruptcy lawyer, and get credit counseling.

If you think you'll make more money later, what is right and what is sensible is to take an extra job for a while to cover the mortgage.

6.  Is the bank going to come after me for the deficit?  If the deficit is smaller than your emergency fund, consider using the emergency fund to sell the house and make up the deficit. You will be better off saving the emergency fund again than you will be destroying your credit.

If the deficit greatly exceeds your assets (other than retirement which creditors can't touch), then do a short sale, a deed-in-lieu, or go through a forecloser. If the lender won't negotiate down to something you can pay, talk to a bankruptcy attorney.

Contact Black and Buono, real estate lawyers who can assist you in your short sale transaction and bankruptcy lawyers who can help you with a personal bankruptcy filing or credit counseling.

Excerpts – The Atlantic

As a realtor, when dealing with a short sale transaction, you need a real estate attorney who has been down this road.

As you know, short sales are not cut and dry. There can be any number of issues with title problems and liens, and only an experienced real estate attorney can make this process smooth.

You also know that a short sale is very difficult for the seller and for the buyer. Generally when selling a home, the seller is moving on in some form or another. During a short sale, the seller is essentially losing their home. The process is difficult.

Black and Buono can help your seller through the short sale process, as well as assisting your customer with credit card counseling  and debt restructuring, and/or bankruptcy help.

While the buyer is most likely getting a very good deal, the process is long and confusing. It can also be challenging if there are liens on the property. Many buyers don't understand the short sale process; they tend to become very impatient while waiting for short sale approval.

Black and Buono can help your buyer get lender approval for the short sale. There are also many legal documents that are needed for a short sale that we can help you with, and we have experience in short sale home closings.

Contact Black and Buono, qualified and experienced lawyers for the short sale process in Massachusetts.

As a realtor, you don’t need to read the New York Times to know that American home prices fell in most major cities in September after posting small gains over the summer and spring. This is the latest evidence that the troubled housing market will not recover any time soon.

As a realtor, when you have a real estate transaction, you cannot let it fail as a result of overlooked details. You need a lawyer or will work with you as a collaborator not an adversary.

At Black and Buono, P.C. we have been practicing law in the Framingham and Worcester area since 1980. We are well versed in real estate law, and have a network of individuals to help us get the transaction done.

In addition to our years of experience, and our network of contacts, we also perform E-recordings. Why wait record the deed when we can record online? Why have a Registry closing when we can record on line?  Let us help you expedite your real estate transaction with efficient services, E-recordings and a network of professionals who are at your service. Contact Black and Buono, P.C.

Realtors and real estate brokers are all of a sudden experiencing a much longer buying cycle. In the past, the home buying process took a few months, that same process now can take six to eight months or even a year.

Shorten the home buying process. Real estate agents and brokers should work with real estate attorneys who are set up to do E-recordings. This service allows you and your clients to get expedited service. Real estate documents can get recorded more quickly, which in turn will allow funds to be transferred in a timelier manner.

Black and Buono is one of the only real estate law firms in the Framingham and Worcester area that offers E-recordings. Realtors and their clients both benefit from this service.

Are you a realtor looking for a reliable, efficient real estate attorney? Black and Buono offers legal representation to home buyers and sellers in the greater Metro West area, providing in-depth knowledge, experience and expertise in real estate transactions and specializing in purchase agreement drafting, deed preparation and recording as well as representation at real estate closings.

It is important for buyers to understand the legal documents involved in buying a home. Likewise, the decision to sell a home can be one of your clients most significant decisions in their life. Be confident in the legal guidance you suggest to your clients.
 
As a realtor, you can be assured that Black and Buono, P.C will handle your clients' real estate transaction with professionalism and skill, contact us.