Nyles Courchesne Massachusetts Real Estate Attorney

As a real estate atorney I have been fortunate with my on-line marketing. However, nothing has been more rewarding than my personal relationships with loan officers and Realtors. One of the easiest places to make these connections is your local Realtor Association.

For many years I belonged to the RAPV Realtor Association of Pioneer Valley - main office in Springfield, MA. I never really felt like I was part of the community until I was invited to participate in an annual show that the RAPV put on . I have been involved every year since and see the events as an opportunity to build friendships with real estate professionals in the area. To quote Jeff Gitomer (marketing genius) "All things being equal, people would rather work with their friends". While it is true that you can make friends on AR, it is very important to make friends at your RA.

After participating in the annual shows, I found myself teaching the salesperson's course, and working on additional education courses through the RAPV. I feel very comfortable at the events because I am involved and always have things in common to discuss.

So, here's a thought - attend your RA events and then blog about themon your AR blog! All your local friends will hear about it and check out your blog!

Well, I have got to tell you, in the thirteen years that I have been a real estate attorney in Massachusetts, I have learned a lot about my business. One of the things that I have learned is that you need to work as a team with the Realtor and the loan officer. Here are some things that I DO NOT DO because Realtors hate it so:

1. I never point fingers at other members of the team when something goes wrong. There was a time in my career when I viewed the Realtor's role like that of a used car salesperson. I had a poor view of the hard work that Realtors put into these transactions and in short - I thought I was more informed and more valuable to the client. If I thougha Realtor made a mistake, I would blame them. This was inmatuer and unprofessional on my part. I learned the hard way how these remarks can come back to bite you. Everyone starts out as a newbie, everyone makes mistakes. But, not everyone grows to be a successful professional and not everyone builds long lasting professional relationships. Instead of pointing fingers I pick up the phone, ask questions and offer my perspective in a professional manner that saves everyone face in front of our client.

2. I never renegotiate the transaction after a Realtor has made a deal. This is a sophomoric approach to contract review in my opinion. Attorneys who act like they have a better handle on the situation than the Realtor who has had their finger on the pulse of the transaction for two months also deserve a bad name. This makes no sense. Realtors spend a lot of time negotiating these transactions. Unbeknownst to the attorney, the fact that a rose bush is staying or leaving could be highly significant, depending upon how the negotiations got to that point. I do not second guess the importance of any term. I ask questions, but I do not undermine the negotiations that took place long before I came into the picture!

3. I do not fail to communicate.I use conference calls and group emails to make sure that there are no misunderstandings. I think that attorneys who do not return calls or who sit on contracts do their clients a disservice. If something is wrong I want everyone to hear what i a saying no "he said, she said" - everyone gets the same information and they get it quickly.

If you are a MA Realtor looking for an attorney who "gets it", call me for your next transaction.

Just wanted to give a word of thanks to the members who took the time to respond to my post yesterday. I had asked what a small offfice attorney might do on a low budget to get started with an advertising campaign on the web. I was provided with multiple web sites that could assist in getting my own sites started and other great information. Some of the ideas were really inovated. The power of video on the web was explained to me and also the power of blogging in concert with a web site.

Sometimes it just takes a few minutes of the right person's attention and you can find yourself with an answer that sets you off in the right direction. I truly appreciate the responses that I receive on this network.

ThankYou!

Over the past year I have been involved with approximately 100 short sale transactions in the Springfield Massachusetts area. (My real estate law practice is located in Springfield, Massachusetts. I have been practicing real estate law and conducted real estate closings for approximately 13 years.) Many of my short sale transactions have come through successfully and I am happy to say that this week I have three that look like they are "ripe" for settlement. In my experience, not all short sales are created equal and many are doomed to failure from the start. Others fail because of the "wrong pairing" of Buyers with short sale Sellers. Following are a few guidelines for evaluating the likely success for a short sale from the Seller and Buyer's perspectives:

Seller perspective on short sale:

1. How many creditors and what kinds of liens are we talking about: Many Realtors get hung up on the numbers involved in the short sale. My mantra in these affairs is simply: Is the property being sold for market value. That is all that matters. I do not care how much of a haircut the lender is going to take; that is their reality in the cycle of foreclosure, buy back, hold, and resale. The Lender will not get market value and is usually happy to get out of the mortgage at market value. The problems come when there are multiple mortgages or executions, or attachments for unresolved legal matters. These types of liens can be extremely problematic. If there is unresolved litigation and an attachment on the property, it becomes extremely unlikely that a short sale involving the lien holder receiving $0.00 will be successful. It pays to review the title with a real estate attorney before you accept a short sale listing in order to guage how difficult (read likely) the short sale will be. . .

2. Who are the creditors: There is a huge difference between negotiating a short sale with a local bank and negotiating a short sale with a large national bank. Generally, local banks have loss mitigation staff that can be reached all the time on the first call. I find myself dealing directly with a decision maker when I call local banks. I western Massachusetts we usually have a two step process when negotiating any residential real estate transaction consisting of an offer and a purchase and sale agreement. When I deal with local banks, I am more likely to present offers directly to the bank because of how quickly thy will respond. I do not do this with larger banks. They take months just to assign the file to a "negotiator". In the meantime their collections office is foreclosing on the property. With the big banks it is a race against time and I insist on having fully executed contracts before I submit my client's information. Local banks are easier mostly because they are faster!!!!

3. Do you have the right Buyer: Time is what kills these transactions. When I have the seller in a short sale I cringe when I see a Buyer reserving their rights to inspect the property until after short sale negotiation. What is the point? There is no money for repairs and if something comes up in the inspection where the Buyer will absolutely not buy a house that has "X", why wait 90 days to figure that out? (The opportunity costs are huge) Very quick "drop dead dates" are also difficult for me to tolerate. While I appreciate the opportunity costs, you are either in this for the bargain and love of the house and for the long hall or you are still shopping around. I feel that you must have Buyers make a serious commitment to the process or everyone is wasting a lot of valuable time. I like the usual good stuff that keeps a transaction together: big deposits and default penalties with a commitment to remove inspection contingencies at the outset. Finally, these transactions are not for people who are buying their first home and are relying on government subsidies, grants, seller paid closing cost money or loans that have strict guidelines that require extra appraisals. These issues will only complicate the short sale and may lead to a rejection of a line item that is a deal breaker for a Buyer whose financing is completely contingent upon for example, seller financed closing costs that the seller's lender will not allow.

Buyer perspective on short sale:

Items one and two, above can be reviewed by a Buyer just as easily as the Seller. Buyers should ask their real estate attorney to review the title to the property to see what is owed and to whom. They should also review any other issues that can make this transaction difficult difficult. . .

Most importantly however, is the question: "Who is moving this short sale forward?" Is there an attorney involved or a Realtor with a lot of experience? What can they tell you about the likelihood of success of this transaction. Of course I like to see attorneys involved whenever possible. It is my opinion that an attorney that specializes in Short sale negotiation will generally have the staff and experience to bring these deals to the finish line within a reasonable amount of time. The real esatte professionals have to be on top of these transactions or they will crumble along with your Buyer's dreams of owning their short sale home.

Reverse mortgages are on the rise in Massachusetts.  While many of my friends and colleagues in the lending business have started focusing on loan origination and financial planning for older clients, these transactions are quite different from your typical residential refinance mortgage.  It takes a great deal of training to become proficient in advising clients about their options and the best reverse mortgage plan that will suit their needs.  Folllowing is some general information concerning reverse mortgages and an attorney's perspective (that would be me) on the features of this type of loan product:

Reverse Mortgage defined:  A reverse mortgage is a type of loan available to persons 62 years of age or older that allows the mortgagor to borrow money against the equity in their home.  These mortgages are useful to older clients who wish to supplement their income or cover  expenses that their retirement or social security income will not meet. The best thing about a reverse mortgage is that YOU DO NOT HAVE TO PAY THE LOAN BACK as long as one of the borrowers remains living at the home, pays the taxes and insurance and keeps the property in good condition.

Qualifying for a reverse mortgage:  It is relatively easy to qualify for a reverse mortgage; your current income, credit history and debt-to income ratio are not at issue in a reverse mortgage.  You simply must be 62 years of age or older, own a 1-4 family home in which you live, you must have equity in your home and your home must met certain condition standards.

Loan amounts and payment options: Recently reverse mortgage limits have increased to $417,000.00!  How much an individual can borrow is based upon th following criteria: theage of the youngest borrower on the loan, the value of the home and the current interest rate.  Once you have decided upon the maount of money that you wish to borrow there are several payment options to consider: a lump sum payment to pay of existing debt/mortgages on the home, set monthly payments to the borrower, a line of ccredit available to the borrower for future use or some combination of the three. 

The effect that reverse mortgages have on other benefits:  Proceeds from a reverse mortgage are not considered income and will not affect some benefits such as Social security.  There are other needs based programs that may count reverse mortgage proceeds towards income and a borrower may not be eligible for ome needs based programs. 

The reverse mortgage process begins with counseling.  Please feel free to contact me by email or telephone with questions about reverse mortgages to determine whether or not a reverse mortgage is the right  loan product for you.  I am a real estate closing attorney who has closed numerous mortgages for borrowers including reverse mortgages with several different lenders.  I would be happy to refer you to a reverse mortgage specialist that I have had good dealings with.  Initial consultations with my office are free and I am willing to travel to clients homes to conduct reverse mortgage closings throughout Massachusetts.

Disclaimer In accordance with rules established by the Supreme Judicial Court of Massachusetts, this web site / blog must be labeled "advertising." It is designed to provide general information for clients, prospective clients and friends of the firm and should not be construed as legal advice, or legal opinion on any specific facts or circumstances. This web site / blog is designed for general information only. The information presented at this site / blog should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.