Sharon Lanen Coskren - Leading Edge Real Estate Sharon Lanen Coskren



Posted by Sharon Lanen Coskren on 11/8/2019

“Short sales” may have one of the most deceiving names in real estate. Any client who is undertaking the purchase of a short sale property will ask, “Why is this taking so long?” Short sales generally happen due to lapsed payments on a mortgage. In the short sale, the owners take a loss on the property, but it saves them from being foreclosed on by the bank. Many of these sales are circumstantial by divorce, or a sudden change in job. The seller asks the bank to take less money than the amount owed on the house in a short sale transaction. 


If You’re Buying A Short Sale Property


If you have made an offer and the seller accepts it, your dealings are far from over in a short sale. The seller’s bank needs to approve the sale. Since the bank is losing money in the deal, this is where the hold up can be in the entire transaction.


The First Step


The seller’s bank must review the short sale package first. The seller needs to submit a complete picture of their finances to the lender. The seller’s credit score will also be reviewed. A bank would not approve a short sale if, let’s say, the seller happened to have a lot of extra cash just sitting in a bank account. The lender needs to protect themselves.


The listing agent should be on top of all of the paperwork that should be done in order to have the transaction approved. As a buyer, you’ll appreciate a good short sale listing agent. 


Make Sure Everything Is In Order


There’s a lot of paperwork to sign in order to get a house. There’s even more paperwork to sign in order to secure the purchase of a short sale. If just one page of the documents are missing or one signature is left unsigned, the entire process can be slowed down even more. As a buyer, you should confirm that all the required documents have been signed and received. 


Another problem that can occur is that documents quickly become outdated. Bank and other financial statements are a good example of this. By the time paperwork is ready to go through the lender, last month’s bank statement could be completely outdated. The lender will then need an updated statement, holding up the process even more. The seller and agent need to be ready for these circumstances. The faster the lender is responded to, the smoother the process will go.          

 

Remember You’re Working With Two Banks


When you’re purchasing a home that’s a short sale, you’ll need to deal with two banks- your lender and the bank handling the short sale. Be mindful of the timelines that each bank has. If you aren’t, you could be approved hours too late to buy the property, leaving you and the seller to start from scratch. 


Buying a short sale is risky because there is always a greater chance the sale will fall through or succumb to foreclosure due to some kind of circumstances beyond the buyer or the seller’s control. If you have the right realtors on both sides of the table, the process of buying a short sale should go as smoothly as can be expected.      





Posted by Sharon Lanen Coskren on 11/1/2019

Potential home buyers should obtain a pre-qualification letter from their lenders to access a home loan. This letter communicates what the lender thinks about you being qualified for a mortgage up to a certain amount and is dependent on the data you gave about your assets, income, and expenses.

Pre-qualification is just the primary step, and it provides you with an idea of how much of a loan you will potentially qualify for. This process relies on consumer-submitted information.

Getting Pre-Qualified

Pre-qualification entails providing the lender with your overall financial picture, including your credit, debt, income, and assets. The lender evaluates everything and gives you an estimate of the amount you are expected to be able to borrow.

Pre-qualification can be conducted over the phone or via online, and there is no cost attached. It is usually a quick process, taking from one to three days to obtain a pre-qualification letter. Remember that loan pre-qualification does not include a review of your credit report or a detailed look at your ability to buy a home. Instead, it is only dependent on the data you provided to the lender. By extension, it doesn't mean much at all if you provide inaccurate information. 

The first step in the pre-qualification process allows you to talk with your lender about any needs or goals you might have regarding your mortgage. Then, your mortgage lender can tell your various mortgage options and discuss the type that might be the most suited for your needs.

Some brokers go the extra mile of requesting home buyers to have pre-qualification before working with them. The letter would signify that a lender has already started talking with the buyer. A properly-written pre-qualification letter clarifies that you are using a quality, legitimate lender who can be reached for verification and confirmation.

According to many real estate agents, in a highly competitive market, a pre-qualification letter might not be enough. This is a significant drawback in using and relying only on a pre-qualification letter for proof of ability to purchase a home. If you need to buy immediately or don't want to miss out on a great deal in a trending area, you may need to be pre-approved as well. Pre-approval is a more complicated process and can impact your credit score, so speak with your agent about which is the better option for your situation.




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Posted by Sharon Lanen Coskren on 10/30/2019

This Condo in North Andover, MA recently sold for $175,000. This Garden style home was sold by Sharon Lanen Coskren - Leading Edge Real Estate.


1 Walker Rd, North Andover, MA 01845

Condo

$175,000
Price
$175,000
Sale Price

4
Rooms
2
Beds
1
Baths
This is the best buy in North Andover! Two bedroom condo in pet friendly complex with new carpet, new wood floors, new appliances and updated bathroom. Open concept kitchen flows directly into living room area making it easy to entertain. Both bedrooms have wood flooring and ample closet space. Meadow View has beautiful landscaping and you can relax by the pool or play a game of tennis or basketball. Laundry is on the same floor making it easy plus you have your own private storage space if you need it. There is plenty of parking here as well and it is conveniently located to all major highways. Don't miss out on this opportunity!

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Tags: North-Andover   Real Estate   01845   Condo  
Categories: Sold Homes  


Posted by Sharon Lanen Coskren on 10/25/2019

The first thing you see when you come home is your entryway. No one wants to go back to a cluttered house, and organizing your entry is the first step. The challenge though is that because it is the first place you land, it becomes where everything else falls too. It’s the catch-all for the mail and magazines, homework, receipts from your shopping trip, and even those door hanger coupons you’re saving for date night.

You’ve read that heading straight to the office with your mail is best. But even on your best day, you come in the door with both hands full, looking for a place to drop the keys before you drop the eggs. The simplest solution is to set up a landing table in the entry that you can place items to go over later. Check out these ideas to see what might work best for you. 

Drawers

If your entry table has drawers, the important stuff can be shoved out of sight. So, slip your wallet and keys into a drawer before heading into the rest of the house. Larger drawers are great for winter gloves, sunglasses, and other items you need to grab on your way out.

Shelves

A large shelf at the bottom of the table legs makes the perfect spot for covered baskets. Use these to toss boots and shoes, backpacks and homework. Or, organize your recycling, so the trip to the curb is just a short step.

Above the table surface, narrow cubbies and shelves make the perfect spot to sort the mail. Set up one cubby for the advertising circulars you want to get back to. Another works well for take-out menus. Finally, have a cubby for important mail that needs sorting. That way, when you have a moment to go through it, you’ll find it all in one place and not on random surfaces throughout the house.

Décor

Of course, everyone wants to arrange the perfect collection of vases, photographs, vintage glass and artful books on their entry table. Just remember that when you do, you’re going for form over function. Having decorative items on the table surface takes away your place to set things to relieve your overfull arms coming in the door. Instead, hang a decorative floating shelf above the surface to hold all the decorative items while the tabletop is available to capture what you might otherwise drop.

If your entry doesn’t have room for a table, now might be the time to think about purchasing a home that more adequately meets your needs. Talk to your real estate pro about a new home today.




Categories: Uncategorized  


Posted by Sharon Lanen Coskren on 10/19/2019

This Single-Family in North Andover, MA recently sold for $630,000. This Colonial style home was sold by Sharon Lanen Coskren - Leading Edge Real Estate.


281 Andover St, North Andover, MA 01845

Single-Family

$599,900
Price
$630,000
Sale Price

8
Rooms
4
Beds
2/1
Full/Half Baths
Prime location for this beautiful colonial set back off the road with enormous backyard. This home embodies the charm of yesterday with todays modern amenities and they just don't build them like this any more. Period details include coffered ceilings, window seats, built in cabinets, large pantry area plus crown molding. You will be stunned when you see the $250,000+ in renovations including updated kitchen, amazing bathrooms, new windows, electrical, furnaces, central air, plumbing, hot water heaters, patio, retaining walls, irrigation and insulation. Oversized front to back living room makes entertaining a breeze. Privacy abounds in the beautiful backyard with newer patio with great space for hosting friends and family. Relax and enjoy the summer breezes on your screened porch. Playroom/sunroom offers light filled space to play games and relax. This is a true gem that will not last!

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Categories: Sold Homes  




Sharon Lanen Coskren