Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 9/19/2019

You might have heard one or two things about a short sale in real estate. It may look like a hard concept, but it is just another term for a conditioned sale. 

What is a short sale?

A short sale in real estate happens when a property owner needs to sell the property for less than the amount owed on the mortgages or liens. It occurs when the current fair market selling price is lower than the sum of the mortgages owed, but the seller must sell anyway.

It is a term coined to mean that the current seller is short of cash to repay the original mortgage that is currently outstanding and cannot receive an offer of a high enough price to cover it. Since the seller is short of money, he has to ask for help from the bank to recoup a portion of the loan. 

Today, short sales rarely happen. They were prevalent during the Great Recession but not anymore. In the rare cases where one is necessary, the bank may take into account mitigating circumstances such as a death of the primary income-earner, or a homeowner subject to a health challenge.

Advantages of making a short sale in real estate 

As gloomy as it sounds, short selling is not at all that bad. The following are some of the advantages that come with short selling: A short sale protects your credit score. Instead of the alternatives, foreclosure, and default, a short sale protects your credit score as it shows that you make financially sound decisions. Credit bureaus often frown upon a foreclosure, so it is better to make a short sale.

A short sale helps you avoid foreclosure. One of the worst things that one can do to a credit score is to add a foreclosure record on it. Hence, it is better to make a short sale as it deflects the adverse effects of having a mortgage foreclosed.

A short sale saves the seller from paying the fees that usually get paid by the seller. The charges get covered by the bank.

Disadvantages of making a short sale in real estate 

There is one disadvantage to making a short sale in real estate, and that is the lack of cash received on the part of the seller. This one is a given since the quick sale is a Hail-Mary pass in an otherwise potential foreclosure on the property.

Final Tip

Sometimes you need to short sell your property because you need to move to another state or country and keeping another property is not practical. Hire a real estate agent, one specializing in short sales, today to help you with the transaction.




Categories: Uncategorized  


Posted by Collins & Demac Real Estate on 9/18/2019


6 Cronin Brook Way, Millbury, MA 01527

Park Hill

Single-Family

$525,000
Price

10
Rooms
4
Beds
3/1
Full/Half Baths
Rare offering in Cronin Brook Heights Welcome home to this meticulously maintained like new 4 Bed 3.5 Bath with over 2700sqft. This colonial perched on a knoll is sure to please even the most critical buyer; Stunning lot, situated on a slight hill with private level backyard, this castle-like-feel offers indoor & outdoor entertainment space with fully finished basement, back deck, and open floor plan from kitchen to oversized family room. Enough room for everyone, with gleaming hardwood floors throughout 1st floor, this house offers an eclectic mix between the modern-day-lifestyle and formal tradition with french doors, crown molding and beautiful builder finishes. All bedrooms upstairs with the large MB suite with all the essentials - walk in closet, and master bath with spa-like amenities. Alternative use for 4th bed as office, study or nursery, plenty of natural light throughout. Excellent commuter access to route 20, 146, 140, I-90, 122A, 290 and the MBTA! OPEN HOUSE SAT 11:30-1:30
Open House
Saturday
September 21 at 11:30 AM to 1:30 PM
Cannot make the Open Houses?
Location: 6 Cronin Brook Way, Millbury, MA 01527    Get Directions

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Categories: Open House  


Posted by Collins & Demac Real Estate on 9/18/2019


6 Cronin Brook Way, Millbury, MA 01527

Park Hill

Single-Family

$525,000
Price

10
Rooms
4
Beds
3/1
Full/Half Baths
Rare offering in Cronin Brook Heights Welcome home to this meticulously maintained like new 4 Bed 3.5 Bath with over 2700sqft. This colonial perched on a knoll is sure to please even the most critical buyer; Stunning lot, situated on a slight hill with private level backyard, this castle-like-feel offers indoor & outdoor entertainment space with fully finished basement, back deck, and open floor plan from kitchen to oversized family room. Enough room for everyone, with gleaming hardwood floors throughout 1st floor, this house offers an eclectic mix between the modern-day-lifestyle and formal tradition with french doors, crown molding and beautiful builder finishes. All bedrooms upstairs with the large MB suite with all the essentials - walk in closet, and master bath with spa-like amenities. Alternative use for 4th bed as office, study or nursery, plenty of natural light throughout. Excellent commuter access to route 20, 146, 140, I-90, 122A, 290 and the MBTA! OPEN HOUSE SAT 11:30-1:30
Open House
Saturday
September 21 at 11:30 AM to 1:30 PM
Cannot make the Open Houses?
Location: 6 Cronin Brook Way, Millbury, MA 01527    Get Directions

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Categories: New Homes  


Posted by Collins & Demac Real Estate on 9/17/2019

This Single-Family in Worcester, MA recently sold for $270,000. This Colonial,Antique style home was sold by - Collins & Demac Real Estate.


11 Oxford Street, Worcester, MA 01609

Single-Family

$299,900
Price
$270,000
Sale Price

9
Rooms
4
Beds
2/2
Full/Half Baths
Regal Antique Colonial in Worcester's Crown Hill Historic District. Grand foyer with bridal staircase leads to the the formal living room, an equally large family room with fireplace and the dining room, which features a beautiful stained glass window. The open floor plan with nine foot ceilings make this an ideal home for entertaining. . Updated kitchen with stainless steel appliances and a beautiful breakfast room with built ins. Two bonus rooms on the first floor currently being used as home offices. Upstairs are 4 spacious bedrooms, two full baths and laundry. This home is the perfect combination of antique charm and modern conveniences.

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Categories: Sold Homes  


Posted by Collins & Demac Real Estate on 9/17/2019


34 Winter Street, Northborough, MA 01532

Single-Family

$509,000
Price

11
Rooms
4
Beds
2
Baths
Northborough 4 bedroom,2 bath Cape with 3 story addition (2 car garage, great room & loft) has over 2700 sq ft of living space and a wonderful open layout for entertaining.Hardwood floors throughout.Main floor has living room with fireplace & bay window, bedroom, full bath w/tile and corian, spacious dining room, updated kitchen with tile floor, granite counters & peninsula leading into great room with woodstove, beamed cathedral ceiling, custom windows, newly installed mini-split cooling system & slider to 2-level deck.Upstairs-master bedroom with loft area, spacious bedrooms with closets and full bath.Basement recently remodeled to include a tiled mudroom, a finished family room, laundry/storage room and workshop.The landscaped level backyard has fenced in-ground pool and shed-plenty of space for games and gardens too! Many improvements-Including newer septic & roof and freshly painted exterior.Great location - easy access to Rts 290 & 20.Highly rated school district-near Zeh School.
Open House
Saturday
September 21 at 12:00 PM to 2:00 PM
More Open Houses
Cannot make the Open Houses?
Location: 34 Winter Street, Northborough, MA 01532    Get Directions

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Categories: Open House  




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