Home buying, investing, and selling information in the Greater Boston area

Informational Resources for REO Asset Managers dealing with properties in Massachusetts

This site is intended to provide important, Massachusetts-specific, information regarding the sales process, as well as potential pitfalls we help our clients avoid. Below are a set of videos and links to resource documents.

Tip 1 for REO asset managers (Massachusetts)- Winterization

 

 

 

Tip 2 for REO asset managers (Massachusetts)- Older Homes are Prevalent

 

 

 

Tip 3 for REO asset managers (Massachusetts)- Title 5 & private sewerage

 

 

Here is a link to the Massachusetts Title 5 law:

Massachusetts Title 5

 

 

Tip 4 for REO asset managers (Massachusetts)- Swimming pools tend to be a liability, not an asset

 

 

 

Tip 5 for REO asset managers (Massachusetts)- Vacant property registration requirements

 

 

 

Tip 6 for REO asset managers (Massachusetts)- Eviction and tenancy issues

 

 

 

Tip 7 for REO asset managers (Massachusetts)- Tax stamps (an additional cost of sale)

 

 

 

Tip 8 for REO asset managers (Massachusetts)- Smoke detector/ certificate requirements

 

 

Here is a copy of the guidelines for Boston properties, as an example:

Smoke detector law Boston

Here is a much more brief (and recently updated) document regarding smoke/ CO detector requirements:

updated smoke detector guidelines

And, below is an sample of a smoke certificate:

Smoke certificate (example)

Tip 9 for REO asset managers (Massachusetts)- Massachusetts is a super-lien state

 

 

 

Massachusetts law requires agents and brokers to disclose to their buyer and seller clients whom they are representing. By law, this must be done (a) at the first personal meeting to discuss a specific property and (b) via an agency disclosure document. Below is a sample copy of this document:

Mandatory Massachusetts Agency Disclosure Form

In addition to all of this, the “offer process” in Massachusetts is typically a 2-part process: (1) offer/ acceptance and then (2) Purchase & Sale agreement. The Purchase & Sale agreement (or, P&S, for short) is a longer, more formal, document which goes into more detail regarding the details of the sale/ transaction. It is normally signed by the buyer and seller after the offer is accepted, and after the buyer has had an opportunity to conduct a home inspection. Below is a sample P&S document:

sample Purchase and Sale agreement

At RE/MAX On the Charles, we take our clients’ priorities VERY seriously. Whereas many brokers treat REO properties “differently” than they treat “traditional” listings, we realize that REO properties often require extra care and attention, not less. Below is our marketing plan we institute on behalf of all of our seller clients.

 

Marketing Plan of Action

 

In Conclusion

 

If you are looking for an REO broker OUTSIDE of Massachusetts, REO Network is a great source of brokers around the United States. Here is a link to their broker database: REO Network

About Shane Engel

Picture of Shane Engel

Shane Engel

Broker-Owner

sales@massreospecialists.com

857-254-9318857-254-9318 main

Gold Standard Service, Inc.

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