merck serono ( emd serono in the united states and canada ) is a pharmaceutical company headquartered in darmstadt , germany , and a brand and division of merck focused on biopharmaceuticals .

in september 2006 , merck kgaa announced its intent to purchase the majority of serono shares from ernesto bertarelli and the bertarelli family .

the merck-serono merger was announced on 21 september 2006 .

merck kgaa and serono operated as distinct entities until at least january 2007 .

as of january 5 , 2007 , merck held the majority shares of serono .

the new company is called merck serono international sa . in 2012 , merck serono moved its headquarters from geneva , switzerland to darmstadt .

drugs they market include erbitux , uft , rebif , novantrone , gonal , ovidrel/ovitrelle , zorbtive , luveris , saizen , serostim , glucophage , concor and euthyrox .

raptiva was withdrawn in 2007 .

in the u.s. and canada , merck serono is known as emd serono , as the former merck subsidiary merck & co. holds the rights to the name merck in those countries .

merck serono

earlier this month merck serono announced the launch of merck global grants , a program that covers merck serono’s grants for innovation in research as well as grants for independent medical education . the program will invest 20 million pounds for all grants programs in merck serono’s portfolio . the biopharmaceutical division also appointed luciano rossetti as executive vice president and global head of r & d of merck serono earlier this july .
/ - - emd serono , inc . , a subsidiary of merck kgaa , darmstadt ,
emd serono , canada , is founded upon the proud heritage of merck kgaa , darmstadt , germany . in the united states and canada , the division operates as emd serono .
merck’s biopharmaceutical division merck serono announced its collaboration with the institute of experimental neurology ( inspe ) under the san raffaele university and research hospital in milan , italy , to advance research in neurodegenerative diseases .
anthony feinstein has received grant support from the multiple sclerosis society of canada and honoraria from merck - serono , teva , bayerschering and biogen .
alan thompson has received honoraria / support for travel for consulting from btg international , biogen idec , merck serono , eisai ltd , novartis , and honoraria and support for travel for teaching from serono symposia international foundation .
giancarlo comi has received personal compensation for activities with novartis , teva pharmaceutical ind . ltd , sanofi - aventis , merck serono , bayer schering , actelion .
marco salvetti received lecture fees from biogen - dompé , research support from bayer - schering , biogen - dompé , merck - serono , sanofi - aventis .
publication of merck kgaa , darmstadt , germany . in the united states and canada the subsidiaries of merck kgaa , darmstadt , germany operate under the umbrella brand emd .
as part of the agreement , san raffaele university and research hospital will supply its expertise and laboratories to develop new treatments as well as assess the efficacy of merck serono’s molecules .
harsukh parmar , merck serono svp , global head of research and early development , immunology and neurology , said , “merck serono is pleased to continue the collaborative alliance with the san raffaele scientific institute . our translational approach to these disease states and combined commitment to expediting the discovery of new therapies aims to improve health outcomes for patients living with unmet medical needs . ”
there are two different , unaffiliated companies that use the name merck . merck kgaa , darmstadt , germany , which operates this website , uses the firm name
merck kgaa , darmstadt , germany ,
in the united states and canada , and also uses
emd serono
in biopharma ,
milliporesigma
in life science and
emd performance materials
in materials business . the other company , merck & co . , inc . holds the rights in the trademark merck in the united states and canada . merck & co . is not affiliated with or related to merck kgaa , darmstadt , germany , which owns the merck trademark in all other countries of the world . to reflect such fact and to avoid any confusion , certain logos , terms and business description of the publication on this website have been substituted or modified , such as by referring to
merck kgaa , darmstadt , germany
instead of
merck
standing alone . publications on this webpage , therefore , slightly deviate from the otherwise identical versions accessible outside the united states and canada .
merck serono and feinstein institute the research arm of north shore - long island jewish health system in new york have entered into a joint collaboration to develop new antibody based therapies to treat sy . . .
emd serono , canada provides innovative drug therapies that address unmet medical needs in the areas of neurodegenerative diseases , fertility and endocrinology .
raj kapoor has received personal compensation for activities with bayer schering , biogen idec , genzyme , merck serono , ms therapeutics , novartis , and teva , and research support from novartis , the ms society of gb & ni and the national ms society ( usa ) .
emd serono , canada offers medicines , adherence and devices and patient support services in the areas of neurodegenerative diseases , fertility and endocrinology .
around the world , merck kgaa , darmstadt , germany employees are active on all continents , bringing our products to customers in 150 locations & regions .
committed to establishing partnerships to address the unmet needs of patients , emd serono , canada is focused on delivering solutions that improve the quality . . . more
we are the biopharmaceutical division of merck kgaa , darmstadt , germany . we focus exclusively on specialty care - integrating cutting - edge science with industry - leading patient support .
committed to establishing partnerships to address the unmet needs of patients , emd serono , canada is focused on delivering solutions that improve the quality of life for all patients .
in 2011 , domain therapeutics signed an exclusive development and licensing agreement with merck serono , a division of merck kgaa , darmstadt , germany , to develop metabotropic glutamate receptor 4 ( mglur4 ) positive allosteric modulator ( pam ) drugs targeting parkinson’s disease and other neurodegenerative diseases . domain therapeutics has contributed optimized compounds that have been developed from its proprietary chemical series . under the terms of the agreement , the company has received eur 2 million in upfront payment and research funding , and was eligible for up to eur 132 million in milestones for the first two products , as well as undisclosed royalties .
this site contains information that is intended for us residents only . canadian residents should consult the emd serono canada inc . website at urltoken for information on products and services approved in canada .
in 2012 , domain therapeutics has granted prexton therapeutics ( geneva - switzerland ) an exclusive option to license and develop metabotropic glutamate receptor 4 ( mglur4 ) positive allosteric modulator ( pam ) drugs targeting parkinson’s disease . the chemical series was previously developed through a licensing and collaboration agreement signed between domain and merck serono , a division of merck ( darmstadt - germany ) in january 2011 . under the terms of the initial agreement between domain therapeutics and prexton therapeutics - a spin - off company of merck serono - prexton benefited from an exclusive license option to progress the mglur4 pam drug candidates into clinical development . after having exercised the exclusive option , prexton entered into license agreement with domain therapeutics , selected an mglur4 pam candidate , pxt002331 , and conducted regulatory preclinical development and phase i . in september 2016 , prexton announced the successful completion of the phase i clinical trial . in 2017 , prexton initiated a phase ii to assess the safety and effectiveness of foliglurax . the company was acquired early in march 2018 by lundbeck .
in 2017 , domain therapeutics and merck kgaa ( darmstadt , germany ) entered into collaboration and licensing agreement for the development of adenosine receptor antagonist drugs specifically designed for oncology and immuno - oncology . merck will support research activities and gain worldwide rights to domain therapeutics’ next generation of adenosine receptor inhibitors . under the terms of the agreement , domain will be eligible for more than eur 240 million in milestones , as well as undisclosed royalties .
this site contains information that is intended for residents of canada only . residents of the united states should consult the emd serono , inc . website at urltoken for information on products and services approved in the us .
life sciences industry , emd serono recently invested in expanding its research and development presence in the state to support the advancement of its pipeline and opportunities for partnerships in the academia and biotech sectors . today , the emd presence in
, president and ceo of the accelerated cure project for ms .
we are thrilled that emd serono , a leader in the area of ms therapeutics , has chosen to take a lead founding sponsor role , providing the support needed to implement this important study .
operate under the umbrella brand emd . around 39 , 000 employees work in 66 countries to improve the quality of life for patients , to further the success of customers and to help meet global challenges . the company generated total revenues of €11 . 1 billion in 2013 with its four divisions : biopharmaceuticals , consumer health , performance materials and life science tools . merck kgaa of darmstadt ,
you are now leaving the website of merck kgaa , darmstadt , germany’s biopharma business . this link may lead to a resource maintained by third parties over whom we have no control . as such , we are not responsible for and makes no representation as to the accuracy or any other aspect of such resource or the privacy practices of such third party . providing links to a third party website does not constitute an endorsement by our company of such website or the information or products presented on such website .
this site contains medical information that is intended for residents of the united states only and is not meant to substitute for the advice provided by a medical professional . always consult a physician if you have health concerns . use and access of this site is subject to the terms and conditions as set out in our legal statement and privacy policy . this site contains information that is intended for us residents only . canadian residents should consult the emd serono canada inc . website at urltoken for information on products and services approved in canada
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this site contains medical information that is intended for residents of the united states only and is not meant to substitute for the advice provided by a medical professional . always consult a physician if you have health concerns . use and access of this site is subject to the terms and conditions as set out in our legal statement and privacy policy .
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we are committed to delivering a positive experience for all of our patients . our momentum patient support team is available 24 / 7 in 250 languages , and . . . more
we are committed to delivering a positive experience for all of our patients . our momentum patient support team is available 24 / 7 in 250 languages , and includes field nurses who are part of a patient’s extended healthcare team offering training and other support services in the home and in a community setting .
we help people better understand and manage their disease through relevant and user - friendly education resources and a dedicated patient support team .
to learn more about the company ' s business outside of canada , please visit the emd group website .
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as we continue to set ambitious goals , we have learned the importance of collaboration . so , we’ve created many ways for innovators like yourself to join us in making a difference in the world .
over our long history we’ve developed the reputation , expertise and infrastructure to do cutting - edge internal scientific research and product development . however , to best serve our customers and meet our goal of changing the world , we also think it’s vital we partner and collaborate with others , beyond our own laboratories . we are committed to broadening our relationships with other innovators , scientists and entrepreneurs in a variety of ways , based on your needs and objectives . our goal is to find a way to match our resources with your initiatives and help you maximize their potential .
“to us , creating an effective partnership means to combine our strengths with those of our partner to unlock the knowledge and insights of both partners .
if you’re looking for a resolute partner with a proven track record as transparent , reliable and an industry leader , we want to hear from you about what you’re working on .
our corporate venture fund can help you go that extra mile . we’ve dedicated resources and employees to target and support young companies with great ideas for new products or technologies . is yours next ?
our accelerator was designed to help innovative start - ups take off with three months of financial support , office space and access to our network of international experts .
the research agreement will build on a collaboration established in 2004 and will extend for two more years to develop pre - clinical and clinical research projects using a translational approach . the partners will target serious and debilitating neurological diseases that affect young adults , such as multiple sclerosis .
professor of the department of neurology at san raffaele hospital , and inspe director professor giancarlo comi , said that public and private institutes’ partnership with pharmaceutical companies bring much needed funding to research projects . “in compliance with the respective prerogatives and role of research institutions and companies in the pharmaceutical market , these forms of collaboration allow research institutes to actively participate as real drivers at the development of new therapies and at the definition of biomarkers , as essential tools for the drugs optimization . ”
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with the biorn guide you gain access to an information platform on life sciences in the biotech cluster rhine - neckar in germany . find biotechnology companies and renowned research institutes in europe ' s hottest spot for personalized medicine and cancer research . all biotech organizations located in the biorn cluster are listed with a basic address . biorn network members have the opportunity to fill in an extended company profile .
and the accelerated cure project for multiple sclerosis today announced a lead founding sponsor agreement to help launch the optimizing treatment—understanding progression ( opt - up ) study .
opt - up is a u . s . - based , multicenter longitudinal clinical research study that will enroll 2500 people with ms and follow them for up to five years . the goals of the study are to generate a robust evidence base of factors affecting treatment outcomes in ms to guide the choice of treatments and other interventions for ms patients , and to produce knowledge and tools for developing strategies and / or medicines to slow , arrest , or reverse ms progression .
our collaboration with the accelerated cure project on the opt - up clinical research study offers us an extraordinary opportunity to combine complementary expertise and resources to improve patient outcomes ,
said dr .
.
this study underscores our company ' s dedication to furthering breakthrough scientific research that can advance treatment options for those living with multiple sclerosis .
subjects will be enrolled at up to twenty ms clinics located throughout the u . s . and will be followed for a minimum of two years and up to five years . using validated and standardized instruments , researchers will collect high - quality data on treatment outcomes , biological samples , and imaging data that will be analyzed by the acp network investigators and partner organizations , as well as shared widely with research groups that can help accomplish the goals of opt - up .
and chair of the opt - up steering committee .
the opt - up study objective is to provide data and insights to better match people living with ms with the treatments .
southwestern .
i believe that the substantial amount of data and biosamples generated by this study will be enormously valuable in furthering our understanding of ms disease progression .
about accelerated cure project for ms accelerated cure project for ms ( acp ) is a nonprofit organization whose mission is to accelerate research efforts to improve diagnosis , to optimize treatment and to cure ms . acp believes that research is the only way to greatly improve the outlook for people with ms . the organization promotes scientific collaboration and accelerates research by rapidly and cost - effectively providing researchers with data and biospecimens they need to explore novel research ideas that can lead to better diagnoses , to new treatments and to cures for people with ms . its resources have supported 77 research studies worldwide that have generated almost 700 million returned data points for collaborative data mining and disease modeling . to learn more about the activities , and impact of acp , please visit urltoken .
, is a leading us biopharmaceutical company focused exclusively on specialty care . an established leader in the
, is a leading company for innovative and top - quality high - tech products in the pharmaceutical and chemical sectors . its subsidiaries in
is the world ' s oldest pharmaceutical and chemical company – since 1668 , the name has stood for innovation , business success and responsible entrepreneurship . holding an approximately 70 percent interest , the founding family remains the majority owner of the company to this day .
about multiple sclerosis multiple sclerosis ( ms ) is a chronic , inflammatory condition of the central nervous system and is the most common , non - traumatic , disabling neurological disease in young adults . it is estimated that approximately two million people have ms worldwide . while symptoms can vary , the most common symptoms of ms include blurred vision , numbness or tingling in the limbs and problems with strength and coordination . the relapsing forms of ms are the most common .
warning : the ncbi web site requires javascript to function . more . . .
robert j . fox , mellen center for multiple sclerosis , neurological institute , and lerner college of medicine , cleveland clinic , 9500 euclid ave , u - 10 , cleveland clinic , cleveland , oh , 44122 usa . email : gro . fcc @ rxof
received 2011 jun 29 ; revised 2012 jul 18 ; accepted 2012 jul 22 .
this is an open - access article distributed under the terms of the creative commons attribution license , which permits unrestricted use , distribution , and reproduction in any medium , provided the original work is properly cited .
despite significant progress in the development of therapies for relapsing ms , progressive ms remains comparatively disappointing . our objective , in this paper , is to review the current challenges in developing therapies for progressive ms and identify key priority areas for research . a collaborative was convened by volunteer and staff leaders from several ms societies with the mission to expedite the development of effective disease - modifying and symptom management therapies for progressive forms of multiple sclerosis . through a series of scientific and strategic planning meetings , the collaborative identified and developed new perspectives on five key priority areas for research : experimental models , identification and validation of targets and repurposing opportunities , proof - of - concept clinical trial strategies , clinical outcome measures , and symptom management and rehabilitation . our conclusions , tackling the impediments in developing therapies for progressive ms will require an integrated , multi - disciplinary approach to enable effective translation of research into therapies for progressive ms . engagement of the ms research community through an international effort is needed to address and fund these research priorities with the ultimate goal of expediting the development of disease - modifying and symptom - relief treatments for progressive ms .
the last two decades have seen dramatic progress in relapsing–remitting multiple sclerosis ( rrms ) . experimental autoimmune encephalomyelitis ( eae ) and other animal models have provided insights into the pathophysiology of central nervous system inflammation and demyelination . clinical diagnostic criteria have been refined , and biomarkers are being developed that predict future disease activity and disability . a clear pathway has emerged for developing rrms therapies : studies in experimental models , phase i safety studies , phase ii trials with active mri lesions as the primary outcome , and finally phase iii trials using relapses and sustained progression of disability as primary outcome . eight disease - modifying therapies have received regulatory approval for rrms and several more are in late - stage clinical development and could receive regulatory approval shortly .
for all the success in developing treatments for rrms , the story in progressive ms is comparatively disappointing and more challenging . even the definition of progressive ms has been elusive . at the clinical level , progressive ms is defined as the gradual progression of clinical disability in a patient either with a preceding relapsing course ( secondary progressive ms , spms ) or without a preceding relapsing course ( primary progressive ms , ppms ) . 1 there may be superimposed evidence of overt inflammation , but frequent relapses and many new lesions on mri are more suggestive of rrms . at the imaging level , progressive ms is the gradual accumulation of imaging abnormalities . at the pathology level , progressive ms is the abnormal processes present in neurons or glial cells that lead to irreversible injury that causes clinical disability progression . an inherent difficulty in studying progressive ms is the indistinct overlap with rrms , with the pathologic origins of progressive ms probably developing much earlier than its clinical manifestations . here , ppms and spms are grouped together , since they share many similarities – clinically , pathologically , and particularly as revealed by imaging technology . 2
animal models such as eae provide only limited insight into the pathophysiology of progressive ms . new mri lesions are only occasionally seen in progressive ms , resulting in uncertainty as to which imaging or other biomarker should be employed in phase ii proof - of - concept clinical trials . the clinical metrics used in rrms have unclear sensitivity in progressive ms , limiting their utility . mechanisms for identifying candidate therapies among existing therapies are not well defined .
clinical trials of anti - inflammatory therapies in progressive ms have been generally negative or inconsistent . immunosuppressive and immunomodulating drugs such as cladribine , azathioprine , and cyclophosphamide have shown no evidence for efficacy in spms and ppms . only mitoxantrone has been approved for spms in some countries , and this treatment has a serious adverse effect profile . finally , early attempts to approach progressive ms with putative neuroprotective therapies have failed , as seen in the recent trial of lamotrigine . 3
given the challenges presented by progressive ms , a collaborative was convened by volunteer and staff leaders from several ms societies ‘to expedite the development of effective disease - modifying and symptom management therapies for progressive forms of multiple sclerosis’ . through a series of scientific and strategic planning meetings , five key priority areas for research were identified (
) . these areas represent opportunities where concerted research efforts would provide significant impact in overcoming the current barriers in developing effective treatments for progressive ms and provide a clear roadmap for the future .
experimental models for ms have provided important insights into disease pathogenesis and potential therapies . 4 neurotoxicity models inform neuroprotection strategies that may prevent neurodegeneration in ms . 4 the three most commonly studied animal models in ms are : eae , virally induced demyelinating disease models and toxin - induced models of demyelination . 5 despite their extensive use , the clinical course , immunology and neuropathology of these models reflect only part of the pathophysiological spectrum of human ms . 4 , 6 therefore , direct extrapolation of results obtained in these models to ms is often tenuous , and the effect of therapeutic interventions in animals must be interpreted with care . 7 in addition , most of the current models follow a monophasic episode of inflammation and therefore predominantly mirror only the impact of acute inflammation and neuronal injury seen in rrms . 4 , 6
several animal models claim to represent human progressive ms , 8 but few offer compelling evidence . 6 the chronicity of these models is usually short and the composition of lesions different from ms . 6 furthermore , most of these models do not reflect the irreversible deficits characterizing progressive ms . 9
therefore , there is an urgent need for better animal models that reproduce the key clinical and pathological features of spms and ppms . such models should include the role of cd8 - positive t cells and notably macrophages , which comprise a major component in progressive ms lesions . ectopic b cell follicles should be studied as an alternative disease - related mechanism . additional models are also needed that demonstrate robust chronic demyelination and neurodegeneration , such as an autoimmune - independent , inflammatory glial cell - associated neurodegeneration , which more accurately reflects progressive ms . in addition to animal models , brain - slice cultures that demonstrate demyelination and neurodegeneration may be informative , especially if they can be adapted to use human post - mortem tissue where ms pathology can be directly examined .
while our understanding of the pathophysiology of progressive ms is yielding knowledge which can be applied to the development of new treatments , identifying and validating targets for use in drug discovery for progressive ms remains a significant challenge . helpful insights may come from genome - wide association studies ( gwas ) . since the first non - mhc susceptibility locus ( il2ra ) was identified , 10 the list of ms risk loci is growing , with around 50 loci identified to date . 11 however , no individual gene variant has been identified as the ideal therapeutic target and , even when considering all disease - associated variants together , risk loci explain only a modest fraction of disease heritability . 12 notwithstanding these limitations , the available results may suffice for computational and systems biology analyses to provide novel insights into biological pathways involved in disease pathogenesis . indeed , computational biology is shifting from diagrammatic representation of pathways to mathematical models . these techniques hold promise to provide the tools for interpreting genetic data across different knowledge domains . 13 furthermore , systematic assessments of the functional consequences of the associated variants are underway . together , the results of these studies could help prioritize putative therapeutic targets and steer the development of new compounds .
in addition , methods have recently been developed to select old drugs for new targets . historically , repositioning of a compound for a new indication has been a chance occurrence , driven by observations of unforeseen favorable effects . now there is intense research on how to systematically infer new therapeutic targets for drugs that have already been registered for human use . side - effect or chemical similarities between drugs and ligand sets are examples of this new strategy . 14 , 15 these data may be further refined through screenings of registered drugs on cellular and animal models of ms .
superimposing biologically relevant pathways identified through gwas studies to ‘catalogues’ of phenotypic effects of registered drugs may shorten the process of identifying therapies with potential efficacy in progressive ms . this strategy is safe for patients , since repurposed drugs usually come with years of post - marketing experience in other diseases . this strategy is also cost - effective , since it streamlines preclinical and early - stage clinical studies . indeed , the latest gwas data did not show substantial differences at susceptibility loci between relapsing and primary progressive forms of ms , suggesting relevance of gwas results to progressive ms . 11
the therapeutic opportunities that come from gwas , computational biology and systematic reassessment of the effects of pharmaceutical compounds need further development to achieve their potential application to progressive ms . intellectual property and the possibility of re - evaluating compounds that have not made it through the approval process are among the issues that , if properly addressed , may help accelerate the development of effective therapies for progressive ms . 16
agents for which there is promising preclinical data need to be developed through early phase clinical trials for evidence of safety and therapeutic benefit . phase ii trials generally rely on biomarkers that are more sensitive to therapeutic effects than clinical measures . biomarker outcomes enable phase ii trials to be shorter and have a smaller sample size than phase iii trials .
valid surrogate biomarkers need to predict clinical outcomes . phase ii trials in rrms have advanced because lesion activity on mri is an accepted biomarker of clinical relapse rate . 17 in contrast , no comparable measure has been identified in progressive ms . there are no agreed imaging markers of neurodegenerative processes such as energy failure , ionic imbalances and loss of neuronal integrity . the problem is compounded by limitations of clinical measures of disease progression against which any biomarker might be validated .
at present , promising imaging metrics include cerebral and spinal cord atrophy , lesion t1 hypointensity , magnetization transfer ratio to assess lesion microstructure , and optical coherence tomography to measure axonal degeneration in the retina . 18 there is enough longitudinal data to enable sample sizes to be calculated for most of these techniques for proof - of - concept trials , but their sensitivity to change and responsiveness to treatment is not well understood . newer techniques that assess tissue microstructure are also candidate metrics , including diffusion tensor imaging 19 in addition to methods that can derive axonal density and radius . techniques that examine earlier events in the injury pathway include sodium imaging 20 and measurements of metabolic markers , including the neuronal / mitochondrial marker n - acetylaspartate . 21 these techniques could be complemented and extended by positron emission tomography ( pet ) . 22 little is known about the sensitivity , responsiveness and predictive power of most of these imaging techniques and their limited availability may restrict their widespread use .
a number of tissue fluid biomarkers have been studied , mostly to assess immunological activity . markers of specific injury mechanisms are also emerging , including chemokines associated with intrathecal b lymphocyte activity that might drive cortical injury , 23 nitric oxide metabolites , 24 and neurofilaments released by damaged axons . 25 a significant drawback to widespread application of these biomarkers is their typical measurement from cerebrospinal fluid , which is not easily accessible . nonetheless , cerebrospinal fluid is increasingly incorporated into designs of progressive ms trials , and efforts to identify biomarkers in plasma and serum are underway .
better biomarkers would power smaller and shorter trials . more flexible trial designs are also being examined to achieve the same aim . these include modified entry criteria to enrich trials for patients more likely to progress . adaptive designs such as those used in cancer trials could make use of prognostic biomarkers to stratify an outcome analysis that is sensitive to subpopulation treatment effects , 26 and could employ an interim futility analysis to exclude non - effective agents . 27
these considerations suggest that proof - of - concept clinical trial strategies are likely to evolve significantly if ( 1 ) biomarkers can be identified and validated that measure important events in the neuronal injury pathway , are reliable , easily implemented , dynamic over time , and correlate with disability , and ( 2 ) if trial designs can be developed which further minimize trial size and duration . importantly , these innovations will need sufficient community consensus to be accepted by regulatory authorities .
a critical aspect in the development of therapies is a measurement tool of therapeutic efficacy . the ideal measurement tool is precise , reproducible , broad - based in its assessment , sensitive to change over time , and predictive of future change . the evaluation of ms therapies in rrms was greatly assisted by clear definitions and objective measurement of clinical relapses . establishing outcome measures for progressive ms has been more difficult . this difficulty arises from the varied manifestations of progressive ms ( motor , sensory , coordination , cognitive , etc . ) , their slow rate of evolution , and difficulties in their quantitative measurement . there are two main pathways to solving this challenge : refinement of existing outcome measures and development of new outcome measures .
of the existing measures , the kurtzke expanded disability status scale ( edss ) 28 is the most common disability measure in ms trials . however , edss is an inherently subjective assessment by a neurologist , has poor intra - and inter - rater reliability , 29 and has poor precision . refinements to the edss would likely improve its performance , although many of its shortcomings are inherent to the tool and so are insurmountable .
the multiple sclerosis functional composite ( msfc ) is the outcome of an international panel charged with replacing the edss . 30 advantages to the msfc include its dynamic assessment of different functions relevant to ms ( ambulation , arm function , and cognition ) and improved statistical performance . since the introduction of the msfc , many validation studies have shown its clinical correlations and predictive capacity . despite these apparent advantages , the msfc has not always been more sensitive than the edss in clinical trials . equally important , the msfc has not yet been accepted by regulators as an alternative to edss . as with edss , further refinement of the msfc may improve its sensitivity , reliability , and responsiveness , although some shortcomings cannot be overcome . 31
important goals of ms therapies are to reduce symptom severity , improve function , and enhance quality of life . these are best evaluated through patient - reported outcome measures ( proms ) , including global assessments of daily function and health - related quality of life ( hrql ) measures . 32 regulatory interest in proms is growing , with guidelines emerging regarding the integration of proms into clinical trials . 33 efforts to improve clinical disability assessment in ms are already underway . 31
ms results in a diversity of symptoms , bringing increasing physical , psychological and emotional burden , particularly in the progressive stage of the condition . in spite of the introduction of effective disease - modifying treatments , symptom management and rehabilitation remain essential components of ms therapy , helping to alleviate the impact of disability and improve quality of life . surprisingly , the rationale for specific pharmacological treatments for symptoms is frequently based on few trials with small patient numbers , often underpowered and unblinded . 34 recently , these shortcomings have begun to be addressed with a few well conducted studies , such as using cannabinoids 35 and fampridine 36 for motor symptoms . while cognitive deficits can now be clearly defined , fatigue remains more difficult to evaluate in trials because ( a ) less is known about the pathophysiology and ( b ) it may be influenced by psychiatric factors , making quantitative characterization problematic and often confounded . depression and anxiety may respond well to either pharmacologic or cognitive behavioral treatment . 37 – 39 symptom management in ms can be advanced in a number of ways . first , there should be targeted research to improve our understanding of the pathological mechanisms leading to symptom - related disability . this knowledge will allow more focused translational steps towards developing symptomatic therapies . secondly , potential treatments should be assessed in rigorous , well designed trials that are sufficiently powered to establish beneficial effects , the optimum dosage , and short - and long - term side effects . potential symptom interactions and confounding factors should be accounted for in the trial design . ideally , studies should incorporate proms , surrogate pathological markers related to the particular symptom under study and an assessment of cost - effectiveness . third , further development of reproducible and responsive measures for different symptoms is needed .
symptomatic treatment is normally part of a multidisciplinary patient - centered approach that may involve rehabilitation . the relationship between neuroplasticity and rehabilitation is a critically important area for further research . functional brain reorganization is well described in ms , showing increasing activation extent and the recruitment of additional areas , and hinting at the prospect of compensatory strategies . 40 , 41 some motor networks may be altered by training 42 but there is a need to investigate if enhancing network plasticity may improve the outcomes of rehabilitation . combining functional and structural imaging with cognitive rehabilitation may help develop treatments for cognitive impairment . 43 finally , applying brain–computer interface technology in patients with advanced ms may allow greater motor independence , communication and environmental control . 44
despite great progress in relapsing ms , much work is needed to achieve similar successes for progressive ms . there are a number of key areas of unmet need which are blocking treatment development in progressive ms . although the international scientific community has made progress in some of these areas (
) , there have not been commensurate gains in progressive ms treatments . tackling these issues will require an integrated , multi - disciplinary approach to enable effective translation of research into therapies . to this end , the international progressive ms collaborative is committed to engaging the ms research community through an international effort to fund a spectrum of research activities relevant to progressive ms with the ultimate goal of expediting the development of disease - modifying and symptom - relief treatments for progressive ms .
to address these five challenging areas , which currently impede the treatment of progressive ms , the international progressive ms collaborative commissioned five working groups , comprised of international experts , to identify specific strategies and potential lines of research that would overcome the barriers and realize the opportunities within each area . following an international meeting in early 2013 , we anticipate that a call will be issued to address these opportunities . potential sources of funding for this call include the existing research funding mechanisms of the member organizations of the international progressive ms collaborative as well as other partners ( e . g . , government , industry ) . in addition , there will be an international fundraising effort led by the multiple sclerosis international federation and financial support will be solicited from diverse channels around the world , including foundations , government , corporate , and private funding organizations .
fostering global collaboration by the ms research community is a bold ambition , and potentially fraught with many challenges . fortunately , the opportunities have never been as favorable as they are today , with unprecedented data on disease etiology , pathophysiology , and disease course . furthermore , we can look to other diseases for inspiration . collaborative efforts like the forum for collaborative hiv research , the alzheimer’s disease neuroimaging initiative , and the innovative medicines initiative , provide powerful examples of how collaboration can accelerate research among a diverse group of stakeholders . while the collaborative efforts in progressive ms will almost certainly differ from those in other fields , the time is right for concerted action .
the meetings of the international collaborative on progressive multiple sclerosis were funded by the italian multiple sclerosis foundation ( fism ) , ms society of canada , ms international federation , ms research foundation ( the netherlands ) , uk ms society , and the national ms society ( usa ) .
funding : this activity received no specific grant from any funding agency in the public , commercial , or not - for - profit sectors .
conflict of interest : robert j . fox received personal compensation for activities with avanir , biogen idec , novartis , and questcor , and research support from the national ms society ( usa ) and national institutes of health ( usa ) .
david baker is a founder of canbex and has received personal compensation for activities with ucb and biogen idec .
olga ciccarelli is on the editorial board of neurology and is a clinical editor for cml multiple sclerosis . she has received research funding from the wellcome trust , ms society of great britain and northern ireland , ucl biomedical research centre , and engineering and physical sciences research council . she has received speaker honoraria from bayer - schering and ge healthcare .
antel j , antel s , caramanos z , arnold d , kuhlmann t .
denic a , johnson aj , bieber aj , warrington ae , rodriguez m , pirko i .
campillos m , kuhn m , gavin ac , jensen lj , bork p .
sormani mp , bonzano l , roccatagliata l , cutter gr , mancardi gl , bruzzi p .
paling d , golay x , wheeler - kingshott c , kapoor r , miller d .
noseworthy jh , vandervoort mk , wong cj , ebers gc . the canadian cooperative ms study group
trials obotiacoc and sclerosis im . disability outcome measures in multiple sclerosis clinical trials : current status and future prospects
mohr dc , boudewyn ac , goodkin de , bostrom a , epstein l .
kim sp , simeral jd , hochberg lr , donoghue jp , friehs gm , black mj .
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orphan designation is assigned by a regulatory body to encourage companies to develop drugs for rare diseases .
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in 2017 , domain therapeutics has incorporated seagull with three academic researchers from ircc ( torino university ) . the asset centric company is aiming at leading to the clinic a mutated version of the semaphorin 3a ( sgl 10060 ) abled to reprogram the tumor microenvironment ( tme ) . the tme is known to promote the tumorigenesis , to ease the dissemination of metastasis and offer an immunosuppressive context . in multiple in vivo models , sgl 10060 was shown to inhibit the release of metastasis , to potentiate the immune response and normalize the tumor vascularization . backed to a strong ip , the program is entering regulatory preclinical development .
in 2016 , domain therapeutics and medicxi , a swiss venture fund dedicated to financing asset - centric companies , created mavalon therapeutics , a company focused on stopping the progression of parkinson’s disease . mavalon therapeutics is developing the first orally available small molecule able to induce gdnf production within the brain of parkinson’s patients . gdnf is a naturally occurring factor promoting the growth of dopamine neurons . the drug candidate , a positive allosteric modulator of the metabotropic glutamate receptor type 3 ( mglur3 pam ) , was discovered and initially developed by domain therapeutics with the support of the michael j . fox foundation . medixci committed up to €9m ( $ 10m ) in mavalon .
press release : domain therapeutics ' business model validated : lundbeck acquires prexton therapeutics for $ 1 . 1b
in 2012 , domain and ono pharmaceutical co . , ltd . ( osaka - japan ) signed a collaboration agreement focused on discovering small molecules targeting g - protein coupled receptors ( gpcrs ) . under the agreement , ono will pay to domain therapeutics upfront payment , research funding for the collaborative research programs , success - based milestones on the research and development progress , as well as royalties on sales of the products . domain therapeutics will apply dtect - all™ , its proprietary gpcr drug discovery platform and its expertise in gpcr medicinal chemistry and pharmacology to design and optimize small molecules into drug candidates having activity against gpcrs selected by ono . ono will have worldwide exclusive rights to develop and commercialize any pharmaceutical product arising out of the drug discovery collaboration .
in 2008 , domain therapeutics signed a research agreement with takeda pharmaceutical company limited , japan ' s largest pharmaceutical company . under the agreement , domain therapeutics applied its dtect - all™ platform to identify novel drug candidates that target undisclosed g protein - coupled receptors ( gpcrs ) of interest to takeda . in 2009 domain therapeutics announced that it has successfully completed the first milestone in this research agreement with takeda pharmaceutical . following milestone completion have not been publicly announced .
sanofi and mit ' s center for biomedical innovation has established a new partnership to foster basic and applied research and develop solutions to address unmet clinical needs . sanofi will be providing f . . .
sanofi and stanford university ' s bio - x have entered into a multi - year collaboration that support interdisciplinary collaborative research to be conducted at stanford . a joint steering committee comprisi . . .
janssen pharmaceuticals ( formerly omjpi ) a johnson and johnson entity has entered into collaboration agreement with johns hopkins brain science institute (
bsi
) at johns hopkins university . janssen wi . . .
janssen pharmaceutical a division of johnson & johnson has entered into partnership with harvard university - evotec ' s diabetes program called curebeta . janssen will paying $ 300million in milestone paym . . .
cerecor a baltimore based company has taken an option with johns hopkins university to license d - amino acid oxidase inhibitors ( daao ) to treat schizophrenia . the daao inhibitor molecules are currently b . . .
gibh is a medical research institute affiliated with the chinese academy of sciences . cwhm has been collaborating with gibh scientists since 2010 on a project to discover and develop new medicines for mala . . .
cwhm signed a joint research agreement in 2010 with the institute for one world health to discover and develop new drugs to combat diarrhea , which is the second leading cause of death worldwide in children . . .
the mission of senex biotechnology is to discover and develop therapeutic agents to effectively treat cancer , viral diseases and age - related diseases , such as alzheimer ' s , renal disease , atherosclerosis , a . . .


a short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property .

in this case , if all lien holders agree to accept less than the amount owed on the debt , a sale of the property can be accomplished .

a short sale is not to be confused with a short settlement .

a short sale has two intrinsic and inseverable components .

a short sale is successful when ( 1 ) the lien holder ( s ) ( a.k.a. mortgage company ) is agreeable to net less than the amount owed on the note ( debt ) as the result of ( 2 ) an arm 's length sale at or below the appraised value for that property .

the agreeable selling price is intrinsically defined to be at or less than the appraised value allowing the process to be attainable .

a prudent buyer will not pay greater than the appraised value , and a bank or finance company will not provide a mortgage for greater than the appraised value , thus limiting the short sale proceeds to a maximum gross yield of the property 's appraised value .

it 's important to understand that a lien holder is not bound to accept the appraised value and can demand a greater selling price .

in this case , a " sale " with a prudent arms length buyer is no longer a reasonable or attainable expectation .

instead the demand for greater than the appraised value ( but less than the amount owed on the debt ) is called a " short settlement " .

some lien holders will agree to a short sale but not a short settlement while demanding greater than the appraised value .

this is a paradox as neither is achievable and both predestined for failure .

therefore , a " short sale " can only be accomplished when a lien holder is willing to accept less than what is owed on the debt while also agreeing to accept a sales price that is at or below the appraised value for the property .

creditors holding liens against real estate can include primary mortgages , second mortgages , home equity lines of credit ( heloc ) , homeowner association liens , mechanics liens , irs and state tax liens , all of which will need to approve the sale in return for being paid less than the amount they are owed .

the lien holders do not have to agree to accept less , but they often do since the alternative is to let the property go to foreclosure .

a short sale is a more beneficial alternative to foreclosure and has become commonplace in the united states since the 2007 real estate recession .

other countries have similar procedures .

for instance , in the uk the process is called assisted voluntary sale .

while both short sale and foreclosure result in negative credit reporting against the property owner , because the owner acted more responsibly and proactively by selling short , credit impact is less .

short sale ( real estate )

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before we discuss the benefits of hiring a real estate attorney , let’s briefly review what constitutes a short sale .
no . a short sale is a very complicated real estate transaction and one that has very important implications for you . more than any other type of residential real estate transaction , a short sale should be handled only by a real estate broker who has substantial experience with the short sale process , and a strong track - record of success in negotiating short sales for their clients . you wouldn’t have your family doctor perform heart surgery . and , you shouldn’t expect any real estate broker to be qualified to handle this highly complex real estate transaction for you .
home , search the mls , search featured listings , minnesota foreclosures , lake minnetonka foreclosures , lake minnetonka omes , buying foreclosures in minnesota , minnesota short sales , what is a short sale , upside down on my mortgage , owe more than my house is worth , lake minnetonka real estate , eden prairie real estate , minnetonka real estate , chanhassen real estate , edina real estate , saint louis park real estate , chaska real estate , contract for deeds , urltoken , what ' s my home worth , rent to own , minnesota mortgage rates , loan application , selling your home , first time homebuyer , first time homebuyer tax credit , twin cities real estate market , andrew marceau , anthony marceau , buying or selling a home on a contract for deed . copyright © 2008 twin cities real estate group , inc . , all rights reserved .
you can get free advice from hud - approved housing counselors and licensed real estate professionals .
find a real estate professional who understands the territory . having a real estate agent on your side who knows how short sales work and who has negotiated others will increase the chances of closing the deal .
real estate news and views for metrowest massachusetts . published by bill gassett re / max executive realty
it is important to work with a real estate professional with experience in short sale transactions to ensure the short sale addendum includes the items that will protect the buyer’s interests during the short sale review and execution process .
real estate agent meg sullivan offers expertise on morris county , n . j . ' s historic homes
real estate investors can frequently make very profitable purchases of real estate through a short sale . many short sales do not get approved or fall through for a variety of reasons . learn here the step - by - step process to initiate a short sale , starting with the homeowner - borrower and moving through lender negotiations to the closing .
what is a short sale ? short sales have been a significant player in the real estate world over the past several years and continue to be such , so it’s important for a real estate investor or homeowner to truly understand the short sale concept and process . if this article wasn’t the most definitive article answering “what is a short sale , ” well , i don’t know what is !
if you’ve decided to go for it , the first step is to have your real estate agent talk to the real estate agent representing the seller and determine the status of the short sale . below are items that most lenders require from a short seller . if the seller is unable or unwilling to provide this information , the short sale won’t close and any buyer is wasting his or her time . your real estate agent should push for candor from the seller’s agent .
there are too few active buyers in the real estate market these days — but every one of them seems to be looking to buy a foreclosure or a short sale .
debbie drummond , an experienced realtor who runs her own real estate agency in las vegas says that this isn’t realistic for everyone .
so , the short answer is : yes . you should hire a real estate attorney for your short sale . there are many advantages in having a professional at your side during such a stressful time .
“they’ll often take that frustration out on the property , ” says jason scott steinhorn , a maryland real estate investor with experience in foreclosures and short sales .
don’t assume you’re getting a great deal , says connecticut real estate investor jim randel , author of “the skinny on the housing crisis . ”
at the time of writing , elizabeth weintraub , calbre # 00697006 , is a broker - associate at lyon real estate in sacramento , california .
at the time of writing , elizabeth weintraub , dre # 00697006 , is a broker - associate at lyon real estate in sacramento , california .
our core service areas include personal injury law , family , law , and real estate law . can we assist you with a free consultation ?
“one problem that will continue even with the streamlined short sale process is that homebuyers do not know where the homeowner stands in terms of approval for the short sale , ” says martin . “some real estate agents go ahead and list a home as a short sale even before the lender has approved one . ”
editor’s note : bobbi dempsey is the co - author of two books on real estate including , “the complete idiot’s guide to buying foreclosures , ” for which she researched extensively the short sale process nationwide .
the home seller hires a real estate agent to find a buyer for the short sale . the buyer makes an offer and , if the bank accepts it , the home is sold at a loss .
not all real estate agents adhere to the same standards . find out why it’s better to work with a member of the national association of realtors® .
a short sale in the real estate industry is when the proceeds of a property sale fall short of the balance remaining on the property’s mortgage loan . in other words , the seller owes more on the property than what he or she is selling it for .
first , let’s go over the difference between a short sale and a standard sale .
i work hand in hand with a local short sale real estate attorney who knows how to get short sales done ! i will admit there is some luck involved in my success rate but the team i have put together does a stellar job .
a short sale is a complex real estate transaction where all parties involved ( i . e . . investors , lien holders , homeowner’s associations and possibly mortgage insurers ) must agree on the terms of the short sale . upon completion of the short sale , homeowners will not receive any proceeds from the sale of the property and may be responsible for potential credit and tax implications .
whether you’ve become aware of the distressed situation on a property through an agent , a fsbo ad or word - of - mouth , this is not a do - it - yourself project . a short sale is one real estate deal where you really need to get help from an experienced agent or attorney . not all real estate agents know how to handle a short sale , so make sure you consult with one who can demonstrate special training or a good track record with short sales .
every homeowner’s situation is different , so we always recommend that you speak with a real estate attorney that can advise you on the legal and tax implications for your circumstances .
in one instance , “the short sale approval process took so long that the real estate market improved and the bank increased the price they were willing to accept for the house , even though the borrower’s offer had already been accepted . ”
because the sale price is “short” of the full debt amount in a short sale , the difference between the total debt and the sale price is the “deficiency . ”
in a hafa short sale , your mortgage company works with you to determine an acceptable sale price .
a settlement statement , also known as a
hud - 1 ,
shows how the money from the sale is distributed to all of the participants in a real estate sale . before the seller ' s mortgage lender approves a short sale , it will look at the proposed settlement statement to review the following :
i am not licensed to give legal advice and provide this information for general information purposes only . if you desire legal advice or more information , please contact a  real estate lawyer .
the short sale niche is certainly growing in importance and popularity . lenders are overwhelmed with foreclosure properties , and the word is that they ' re getting a little easier to deal with on short sale offers . a successful short sale helps the lender to avoid yet one more foreclosure home on their books . these 8 tips will give the real estate professional a quick look at what they need to be aware of in working with sellers and lenders in a short sale transaction .
the mortgage lender ( commonly referred to as “the bank” ) also has to agree to discount a loan balance or to take less money than what’s owed . typically , the owner needs to prove financial hardship before a lender accepts a real estate short sale deal .
you must not have been convicted within the last 10 years of felony larceny , theft , fraud , forgery , money laundering or tax evasion in connection with a mortgage or real estate transaction .
selling a home for less than the amount the current owner owes the mortgage company is called a short sale . buying a home that is a short sale is different from buying a property that is actually owned by the bank , known as an reo , or real - estate owned property , or a property that is in foreclosure .
how is a short sale different from a foreclosure , and what are the advantages and disadvantages of purchasing a short sale ? let’s get started .
the short sale process is still a mystery to many people , even after all of these years , so there is no cause for alarm if you don ' t know exactly how the short sale process works . a lot of buyer ' s agents are confused ; puzzled buyers are looking for direction , and not every short sale listing agent knows how to do a short sale . you would hope that people who are in the real estate business would have learned a thing or two about the short sale process , but sadly , short sales are not everybody ' s cup of tea .
bill gassett is a thirty year veteran to the real estate industry . he enjoys providing helpful information to buyers , sellers and fellow real estate agents to make sound decisions . his work has been featured on ris media , national association of realtors , inman news , placester , resaas , credit sesame and others . he was the # 3 re / max agent in new england for 2016 .
you must not have been convicted within the last 10 years of felony larceny , theft , fraud , forgery , money laundering , or tax evasion in connection with a mortgage or real estate transaction .
in a short sale , the sale price is “short” of the amount you owe to the mortgage lender . the difference between the total debt owed and the sale price is the “deficiency” .
with a hafa short sale , the loan servicer approved the short sale terms prior to listing the home and then accepted the payoff in full satisfaction of the mortgage . this was different from regular short sales where the lender might be able to pursue a deficiency judgment following the short sale . ( to learn more about deficiency judgments in the short sale context , see how to avoid a short sale deficiency judgment . )
buyers can use an online database , such as a multiple listing service , or consult real estate professionals who have experience in short sale transactions . aside from
short sale ,
some key phrases to look for are
subject to bank approval ,
preforeclosure ,
third - party review required ,
and
pre - approved by bank
which may indicate that the property is being sold on a short sale .
twin cities real estate group , inc . - 18279 minnetonka blvd . suite a - wayzata , mn 55391 phone : 952 . 278 . 7878 fax : 952 . 767 . 2420 email : info @ urltoken
the property’s market value can easily be gauged by looking at comparable homes that have sold in the area recently . in today ' s improving market , short sale prices have risen dramatically . an experienced real estate agent will provide the best advice about how to negotiate a reasonable sales price .
for those who can afford to wait , can power through the uncertainty , and don’t mind dealing with a project when they finally get the keys , a short sale might be worth it . there’s a reason they’re popular targets for real estate investors , after all—the prices can be great .
also , a real estate attorney will be able to help you understand the terms of your short sale agreement . every legal document is full of complicated jargon that many people find confusing , and it’s easy to miss important details that could cause trouble down the road . lawyers can make sure your short sale will leave you clear of any deficiency payments or other complications .
from buying and selling advice for consumers to money - making tips for agents , our content , updated daily , has made realty times® a must - read , and see , for anyone involved in real estate .
the bottom line : don’t choose a short sale if you’re in a hurry .
the foreclosure process is too far along already to complete a short sale transaction .
before you even start considering getting involved in a short sale , there are two situations in which an attempt at a short sale is almost certain to fail .
and yet more and more lenders are willing to consider approving a short sale .
a detailed hardship letter explaining your situation and need for conducting a short sale .
short sales happen when a lender agrees to accept less than the amount owed against the home or because there is not enough equity to sell and pay all costs of sale . not all lenders will negotiate a short sale , and that is why a real estate agent or a lawyer can be a tremendous help by contacting the lender ' s loss mitigation department to find out .
when calculating if your house is worth less than the amount owed on the loan , you should deduct out what you would pay in real estate commissions , closing costs , and state excise taxes to sell your home .
if you’re facing foreclosure but have been given the opportunity to sell your home in a short sale , you might be wondering if you should hire a real estate attorney to help you through the process . for many struggling homeowners , a short sale is a last resort in an attempt to avoid more financial hardship . however , without the proper guidance , this type of sale may actually leave you in worse shape than before .
what’s a short sale ? a short sale is when you sell your home for less than the total debt balance remaining on your mortgage and the proceeds of the sale pay off a portion of the mortgage balance .
find out if your state allows or prohibits deficiency judgments after short sale . | urltoken
rate search : don’t miss a short sale opportunity . get prequalified for a mortgage today
when learning about what is a short sale , it’s important to understand the process .
an important part of learning what is a short sale is knowing the tax implications .
note that it is not uncommon for the lender to respond with a counteroffer . as with any real estate transaction , buyers will need to know beforehand what their limits are so they can either accept the counteroffer or walk away .
ensure that all renovations have been permitted and approved . “if not , and there is a problem , the city can cite you , ” says brendon desimone , who manages two luxury real estate offices in new york’s westchester county .
note : before you start the short sale process , you may want to talk to a real estate attorney in your area to review your situation . although agents will be involved to facilitate your sale , they cannot provide nor should you rely on any legal or tax advice they offer . each case is different , and with the legal and tax challenges , it’s important you understand what is a short sale , along with your options and consequences .
homeowners pursuing the traditional short sale are not always approved . certain qualifications have to be met in order for a short sale to be considered or approved . while each bank will have different requirements for short sale approval , typically a bank will want to see :
brandon turner ( g + | twitter ) spends a lot of time on biggerpockets . com . like… seriously… a lot . oh , and he is also an active real estate investor , entrepreneur , traveler , third - person speaker , husband , and author of “ the book on investing in real estate with no ( and low ) money down “ , and “ the book on rental property investing ” which you should probably read if you want to do more deals .
“i think more short sales will be available in 2010 than in 2009 because everyone is cooperating to avoid adding more foreclosures to the market , from the government to the lenders to the homeowners , ” says matt martin , ceo of matt martin real estate management in vienna , va .
during this step , the homeowner chooses an experienced real estate agent to deal with . short sales are complicated events that should be assisted along with an agent who specializes in working with short sales . to find good short sale agents , make sure you do your research and ask the proper questions to narrow down someone who will understand the caveats of pre - foreclosure and can steer the homeowner clear of potential pitfalls .
once we have your file established , our negotiations team will take over from here and remain as your spoc ( single point of contact ) for the duration of the negotiation with your lender . throughout the process , real time notifications related to status changes in your file are sent to you along with your real estate agent so everyone is in the communication loop .
learn how to avoid owing your mortgage lender money after a short sale of your home .
a short sale may give rise to taxable income for cancellation of debt or capital gains .
because of the complex nature of a short sale transaction , it is strongly recommended that buyers work with a real estate professional who has a track record in successful short sales . with the experience and connections , such an agent should be able to identify and help resolve possible hurdles , help put together a viable offer , protect the buyer’s interests , and negotiate the best deal .
the materials contained within this page may not be reproduced without the express written consent of twin cities real estate group , inc . . the information herein is believed to be accurate and timely , but no warranty as such is expressed or implied .
a few states , like california , do prohibit deficiencies after a short sale . ( for more information on laws and pending legislation that prohibit a deficiency following a short sale see states that prohibit deficiency judgments following short sales . )
once the borrower is rejected for a loan modification through the hamp program , the borrower is then eligible to apply to the hafa short sale program or pursue a deed in - lieu - of foreclosure . since i don ' t know why anybody in their right minds would do a deed in - lieu , i ' ll stick to the short sale process . hafa will preapprove the price of that short sale and give the seller 4 months to sell the property through a real estate agent . here are the eligibility requirements :
albert einstein once said ,
the hardest thing in the world to understand is the income tax . ” if you buy , sell , finance or own real estate , it gets even worse . property and taxes go together like blood and leeches .
a real estate attorney can also help you avoid or deal with a deficiency judgment . in pennsylvania , mortgage companies are allowed to obtain a deficiency judgment against homeowners who complete a short sale , even after the transaction as taken place . if the lender is successful , they may collect the remaining balance through garnishing wages or going after other assets .
short sale package submitted by the seller is incomplete . an experienced listing agent would prevent this .
i have more than one mortgage on my house . can i still do a short sale ?
brandon , great article and resources on the basics on how a short sale works . thank you
this spring , real estate sales began picking up in many u . s . markets as buyers snatched up homes at depressed price levels . but not all sales have been proceeding smoothly . as a rule , sales involving foreclosures and short sales take longer than usual to close because of their inherent complexity .
while doing a short sale will negatively affect your credit , there are many benefits to choosing a short sale over foreclosure . with a short sale , you are in control of the sale , not the bank . you may sleep better at night knowing who is buying your home , and you can spare yourself the social stigma of foreclosure .
a short sale in real estate is when a financially distressed homeowner sells his or her property for less than the amount due on the mortgage . the buyer of the property is a third party ( not the bank ) , and all proceeds from the sale go to the lender . the lender either forgives the difference or gets a deficiency judgment against the borrower requiring him or her to pay the lender all or part of the difference between the sale price and the original value of the mortgage . in some states , this difference must legally be forgiven in a short sale . in some states , this difference must legally be forgiven in a short sale .
before you visit with a real estate attorney , gather up your financial records and a list of your assets , debts , and liabilities so he or she can have a clear picture of your situation . the short sale process is a complicated , often frightening one . it’s important that you have a professional on your side who has your best interest at heart .
matykiewicz anticipates fewer foreclosures in 2010 and more short sales due to the streamlined short sales rules .
you are allowed a certain window of time to inspect the home , known as an inspection period . shortening an inspection period may give you leverage in a regular real estate situation when you’re placing a bid , but don’t skimp on or skip the inspection period when you’re about to buy a foreclosed or short - sale home . use this time to make a decision .
require the borrower to contribute funds at the close of escrow as a condition of the short sale .
still , shoppers may find a short sale a better bet than buying a foreclosure , he says .
what is a short sale ? in the most basic definition , a short sale is the process of selling a primary residence for less than what is owed with the approval from the current loan company .
in learning “what is a short sale , ” it’s still important to understand alternatives to this process .
though this isn’t a hard and fast rule , short sales are more likely to be on sale for below market prices , and with a keen eye and some careful research , you can save a pretty penny . the one caveat ? since the owners have been strapped for cash , short sales are also more likely to need a little tlc . this makes them a great choice for real estate investors and weekend warriors .
lenders will not talk to investors , potential buyers or real estate agents unless they are instructed to by the borrower . you will need to get their approval in writing , contact the lender with that approval , and make the first telephone contact . learn about it here .
want to work with a dedicated , knowledgeable realtor ? click the mls property finder icon to sign up to receive mls access for all homes , condos , land and other real estate for sale in massachusetts . beat other buyers to your dream home . see all new homes entering the market at the same time realtors do !
special thanks to tracy royce , a short sale arizona specialist , for her assistance in answering “what is a short sale ? ” without her help , this epic post would still be sitting in the shelves for months to come ! also , if you want to learn more about the short sale process from a short sale agent’s perspective , don’t miss the interview we did with tracy royce on the biggerpockets podcast .
it’s not uncommon for the lender to reject your offer or to come back with a counteroffer . as with any real estate transaction , you should figure out beforehand what your absolute highest limit is , and don’t be afraid to walk away if the lender won’t meet your figure .
if you are considering pursuing a short sale at this point , besides learning “what is a short sale , ” it’s advisable to talk to a qualified professional to see if you may be liable for taxes .
therefore , many lenders choose to accept a loss from a short sale to save the time and fees that a foreclosure would take . essentially , a bank will agree to a short sale if it’s in the bank’s best interest to accept a short sale . although there is no guarantee a lender will complete a short sale , even if it seems to be everyone’s interest , it is typically advisable for the homeowner to pursue the short sale in good faith . lender guidelines change often so it’s important to set expectations going in .
the seller of the property will normally have to pay some money at closing or agree to an unsecured debt in order to have the short sale approved . if the seller refuses , then a short sale may fall through even if the seller has approved the sale .
costs that the buyer and seller may be responsible for as a result of executing the short sale contract .
wondering “what is a short sale and how do they work” ? the below will give you the basics .
a deed in lieu of foreclosure , also known as a “mortgage release , ” is kind of a halfway point between a short sale and a foreclosure in which the homeowner gives the property’s legal title back to the lender . most lenders will want to see that attempts have been made to sell with a real estate agent for at least 90 days before allowing a deed in lieu of foreclosure .
it can be helpful to work with an experienced real estate agent because they’ll be able to help you navigate the process of putting an offer in and act as the go - between for you when communicating with your lender , the seller’s lender , the seller and any other relevant parties .
you can claim a deduction for real estate taxes you paid as part of your mortgage closing costs . starting with 2018 , this amount will be capped at $ 10 , 000 . the same goes for prepaid interest . it will be included on the 1098 form your lender sends you .
short sale and foreclosure homebuyers need to be aware that the sale won’t necessarily close as quickly as it would for a regular home purchase . the short seller’s lender must approve the foreclosure terms or short - sale price , which will be less than what the seller owes . even so , banks may be slow to respond .
the short sale process may take more time than a traditional retail sale to complete and it may be difficult to pin down a firm closing date until the seller ' s mortgage lender ( s ) agrees to the short sale . junior - lien holders such as second mortgages , heloc lenders and other special assessment liens may also need to approve the short sale . if a buyer is bound by a specific timetable to buy a home , the short sale may not be an ideal route .
when you short sell your home , the total debt owed exceeds the sale price . the difference between the sale price and the total debt is called a “deficiency” .
a short sale is when a house is sold for less than what the homeowner owes on it , and the lender does not get all of its money back . a short sale occurs only with the lender’s permission .
an arm ' s - length affidavit is a document created by a short sale bank in an attempt to prevent sellers from selling to a relative and to curb mortgage fraud . the reason the bank does not want a seller to transfer title to a relative in a short sale is that sellers cannot profit from a short sale .
— lenders almost never will accept short sale offers or requests for short sales until the borrower is far behind in payments and a notice of default has been issued .
find out if you ' ll have tax liability for mortgage debt that your lender forgives after a short sale .
pros : a buyer may be able to get a significant price reduction when buying a short sale . additionally , because of the hassle , there may be less competition for a property listed as a short sale as well .
you may have heard that buying a short sale is a great way for prospective homeowners to get a property at a bargain price . it’s true that you may be able to buy a short sale for a lower price than in a similar home would sell for in a traditional sale . at the same time , you should be aware of the potential pitfalls associated with the short sale process .
excellent short sale question andrew . since i do not handle the negotiations directly i will check with the short sale attorney i am using to see what their experience is with this situation . i would suspect in some short sale instances it would make sense to get the 1st lien holder to give a little more to the 2nd lien holder .
if the loan was sold to an investor , such as freddie mac or fannie mae , the investor will have to approve the short sale . investors will have their own requirements and review process before they approve a short sale .
even though this isn’t the ideal situation for the owner either way , a short sale is a much better option than going into foreclosure because a short sale typically doesn’t hurt the owner’s credit score as much as a foreclosure would .
[ … ] you’re not clear on what a short sale is , check out this article . if you’ve already put an offer on a short sale , know that you are not alone . in 90 days your [ … ]
if you owe more than your house is worth and can’t afford your mortgage payments , you may qualify for a short sale . every situation is unique , but in general the basic criteria for qualifying for a short sale are :
before negotiating with a bank , a lender will typically want to see that there is an accepted offer on the property . this can be done in one of several ways . a real estate investor may be working with a homeowner directly and offer on the property , at which point step # 1 and step # 2 would be reversed . however , it’s more typical for the homeowner to list the home with the short sale agent , explaining to potential buyers that this is a short sale , and wait for an offer to be accepted .
before we get into the purchase process , let’s briefly go over the difference between a short sale and a foreclosure .
many of my sacramento home buyers wait 6 weeks to 6 months to close on a short sale , sometimes longer .
the seller will need to prepare a financial package for submission to the short sale bank . each bank has its own guidelines but - - with the exception of wachovia , which is the best short sale in the world - - the basic procedure is similar from bank to bank . the seller ' s short sale package will most likely consist of :
cons : besides the obvious loss in the note value that the lender will face , a short sale still takes a lot of time and fees for a lender , so a short sale is not without financial cons for the lender .
what makes you able to be the best short sale specialist for me ? you are looking for feedback like accreditations , experienced team in place , can point to additional resources , has worked with your lenders , can point out pitfalls , can negotiate effectively on your behalf , and overall , are upfront and realistic . you can also check the bbb , local real estate agent board , and online reviews for complaints and feedback as well .
the meat of your short sale presentation backs up the statements made in the hardship letter . you prepare a thorough and detailed set of documents and financial data to support the claim that a short sale is a good solution for the lender .
fha adopted guidelines in 2010 that says a seller who is current and does a short sale may qualify to immediately buy another home . lenders aren ' t so quick to follow those guidelines . however , flagstar bank gave an elk grove short sale seller a new loan within 2 months of closing his short sale , and that seller was current at the time . fha may approve a loan for a short sale seller who qualifies under its back to work program after one year .
the homeowner has filed for bankruptcy . negotiating a short sale is considered a collection activity , which is prohibited in bankruptcies .
of course , there’s another reason a buyer might choose a short sale : sometimes , they just really like the property .
for many homeowners , real estate taxes and mortgage interest are by far some of their biggest tax deductions ,
says art ford , a certified public accountant in boston .
if i pay $ 1 , 500 a month in mortgage interest , that ' s an $ 18 , 000 - a - year deduction .
in a short sale , you sell your home for less than the total debt balance . the lender agrees to accept the sale proceeds and release the lien on the property . the proceeds of the sale pay off a portion of the amount owed . short sales are one way for borrowers can avoid foreclosure . ( learn more about short sales to avoid of foreclosure . )
how can a potential short - sale buyer be protected from getting involved in an extended negotiation that doesn’t go anywhere in the end ? thompson says you should negotiate an agreement with the seller and the seller’s real estate agent that your offer will be the only one presented to the lender . if the lender isn’t flooded with offers , it will be more motivated to move forward . if the lender turns down the offer without countering , then the restriction disappears .
pros : a lender who agrees to a short sale is doing so to lessen the financial blow that a foreclosure may cost them . a short sale also gives the lender a better public image , as they are seen as helping rather than hurting .
a successful short sale means the seller ' s lender is willing to accept a discounted payoff to release an existing mortgage . just because a property is listed with short sale terms does not mean the lender will accept your offer , even if the seller accepts it . that ' s because sellers need to qualify for a short sale . if their agent sells very few short sales , that ' s a red flag for your buyer .
the basic shape of the short sale process and timeline isn’t very different from your typical sale . however , there are some quirks along the way that you might want to keep in mind .
after a short sale , the lender may decide to come after you for a deficiency judgment . or it might forgive the deficiency
— if the seller has filed for bankruptcy , forget it . few , if any , lenders will consider a short sale when the seller has filed for bankruptcy because negotiating a short sale is considered a collection activity and collection activities are prohibited in bankruptcies .
know what you’re getting into before you buy a short sale or foreclosure property , and be mindful of these five common mistakes .
a short sale is negotiated so that you do not have a deficiency judgment against you . it is a settlement of debt !
if you ' re a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale , salvaging your credit may not be an advantage to doing a short sale , says coy . she reports that according to
score factor code # 22 , there ' s no credit score advantage for a delinquent borrower on a short sale over a foreclosure .
the short sale process is not always the most enjoyable event , but by following the proper steps and keeping excellent records , the short sale process can be navigated . the following section will detail the short sale process , but keep in mind that different lenders may have a slightly different process , so use this as a general guideline , but don’t bet your life on this information .
if you live in a state that does not have a statute that prohibits a deficiency judgment following a short sale , the only way to avoid one is to negotiate a waiver of the deficiency . the short sale agreement must expressly state that the lender waives its right to the deficiency and that the transaction is in full satisfaction of the debt . if the short sale agreement does not contain this waiver , the lender may later file a lawsuit against you to obtain a deficiency judgment after the short sale is completed .
read on to learn which states prohibit deficiency judgments following short sales and what to do if you live in a state that allows a lender to obtain a deficiency judgment following a short sale .
i ' m not saying that your intentions were not honorable , but due in part to the short sale flippers and shady double - escrow deals on short sales , banks have cracked down .
a short sale can be a good deal for a buyer , and it can help the seller avoid having a full foreclosure on his or her credit record . although a short sale and a foreclosure negatively affect a seller’s credit score , in a short sale the damage can be minimized if the homeowner can persuade the lender to report the debt to credit bureaus as “ paid in full . ”
whether you should do a short sale or let your property go to foreclosure depends on several factors . in most instances , a short sale makes more sense than foreclosure . in general , when you want to obtain a loan to purchase a property in the future , more opportunities will be available to you if you do a short sale . and , contrary to popular belief , you can be current on your payments and still do a short sale . in fact , if you are current on your mortgage through a short sale , you can qualify for an fha loan afterwards without any waiting periods . the same option will not be available following a foreclosure .
the mortgage lender initially approved the short sale but the homeowner refused to make a contribution to help reduce the lender ' s losses .
yes . each mortgage can be negotiated individually . however , multiple mortgages make a short sale more complicated and time - consuming . not only do you need the cooperation of the first lender , the second mortgage holder needs to agree to a short sale as well .
foreclosure is a fairly well understood process , but as “short sale” signs sprout like weeds , you may wonder what it’s all about .
if this is starting to sound kind of ominous , don’t worry . there are plenty of reasons why buying a short sale works .
a short sale is where a homeowner elects to sell their home for a lesser amount that the total amount due on their mortgage ( s ) . conducting a short sale can relieve the homeowner of their current mortgage payments and possibly stop any foreclosure proceedings against them .
it is essential that you review your credit report immediately if you anticipate applying for a new mortgage following a short sale . that is because short sales are frequently reported as “foreclosures” on credit reports . if your short sale is reported as a foreclosure on your credit report , you may be erroneously denied a new mortgage loan because :
if there are first and second mortgage liens , the question becomes : what’s the plan to satisfy these lien holders ? the seller and the real estate agent should have a plan that is more sophisticated than crossing their fingers , thompson says . in the best of all possible worlds , the seller will be willing to contribute to paying off the second lien , so the first lien holder gets the full amount from the sale .
the short sale process is complicated and time - consuming . it can take several weeks , or even months , to get a short sale approved . many lenders have several layers of management , insurers , and investors that will have to be satisfied before a short sale is approved . as a homeowner , it is important to be patient during this long process . it is also critical that you work with a short sale negotiator who is familiar with the various requirements of individual lenders to ensure that the process moves as quickly as possible .
if you ' ve lost your home through a short sale and want to get another mortgage loan , you might be wondering how long you ' ll have to wait . your credit will take a hit after a short sale , although possibly not as much as it would if you had lost your home through foreclosure . nevertheless , a short sale will likely prevent you from getting another mortgage right away .
if you are a homeowner facing foreclosure , a short sale might sound like the perfect solution to avoid foreclosure . however , if you complete a short sale , you could be subject to an income tax hit . read on to learn more about when short sales result in tax liability and when you are exempt from paying such taxes .
this statement ( which can be prepared by a closing agent or real estate lawyer ) outlines the purchase price , the closing costs and any other costs or fees involved in the transfer of the property . often referred to as a net sheet and the information can be entered onto a hud - 1 settlement statement to show the final , negative result at closing .
in a short sale , the homeowner sells his or her home for less than the total debt balance remaining on the mortgage . the lender agrees to accept the sale proceeds and release the lien on the property . the proceeds of the sale pay off a portion of the mortgage balance . short sales are one way for borrowers can avoid foreclosure . ( learn more about short sales to avoid of foreclosure . )
if you’re house hunting and spot what seems like a great deal , chances are good that you are considering a short - sale property .
yes , because in a short sale , the mortgage lender will be receiving less than amount the borrower owes on the mortgage . the lender needs to verify that the homeowner cannot continue to pay the mortgage and determine if a short sale is better than foreclosing on the property .
the hardship letter is the cover for the short sale package . it is a lot like the cover letter for a job resume . it must be convincing and complete . the lender must get the first impression that it ' s a short sale or a foreclosure or bankruptcy .
it’s not always possible or even desirable to get a home loan from the bank that has a mortgage on the short sale you’re buying .
no party to the short sale contract is a family member , business associate or a person who shares a business interest with the seller .
finally , when the bank has fully approved the home to be short sold and the paperwork has been fully signed by all parties , the sale can move on to the title and escrow company ( or the attorney’s office if your state closes real estate transactions using attorneys . ) the transaction will typically close just like any other transaction . you will wire money or bring a cashier’s check to closing ( or have your lender send loan docs ) , legal title will transfer , and the property will become yours .