Buying a Bank Owned Home - 04/21/09 09:14 AM
 
Via Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty):
                                                                                                                                                     
In a recent article I wrote about buying a foreclosed home or potential foreclosure property, I discussed the various ways in which you could obtain ownership of a foreclosure. Here is a quick summary of the three scenarios:
A pre-foreclosure where you buy directly from the home owner before the bank takes over. At an auction where you may be in competition with other buyers. From a Real Estate company or the bank itself. This is known as an REO aka Real Estate owned. Here is what you need … (1 comments)

As a buyer or seller, what is that the Realtor code of Ethics means for you? - 04/21/09 08:58 AM
 
Via Real Estate Latino (Bill Arce) (RealEstateLatino.com):
from: http://www.realtor.org/realtororg.nsf/pages/consumersplash
Buying or selling a home is never an easy process. All the different and confusing terms, the huge stacks of paperwork, all the forms that need to be filled out. Although it's an exciting experience, it can also be a very stressful one. You need someone you can trust. Someone who can put your mind at ease because you know they're going to do the right thing and act in your best interest. Someone who will protect your rights. When you enlist the services of a REALTOR®, you can be confident that … (0 comments)

How do you get the Domino Chain Started? - 04/20/09 11:38 AM
As kids we all had the set of dominos that we would set up all over the place just to see the trail when we started the action. Hours were expended trying to get just the right configuration so that when we were ready we would make the grand pronouncement and wait for the audience, usually our parents or friends, so that the first strike could be made.
If we had the right number of dominoes, the chain reaction would commence and depending on our imagination the trail would snake it's way around the room, up over obstacles, through a hoop, … (0 comments)

Homowners: Free Loan Mod Available, Scammers Go Away - 04/19/09 09:47 PM
As a follow up to my recent post, here's another with the names of some lenders that may be able to help.

Via Yonas Woldu Greater Las Vegas Real Estate (N&Y Team, Prudential Americana Group, Realtors):
As Nevada once again leads the country in foreclosures, there is plenty of help available for distressed homeowners.  Unfortunately, many offers of help aren't help at all, but are in fact predatory scams that will leave people worse off than they were before.
One reliable source of help for certain homeowners who qualify is the federal government.  Just last week, final details were released about … (0 comments)

I Owe More than my House is Worth! - 04/19/09 09:20 PM
It can be a pretty sobering and depressing experience to speak with some folks who now face the simple fact that their homes are worth less than they owe on then. This term is called being "underwater".  For the people that have not experienced the joys of home ownership yet, it equates to the same thing as your car being "upside down" where you actually owe more that its worth.  Homeowners are facing more and more of this situation across the country, especially in cities and towns that underwent re-evaluations during the boom years of 2004 thru 2006. The worst situation would be for … (0 comments)

Cars vs. Computers - Funny Fridays - 04/16/09 04:18 PM
This is too precious not to share.

Via Brigita McKelvie - Lehigh Valley, PA, Residential, Rural & Horse Properties (Keller Williams Real Estate):
For all of us who feel only the deepest love and affection for the way computers have enhanced our lives, read on:
 At a recent computer expo (COMDEX), Bill Gates reportedly compared the computer industry with the auto industry and stated:  'If GM had kept up with technology like the computer industry has, we would all be driving $25 cars that got 1,000 miles to the gallon.' 
 
In response to Bill's comments, General Motors issued a press release stating: 
If GM had … (1 comments)

First Time Buyer? Buying a home and have not owned a home for the past 3 years? This video is for you! - 04/16/09 09:21 AM
I just saw this on someone else's site, and thought I would share the thoughts. Now is a great time to buy. Low rates, high inventory with great prices, and the government will give you back money.
Via Kelly Realtors:
… (0 comments)

$3,500,000 of stimulus money available in Waterbury - 04/15/09 03:22 PM
Do you want to buy a Home or Investment property in the City of Waterbury?
Waterbury Development Corporation (WDC) is administering the City of Waterbury's Neighborhood Stabilization Program (NSP). The program is designed to stabilize neighborhoods by facilitating the purchase and rehabilitation of foreclosed & vacant (still owned by the foreclosing entity) properties in targeted areas of Waterbury.
This program is available to investors and prospective homebuyers who meet certain income requirements. NSP funds are granted as deferred second mortgage loans that do not have to be repaid if the terms of the program are met.
WDC has partnered with Webster Bank … (1 comments)

Negotiating Multiple Offers. A Tutorial. - 04/15/09 08:21 AM
I thought this would be a valuable reminder, and wanted to share it locally
Via Bryant Tutas-Tutas Towne Realty, Inc:
Hi Folks, If your market is saturated with REOs, as mine is, you may be incountering multiple offers quite frequently. This article, I wrote a couple of years ago. may help you deal with them.
Negotiating multiple offers. 
I don't know about you but I love things in multiple. Multiple zeros on my bank balance, multiple listings, multiple closings and of course, multiple offers. Multiple offers, are one of my favorite things. It really places my Seller in the driver's seat when it … (0 comments)

Solving a Sales Slump - 04/14/09 09:18 AM
The negatives feel like they are piling up. Listings are expiring. Inspections are turning up problems. Deals are dying. Buyers won't make up their minds. Sellers are needy and insistent on overpricing. You keep working and it feels like the problems multiply. You don't want to answer the phone or face the next day.
You are in a slump. By definition a slump is, "An extended period of disappointing results." There are two types of slumps. The easier of the two to solve we call "The Success Slump." The more challenging of the two, we call "The System Gap Slump." This … (4 comments)

WRITING A WINNING CONTRACT ON A FORECLOSURE - 04/07/09 03:58 PM
The proper presentation and format of a contract used for the purchase of a foreclosure or short sale can make the difference between rejection and acceptance.  Clear, concise, orderly and complete are the buzzwords.  There should not be a lot more paper involved until the bank, in which case they would send out their own addenda to be used as the final contract, has approved the contract. When preparing a contract for a bank check it over carefully and if in doubt, have someone else verify it is proper before you send it out (scan and email preferred).
Use a good … (8 comments)

As Our Clients Re-Assess Their Positions - 04/06/09 02:22 PM
I recently did something very few professionals do when setting up showings for a client, which was to call a listing agent at the last minute. The agent got back to me much later than I had hoped with an apology for not being able to accommodate my request. As an acknowledgement to this agent I commented that although we did not have the opportunity to view her listing, we did see some other possibilities and that at that moment I was meeting with my people and we were ‘Reassessing their position". While the other agent thought this was a most … (0 comments)

 
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Ed Silva CDPE, GRI, ABR, Real Estate Agent

Waterbury, CT

More about me…

RE/MAX Professionals, CT 203-206-0754

Address: Prospect, Cheshire, Wolcott, Waterbury, Naugatuck, Middlebury, Watertown, Southington,Thomaston, Plantsville, CT, 06479

Office Phone: (203) 271-8000 x 18

Cell Phone: (203) 206-0754

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