We should all do our best at all times to help our clients with their real estate needs. In the current market, selling a home is not as difficult with low inventory. However, there are always issues with homes that make them a touch more needy when it comes to getting the deal through closing. Such was the case with the family I represented in a recent short sale. After the final letters were exchanged and the family knew they were out of trouble with their lender, I received the review posted below … (20 comments)
short sales real estate: A Successfully Closed Central Connecticut Short Sale
- 02/23/16 11:26 PM
Another Successfully Closed Central Connecticut Short Sale Again, we have helped another Connecticut home owner, this time in Waterbury, to get relief from a home that was severely underwater. What made this even more gratifying is the homeowner was a reluctant home owner. How can a home owner be reluctant? It is easy when lack of complete thought when a relative asks for a favor. This home seller had never lived in the house that was bought in 2008. The favor was to co-sign for a relative that wanted to buy a house but lacked the necessary credit to obtain a mortgage. The lender … (16 comments)
Any offer prepared for submission, ultimately to a bank, needs to be written as free of contingencies as possible. Even though the seller still needs to accept the offer the bank will be the party that accepts or rejects the offer and possibly the short sale as well.
Pricing: While a short sale has a possibility of being a value purchase to a new buyer, it is still a property that needs to recover as much value as it can to satisfy the outstanding mortgage on the property. The … (12 comments)
People having problems with their mortgages and are facing the possibility of losing their home to foreclosure in Central Connecticut should definitely consider a short sale as an alternative. Contrary to what many people believe, banks do encourage and cooperate with the short sales. This was truly evident in one of my recent transactions. The bank sat on this home for over 3 years and made no effort to foreclose. The owners had vacated and the house was vacant. The bank sent me the last information on the owners with … (7 comments)
short sales real estate: A Significant Short Sale Deadline Will End This Year
- 07/17/12 01:06 PM
A Significant Short Sale Deadline Will End This Year For home owners contemplating a short sale, a significant tax relief benefit will expire on Dec 31. This is important as short sales are not quick transactions and not only must time be allowed for the house to get a qualified buyer, but also the time to approve the short sale by the bank must be factored. The big benefit to short sale sellers is the tax relief exemption. Under this exemption, sellers can exclude as income the amount of debt on their principal residence that is forgiven by their banks. … (17 comments)
short sales real estate: Your Bank Doesn"t Want to Foreclose on Your Central Connecticut Home
- 02/26/12 12:35 AM
Your Bank Doesn’t Want to Foreclose on Your Central Connecticut Home I received a phone call this week from a Central Connecticut home owner that is having problems in meeting their mortgage payments. They had talked to their lender and after some exchanges were advised to seek out a professional in their area that specializes in short sales, and try to get the home sold. This is definitely an indication of a lender encouraging their mortgagees to get their home sold and not allow it to go into a foreclosure. A non performing asset or foreclosure on a bank’s inventory … (19 comments)
In our current economy, many Central Connecticut home owners are underwater, especially if they either purchased or re-financed within the past 4-5 years. Home values have fallen back and in many areas have reached a stable range. The market is, however, affected by home owners that have just walked away and allowed the home to go into foreclosure, or have made an active choice to get their home sold by means of a short sale.
Short term solutions are available to home owners that have had … (11 comments)
short sales real estate: What happens next with our short sale listing?
- 07/05/11 01:39 AM
What happens next with our short sale listing? We've sent our paperwork to the bank and are waiting for the bank to assign a person to the file. In the meantime we have the house on the market. What is going to happen now? Well, the house will be put into the system with a notation that it is a short sale listing. The price in the system reflects current market value, which is less than the outstanding balance on the mortgage but a fair representation of values in the system. After a few weeks, a new analysis will be … (35 comments)
short sales real estate: Foreclosure and short sales in the Greater New Milford, Connecticut area.
- 05/20/11 12:58 AM
Many people are in trouble with their mortgages and are so distraught, that they fail to take advantage of the opportunities out there to salvage their situations. There are reliefs for these distressed home owners by getting a qualified Realtor that understands and knows how to manage a short sale. If you're in trouble with your mortgage in Central CT and need help, then call someone to get some help. I know how to get you help, and have done successful short sales. Foreclosures and short sales are happening all over, not just in the greater New Milford, CT area. People are … (0 comments)
short sales real estate: To do a strategic short sale or not to do a strategic short sale ... that is the question in Central Connecticut
- 04/08/11 02:27 AM
Being stressed in a home that has lost value and is starting to create excessive hardships on a family, need not continue. A potential solution would be a strategic short sale. All documentation is furnished to the bank, along with a Broker's Price Opinion of the property. The property is marketed as a short sale, and when a contract is received, and it falls within proper value range for the current market, the bank typically will accept the contract and allow the sale to proceed. When completed, there may still be tax and other financial obligations that the owner may incur, so … (2 comments)
short sales real estate: Will the Inspection Repairs be Done on This Short Sale Transaction?
- 12/28/10 06:19 AM
Will the Inspection Repairs be Done on This Short Sale Transaction? Dealing with buyers on a short sale transaction when dollars are tight and the inspection showed some problems can be challenging. When a seller has their home on the market, and it's disclosed that they are trying to negotiate a short sale the buyers must be prepared for few if any repairs that will be made to the home. If the seller's funds are tight or non-existent then the inspections that are done are usually for the buyers to get a better feel for the home and a better … (9 comments)
short sales real estate: Short Sales are the Answer
- 10/19/10 08:51 AM
With so many people facing foreclosure, and now that the banks are vacillating on their process, the option of going through a short sale has great validity. In a short sale, the seller tries to get a contract on the property while many times the banks are going through their foreclosure process. Getting the home into the system while the owners are still in the property maintaining it, gives the house it's best exposure and keeps it safer. Once a contract has been obtained and agreed to by the selelr, then the agent and their lawyer mount a full scale attack … (3 comments)
short sales real estate: Easing the Hesitations of a Short Sale Listing
- 02/08/10 11:39 PM
With qualified buyers in the market place looking for the best deal they can get, they are first drawn to the idea of getting a bargain with a foreclosure. The belief is that the desperate banks will accept a good offer even if it's not near the asking price. If the foreclosure is a clean home requiring minimum work to make it move in comfortable, then it's not likely to stay on the market long and often will see multiple bids, ultimately being sold over asking. The market demonstrates a reluctance to pursue a listing that is being offered as … (10 comments)
short sales real estate: Short Sale Guidelines Established by Federal Government
- 12/03/09 03:57 AM
The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures. The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed. Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve … (6 comments)
short sales real estate: Foreclosure vs. Short Sale . . . Homeowner Consequences
- 11/30/09 01:39 AM
A home owner in a distressed loan on their mortgage faces many concerns, not only to their immediate situation, but also to the down the road consequences of their decision. For some owners that are so deeply under water foreclosure may be the only option. However, this is a decision that they must thoroughly analyze and consider with the assistance and guidance from either a qualified lawyer or a Realtor familiar with the short sale process, or both. There are numerous issues that impact their decision, and if they choose the wrong mechanism for relief it will take years to recover, … (3 comments)
short sales real estate: WRITING A WINNING CONTRACT ON A FORECLOSURE
- 04/07/09 08:58 AM
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)
Ed Silva is a licensed Broker serving the Central Connecticut area from the Waterbury CT Real Estate Office.
He serves both sellers and buyers and also is an experienced agent for short sales.
If you're thinking of listing your home, I would love to meet with you and share my marketing success package with you. My marketing reaches all the major listing sites with prime positions on the largest. I'd would appreciate the opportunity love to help you buy or sell in the Central Connecticut area.
A Five Star Review for a Short Sale in Connecticut
;)
;)
;)
