HOME FOR SALE: 20 Wall Street, Coventry CT 06238 - 02/28/11 06:07 PM
Charming mid 19th century colonial nestled in the heart of South Coventry! … (4 comments)

Can the buyer ask me to make repairs to my home being sold AS-IS? - 02/24/11 10:23 AM
Can the buyer ask me to make repairs to my home being sold AS-IS?
Frequently, sellers will ask me during contract negotiations whether their home is being sold as-is, or whether they need to specify the home is sold as-is.
The truth is all homes are sold as-is. At no time does any seller have any obligation to improve the home for any buyer. Most buyers will retain their right to have a home inspection, and may ask for repairs to be done or for a credit for such repairs. This happens all the time, even when the home has been specifically … (5 comments)

When should I move out of my short sale home? - 02/23/11 08:24 AM
When should I move out of my short sale home?
Many of my Connecticut short sale clients are currently living in the home they intend to short sell and are curious when they should start looking for a new place. My recommendation is that the best time to start looking for a new home is once there is a buyer for the home.
Obviously, the home has to be vacant prior to closing so that the new owner can take possession, however moving too soon can cause a lot of problems. There are several good reasons to remain in the home … (2 comments)

The role of short sales and foreclosures in Cromwell, Connecticut - 02/23/11 07:49 AM
The role of short sales and foreclosures in Cromwell, Connecticut
Although Cromwell, CT does not exhibit the same extreme levels of foreclosures as other towns in the country or state, distress home sales are certainly an issue here in Cromwell as well. It is estimated that 25% of all homeowners are now upside down in their homes. While this is an unpleasant fact of life for the owner, it becomes a tremendous problem when forced to sell the home.Currently Cromwell has a total of 70 homes on the market (only single family residences were used for this research). Out of those homes 6% are listed as short … (0 comments)

What to do when your short sale gets declined - 02/22/11 11:42 AM
What to do when your short sale gets declined
Most Connecticut short sales go according to plan but there are a few common reasons your short sale may get denied. You do have options to get your short sale back on track. 
The most common reasons short sales get denied:
The buyer's offer is too low. Now this may not necessarily mean that the buyer is paying way under market value. It usually means the valuation of the property came in too high. When the lender considers your short sale they order an evaluation of the value of property. The evaluation is … (0 comments)

The role of short sales and foreclosures in Rocky Hill, Connecticut - 02/22/11 10:18 AM
The role of short sales and foreclosures in Rocky Hill, Connecticut
Although Rocky Hill, CT does not exhibit the same extreme levels of foreclosures as other towns in the country or state, distress home sales are certainly an issue here in Rocky Hill as well. It is now estimated that 25% of all homeowners are upside down in their homes. While this is an unpleasant fact of life for the owner, it becomes a tremendous problem when forced to sell the home.
Currently Rocky Hill has a total of 65 homes on the market (only single family residences were used for this research). Out of those homes 8% are listed … (1 comments)

Will my lender ask me to contribute to my short sale? - 02/21/11 10:09 AM
Will my lender ask me to contribute to my short sale?
Most of the time short sales end up costing the seller nothing. Periodically though, the lender may ask the seller to contribute to the short sale in either the form of a cash contribution at closing or an unsecured promissory note payable after closing. It is impossible to predict for certain which sellers will get asked for such a contribution, however the odds of being asked to contribute increase when:
There is private mortgage insurance on the loan The property is an investment property rather than an owner occupied property The seller has … (5 comments)

The role of short sales and foreclosures in Glastonbury, Connecticut - 02/18/11 09:44 AM
The role of short sales and foreclosures in Glastonbury, Connecticut
Although Glastonbury, CT does not exhibit the same extreme levels of foreclosures as other towns in the country or state, distress home sales are certainly an issue here in Glastonbury as well. It is estimated that 25% of all homeowners are now upside down in their homes. While this is an unpleasant fact of life for the owner, it becomes a tremendous problem when forced to sell the home.
Currently Glastonbury has a total of 156 homes on the market (only single family residences were used for this research). Out of those homes 8% … (0 comments)

4 reasons you shouldn't be buying a short sale - 02/17/11 03:40 PM
4 reasons you shouldn't be buying a short sale
Short sales can be good deals and are usually in better condition than the bank owned properties out there. However there are some instances in which as a buyer, you should not be considering short sales:
You have a home to sell before you can buy a new home and closings need to be timed accordingly. Hubbard clauses and short sales just dont go together. Simultaneously buying and selling require some timing challenges that simply dont work with short sales. You have a strict timeframe. Your lease is ending and you need a new … (1 comments)

HOME FOR SALE: 30 Rosewood Dr, Glastonbury CT 06033 - 02/17/11 01:10 PM
Gorgeous Glastonbury Contemporary! … (2 comments)

Tips to being the winning bidder in a short sale multiple offer situation - 02/16/11 01:06 PM
Tips to being the winning bidder in a short sale multiple offer situation
Short sellers often have different needs than sellers in a "regular sale". Some buyers mistakenly believe that all that matters is how much they offer. While the amount of your offer is  important, it is not the single most important determining factor, nor do the sellers have any obligation to accept any offer simply based on its dollar amount. Here are a few tips to make your offer the strongest if you end up against competing buyers for the same short sale home:
Have patience. Short sales take time. The more flexible … (1 comments)

Side effect of a tough economy - living together after divorce - 02/11/11 08:34 AM
Side effect of a tough economy - living together after divorce
Am I the only one who has noticed just how many couples continue to co-habitate after a divorce lately?
Many of my clients are selling due to a divorce. Tha'ts not a surprise. However what is surprising is just how many former couples I run into that have divorced (sometimes years ago) and yet are still living in the same house out of necessity. Most of the time ( at least with my clients ) it is because they're so far upside down in the house, they simply can't sell to be able … (4 comments)

2.5 Minutes from SAD to FABULOUS... - 02/09/11 09:18 AM
Moldy House Rehab - slide show … (2 comments)

Skip all the middle men and buy that house direct from the bank! - 02/08/11 09:48 AM
Skip all the middle men and buy that house direct from the bank!
At least a few times a month I get a call that goes something like this:
"I found a house about to go into foreclosure. I also found out that ________(Bank of America, Deutsche Bank, Wells Fargo, Sovereign, XYZ Bank.....) has the loan on the house. I want to buy this house from the bank. Can you help me?"
Sorry folks, but the truth is that it just doesn't work that way. You have a few chances to buy a home going into foreclosure. Buying "direct" from the bank … (4 comments)

Should I choose a HAFA short sale? - 02/07/11 11:16 AM
Should I choose a HAFA short sale?
Many Connecticut homeowners that have decided to short sell will inevitably be offered the option of choosing to go with the lenders traditional short sale program or HAFA (Home Affordable Foreclosure Alternatives)- government's short sale program.
While HAFA was originally touted as a "streamlined" solution to help underwater American homeowners and offers some benefits such as full debt forgiveness and $3,000 cash incentive, the reality of HAFA has proved to be quite different.
The decision to opt in or out of HAFA should not be taken lightly and here I have outlined the realities of both scenarios to … (3 comments)

The Great CT Dealkiller Winter of 2010-2011 - 02/04/11 06:21 PM
The Great CT Dealkiller Winter of 2010-2011
It all started in late December, 2010. A massive snowstorm caused the pipes of one of my soon-to-close properties to freeze and burst, flooding the house. The floors were ruined and the damage to the pipes and furnace is still unknown. The buyer checked out and the property is now an unfinanceable fixer upper.
A week later more snow and a very cold draft came through. One week before closing on another property - the pipes burst in the attic of the heated home. Thankfully my seller happened to stop by very soon after and caught the damage before … (1 comments)

Bank of America starts forgiving short sale debt!? - 02/03/11 05:15 PM
Bank of America starts forgiving short sale debt!?
Yesterday I received another short sale approval letter from Bank of America. This time was a little different than the rest. Those of us who do a lot of Bank of America short sales know that this is one of the worst banks to deal with when trying to get a deficiency waiver. Bank of America's short sale letters have always looked pretty much the same. Regardless of the investor on the loan ( the exception being FHA and HAFA SHORT SALES) The second paragraph of their short sale approval letter has always read:
… (5 comments)

Another CT short sale success with Bank of America and HSBC - 02/02/11 10:50 AM
Another CT short sale success with Bank of America and HSBC
This short sale could have been easy and straightforward, but unfortunately Bank of America doesn't know the meaning of those words yet.
After being denied for a loan modification my sellers faced an unusual turn of events with their property. What was once their pretty wooded backyard came down over the course of a few weeks, and in its place was built an oil delivery company -a  retail store, oil storage, and huge dirt lot for the delivery trucks.  A barbed wire fence and dumpsters just a few feet from my … (0 comments)

Middlesex County, CT Market Report: 2010 In Review - 02/01/11 09:52 AM
Middlesex County, CT Market Report: 2010 In Review
2010 was a rough year for home sellers in Middlesex County, CT. Middlesex County includes Chester, Clinton, Cromwell, Deep River, Durham, East Haddam, East Hampton, Essex, Haddam, Killingworth, Middlefield, Middletown, Old Saybrook, Portland, Westbrook.
In 2010, 1609 Middlesex County homes sold. Assuming the trend continues would mean that only 9% of all the 1563 homes currently on the market will sell in any given month.
Another telling figure is the amount of homes that expired in 2010. An expired home is a home that goes on market, but ultimately just does not sell at all and ends up going off market again. In 2010 1696 homes expired. More homes … (1 comments)

 
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Minna Reid, CT REALTOR®, Short Sale Agent

Southington, CT

More about me…

CG Real Estate

Address: 1224 Mill St., Bldg B, East Berlin, CT, 06023

Cell Phone: (860) 416-1255

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