CT Real Estate Report

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Real Estate Agent - Keller Williams Greater Hartford - REB.0789472
Minna Reid, REALTOR®, Short Sale Agent: Real Estate in Hartford, Middlesex, Tolland, Windham and New Haven County, CT
 HOME SALE CHALLENGE:After barely making ends meet for many years, our Middletown, CT homeowner was finally forced to consider a short sale once he was laid off and had to leave the state for new employment.REID REAL ESTATE GROUP APPROACH:Quicken, one of my absolute favorite lenders to work short...
Less than 50% of all listed short sales in CT actually reach closing. With most of these homeowners in a must-sell situation - why do only 1 in 2 short sales close? Something obviously goes wrong in the process as lenders are generally looking to approve short sales rather than foreclose to reduc...
Short sales on martgages backed by FHA are a little different than your average short sale. FHA has their own short sale program called the PFS (pre-foreclosure sales) program. FHA follows their own specific guidelines for who qualifies and FHA keeps some pretty strict rules for their short sell...
HOME SALE CHALLENGE:After a business loss and years of unsuccessful attempts at modifying their loan, our Essex, CT homeowners realized their only remaining option was a short sale. REID REAL ESTATE GROUP APPROACH: SLS (Specialized loan Servicing) held the first mortgage on the property (a jumbo...
2016 YTD presents the biggest hike in sales of foreclosed bank owned homes (REO) in CT in the last 5 years: With 1,789 REO sales through the end of April alone (the highest of all 5 years), 2016 is likely to reach record levels of distress property sales through the end of the year.  Of all close...
Some things just don't come easy.....including this short sale approval...HOME SALE CHALLENGE:Our unbelievably sweet and charming retiring Hamden, CT homeowner found herself in a position to have to move to senior housing, but upside down in her home. After attempts to sell at fair market proved ...
Connecticut home prices have not recovered significantly over the last ten years, leaving many folks still underwater in their homes. While many have decided to sit tight and stick it out, sometimes life makes that impossible. When facing an employment relocation, job loss or change, divorce, inc...
A jumbo mortgage is a home loan exceeding conforming loan limits, mainly used to buy high end or luxury property. Conforming loan limits in Connecticut are $417,000 in all counties except Fairfield county - where the conforming loan limit is $601,450. When the balance on the mortgage is greater ...
CT real estate market update - October 2015: With the year nearing a close, average home sales prices in Connecticut have reached a ten year low at $241,098. CONNECTICUT AVERAGE RESIDENTIAL REAL ESTATE SALE PRICES:Although sales activity has increased overall in the last few years, prices continu...
I plan to sell short. Should I make my mortgage payments anymore?This is by far the most popular question asked by our Connecticut short sale clients. It is also the most difficult to answer, as we do not advise anyone to continue or to stop making their mortgage payments.  In fact, you'll be har...

Minna Reid

Team Lead - Reid Real Estate Group
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