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
Distressed real estate sales (REO (bank-owned) sales or short sales) in Danbury, Connecticut  have dropped to 16% of all sales year-to-date 2016, down from 20% in 2015. The level of short sales have remained mostly unchanged over the past two years while foreclosures have dropped a bit more:In 20...
With Fairfield County, CT real estate sales prices hovering at ten year lows in 2016, it's no surprise many homeowners are still struggling with negative equity. When these owners need to sell and are unable to cover the loss, a short sale is one of their best options.  In a short sale the home i...
After a few tumultuous years in Monroe real estate sales, the rate of distressed property sales is down again YTD 2016. Nine percent of all closed sales in Monroe are currently REO (bank-owned) sales or short sales:The five year trend of distress sales in Monroe remains unsteady. True long term h...
HAFA (Home Affordable Foreclosure Alternatives) is a short sale program available to qualifying sellers. The HAFA program has been around for several years, however it was recently revised to offer: Complete release from mortgage indebtedness including a full deficiency waiver Up to $12,000 to se...
Once in a while I am surprised when  a lender just has it together and a short sale approval comes easy...unfortunately rarely is that the case with Chase...HOME SALE CHALLENGE:After many months on market trying to sell his home as a traditional sale, this Hamden, CT homeowner realized there woul...
HOME SALE CHALLENGE:Several unsuccessful attempts at a regular sale left this CT homeowner with the realization they simply could not get enough for their over-leveraged home to pay off their loan. Without enough funds to cover the  loss and with money growing tight, they were left with a short s...
How negotiable are home asking prices? Most sellers and buyers will ultimately wonder how much wiggle room is in any home sale.  While no two situations are the same, time and time again home sales prices in CT tend to be within 3-5% of listing prices. In 2016 that number currently sits at 97.1%,...
 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...

Minna Reid

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