The median sales price for homes in Cove - East Side - Shippan, Stamford for Jul 09 to Sep 09 was $403,500 based on 16 sales. Compared to the same period one year ago, the median sales price decreased 30.1%, or $173,500, and the number of sales decreased 38.5%. Average price per square foot for Cove - East Side - Shippan was $244, a decrease of 32.2% compared to the same period last year.
There are currently 129 resale and new homes in Stamford on Trulia, including 4 open houses, as well as 24 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Cove - East Side - Shippan was $802,216 for the week ending Sep 30, which represents an increase of 5.4%, or $41,300, compared to the prior week.
10.) You sent in multiple offers to the bank. Put yourself in the bank's shoes, what would you do if you got 3,4,5 or 6 offers on your property? That's right you would wait to see if you get more at higher prices. We all know short sale departments at banks are extremely organized and they can surely keep track of multiple offers (Yes I'm being sarcastic). Oh did I mention accepting and having your seller sign multiple offers is probably a little against the law and at the very least unethically? Third party approval is just a contingency just like an inspection or financing. You wouldn't keep accepting offers if there was an only and inspection contingency right?
9.) You don't call the bank periodically for updates, you rely on them calling you. With literally thousands of short sale offers coming in, you need to keep your file fresh on their minds. Files are always being lost or misplaced, yes even in this digital age they get lost in cyberspace. A file goes to a negotiator via email and the pdf gets deleted accidentally. Do actually think the negotiator is going to remember let alone try and recover that info when he/she has another 100 or so to work on? They just say NEXT.
8.) You don't bother to lower the price periodically. Do I really need to explain this one, this is real estate selling 101.
7.) Your marketing, well sucks! No pictures, no virtual tours, poor description, etc. Again real estate selling 101.
6.) You don't know what the hell you're doing and are too pigeoned minded to actually take formal training to get better because of course you've been in business 28 years or that's what your broker told you to do. Formal training is not some 2 hour course given by your local board nor is it a 2 hour webinar. I'm talking at least 8 hours of classroom instruction or distance learning curriculum. Nothing substitutes for a live instructor if you have a choice chose the classroom.
5.) You don't submit an offer you feel is too low. WHAT? Let the lender tell you it's too low. Get the process going and hopefully you can get a hard number from the bank on what they'll take.
4.) You don't check this property's status and the bank forecloses. The short sale department does not communicate with the foreclosure/legal department. You don't know how many times I've called and informed the S/S department about an impending sale date and they reply, "Oh let me send them a message to delay the sale." This doesn't stop the process but in my neck of the woods if you delay a sale, you just bought yourself 60 days. It takes 30 days to get in front of the judge to schedule another sale date and that date is usually another 30 days out.
3.) Poor communication with the buyers/buyers agent and they walk. Mindset is crucial here. You need to prepare the agent and/or buyer for a long wait at least 90 days before you can go into the sales phase. You also need to let them know that not a whole lot will happen in the first 30 days and to expect updates every two weeks or sooner if developments occur.
2.) You're disorganized. If your the type that gets overwhelm at times (Like me) you need to systematize your business. You should have already done this but this is even more crucial in short sales. I designed an excel spread sheet that holds all my listings. I note whether they are active, pending , short sale, etc. It contains all the info I need in the notes boxes of the spreadsheet and I note every time I call with date and name of person. If you want a copy of it click the hyperlink.
...........drum-roll please........and the number one reason your short will not close is:
1.) Your short sale package is incomplete. A bank will not call you and say hey your package was incomplete. It will go in the round file cabinet. The more info you send them the better. I always call the lender first and ask for their specifics. I then send them what they ask and then some. A complete package should be at least 50 pages. I've seen some that are 100 pages. These servicers do not have a clue about your market. The more you send them pertaining to the market value the better chance you have at getting your package looked at sooner. You come across as a professional that really knows what you are doing, perception is the key here. (Who cares if you just took the Short Sale class 24 hours ago, you're a pro act like it!)
I've been out doing office presentations these past few weeks, and sharing with Brokers and Agents what ActiveRain is all about. In my travels, I have found that as new members join ActiveRain, it can seem a bit overwhelming because there are so many members, tools, great posts, and let's face it, there's a ton of information here.
So Where do you go and what do you do once you hear about ActiveRain?
The most common question I get is "What tools does ActiveRain offer to help my Business?"
Having useful tools in your "Toolbox" is great, but if you don't know where they are, you're not using them, you don't know how, or you never open the toolbox, then none of them will present much value? Hopefully this wil help some of you that are new to the community.
Here's the "TOP 10 ActiveRain Tools" and in no particular order:
10.Advertising on Activerain can get you some great exposure. Nearly 150,000 members, and over 2,000,000 visitors each month. We have numerous options available through channels, Activerain pages, the Daily Newsletter and the Top Spot on the Feature Board.
9. Go Hyper-Local using Localism.com Creating content on ActiveRain for your Localism Blog can be a huge resource for your local communities and neighborhoods. The worlds most complete neighborpedia. Sponsoring a community is easy and inexpensive.
8. Building a Profile is more than just your picture, company name and phone number. Member profiles CAN generate Subscribers, Traffic, Associates and Business. Take the time to make your profile your masterpiece. Your Profile can be just as powerful as a website.
7.Outside Blogs have become one of ActiveRains leading tools for members. There's No need to learn a new Blogging platform. It's easy to set one up and there are plenty of tools and widgets to help make your custom outside Blogs successful.
6.Vision - Do you know what your prospects are thinking? ActiveRain presents a new vision for success. IDX and Leads are great to have, but you'll need the tools, a plan, and the follow-up / follow thru to make any lead generation tool become a success.
5.Hit Router - With over 100,000 City searches on ActiveRain recently, you could generate some great leads via your IDX. Set up your FREE Markets, create City Search Campaigns, you can watch a webinar how to do it all. There's over 1,000,000 posts on ActiveRain which means one million plus opportunities for visitors to search for homes in your area and find YOU.
4. The ActiveRain Referral Exchange. Be sure to setup some alerts in your area immediately. This training webinar will help. There's even a rating system in place that can be used at the close of referral transactions. A tool every referral exchange should have.
3.Networking, Connecting, and building Associations with other Real Estate Industry Professionals on ActiveRain will increase your knowledge and resources faster than any other website or Social Network out there. Your Associates are a great reference and endorsement. You can Build your National and International Associates all in one place.
2. It's good to find Blogging mentors who have been successful. There are thousands of great Bloggers and successful members here on ActiveRain, you can see the Top 100 most subscribed to get some great ideas and to see what works for them.
1. Becoming a Rainmaker member does have it's obvious privileges. Why? (see all the above) There are many more tools, services and benefits you'll discover on ActiveRain, but these 10 are the most valuable and powerful in my opinion. Remember that joining ActiveRain and using these tools is not a "Sprint To The Win" it's a "Marathon To The Victory!"
Sometimes finding support and answers to your questions can seem like a daunting task, but there are some easy ways and "tools" available to help you get anything you need on ActiveRain. You can Contact ActiveRain, use the SEARCH tool, check the HELP/FAQ Group, visit the ActiveRainGuide.com for "how-to" posts and tutorials, use my profile, or you can contact our staff on-line anytime. You'll find our staff Blog at ActiveRainTeam.com.
Specific Tools are created to get certain jobs done, I hope these tools help you "Get Your Job Done!"
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
About a week ago, I gave some background on what I've been up to and asked the AR community what type of topics they'd suggest I cover. The first topic of interest was SEO, so I decided to start with a post that gave the anatomy of blogging SEO. I'll come back with some more SEO stuff in the near future (including some background on generating quality inbound links), but first I thought I would dive into the 2nd area of interest: Facebook Pages. (By the way, there was also some interest in affiliate programs so I wrote a bit more on affiliate programs for real estate on 4realz.net)
Facebook Profile vs Facebook Page
Every one of the 200 Million people who have joined Facebook has (by definition) created a Facebook Profile. Your profile creates the "hub" with which you can engage with others (friends), groups, games (applications) and/or business pages.
A Facebook Page is a bit different than a profile and reserved for businesses, brands, and other professionals.
If you plan to use Facebook to generate business, then there are a ton of reasons to market yourself through a Page instead of your standard profile. Here are just a few:
One-way Connection. People connect to your Facebook Page by becoming a "fan" of you (or your business) instead of a "friend." This is a one-way connection much closer to Twitter in that people can follow your Facebook Page and you never have to "conect" with them as a friend.
Easy Updates. You can update your Facebook Page in much the same way that you can update your Facebook Profile... This means it's trivial to share status updates, photos, videos, and links with your the people who follow you.
Top-of-mind. The ability to easily update your users allows you to stay top-of-mind with the relevant target audience. I use my page to update professionals interested in social media and online marketing. If you become a "fan" of my page (and I recommend it!), then my updates will enter your "news" feed on the homepage of your Facebook account so you can be regularly updated with useful information.
Going Viral. When one of your friends comments on one of your status updates (could be text, links, video, etc.), then you're much more likely to get seen by their "friends". And, as your content becomes more popular, you're that much more likely to be featured in the "highlights" area of Facebook's homepage. For most agents, "friends of clients" are some of the best source of business and Facebook has made it possible to relatively easy get in front of these people!
Friends vs Fans. Facebook limits you to 5,000 friends, which almost definitely sounds like a lot (who has 5000 friends???). Except for the truely gifted networkers, most agents will never reach 5,000 friends. However, for an agent in a decent sized-community, it's entirely conceibable for 5,000 people of your area to follow you (or become fans) if you consistently provided information they found valuable... especially as it's so much easier to go viral with Facebook than any other tool.
Permission Farming. Savvy businesses and brands have learned that consumers, like myself, are more than happy to become a fan if they remain relevant and interesting. Do the same for your community and I'm convinced you could quickly hit the sweet spot of the terms Jim Marks coined: Permission Farming.
Timing. It's still early... some savvy agent in your community is likely to figure out how to successfully use Facebook to reach your market over the next year or two. The sooner you get in there, the quicker you'll be able to set yourself up as the dominant real estate voice on Facebook in your community.
Convinced you should set up a Facebook Page?
It's really easy... From any existing Facebook Page (mine for example), click on the text "Create a Page" at the bottom of the left-panel to get started.
And when you're ready to get serious, become a fan of my page so you can follow my updates as I explore the many ways you can use Facebook to generate business!
Buying bank owned properties There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject. Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know "the secret formula". The fact is that there are no secrets, and to make money does require effort.
What's an REO? REO stands for "Real Estate Owned". These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you'll receive the property 100% "as is". That could include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much "cleaner" and attractive transaction. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO's may be exempt from normal disclosure requirements. In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.
Is it a bargain? It's commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn't true. You have to be very careful about buying a REO if your intent is to make money off of it. While it's true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But there are also many REO's that are not good buys and not likely to turn a profit.
Ready to make an offer? Most banks have a REO department that you'll work with in buying a REO property from them. Typically the REO department will use a listing agent to get their REO properties listed on the local MLS. Before making your offer, you'll want to contact either the listing agent or REO department at the bank and find out as much as you can about what they know about the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender. After you've made your offer, you can expect the bank to make a counter offer. Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Realize, you'll be dealing with a process that probably involves multiple people at the bank, and they don't work evenings or weekends. It's not unusual for the process of offers and counter offers to take days or even weeks.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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2. It's good to find Blogging mentors who have been successful. There are thousands of great Bloggers and successful members here on ActiveRain, you can see the Top 
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First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
Yes, some buyers may still be eligible for the credit.
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
It's really easy... From any existing Facebook Page (
Buying bank owned properties
Is it a bargain?
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