Real Estate Blog - Short Sales in Branford Connecticut and New Haven County - An Alternative To Foreclosure

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Short Sales in Branford Connecticut and New Haven County - An Alternative To Foreclosure - Part 1

In recent months we are hearing more and more about the Conneticut foreclosure market on the news, at shortsales work and from family and friends.

Too many Branford Connecticut and New Haven County homeowners are finding themselves in financial distress and unable to make their mortgage payments At the same time the decline in home prices are leaving them with little or no equity in homes that are now worth less than what is owed on the property.

An alternative that homeowners are unaware of who need to sell but owe more than their home is worth or facing foreclosure is a short sale.

What is a short sale? A short sale is the sale of a home negotiated with a bank or mortgage compnay to accept less than what is owed on the property. For instance you may have a mortgage on your home of $350,000 but in today's market the current market value is only $325,000 based on the recent sales in the neighborhood. The lender must agree to take less than what is currently owed for it to be a short sale.

A lender's decision to do a short sale depends on a number of factors and criteria. While your home may fall into this category it is the lender who determines what they need to move forward with the short sale process.

If you are in a situation where you need to sell and owe more than your home is worth or have been late with your mortgage payments and may face foreclosure proceedings, the first step is to contact your attorney and financial advisor. They will help you understand the short sale process and any possible risks involved.

You 'll be ahead of the game if you start now instead of waiting unitil it's too late.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

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Contact Donna Bigda, ABR, SRES, e-PRO, Realtor®, RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven and the rest of shoreline area in New Haven County Connecticut.

If you're thinking about buying a home in Branford CT there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Branford CT real estate homes or condos, see Branford CT real estate or sign up today to get access the hottest new listings here Branford CT homes and condos.

To keep up to date on the current state of the Branford CT Real Estate Market & other information about Branford CT, subscribe to my blog via email here or visit online at www.connecticutshorelineblog.com.

If email is your communication preference, email me at donna@donnabigda.com.

Posted by Donna Bigda, REALTOR®, CDPE, e-PRO Branford Connecticut Homes and Condos on 10/05/2008 10:21 PM

Comments (8)

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Originally posted at: Southern Connecticut Real Estate: Short Sales in Branford Connecticut and New Haven County - An Alternative To Foreclosure - Part 1

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8 Comments on Short Sales in Branford Connecticut and New Haven County - An Alternative To Foreclosure - Part 1

OCT

2008

This post is so clear and concise...and it is so positive. So many times...when dealing with foreclosure and short sales...it can be very intimidating to the home owner. I KNOW that any home owner who is in trouble and reads this will know that you are the right person to take care of them with dignity and respect. GBU, my friend!

BTW...I was really busy this weekend, but THANK YOU for your email. I am so blessed to know you! :-)

Donna you did a excellent job in describing a "Short Sale" clearly and in very few words. But these can be a nightmare for all involved and there is nothing short about them.

Elizabeth - Don't you fret a bit about having been busy this weekend. :-)

No one should be in fear or denial when they are facing financial difficulties about their homes and my hope is that they will find a light at the end of the tunnel by seeking out professional guidance. GBU!

George - I consider your comment a great compliment coming from you. :-) I know that short sales can be very difficult, complicated and time consuming but if it the process helps just one homeowner for me it's well worth the effort.

OCT

2008

Donna- This is a great to the point post that your audience will definetaly read about. Good luck with Short Sales in Connecticut

OCT

2008

Donna, very informative post. Too many borrowers wait until it's too late to get the help they need. It is a sometimes frustrating process, but the right agent makes all the difference.

OCT

2008

Hi Greg - I really felt it was important to provide this information for those who may not be aware of this option.

Hi Billie - Short sales can be a very frustrating but helping those in need makes it all worthwhile in the end.

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