Why Do Central Connecticut Short Sales Take So Long? Part 4 The first 3 parts of this series described how the process of a short sale works when all the steps are followed logically and there is a continuity of flow. This, however, is not always the case and there are many times when there are lapses and interruptions and the process just drags on and frustrations are numerous. While we enter the short sale process looking to get relief for the seller, it should be understood that at all times the seller is always in a state of … (9 comments)
avoiding foreclosure: Why Do Central Connecticut Short Sales Take so Long? Part 1
- 01/29/14 08:49 AM
Why Do Central Connecticut Short Sales Take so Long? After several years of dealing with short sales, many people still do not understand the process both buyers and agents. Simply put, there is no simple answer to the question or the process. In an ideal scenario, the seller’s hardship is one of the commonly recognized hardships by the banks. But the situation needs to be assessed before anything does get to the bank. Just being behind on the mortgage may not be the only encumbrance on the home. If there were situations that necessitated additional liens being placed on the home … (17 comments)
avoiding foreclosure: Why Would Someone Else Want to Pay Your Bills?
- 11/07/13 10:51 AM
Why Would Someone Else Want to Pay Your Bills? I have seen a few new short sale listings enter the market with some strange notes written in the Agent to Agent section. Specifically, their agents were attempting to inflate the value of the short sale to have the potential buyer pay off liens of the seller in order to close the short sale. The amount of extra value ranged from $15,000 to $30,000, and it was expected that the buyer would see sufficient value in the house that they would pay up these extra funds and considered them separate from the … (13 comments)
avoiding foreclosure: There’s a Big Flaw with the HAMP Process
- 11/04/13 05:02 AM
There’s a Big Flaw with the HAMP Process The Home Affordable Modification Program, commonly known as HAMP, was put into place to help home owners avoid foreclosure, by allowing them to modify their first mortgages into a lower more affordable mortgage more attuned to the real value of the home.
This program has not been very successful, at least in my area of Central Connecticut. People attempt to get into the program and after months of filling out forms and preparing their documents they get rejected. They are then urged to consider a short sale of their home or take … (7 comments)
avoiding foreclosure: Fannie Mae Makes Central Connecticut Short Sales More Challenging
- 11/20/12 11:13 AM
Fannie Mae Makes Central Connecticut Short Sales More Challenging Short Sales are a challenge and just to make it more interesting, Fannie Mae has started to challenge appraisals. A questionable appraisal is usually the tool of the selling agent to argue but now it’s being used by Fannie Mae, the investor, to try and stabilize or turn the market. By itself it might not be a bad thing, but when it’s dictated by someone completely unfamiliar with the values in the market place and being mandated to raise values by some unknown formula, then it’s just a closer step to foreclosure.
People having problems with their mortgages and are facing the possibility of losing their home to foreclosure in Central Connecticut should definitely consider a short sale as an alternative. Contrary to what many people believe, banks do encourage and cooperate with the short sales. This was truly evident in one of my recent transactions. The bank sat on this home for over 3 years and made no effort to foreclose. The owners had vacated and the house was vacant. The bank sent me the last information on the owners with … (7 comments)
The home owner was anxious; so many calls were made back and forth, but at the 11th hour all the pieces fell into place and the closing took place. Short sales can be stressful on all. The seller is always worried that a buyer won’t want to buy the house as they can have incidences. Once a buyer finds the house and puts through the offer, then it’s a matter of the banks accepting the deal and proceeding with the sale. Simultaneously, the buyer must also get their financing approved. Patience is … (8 comments)
In a recent transaction, I had both the sellers and the buyers declare that the offered price was not important as the bank would just proceed with the transaction. This was so wrong on several counts as Price is very important in a short sale transaction. In any short sale, the contract price should ideally fall within 10% of market value, as it justifies the transaction to the bank and that will be confirmed in two ways. The seller’s agent continuously monitors the market and tries to make reductions … (13 comments)
Short sales are a way of business in real estate and may well supplant REO listings as banks look to take a softer stance with distressed home owners who are trying to avoid foreclosure. Many agents are hesitant to bring a qualified buyer into a short sale listing for fear of the buyer getting nervous about the process, and trying to get out of the transaction and go onto something more conventional. The process starts with the sellers and their agent. Most banks will tell their sellers to … (6 comments)
avoiding foreclosure: Your Bank Doesn"t Want to Foreclose on Your Central Connecticut Home
- 02/26/12 12:35 AM
Your Bank Doesn’t Want to Foreclose on Your Central Connecticut Home I received a phone call this week from a Central Connecticut home owner that is having problems in meeting their mortgage payments. They had talked to their lender and after some exchanges were advised to seek out a professional in their area that specializes in short sales, and try to get the home sold. This is definitely an indication of a lender encouraging their mortgagees to get their home sold and not allow it to go into a foreclosure. A non performing asset or foreclosure on a bank’s inventory … (19 comments)
In our current economy, many Central Connecticut home owners are underwater, especially if they either purchased or re-financed within the past 4-5 years. Home values have fallen back and in many areas have reached a stable range. The market is, however, affected by home owners that have just walked away and allowed the home to go into foreclosure, or have made an active choice to get their home sold by means of a short sale.
Short term solutions are available to home owners that have had … (11 comments)
avoiding foreclosure: Dear Mr. Seller, I Regret to Inform you that the Short Sale was Accepted
- 12/29/11 05:08 AM
Dear Mr. Seller, I Regret to Inform you that the Short Sale was Accepted We who do short sales fully understand the degree of frustration associated with trying to get a bank’s response to an offer on a short sale. The endless phone calls, resending documents, the disconnects, no response, all so aggravating. This morning I made a call to a bank still hoping to get a short sale offer accepted, or at least some conversation. The paperwork had been in 3 weeks, but still no call from the negotiator. The appraisal had been done; my contract was greater than … (18 comments)
avoiding foreclosure: Foreclosure and short sales in the Greater New Milford, Connecticut area.
- 05/20/11 12:58 AM
Many people are in trouble with their mortgages and are so distraught, that they fail to take advantage of the opportunities out there to salvage their situations. There are reliefs for these distressed home owners by getting a qualified Realtor that understands and knows how to manage a short sale. If you're in trouble with your mortgage in Central CT and need help, then call someone to get some help. I know how to get you help, and have done successful short sales. Foreclosures and short sales are happening all over, not just in the greater New Milford, CT area. People are … (0 comments)
avoiding foreclosure: Short Sales are the Answer
- 10/19/10 08:51 AM
With so many people facing foreclosure, and now that the banks are vacillating on their process, the option of going through a short sale has great validity. In a short sale, the seller tries to get a contract on the property while many times the banks are going through their foreclosure process. Getting the home into the system while the owners are still in the property maintaining it, gives the house it's best exposure and keeps it safer. Once a contract has been obtained and agreed to by the selelr, then the agent and their lawyer mount a full scale attack … (3 comments)
Ed Silva is a licensed Broker serving the Central Connecticut area from the Waterbury CT Real Estate Office.
He serves both sellers and buyers and also is an experienced agent for short sales.
If you're thinking of listing your home, I would love to meet with you and share my marketing success package with you. My marketing reaches all the major listing sites with prime positions on the largest. I'd would appreciate the opportunity love to help you buy or sell in the Central Connecticut area.
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