Provide documentation as quickly as possible. Throughout the process, your lender will ask for updated and additional documentation. It is imperative that the documents get returned and lenders requests are responded to in a timely fashion, or your short sale could be declined.
If you are unable to pay other bills, let your agent know up front. You want to try and avoid unnecessary liens on your property. Any unpaid bill you … (3 comments)
short sales: If Bank of America had to write off all their bad debt - the bank would collapse.
- 10/20/11 12:53 AM
A pretty strong statement, but BOA has led me to believe this through it's own actions. Here's why. Most other lenders begin the foreclosure process like clockwork, right at the 90 or 120 days late mark. I regularly consult with clients of Bank of America that are 15, 24, 36 months with no payment, and there are still no lis pendens on the land records, and no action started in the court system. Don't get me wrong, many lenders will stall the process themselves along the way, so it takes over a year or 18 months or more to complete. But … (2 comments)
short sales: The best short sale representation in Connecticut!
- 09/30/11 03:55 AM
Patrick James and Minna Reid are pleased to announce a new joint venture, CT Short Sale Team, a new division of CG Real Estate! The new venture will provide the best short sale representation for Connecticut property owners, and the service area will be the entire state of Connecticut. www.ctshortsaleteam.com or 877-SELLMYHOUSE! … (0 comments)
short sales: 3 lien short sale SUCCESS in the Gales Ferry section of Ledyard, with Bank of America, Navy Federal, and Household finance.
- 08/30/11 07:40 AM
$238,000 in debt FORGIVEN, with no cash contribution from seller at closing!!! When I first met my clients ( I'll call them Mr. and Mrs. C, to protect their identity), my heart tore for them. Several hardship situations had left them unable to make a payment to any of their lenders for 2 years. That's not a typo. My clients had gone for 2 years with no payment to Bank of America, AND THERE WAS NOT EVEN A LIS PENDENS FILED! I find this to be the case with Bank of America more and more. While most lenders will file right … (1 comments)
short sales: Just sign here and don't worry about a thing? - Not so fast. Choose your short sale agent wisely.
- 04/14/11 05:44 AM
I had a new phone consultation yesterday, and the client said " Patrick, you've given me more information in these last 10 minutes than the other 2 short sale "experts" did in an hour! They just wanted me to sign a listing agreement when they couldn't answer any of my questions!" Short sales are not simple transactions, and you really need someone on your side that knows what they are doing. Here's what to look for when choosing your short sale agent.
Is the agent you are interviewing asking the right questions? Are you behind, and if so, how far … (2 comments)
short sales: Commonly asked questions about short sales in Connecticut
- 04/12/11 12:48 PM
Why did I choose to specialize in short sales? I like sticking up for the person that can not stick up for themselves. The clients that have tried and tried everything to keep their house only to be denied and struck down by their lender like they are just another number. It is very satisfying for me to be able to come through for and be the voice for the average Joe or average Jane that they need and deserve. Connecticut Short Sales can be difficult to complete and quite confusing for buyers and sellers. To help you to better understand the Short Sale … (2 comments)
1. Declutter - Countertops clear, closets organized. Now is a good time to sell or donate items that you know you are not going to want to move. You may also want to put some of your belongings and/or furniture in storage to make your house feel more spacious and to help the buyer imagine his/her own items and furniture in the space.
2. Stage each … (1 comments)
short sales: Selling your home in a short sale? Better have a good pricing strategy.
- 03/22/11 01:17 AM
One of the easiest ways to blow your chances of successfully completing your short sale is by not properly pricing your home. If you price it too high and are stubborn on your price, your chances of getting workable offer are slim. The goal is to get a contract in front of your lender for the most amount of money in the most reasonable amount of time. Price it too low, and your deal could get blown up by the broker price opinion (BPO) or appraisal coming in too high.(I have had FHA do a full appraisal on several short sales prior to approving.) … (3 comments)
short sales: Bank of America looking for their slice of government cheese?
- 03/10/11 02:35 PM
So not even 24 hours after my last blog (scroll below) praising how far Bank of America has come in the short sale process over the past year, I get an email. From Bank of America. Subject : Changes to short sale initiation process.
Seriously? Yeah.... Seriously. Here is some info from the email: ------------------------------------------------------------------------------------------------------------------- As Bank of America continues to enhance the short sale process, real estate agents will notice changes when initiating a transaction in Equator, beginning March 11. What Is Changing: New fields will be required when initiating short sales in Equator. Agents should be prepared to provide the … (7 comments)
short sales: Success with Bank of America short sales. Then and now.
- 03/09/11 04:51 PM
It was no more than a year ago that ANY short sale agent ( myself included ) looked just like this poor guy during our Bank of America short sale negotiations. Let me say, my how times have changed.
Then - the short sale to make most agents never want to do another short sale: July of 2009---- I listed an FHA Bank of America short sale in Norwich, CT, and had to sell it 3 times before it closed. Day, after day after day, hours and hours on the phone getting nowhere fast. I'd hear, "We didn't get the authorization," "The file … (7 comments)
short sales: What the heck is a BPO? Info you need to know when selling your CT real estate in a short sale.
- 03/08/11 06:53 AM
What am I talking about? Berliner Philaharmoniker Orchestra? No. Beer Pong Outside? No. Bail Prestor Organa? No. You star wars fans have landed on a real estate blog. The BPO we are going to discuss today is a real estate acronym standing for Broker Price Opinion. Why care? Getting your CT short sale approved depends on it. Simply put, a BPO is a valuation tool that lenders use to estimate the fair market value of your home, or a different name for a competitive market analysis.(CMA) This can be for a short sale approval, a loan modification, bankruptcy court, or if they are going to sell … (1 comments)
So I took a phone call today from a prospective listing client and felt it necessary to write this blog after hanging up the phone. We talked briefly about his situation and, as always, I suggested that we should sit down and talk about his financial situation and hardship a little more in depth, find out if we would feel comfortable working with each other, and then decide if listing his home as a short sale was right for him. Then came the question.... How much do you charge for the consultation? Admittedly, I was totally caught off guard. No one had ever asked me that … (7 comments)
short sales: Thinking about writing an offer on a short sale?
- 03/02/11 11:38 AM
If you are in the market to purchase real estate in Connecticut and you find out from your REALTOR that it is subject to bank or lien-holder approval of Short Sale, what do you do next? Prepare to wait and wait, and wait. Plan to not have a yes or no answer from the bank for at least 3 months. Hopefully, you are working with a real estate professional that knows a thing or two about short sales. When buying a home in Connecticut you need to be informed so you can make the right decision for you and your family. Have you been … (0 comments)
short sales: Connecticut Real Estate : Make sure you hire the right professional!
- 02/17/11 11:02 AM
If you are thinking about listing your Connecticut Real Estate for sale anytime soon, you need accurate real estate market information. You really need to consult with a full time REALTOR. Working with an experienced Connecticut Real Estate professional can save you some serious time and aggravation. It's important that you have a Connecticut Real Estate professional that will not just tell you what they think you want to hear. I am that Connecticut Real Estate professional! You are thinking about selling your Connecticut Real Estate, and start checking out prices. WARNING: Just because your neighbors have listed their home for a certain price doesn't mean that they … (3 comments)
short sales: So you're thinking about selling your home in a short sale. Now What?
- 02/15/11 03:00 AM
Can't pay your mortgage? This is a very difficult situation for most every homeowner to come to terms with. Most do not realize that the short sale alternative to foreclosure may allow for you to repurchase much sooner down the road than if the lender forecloses. Here is some information that you MUST know if you are contemplating a short sale.
First and foremost, contact an agent with experience completing short sales. This type of transaction is very different from the regular sale of your home. Choosing the wrong agent for the job can easily minimumize your chances for success. Many homeowners do not … (2 comments)
If you are looking for a real estate professional to handle the short sale of your home look no further. I met Patrick upon my return to CT during ... more
5.0/5.0
by John K in Texas
69265
Short Sales can be a very rewarding, and at the same time, very frustrating experience. The process can be fraught with all kinds of uncertainty and ... more
5.0/5.0
by cgbassell
69051
We had spoken to another Realtor prior to signing with Patrick. The other Realtor basically thought we should list or house for well below market ... more
The short sale process in Connecticut can have some stumbling blocks. Here’s what you can do to minimize the issues that may , and ensure a smooth process. 
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