Short Sales

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Short Sales

  1. 1. Eastern Connecticut Association of REALTORS ® (ECAR) Yantic River Plaza - 238 West Town Street Norwich, CT 06360-2195 Office No. 860-892-2595 * Fax No. 860-892-2599 www.EasternCTRealtors.com 1) What is a SHORT SALE? 2) Factors to Consider & the Process 3) As a SELLER, what should I know before listing my property as a short sale? 4) As a BUYER, what should I know before presenting an offer on a short sale? 5) Sample Short Sale Approval Letter Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  2. 2. A sales transaction in which the Seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan. Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  3. 3. <ul><li>Seller may have more than 1 mortgage or lien attached to property… </li></ul><ul><li>Other terms aside from purchase price must be approved… </li></ul><ul><li>Different mortgage lenders don’t manage short sales the same way… </li></ul><ul><li>Rules of engagement constantly changing… </li></ul><ul><li>Timeframe for completion </li></ul>Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  4. 4. Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  5. 5. <ul><li>What is my house really worth? </li></ul><ul><li>Should I try to modify my loan or not? </li></ul><ul><ul><li>Home Affordable Modification Program (HAMP) - MODIFICATION </li></ul></ul><ul><ul><li>Home Affordable Foreclosure Alternative (HAFA) Program – SHORT SALE </li></ul></ul><ul><li>Affects on Credit and Deficiency? </li></ul><ul><ul><li>- Short Sale vs. Foreclosure </li></ul></ul><ul><li>Choosing your Short Sale Team </li></ul>Elizabeth Alina ERA Realty Pros 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  6. 6. <ul><li>“ It’s a good deal but can I wait this long?” </li></ul><ul><li>Opportunity Cost / Loss </li></ul><ul><li>Usually is an “As-Is” Sale </li></ul><ul><li>Financing & Inspections </li></ul><ul><li>- Cash vs. Mortgage </li></ul><ul><li>- When to do inspection & appraisal? </li></ul><ul><li>5) Purchase & Sale Agreement </li></ul>Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  7. 7. Elizabeth Alina ERA Realty Pros 735 Broad St Ext, Waterford, CT 06385 860-235-7545 [email_address]
  8. 8. <ul><li>A better deal requires patience? </li></ul><ul><li>2) Must have an experienced short sale team to avoid the pitfalls… </li></ul><ul><li>3) An alternative to foreclosure </li></ul>Elizabeth Alina ERA Realty Pros 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]

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