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Short Sales

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  • 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. 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.
    • Seller may have more than 1 mortgage or lien attached to property…
    • Other terms aside from purchase price must be approved…
    • Different mortgage lenders don’t manage short sales the same way…
    • Rules of engagement constantly changing…
    • Timeframe for completion
    Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  • 4. Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  • 5.
    • What is my house really worth?
    • Should I try to modify my loan or not?
      • Home Affordable Modification Program (HAMP) - MODIFICATION
      • Home Affordable Foreclosure Alternative (HAFA) Program – SHORT SALE
    • Affects on Credit and Deficiency?
      • - Short Sale vs. Foreclosure
    • Choosing your Short Sale Team
    Elizabeth Alina ERA Realty Pros 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  • 6.
    • “ It’s a good deal but can I wait this long?”
    • Opportunity Cost / Loss
    • Usually is an “As-Is” Sale
    • Financing & Inspections
    • - Cash vs. Mortgage
    • - When to do inspection & appraisal?
    • 5) Purchase & Sale Agreement
    Elizabeth Alina ERA REALTY PROs 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]
  • 7. Elizabeth Alina ERA Realty Pros 735 Broad St Ext, Waterford, CT 06385 860-235-7545 [email_address]
  • 8.
    • A better deal requires patience?
    • 2) Must have an experienced short sale team to avoid the pitfalls…
    • 3) An alternative to foreclosure
    Elizabeth Alina ERA Realty Pros 735 Broad Street Ext. Waterford, CT 06385 860-235-7545 [email_address]