Transcript
Eastern Connecticut Association of REALTORS ® (ECAR)Yantic River Plaza - 238 West Town StreetNorwich, 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
Process3) 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 AlinaERA REALTY PROs735 Broad Street Ext.Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
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 AlinaERA REALTY PROs735 Broad Street Ext.Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
1) Seller may have more than 1 mortgage or lien attached to property…
2) Other terms aside from purchase price must be approved…
3) Different mortgage lenders don’t manage short sales the same way…
4) Rules of engagement constantly changing…
5) Timeframe for completion Elizabeth AlinaERA REALTY PROs735 Broad Street Ext.Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
Elizabeth AlinaERA REALTY PROs735 Broad Street Ext.Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
1) What is my house really worth?2) Should I try to modify my loan or not?
a) Home Affordable Modification Program (HAMP) - MODIFICATION
b) Home Affordable Foreclosure Alternative (HAFA) Program – SHORT SALE
3) Affects on Credit and Deficiency?- Short Sale vs. Foreclosure
4) Choosing your Short Sale TeamElizabeth AlinaERA Realty Pros735 Broad Street Ext.Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
1) “It’s a good deal but can I wait this long?”2) Opportunity Cost / Loss3) Usually is an “As-Is” Sale4) Financing & Inspections - Cash vs. Mortgage - When to do inspection & appraisal?5) Purchase & Sale Agreement
Elizabeth AlinaERA REALTY PROs735 Broad Street Ext.Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
Elizabeth AlinaERA Realty Pros735 Broad St Ext,Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
1) A better deal requires patience?
2) Must have an experienced short sale team to avoid the pitfalls…
3) An alternative to foreclosure
Elizabeth AlinaERA Realty Pros735 Broad Street Ext.Waterford, CT 06385860-235-7545Liz.Alina@RealtyPros.com
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