Short Sales

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 [email protected]

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 [email protected]

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 [email protected]

Elizabeth AlinaERA REALTY PROs735 Broad Street Ext.Waterford, CT [email protected]

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 [email protected]

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 [email protected]

Elizabeth AlinaERA Realty Pros735 Broad St Ext,Waterford, CT [email protected]

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 [email protected]