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06704 : Real Estate Advice

  • All20
  • Local Info1
  • Home Buying9
  • Home Selling0
  • Market Conditions0

Activity 14
Sun Oct 9, 2016
Gina.capizzi asked:
The pic u posted is the duplex next door to 126 citizens ave. the house color of 126 citizens is greenish blue and is a ranch.
0 votes 0 Answers Share Flag
Sun Jan 24, 2016
Dan Tabit answered:
If someone from the bank signed the contract, you have a legal issue to enforce. An attorney will need to review the contract to make sure they don't have a unilateral right to change their minds and if not, pursue action on your behalf. Just realize the bank has attorneys on staff and it won't bother them much. They won't mind running up your legal bills while you pursue this.
Get some specific advice based on your contract and think long and hard about how far you want to go to fight this.
Let us know how things go and what you decide to do.
... more
0 votes 3 answers Share Flag
Mon Sep 14, 2015
Sally Grenier answered:
In order to buy a home, you really need to be working with a REALTOR. They might be able to find "rent to own" listings in your area. But... keep in mind these deals are never a good option for the buyer. They were a lot more common back when we were in a buyer's market and sellers were desperate. These days, most parts of the country are experiencing a fairly healthy sellers market and sellers want to SELL not rent to someone who may or may not be able to actually buy the house at the end of the lease.

I would seriously look at what is keeping from you from buying now, and fix that problem. Use that money that you planned on putting toward down payment or extra $$ for a higher rent to own payment and pay down, or pay off your debts!
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Thu Aug 30, 2012
Ruth Zeiss answered:
Hi Pankaj. If you reside in Branford, a lovely community that I have also lived in, are you driving all the way to Waterbury to show the house? How many showings have you had? Have you had anyone make an appointment and then not show up? Do you want to have even better internet exposure? How did you come up with your list price?

I live and work in Waterbury so I'm familiar with the neighborhoods and the agents who work them. Would you like to talk to me about listing your house with Prudential? You'll get unrivaled internet access, not just Zillow. Agents prefer to show properties that are listed with other agencies . By listing with us, you'll reach thousands of agents, each with their own rolodex of clients, who wouldn't necessarily look to Zillow for available listings. Prudential is a well respected name throughout the world with a 98% brand recognition. The only brand that is more recognized is Coca Cola.

Call or email me at your earliest convenience and let's get your house listed so everyone will see it!
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0 votes 2 answers Share Flag
Mon Aug 8, 2011
Julie Traver Lucia answered:
Hi Evelyn, there may also be a difference between if it is an auction from the City which would be a tax one or if it is directly from the lender which would be a foreclosure by sale. You may also have a redemption period to try to get the property back or can file for bankruptcy protection or a short sale to help your credit in the future. Please feel free to contact me to discuss further, Julie Lucia, Realtor, Showcase Realty, 203-578-5631; ... more
0 votes 5 answers Share Flag
Mon Mar 29, 2010
Joseph Abreu answered:
You should speak frankly with your current agent and let them know what you want. Ask them to give you a written release.

If you have any other questions, please give us a call 203.757.7202 ... more
0 votes 2 answers Share Flag
Sat Feb 13, 2010
Gita Bantwal answered:
You should go to the IRS web site for details. If it is new construction make sure the weather is not holding up construction. Sumner has given you good advice regarding allowing plenty of time. ... more
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Sat Feb 13, 2010
None answered:
This means that an offer was accepted on a home, but the seller still has an opportunity to market their home for sale to other prospective buyers. "Show" status, under the CT MLS system, is the first stage of being on deposit. A seller has accepted an offer, but the offer is contingent on a number of factors including: home inspection, financing contingencies, attorney approval & the buyer putting forth all deposit money. Until these contingencies are met, the seller's agent will continue to market the home. Homes on "Show" Status are still featured in internet advertising, and many agents still allow prospective buyers to preview the home.
When a home goes on "DEPOS" on "ON DEPOSIT" status, then the home is no longer marketed to buyers.

If you have any other questions, you can reach me directly at or on my mobile at 203-815-9118. I'm a Realtor on the shoreline and have helped many buy and sell homes.

-Scott Silverstone
Page Taft Real Estate
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1 vote 2 answers Share Flag
Thu Jan 14, 2010
Rudy McDowell answered:

Follow Bill's advice and you'll be fine. The lender/LO you're currently/will be working with should/will know this as well. Its routine.
0 votes 8 answers Share Flag
Wed Jan 13, 2010
Dana Voelzke answered:
Hello Jhr1984,
The CHFA guidelines for condos are no longer used (I believe your comment above says that is what you were told). The CHFA lenders utilize the FHA approved condo list which can be found via the link below. Type in CT and your city name. Typically the FHA rules use the minimum 50% rule. However, there are other requirements.

The best thing to do is to run the condo by your lender to make sure that they can lend on that particular condominium project. In my area one of the condos, Riverbend, is not on the FHA list by its common name (there is literally a sign in front of the builing that says Riverbend), but in its bylaws it is known as Fairmont Condominiums, and it is FHA approved. No normal human being would know that, of course, so if you've found a place you really like, it's best not to make any assumptions, just ask your lender.

Please note that depending upon when you buy the FHA condo approval requirements are changing. See new FHA condo approval guidelines:

Let me know if you need more info.
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0 votes 3 answers Share Flag
Wed Jan 13, 2010
Minna Reid answered:
The 32 k means nothing. Base your offer on RECENT ( last 3-6 months) of comaparable sales in the complex.
0 votes 4 answers Share Flag
Mon Jan 11, 2010
Lew Corcoran answered:
HUD has previously announced new procedure for approving condominiums for FHA-insured mortgages.

Effective with case numbers ordered on February 1, 2010, FHA Spot Approvals of condominium projects will no longer available. Most lenders will require that a condominium project be approved with FHA or they will not underwrite the mortgage application.

A few lenders will run non-approved condominiums through the HUD Review and Approval Process (HRAP) method PROVIDED that the condo project is not already working with another lender for approval. The “turn-time” for HRAP approval is expected to take 4-6 weeks.

Due to these changes by HUD, the Veteran’s Administration and Fannie Mae have both announced that HUD approval of condo projects will no longer be eligible. Projects secured by VA financing must be approved by VA. Conforming loans must meet Fannie Mae or Freddie Mac requirements to be eligible.

FHA has made the following changes to its requirements:

• The minimum required number of units in a project is reduced from 4 to 2
• Owner-occupancy ratio requirement within a project is reduced from 51% to 50%
• Pre-sale percentage within project is reduced to 50%
• FHA Concentration level is increased to 30%
• One year waiting period for conversions is eliminated
• Spot Approval is eliminated

In order to address current housing market conditions, FHA has temporarily waived some of the provisions of the new guidance for case numbers assigned on or after 12/7/09 through 12/31/10:

• FHA Spot Loan Approval process is extended to case numbers assigned on or before 1/31/10
• FHA Concentration requirement increased from 30% to 50% with the ability to permit FHA concentration up to 100% if the project meets certain criteria
• Owner-occupancy ratio permitted to 50% of the number of presold units when the project is proposed, under construction or still in the initial marketing phase
• Presale requirement reduced to 30%

To see whether or not a condominium project is approved by HUD, go to

For additional information, go to
... more
1 vote 9 answers Share Flag
Sat Jan 9, 2010
Rudy McDowell answered:

What this will mean is HUD will directly approve condos going forward. Lenders will still be required to collec the necessary documents (i.e. Master Deed, By laws, minutes, blanket insurance policy and the like), but they'll then send that documentation to their local HUD department for final review and determination. That can be a 2 to 6 weeks process in itself. ... more
0 votes 4 answers Share Flag
Fri Jan 8, 2010
Lew Corcoran answered:
FHA is currently permitting financing of condo units where the owner to renter ratio is as low as 30%. In addition, they have increased the maximum number of units that can have an FHA mortgage from 30% to 50%. No more than 10% of the units can be owned by one person or entity, and no more than 15% of the condo owners can be in arrears in their homeowner association dues. ... more
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