does anyone know if one woodmensee sold in norwich ct.?? i don't see it listed

Asked by Hope Frechette, 45 pawcatuck ave pawcatuck ct. Sun Oct 12, 2008

also, how long does it get a bank to answer on an offer for a preforeclosure?? why is it takeing so long? someone said sometimes it takes 7 months,even if you're ready to buy...i will be in about a month but every house i liked has been bought, i'm thinking of going to a different state,,any suggestions

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Dan Ross, Agent, Southington, CT
Mon Oct 13, 2008
A pre-foreclosure, by itself, doesn't need a bank to answer or accept anything. If the loan will be paid in full, there is nothing for them to decide. If it is also a short sale, the sale doesn't pay back the full amount owed, then it is up to the lender to accept the offer or not.
In a short sale situation, there are a lot of variables that make up the length of time it will take. Some of them are:how well prepared the seller is with documentation and paperwork (financials, tax returns, hardship letter, etc.), the amount of the shortage, the price of the house, how the offer compares to the value of the house, just to name a few. In my experience, it is taking a minimum of 8 to 12 weeks, and steadily increasing. As more and more of these are piling up on the desks of the lenders, it is taking longer to process them. It doesn't matter what state you are buying in because the lenders are national.
The bottom line is, if you are bidding on a house that is a short sale, it will take a long time to close. You have to make sure that you discuss this with your loan officer, because you won't be able to get a rate lock for that long. While it may not be likely for rates to go up significantly in the next few months, anything is possible with the current turmoil in the lending industry. You have to make sure you can still afford the house at whatever rate you end up with at closing so that you don't end up in the very same situation down the road.
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Anne Astley, , Waterford, CT
Mon Oct 13, 2008
Hi Hope

I am a realtor working in the shoreline area. Woodmensee has only just gone under deposit this month, unless anything comes up with the inspections which can't be resolved or the buyers financing falls through then I would expect the home to close anywhere from 4-6 weeks if not sooner.

With regard to your question on an offer on a preforeclosure, as Cheryl said in her answer - the banks will answer in their own time. I have seen people waiting for an answer for several months. I don't think moving to another state will solve your dilemma, you need to get your financing in place first, regardless of where you live and then any offers will be taken seriously. Sellers will usually not consider an offer unless you have been pre-approved by a mortgage lender.

If you need any help at all please free to call me and I would be happy to meet with you.
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