A seller looks at the whole package. Cash versus financing is a contingency with risk for the seller. If the buyer cannot get mortgage commitment the deal falls apart, whereas a buyer with cash eliminates that contingency. You will outbid a finance buyer all things considered equal but how much you can save depends on the condition of the house and other aspects of the transactions such as inspections and motivation of seller.... more
An agent may be able to lower their commission to the seller and the seller can reduce the price of the property or make a contribution to the buyer but it is not legal, in my opinion, for an agent to rebate cash to a buyer. Only licensed agents can receive a commission.... more
Taxes will not be adjusted unless you file a tax appeal with the municipality. In Connecticut the appeals process begins by requesting an appeals form and completing it and submitting it prior to the deadline of February 20th. Any owner of a property and Lessee with a lease that requires the payment of taxes may file an appeal. Photographs of defects and clear reasons why the property assessment is unfair, such as errors in square footage, number of baths and other fixtures and assets will be effective in persuading the board to reconsider the assessment.... more
I can defidentely answer your question. First a 2 bdrm condo is a plus, especially in New Haven. If you are where I believe you are located - - don't worry about that part at all. You see, condo sales are up and I have a good feeling you will be ok. Depending on your reasons for selling also matters. But being near an electric boat facility is not going to defer any potential buyers from your condo. Do you know the market value of your condo that is current? That is the top and most important information to know.... more
With foreclosure rates up 61% in the first half of 2010, it would seem that the market here is all 'doom and gloom', however, homes are selling if they are priced for the market conditions. Prices have dropped and due to the pending number of foreclosures, will continue to drop through the end of 2010. The good news is that housing is more affordable and interest rates are unbelievably low! It is a great time to buy. Lending is restrictive with underwriters demanding higher credit scores and more money down. The best buyers have 20% in their pockets or cash. It will be a buyer's market for the next two years, probably through the end of 2012. The stimulus did nothing to stop foreclosures, it simply slowed them down. Half of my sellers are facing foreclosure and we are working on too many short sales.... more
I can't stress enough you need to talk with a mortgage broker, a lender not a Realtor. With the "financial crisis" things have changes a lot in the past couple of years in regards to getting a loan. A good lender will walk you through your FICO score and your overall credit picture. Help you understand where you are at now and what you can do to increase it. The good news is in time, you can make it better and then go back to get/secure the loan. If you do not know of any lenders in your area, start with your Bank as many have incentives for their existing clients.
Good luck.... more
I personally like any time in the second half of the month. The reason s that at closing, you are prepaying interest for the remainder of the month and your first mortgage payment will not be due until the first of the following month. This gives buyers a good "relief valve" after getting through the purchase, moving, etc. If you close on the 10th, for example, you will have a payment due in 3 weeks.
In the end, it doesn't really matter what time of the month, as we prorate expenses such as taxes on a daily basis. If you wait too close to the end of the month, you'll be stressed out with all of the stuff going on with the attorneys involved. Try to avoid the last day.... more
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CHFA (Connecticut Housing Financing Authority) has an excellent program for low to middle income families. Along with other state programs, it is possible to purchase a home with no downpayment and little money needed for closing costs. CHFA has been around for almost 40 years and has given out over 100,000 mortgages.... more
The New London Day and the Norwich Bulletin cover the New London County area. Both of these newspapers have excellent online sites but I'd give a slight edge to the New London Day for the overall appearance and search capability. The Norwich Bulletin does a better job with updates throughout the day plus their stories stay active for a much longer period.... more