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Home Selling in Newtown : Real Estate Advice

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  • Local Info3
  • Home Buying2
  • Home Selling6
  • Market Conditions1

Activity 6
Mon Jan 21, 2013
Jay Cooke answered:

There is some useful information in the answers below. The first thing I would do is go to several local banks and sit down with a loan officer. The financial meltdown changed a lot on the mortgage scene. Products were removed, standards tightened etc. See what programs the banks will offer you or anyone else who wants to build. Your decision on how to proceed will be clearer after this step.

Good luck,
Jay Cooke
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Mon Jul 30, 2012
Cornhole answered:
I would hold on, if possible. The market cannot get much worse, and will turn around eventually. Ride it out!
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Sun Jun 17, 2012
Goldie answered:
First, determine how much you will lose by staying there. You state you have no emergency funds and that you currently don't have "enough money to get by". That means you are losing money every month you stay in this house which you can not afford. How much is that? Lets say $500/month.

Second, determine how much you can sock away once you down size. Lets keep it simple and say $400/month.

If you sell now and "lose" lets say, $20,000, it will take you ($20K/$400) approximately 4 years (50 months) to make that up. All things being equal, you will be able to stash some cash for an emergency, won't wreck your great credit score, won't be up worrying all night about "what ifs..." and will continue to enjoy qualifying for good interest rates, and it will be easier to pass employee background checks.

If you stay put, and the housing market doesn't turn around in say, 4 years, you will be potentially in debt approx. $24,000. ($500/month x 48 months). More if any emergencies come up.

Of course, you could get a job, your husband could get a second job if he can't find a better paying job, or you could take in a boarder until things turn around.

It's good that you're not waiting to address this situation until you're so far in a fnancial hole that you can't dig yourself out. Good luck.
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Tue May 17, 2011
Ana Mattei answered:
I already answered you on May 14. I live in CT knowing very well your area Sandy Hook, Newtown, nevertheless feel free to contac me 203-012-6273 for an extra question.
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Sat May 14, 2011
Linda A. Cappello answered:
Althoigh I agree with m$ost of what julie is advising her advice to remove short sales and foreclosures fm comps is not realistic. When you fiind a buyer and the nbank arders an appraisal for mortgage qualification unfortunately short sales and foreclosures are considered and will be uised to determine value. If it doesn't apprtaise for the amount of the offer the liklihood of obtaining a mortgage ill not be good. ... more
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Mon Jun 28, 2010
Julie answered:
Since the buyers backed out, and the contract states $250 will be held for the sellers attorney, then it seems that the seller's attorney should receive the $250 and that should be a full and final payment for a failed transaction that required only one hour of the seller's attorney's time.

Who referred you to this seller's attorney? A fee of $600 seems unreasonable for one hour of work. If the seller attorney is saying that they charge $350 for one hours work, then the contract owes him the $250 and you pay the other $100. In the mean time, I would find another attorney and get their fees in writing. Please let me know who the seller attorney/law firm is so that I do not fall victim. Thanks in advance.
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