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06516 : Real Estate Advice

  • All26
  • Local Info2
  • Home Buying10
  • Home Selling9
  • Market Conditions0

Activity 50
Fri Oct 28, 2011
Maria Gilda Racelis answered:
CHFA is the acronym for Connecticut Housing Finance Authority since you live in the state of Connecticut.
I recommend that you meet with a mortgage loan officer to discuss your options. There are pros and cons to every loan and it is only through consultation with an expert on this field that you can understand what type of loan fits best your needs.

Best.

Maria
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0 votes 4 answers Share Flag
Mon Sep 17, 2012
Elena Krichevsky answered:
Hi. You need to be pre-approved for a mortgage. If you paying with cash just go ahead and give the offer.
0 votes 6 answers Share Flag
Wed Oct 26, 2011
Marcus Santore answered:
Is that a serious question? Not really sure what you mean by that. Certainly, if you have the money or the financing in place!
0 votes 4 answers Share Flag
Wed Oct 26, 2011
Ron Thomas answered:
You may certainly have an Inspection done before you make an OFFER:
You would have to request this with the Seller, through his Agent.

I have seen these General Inspections run $300 to $500.
Do not expect the SELLER or the Bank to pay for this; and if it came out negative, and if you chose not to buy the house, do not expect to lay it off on them.

This is YOUR thing, and YOU are choosing to do it this unconventional way.

You will probably find that the Seller knows about the problems, and have prices the house accordingly.
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0 votes 8 answers Share Flag
Wed Apr 6, 2011
Philip Roy answered:
Hello,

You might want to look at doing a Short Sale first. If your Realtor thinks that it is an option and that with your particular circumstances you can get Short Sale Approval, please consider doing it. If you do not want to do a Short Sale or you do not qualify, provided your listing Broker is setup to accept credit cards for services, I do not see why you couldn't pay with a credit card. However, the listing Broker may charge you a small fee to cover the merchant credit fee if they agree to do this. Please keep in mind though that it could require some paperwork and Escrow instructions to cover a coop commission fee. ... more
0 votes 15 answers Share Flag
Thu Apr 7, 2011
Ingrid Lambert answered:
I'd be happy to provide you with more information about West Haven. There are many affordable homes available and I can provide you with information on nearby schools (public/private) & homes, depending on what you're looking for. Call me at 203-239-4663 ext. 139 or email me at ingridlambert@prudentialct.com. I hope you had a great Valentine's Day!! ... more
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Mon Feb 14, 2011
Yan asked:
0 votes 0 Answers Share Flag
Wed Aug 22, 2012
Anna M Brocco answered:
Since no link is visible and no address given, you may wish to ask your question again, or contact any local realty office, they all have access to the same information and can answer any questions you may have. ... more
0 votes 2 answers Share Flag
Mon Dec 27, 2010
Chris Jahn answered:
Hi, Unfortunately, 78 Alling St Ext is currently on deposit. However, I can let you know if the deal falls through if you want to send you email address. I'd also be ale to help you with something else if you're interested. I see great deals like this on a regular basis. Let me know. Thank you for your consideration. - Chris Jahn (203) 809-8454 COLDWELL BANKER REALTY 2000
email: cjahn@cbrealty2000.com
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0 votes 1 answer Share Flag
Sun Sep 12, 2010
Marley answered:
Hi SeasideSam:

This house is in the mls as closed in 2/26/10 it sold for $171,400. If you want to receive current listings I work with buyers in the new haven county areas, and would love to send you current listings on properties. Let me know if you are interested.

Email me marleyayhens@prudentialct.com
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0 votes 0 Answers Share Flag
Wed May 26, 2010
Steve Roake answered:
Start by contacting a local Realtor to give you a market value for your home. Many Realtors will put the info together for you in the hopes of getting future business or referrals from you. If the value is close to 80% LTV, you may want to risk the $350. If not, save your money, keep paying it down and wait for values to go up. ... more
0 votes 1 answer Share Flag
Fri May 21, 2010
John Poulsen answered:
Hello Osvaldo,
You can call by my first name, John. I am sorry to say the 467 3RD ave. house you were looking at is off the market because it has taken a deposit yesterday according to our MLS. Unless you are the person who put the deposit on it you missed out on this property. I would be more than happy to try to find another to invest in but we would have to meet so I can get familiar with your situation. Feel free to call me at 203-494-9830. If you are currently under contract with another agent please let me know and you should contact them for assistance, otherwise give me a call. ... more
0 votes 1 answer Share Flag
Wed May 12, 2010
Nancy Allen answered:
Osvaldo,
Thank you for your question. I am able to send you statistics of recent market activity. If you are interested, you may send me your contact info to my email address at nallen@prudentialct.com.

With regards to your question about the house being a good deal, it is not a simple yes or no question, unfortunately. I would want to understand all aspects of the property and your situation to determine whether it is advisable to proceed. A few questions I would ask. Have you inspected the property, and if so, what issues arose? What if the property does not sell immediately? Are you able to rent it out and cover the mortgage? What will the $60k be spent on: kitchen upgrades, bathroom upgrades or increasing the square footage? This is the key element of a flip. Where did you arive at the value of $218 upon completion?

This is a difficult market for. A flip may easily turn into a slow turn. I want to ensure that you are armed with as much information as possible before proceeding.

Thanks again
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0 votes 0 Answers Share Flag
Wed May 19, 2010
None answered:
Osvaldo,
Is this your first property flip? Do you have any previous experience buying & flipping distressed homes? Do you know what homes in this market sell for in today9;s market, and how long the average home in this neighborhood takes to sell? Are you going to do the work yourself or hire contractors.

I'm a full time agent on the shoreline, and I've worked with quite a few people who have completed major rehab projects in the area. I can give you some guidance on this property, and other income properties in the area. I can also direct you to lenders who are giving out loans specifically for rehab projects.

Feel free to give me a call at 203-815-9118 or email me at Scott@CTProperty.com - I'd be happy to give you some guidance and information to help you better make a decision.
Regards,
-Scott Silverstone, Page Taft Real Estate
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0 votes 3 answers Share Flag
Tue Apr 27, 2010
Ken D'Ademo answered:
West Haven has more two or three family homes and there are some 4 Family. Currently there are two on the market in W. Haven. In the past 2 years there have been two sales in West Haven for 4 family homes, ranging in price between $109k - $111k. There are currenly two homes in teh marekt between one for $219k the other is $329,900. . ... more
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Tue Apr 27, 2010
Team Real EstateSINY answered:
The appraised value for this home is 311,000 you are purchasing it for a total price of 225,000 including the renovations. You are purchasing the home with 86,000 equity. I'd say it is a very good deal. ... more
0 votes 2 answers Share Flag
Tue Apr 27, 2010
Don Tepper answered:
If you can buy it for under 65% of ARV (after repair value) minus repair costs, then it is.

Example: Let's say a property will be worth $500,000 fixed up (after repair value). Let's say, too, that it would take $20,000 to fix it up. If you can buy it for $305,000 or less, then it's a good deal. ... more
0 votes 2 answers Share Flag
Tue Apr 16, 2013
None answered:
Many many homeowners are in a similar situation as yourself. You have a number of options including renting it out, staying put, or selling it for less than what you owe the bank. If you do decide to sell, you can do a short sale - this is where you sell your home for less than what the bank is owed. Often the bank will forgive the difference between what is owed & what the home sells for in today's market. Due to the recent decline of home prices, this has become normal practice in our area and most areas of the country.

I'm a full time real estate agent now, with a background in bankruptcy and foreclosure law. I've been on both sides of short sales, and I find the process goes smoothly as long as the real estate agents are familiar with the process, the listing agent stays on top of the lender, and the homeowner keeps the bank and real estate agent informed.

Check out Realtor.org's primer on Short Sales - their guide should answer many of your questions. If you have any further questions, feel free to reach out to me. My mobile phone is 203-815-9118 and I'm happy to answer any questions you have about the current real estate market and the short sale process.

Regards,
-Scott Silverstone

Scott Silverstone, Realtor®
Page Taft Real Estate
203-815-9118 (m)
Scott@CTProperty.com
... more
0 votes 8 answers Share Flag
Wed Mar 3, 2010
Don Tepper answered:
Your settlement company could best answer that question. I'd guess (only a guess) that you'd need cash or certified funds, just as you would when you were purchasing. Otherwise, there isn't that 100% assurance that all payments have been made in full in order to transfer the deed.

So, check with your settlement company on forms of payment they'd deem acceptable.

Hope that helps.
... more
0 votes 6 answers Share Flag
Fri Jan 1, 2010
Elizabeth Herbert answered:
Perhaps this chart will help you. Here ya go:

http://firsttimehomebuyermagazine.com/wp-content/uploads/2009/07/Closing-Chart.pdf
0 votes 3 answers Share Flag
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