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06903 : Real Estate Advice

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  • Home Buying2
  • Home Selling1
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Activity 131
Thu Jul 24, 2008
Jim Johnson answered:
Sun May 5, 2013
Len Schwartz answered:
Hi Adina.

That's the Hubbard Heights area; and yes it's quite lovely. Have you driven it? I always suggest to my clients that they drive around the area before looking for a home. That way, you will see for yourself what you think of the neighborhood.

Depending on what you're looking for, Hubbard Heights is close to alot of things. Schools, parks, golf course, downtown, Stamford Hospital, I95 and more. Like many other neighborhoods in Stamford, you will find residents who have lived in the area for years and wouldn't think of living elsewhere. It's a close-knit community with an active "counsel." But the best way to know for sure is to drive it and look for people walking in the area. Just stop and ask. (Yes, it's safe to do so.)

Good luck with your search, and of course, if I can be of further service, don't hesitate to email me: LenSchwartz@kw.com. (I know you weren't looking for an agent to recommend themself, but I would happily send you references of clients who recently bought in Stamford.)

Have a great day!

Len
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Fri Jul 25, 2008
RE/MAX Empire Realty answered:
Potentially, yes they should. If you are buying a house for more than it is appraised for then I think you will also need to come up with some big cash to close. I lender doesnâ€t want to lend more money than what the house is worth. It was have to appreciate greatly before you could sell it. Are you working with a good agent? I am not in your area or I would help you. ... more
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Fri May 30, 2008
Alisha Gunraj answered:
New developments for that price are few to come by in Stamford. Eastside is one option. Also the biltmore tower are redone and that's in downtown. You can also find something redone/rennovated in Springdale, Glenbrook, Hope and downtown areas. You can actually get two bedrooms rennovated in downtown. If you want me to send you some of these properties just contact me.

Alisha Gunraj
Always Going the Extra Mile!
Kw Associate Partner, Serving Fairfield County
BA Degree,Realtor®,NAR
Phone:203-554-4481
Website:AlishaHomes.com
Email:AlishaSellsHomes@kw.com
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Tue Jan 15, 2008
Don Tepper answered:
On a preforeclosure, you're either talking about a short sale (if the value of the house isn't enough to repay the mortgage and other expenses of selling), or simply a purchase (if there's sufficient equity to cover amounts owed).

Let's take a short sale. Person owes $500,000, but the house is only worth $450,000, and the person can't afford to sell his house and come up with an additional $50,000 in cash...plus the commission...plus back interest, penalties, etc. In that case, you make an offer. Maybe $450,000...maybe $350,000. Doesn't matter. The lender has a short sale "package"--a number of items that must be completed by the seller. Often, it includes a couple of years of past income tax returns, a listing of assets and liabilities, a requirement for a "hardship letter," and more. Your offer is one component of the entire package. The package--your contract, hardship letter, tax returns, etc.--is sent to the lender, who decides whether to eat the loss and allow you to purchase the property. It can be a long and uncertain process.

Now, if there's enough equity in the property, the process is much different. To use the same basic example, let's say the house is worth $450,000, and the owner owes $200,000. But maybe the owner lost his job and couldn't make the payments...or he got sick...or he bought another house thinking he could sell the old one. You get the idea. So the owner owes $200,000, plus back payments, penalties, attorneys fees, etc. Let's say the grand total is $230,000. Make an offer for any number between $450,000 and $230,000. Say $300,000. It's just like a normal purchase. $230,000 of that would go to pay off the existing mortgage, plus back payments, penalties, etc. Then, if there's a real estate agent, there'd be the agent's commission. Whatever's left--$70,000 minus commission, if there is one--would go to the owner. And you'd have bought a $450,000 house for $300,000.

In the case where there's equity in the property, the question is whether the seller will accept your offer. At one extreme, the seller may want to hold out for the full $450,000, or close to that. A lot of them do. Many of those do get foreclosed upon. At the other extreme, some investors buy the house for just what's owed on it--in our example, $230,000. Or, some investors will acquire the house doing a "subject to." The owner in preforeclosure deeds the property over to the investor, who promises to clear up any arrearages and to continue making the payments on the property. The mortgage itself remains in the seller's name, although the property itself is now owned by the investor. The investor's out-of-pocket cost, in this example, is the $30,000 it takes to clear up the arrearages and bring the mortgage current. The investor may give the seller some additional cash. At some point in the future, the investor sells the property and the $200,000 mortgage is paid off. The investor keeps the remainder.

Certain states--Maryland, for instance--has laws governing purchases of properties in certain states of pre-foreclosure. Make sure you're in compliance with those laws, if your state has them.

Hope that helps.
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Mon Nov 5, 2012
Leslie Gordon answered:
Hi, I have lived in Stamford for over 40 years and know it and all its areas very well.E. Main is going through a major renovation withmany new condos and townhouses. It is the gateway to Darien. A new train station in the area is a definite possibility a few years down the road. There are some great new condo buildings in the W. Broad and Adams areas; most are two bedrooms and two full baths. The area is very close to downtown and the main train station. Also close to the hospital. Some of the side streets have much older and less cared for buildings. I will be pleased to assist you in your search. Pls contact me at your earliest convenience.
Les Gordon
Juner Properties
203-561-3042
les@juner.com
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Fri Jul 3, 2009
Emily Erekuff answered:
Hi Valerie,

Check out the link below. Trulia has information for over 420 condo sales that occurred in the last nine months. You can refine the list by bedrooms and square-feet using the filters on the left side of the page.

Best Wishes,

Emily Gibson
Customer Service Representative
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Wed Aug 20, 2008
Jenn answered:
Absolutely safe and convenient. A pretty neighborhood or nice sized beautiful houses and tree lined streets that drop you quickly and easily into downtown - shopping, supermarkets, etc. There are areas that border hubbard heights but there is not much danger. My grandmother has lived on hubbard avenue for 60 years and never had a problem. ... more
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Fri Oct 29, 2010
Stephan von Jena answered:
Hi Leslie -
This area of Stamford is very nice; lot's of young professionals, young families, etc. purchasing the older homes and renovating them for today’s living. Here lies the opportunity for the "hands-on" type who's not afraid of the renovation thing and has a few years to let the appreciation curve gain momentum. Easy access to down town Stamford, the parks, etc. Great starter area for the $$$.
Hope this helps – cheers.

Stephan von Jena
REALTOR®
William Pitt / Sotheby’s International Realty
1057 Post Road
Darien, CT 06820
(W) 203-655-8234 ext# 303
(F) 203-655-4046
(M) 203-434-8472
svonjena@wpsir.com
www.wpsir.com

Proudly servicing the Darien, Rowayton and New Canaan markets.

"Artfully uniting extraordinary homes with extraordinary lives!"

http://stephanvon.wpsir.com
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Thu Mar 31, 2011
Jenn answered:
Wed Jan 19, 2011
Erica Byfield answered:
Stamford is committed to fostering a safe, welcoming & exciting community. Springdale is a metro-area w/suburbun appeal. They have many programs and services geared towards providing youth with activities and educational opportunites. Highview Avenue is near Hope Street where several of the areas public & magnet schools are located. This year the Mayor provided additional funding to this area through the Mayor's Empowerment Grant Program.

The Springdale area has several golf & country clubs which makes this a prime location for those looking to reside in the area. Median home prices range from $470,000-$515,000. Transportation optons include Metro North. Minutes away from Downtown Stamford, which has some of the best shopping & reataurants in the state, also in close proximity are several local beaches & parks & recreation activities.

Pls let me know if you have any other questions...
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