Should I go for a short sale or foreclosure in Connecticut?

Short sales have become very popular in last several months and everything points there will be even more of them in the future. Lenders seem to be making it easier for homeowners to be approved. This is a big improvement from even only a year ago where it would sometimes easily take over six months to complete a short sale in Connecticut. Banks have been reluctant to approve short sales because they stand to lose money on these transactions, and sometimes would take months just to get back to potential buyers.

Things seem to be changing as banks realize it’s better for them financially to use short sale rather than foreclosure. Some estimates say the bank will lose 50% on foreclosure versus only 30% on a short sale.

If you are a homeowner in Stratford, Shelton, Derby, Ansonia or other towns in Connecticut thinking about short sale or foreclosure, you should also consider impact it will have on your credit scores. Foreclosure can knock off 200 points off your FICO credit score, while short sale will push you down about 100 points.

After a couple of year of confusion short sale market in Connecticut seems to be settling. Nowadays banks make a process of short sale easier and faster. It is still very complicated process and you should have knowledgeable Realtor® help you with the transaction.

If your property is located in Stratford, Bridgeport, Shelton, Derby, Ansonia, Seymour or any other town in Connecticut, Global Real Estate Services has agents experienced in short sales ready to help you.

For more information, please visit CTHOMESHOP.COM

Thinking about buying foreclosure or short sale home in Stratford, Connecticut that may need some work and improvements?

First, you should check with Town of Stratford if they will allow you to do the changes you want.

In Stratford, Connecticut primary responsibility for land use management is carried by The Planning and Zoning Office. This office handles applications for zoning compliance, building permits, zone changes, land subdivision. A building permit is required for the following types of improvements: decks, additions, interior alterations, pools, sheds, garages/carports, roofs & re-roofs. You can find out more at townofstratford.com

After you are sure of changes and repairs you want to do, you should properly evaluate the necessary repairs realistically to make sure you have enough money to finish your project.
The most important step is to know realistic value of the property you are buying and what value it will have after all the improvements are done.

Another important thing to know is how you will finance the purchase.

If you are buying single family or multi family home in Stratford, CT in most cases they will not be in great condition. That means, most likely you cannot get a regular home loan. You will have to, in most cases, pay cash for foreclosed single or multifamily homes in Stratford, CT.

On the other hand condos and townhouses in Stratford, CT are generally in better condition and sometimes you can get regular financing.

Because bank owned properties are sometimes priced low, it is not unusual to have multiple offers. In that case, highest and simplest offers (preferably cash) with no contingencies are usually accepted.

For more information, please visit CTHOMESHOP.COM