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
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