Happy New Year from The Around Town Team!
As you know, unthinkable tragedy struck near our home on
Dec. 14 with the shootings at Sandy Hook Elementary in Newtown, Connecticut. As
a member of the Newtown Memorial Fund Board, I ask you to please visit www.newtownmemorialfund.org and
lend your support if you’re able. This will help us build a lasting legacy for
those whom we lost and the first responders and others who served us well on
that day.
Now, on to real estate:
I currently have two short sales on the market that are great
buying opportunities. But, for the sellers, it is difficult: there is a lot
more work to make a short sale sell than a regular sale sell.
Some say, “Well, foreclosure is always an option.” But trust
me: it’s not a good option. The hit
to your credit is too severe and recovery is too difficult. Instead, go through
with the short sell and be prepared for the hard work, which means lots of
paperwork.
You’ll need IRS W2 Forms and tax returns for the past two
years and maybe even affidavits, especially if you are going through a divorce.
You need your most-recent bank statements and pay stubs and, often, a hardship
letter. You must divulge a lot of different information for your bank to grant a
short sale.
From a buyer’s perspective, patience is the key. It’s a
great opportunity to get into a house at a lower price from a bank that simply
doesn’t want to take a home into foreclosure. If you let the process run its
course, you’ll be very happy you waited.
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Want to learn more about short sales or get answers to your
other real estate questions? Call the Coldwell Banker Around Town Team, serving
Fairfield County, Connecticut, and beyond.
