Short Sale 101: Short Sale Specialist in Hamden for those behind on their Mortgage!
By Matthew Mitchell, New Haven Real Estate Agent
(Buyer's Capital Real Estate)
What is a Short Sale? Short Sale: when bank agrees to accept less than what home is CURRENTLY valued at. Home values in the town of Hamden as well as New Haven County have dropped drastically over the past few years. Short Sales are becoming increasingly common in the area because of the benefits in contrast to a foreclosure or deed-in-lieu. In the case of a Short Sale, banks allow a house to sell for less than the outstanding liabilities. It is not uncommon for REALTORS® in attempt to please sellers and to circumvent conventional wisdom to list home for more than it's value. The problem now is with: 1. Hoping it sells; 2. the APPRAISAL (which will reiterate CURRENT property value). The wiser decision would be to look at the dynamics of the seller's situation and determine if property i...
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