How long does a short sale take in CT?
How long does a short sale take in CT?
A lender may be able to obtain a judgment in under two weeks while taking between three weeks and three months to decide on a short sale. This makes it crucial for you to have legal counsel every step of the way.
What are the three basic steps to a short sale?
The Short Sale Process For Buyers: 6 Steps
- Step 1: Get Approved For Financing. As with any home purchase, the first step is getting approved.
- Step 2: Get A Real Estate Agent And Find A Home.
- Step 3: Do Your Research.
- Step 4: Make An Offer.
- Step 5: Have The Home Inspected.
- Step 6: Close On The Property.
What are the qualifications for a short sale?
Qualifications for a Short Sale
- The home’s market value has dropped: Hard comparable sales must substantiate that the home is valued at less than the unpaid balance due to the lender.
- The mortgage is in or near default status: In the past, lenders would not consider a short sale if the payments were up to date.
How long do you have to move after a short sale?
Short Sale Tenants In California, if you’ve been a tenant for a year or more, you receive 60 days to move out after a short sale. The new landlord of your short sold home, though, can also agree to maintain your lease.
Why do short sales take so long to close?
Short sales happen because the loan on the property is larger than the sale price minus all the sale expenses. With a short sale, the seller is asking the bank to take less than the amount owed. The seller’s bank must approve the sale, and this is where the big delays can happen.
What are the risks of buying a short sale home?
Potential additional fees While the price of the home may be low, a foreclosure or short sale often comes with additional transaction costs. With a foreclosure, you may have to pay transfer taxes as well as any superior liens on the property. You may also have to pay an additional fee to the foreclosure company.
How does the real estate contract process work in Connecticut?
Most areas of Connecticut go ‘straight to contract,’ which means that the buyer’s offer is made on a contract form, and acceptance of the offer results in a fully binding contract. Most areas have an ‘official’ contract approved by the local Board of Realtors and the local Bar Association (see example at link below).
Do I need an attorney to buy a short sale?
If you are selling or buying a property through a ‘short sale’ when the seller owes more on the house then they will be selling it for, it is especially important to consult an attorney before a binding purchase and sale agreement is executed. Please feel free to ask me or your real estate attorney for advice on any issues.
What are the terms of a real estate offer in CT?
The potential buyer of a piece of residential real estate in CT will make a written offer. This offer will contain the relevant terms, such as property address, purchase price, closing date, mortgage amount, date by which to obtain mortgage, inspection terms, date by which to accept and any other relevant terms or conditions.
How do I make an offer on a property in Connecticut?
Depending on where the property is located, the offer may be made in the form of a ‘binder’ or on a full purchase and sale agreement. In Fairfield County, the binder is usually used, while most of the rest of the state goes directly to contract. A binder is a one page summary of the terms so that an attorney can draft the full contract.
