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Short sale supplies needed: Time, Patience and Fortitude. New Milford CT Real Estate Talk

So, you are thinking of buying a short sale in New Milford CT? There are some good deals out there for sure, but you need to be prepared for what lies ahead. Most important thing to remember, short sales are not foreclosures! The lender is going on the premise that they want the house to sell at fair market value.

Getting approval from the lender(s) can take time. There is no set protocol, different lenders have different ways of working. What may take a month or 2 from one lender may take 6 months from another, there is no rhyme or reason to the disparity. And if there is more than one lien on the property then it will be a more complicated process.

So, let's say you put in an offer and the seller accepts it. The lender will then have to approve the short sale and this is what takes time. After they order their own appraisal of the house they may ask you to renegotiate the price, they may reject it outright, they may accept it. Their approval will be based on many things, including the loss they are facing. The dollar amount, the closing date, the strength of your offer. All these come into play when the lender is deciding if it is in their best interest to sell this property short.

You may feel like you are in a holding pattern while waiting for approval of the short sale from the lender, however you are not really in a holding pattern at all. You must still perform, make application for your mortgage, get the inspections done, get all your ducks in a row. As soon as the lender approves they will demand you close according to agreed upon dates. When that call comes in to the listing agent that the short sale is approved, you had better be ready to pull the trigger! If you were advised to sit and wait, to do nothing until approval is given you may well lose the house you have been waiting for.

Do not think what is good for the goose is good for the gander. No indeed. You cannot make them wait because they made you wait. The lender is ultimately driving the bus, and this bus driver will stop and tell you to kindly exit the vehicle if you cannot perform as promised!

So if you plan on purchasing a short sale in the greater New Milford CT area, remember your tools. Time, patience and plenty of fortitude!

Wanted: JUST REDUCED TO $80,000! New Milford CT Buyer to renovate, enjoy and love! Come meet this home in New Milford, CT and make it yours!

They do say there is an owner for every house, and this poor house is desperately looking for its new owner! I just listed a house in New Milford, CT, and for the first time I can say this house is sad and desperately looking for a new owner. The house is sitting and (im)patiently waiting to be finished and possibly improved on. For instance, there is a new roof, the cedar siding on the house is also newer. The owner built a wonderful storage shed on the property, all that is missing is the siding to make it look great. The wiring has been upgraded and the homeowner was starting a few more projects before having to move out of town due to unforeseeable circumstances. Now this house is greatly in need of someone to make it shine, make it home and enjoy it well. You have access to "Emerald Lake", aka Green Pond when you live in this house.

The house is located at 5 Blueberry Lane, off of Hubble Mountain Road in New Milford, CT. You may get a bit confused if you use GPS or any mapping service to find the home, they all think it is located in Sherman, CT. In reality, it is New Milford, CT. Although your mail will be delivered to Sherman, CT you pay taxes to New Milford. A bit unique, there are a few areas of town like this.

The town field card shows the house as a 2 bedroom home. There is a sketch of a proposed 3 bedroom septic system, and the "deeps and perks" have been done for this. There is a central vac system, the laundry has been moved to the basement which will free more room in the bathroom, the kitchen has been started but you may want to look at new cabinetry, and the floors do need to be redone. The yard is level, and with some creative landscaping could be just wonderful. With that and some painting, this could be the opportunity you have been waiting for!

Ranch, bungalow or cottage, whatever you consider this home to be, it is looking for an owner who can finish the work and will love to live here! Make some memories, bring some friends to help with the work and enjoy your finished product!

To be considered by this (sad) home at 5 Blueberry Lane in New Milford, CT as the new owner, please call me at 203.460.1775, or Dee Johnson at 203.770.2181. We will happily make arrangements for you to meet the home and see if you are the one the house has been waiting for! The home has been reduced to $80,000 and is listed by Prudential Adams & Associates, REALTORS of New Milford, CT

The house has also wanted you all to know that this is a short sale, and we are working on this to make any transaction a smooth one for the buyer, the seller and the house! The lender has their price in mind, we have listed at that price, and are just waiting for the right person to come along and make this a wonderful home.