To understand the entire process of Short Sales in Branford Connecticut and New Haven County please read the articles below before reading this post. They will give you a greater understanding of where we are in this series on Short Sales.

Short Sales - Part 1 - What You Need To Know

Short Sales - Part 2 - Are You Qualified To Do A Short Sale?

Short Sales - Part 3 - What You Need To Do To Prepare For The Short Sale

Short Sales - Part 4 - What The buyer Needs To Have With A Short Sale Offer

Short Sales - Part 5 - Myths and Truths About Short Sales

Short Sales - Part 6 - After The Offer Comes In

Now that the complete short sale package is in the hands of the lender this is the time when you need an agent that is working with the seller and knows how to negotiate with the seller's lender.

The person we will be dealing with at the lender is typically known as the negotiator.  When the  negotiator gets the file it is checked to make sure that all the required paperwork is in the package and if the file is complete.

Some lenders will not even assign a negotiator until a complete short sale package has been submitted.  It is critical that a complete package is submitted to the lender from the start.

Once the file has been checked by the negotiator and found to be complete a BPO will be ordered.

What is a BPO?

A BPO is a Broker's Price Opinion.  This is an informal appraisal typically done by a local real estate agent the lender will hire to do a pricing report.  The information this individual provides in their report back to the lender is what they believe the fair  market value of the property is right now.

The value that this individual gives to the lender will be the amount they begin negotiations with.  Once the lender lets us know what the note holder will accept as a net figure, we call the buyer's agent if their offer is lower so he/she can tell their buyer what the price will need to be for them to purchase this home.  If the buyers agree to that price we have a deal and can begin all the closing and loan procedures for the buyer's side.

If this price is not agreeable and too far away to work with then we adjust all our marketing and the Multiple Listing Service to the price that will get this property sold.

It is generally much faster and easier to sell the home once the BPO has been done.

One of the  most common causes of problems with the successful closing of a short sale is the lack of experience of the real estate agents involved.

After the file has been received follow up at least once a week; in some cases twice must be made with the negotiator to check on the progress and status of the file.

Enough cannot be said about how important it is to keep everyone aware of what is going on at each critical step of the negotiating process

Donna Bigda
Licensed Connecticut REALTOR®
10 Pine Orchard Road
Branford, Connecticut 06405

Call Donna at 203-488-1641, ext. 214
Fax 203-315-2127
by email Donna@DonnaBigda.com 
or visit www.TheShorelineTeam.com

Disclaimer:  All information provided by this author is strictly an opinion, is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.

Mortgage Assistance Relief Services Disclosure

RE/MAX Alliance is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage, you could lose your home and damage your credit rating.  RE/MAX Alliance is not engaged in the practice of law nor gives legal or tax advice.  It is strongly recommended that you seek appropriate professional legal counsel and tax advice for any real estate transaction.

Copyright © 2009 by Donna Bigda, All Rights Reserved ...*Short Sales in Branford Connecticut and New Haven County - Inside the Process - Part 7*

Stop Foreclosure - Help For New Haven County Homeowners

Today, real estate across the country has declined, but real estate in Branford has not been hit as hard as other parts of the country or even other parts of Southern Connecticut.  Do you own real estate in Branford Connecticut or the New Haven County area and you are a homeowner in financial distress? 

In today's housing market the one reality is that many people have more questions than answers about the options available to distressed homeowners.

If you would like to have our must have reports to help you understand whether you and your family are qualified for a short sale or for the most frequently asked questions and answers about short sales please visit DistressedHomeownersHelpline.

If you are considering listing your home as a short sale be sure to choose a Realtor with the CDPE designation.  An agent who has earned the Certified Distressed Property Designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with and who understands the full range of solutions and is ready to help

A short sale is an emotional transaction, but as a Certified Distressed Property Expert, we help you take the stress out of losing your home to foreclosure.  Successful short sales include all property types, including condos, townhomes multi-family homes, single-family homes, luxury estates and waterfront homes. 

Donna Bigda
Licensed Connecticut REALTOR®
10 Pine Orchard Road
Branford, Connecticut 06405

Call Donna at 203-488-1641, ext. 214
Fax 203-315-2127
by email Donna@DonnaBigda.com 
or visit www.distressedhomeownershelpline.com

Mortgage Assistance Relief Services Disclosure

RE/MAX Alliance is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage, you could lose your home and damage your credit rating.  RE/MAX Alliance is not engaged in the practice of law nor gives legal or tax advice.  It is strongly recommended that you seek appropriate professional legal counsel and tax advice for any real estate transaction.

Copyright © 2009 by Donna Bigda, All Rights Reserved ...*Stop Foreclosure - Help For New Haven County Homeowners*

In today's current market, more and more Connecticut homeowners are experiencing financial distress and finding themselves in danger of losing their home to foreclosure.

Sensing the overwhelming urgency and need to help these homeowners, it was just as important to acquire the training, education and specialized knowledge necessary to assist these families in finding better solutions for their future.

I am very proud to be the first and only agent in Branford CT to earn the Certified Distressed Property Expert (CDPE) designation joining less than 1,000 nationwide (out of 1.2 million Realtors in the U.S.) who have completed this extensive training course in foreclosure avoidance and short sales. This expertise will be invaluable to offer at a time when the New Haven County area is ravaged by "distressed homes" in the foreclosure process.

A short sale allows a cash-strapped seller to reapy the mortgage at the price that the homes sells for, even thought it is lower than what is owed on the property.  With declining property values, this can save many people from foreclosure and even bankruptcy.  More and more lenders are willing to consider short sales because they are much less costly than foreclosure.

In the Branford area many homes are in danger of foreclosing.  It is happening in all price ranges.  Local experts say that even high-priced homes are not immune. 

I view the Certified Distressed Property Expert (CDPE) designation and my commitment to help financially distressed homeowners as both a responsibility and an obligation in my profession.  My focus with homeowners facing foreclosure is to give them the hope of a dignified solution to their financial crisis through current lender loan modification, loan refinancing (short or long-term) or a short sale. 

Over 85% of the clients served by the CDPE real estate professionals avoid foreclosure.  Alex Charfen, founder of the Distressed Property Institute believes that homeowners surrounded by a strong CDPE real estate agent including legal and financial referrals have the greatest chance of avoiding foreclosure and at minimal financial investment to the homeowner.

The Distressed Property Institute endorsement by RE/MAX International, Keller Willams and Star Power founder and national real estate trainer Howard Brinton continues to position the Certified Distressed Property Expert designation as the leading force in national short sales training.

If you or someone you know may be facing foreclosure or a financial hardship that may lead you to foreclosure, please let me help you, a family member, friend or co-worker who may not know where to turn.

For a confidential phone interview about whether your home would be eligible for a short sale, please contact me at 203-488-1641, ext. 214 or visit www.DistressedHomeownersHelpline.com.

Mortgage Assistance Relief Services Disclosure

RE/MAX Alliance is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.  If you stop paying your mortgage, you could lose your home and damage your credit rating.  RE/MAX Alliance is not engaged in the practice of law nor gives legal or tax advice.  It is strongly recommended that you seek appropriate professional legal counsel and tax advice for any real estate transaction.

Contact Donna Bigda, ABR, CDPE, SRES, e-PRO, Realtor®, RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven and the rest of shoreline area in New Haven County Connecticut.

If you're thinking about buying a home in Branford CT there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Branford CT real estate homes or condos, see Branford CT real estate or sign up today to get access the hottest new listings here Branford CT homes and condos. 

Copyright © 2009 by Donna Bigda, All Rights Reserved ...*Branford CT Realtor® Donna Bigda Earns Certified Distressed Property Expert (CDPE) Designation*

In today's real estate market you are not alone if you are experiencing periods of financial instability and facing numerous hardships in trying to keep up with your mortgage payments and paying your monthly bills.

Each day can be a struggle trying to cope with the unbearable stress and heartache knowing there is a possibiity that you might lose your home to foreclosure or may have to file for bankruptcy.

Do you know that foreclosure is not the only option? Don't let his happen to you because you didn't know what they are. 

An alternative to foreclosure is pursuing the option of a short sale.  A short sale is the sale of your home negotiated with a bank or mortgage compnay to accept less than what is owed on the property

Did you know that banks prefer to do a short sale over a foreclosure? Banks are not in the business of owning property and do not want to foreclose on you. 

In order to qualify for a short sale, you must have a demonstrable financial harrdship.  You will have to prove this hardship through a signed letter that will be submitted toyour mortage company along with other documentation.

What is an Acceptable Hardship?

A hardship can be defined as a material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage.

Examples of acceptable financial hardship are:

1.  Loss of Job

2.  Business Failure

3.  Damage to Property

4. Death of a Spouse

5. Death of family members

6. Severe Illness

7. Inheritance

8. Divorce

9. Mandatory Job Relocation

10. Medical Bills

11. Military Service

12. Payment Increase or Mortgage Adjustment

13. Insurance or Tax Increase

14. Reduced Income

15. Separation

16. Too much debt

17. Incarceration

If you are finding yourself is a situation where you need to sell, owe more than your home is worth or have been late with your mortgage payments a short sale may be an option for you.

Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

************************************************************************************************

Contact Donna Bigda, ABR, SRES, e-PRO, Realtor®, RE/MAX Alliance Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214 to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven and the rest of shoreline area in New Haven County Connecticut.

If you're thinking about buying a home in Branford CT there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Branford CT real estate homes or condos, see Branford CT real estate or sign up today to get access the hottest new listings here Branford CT homes and condos. 

Copyright © 2009 by Donna Bigda, All Rights Reserved ...*Is Your Home Fading Away?*

P.S.  If you are listing your home as a short sale in New Haven County Connecticut make sure you hire an agent who knows how to do short sales, can give you the expertise to help relieve the uncertainty and most of all, help your family.  Call me at 203-488-1641, ext. 214 and let’s get started on the path to recovery.