CT Property Network

Tips to Find -Market

You’re writing your own destiny so be proactive. Once you find a property, go ahead and search for their details in public records – owner name and contact details. If they aren’t interested at first, don’t give up. Ask them if you can follow up with them bi-monthly. Approach owners directly. Build your network and try to convince people to partner with you – start with your inner circle.

Do’s:
• Get In Touch With a .
• Don’t Underestimate .
• Sound like a professional when interacting with potential .
• Create a proper deal flow.
• Leave No Stone Unturned: aren’t just going to fall into your bucket, just like that.
Mistakes to Avoid:
• Buying in the wrong area.
• Not analyzing a deal and overpaying.
• Choosing a deal that doesn’t have enough cash flow.
• Delaying the money-raising process.
• Not having enough cash reserves.
• Not knowing your lender’s underwriting requirements upfront.

Although the demand and competition in multifamily real estate are increasing, there are still deals to be unlocked. You can either approach brokers or get creative.

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SHORT SALE vs. FORECLSOURE
The number one reason why we advocate pursuing a short sale vs. a foreclosure, is that a foreclosure will prevent you from obtaining a mortgage for a minimum of five to seven years, in addition to extensive damage to your credit, whereas a short sale will have far less damage to your credit in that most borrowers will be able to obtain a mortgage after two years of conducting a short sale. Also, the deficiency is waived and if it is your primary residence-there will be no tax consequence for the waived deficiency! In the event of foreclosure, the deficiency is collectable, and will be significantly higher than in a short sale (since properties sell at extremely discounted prices at foreclosure auctions).

You, the seller, is in control of the offer you sign and the timing of the sale, much like in a traditional sale. There is no embarrassing foreclosure sign on your front yard. It is much more private an event and to the general public just another sale.

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What is a Short Sale?

A short sale is when your mortgage lender(s) and/or lien-holder(s) agree to discount the loan, accepting less giving you an opportunity to sell your home at current market value. If your home is over-leveraged, underwater, or you are behind on payments and cannot sell your property for what is owed, then you may be eligible for a short sale.

created as a alternative because they actually incur a smaller loss. By accepting less than what is owed on your property allows them to get their non-performing off their books. Your lender(s) are not in the of owning and would rather short sale your house then to on your property. Once a property is foreclosed upon the bank still has to go through the efforts of selling the property.

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