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        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/</link>
        <description>The Blog of Minna Reid, CT Realtor, short sale specialist. All about real estate and short sales in Connecticut from Minna Reid - CT's #1 Short Sale Realtor.</description>
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            <guid>http://www.homesbyminna.com/blog/a-ct-nationstar-and-bank-of-america-short-sale-success.html</guid>
            <link>http://www.homesbyminna.com/blog/a-ct-nationstar-and-bank-of-america-short-sale-success.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A CT Nationstar and Bank of America short sale success</title>
            <description> <![CDATA[ 
The rising costs of living and long daily commute left these CT homeowners tired and scraping change to make ends meet until they decided they had enough. Realizing they would likely never pay their way out of the upside down home they decided to cut their losses and short sell their home to move closer to work.


Originally a Bank of America first and second mortgage, the week we listed the home the first loan got sold to Nationstar, making the process a little more complex than originally anticipated.


It took two months to find a buyer for this home in the dead of winter. A short sale package headed to the lender. Nationstar is hit or miss. They have been known to be on the ball and approve in a few short weeks, and I have also seen the opposite with this unpredictable lender. It took almost 3 months to get Nationstar to approve the sale and even then Nationstar demanded a cash contribution from my sellers. With a little negotiation we got the contribution down to a manageable $1,500 and the first was approved with full debt settlement.


Bank of America - usually a breeze - dragged for weeks further as the negotiator proved difficult and unresponsive. Bank of America finally approved the short sale on the second mortgage - also with full debt forgiveness - with barely a few weeks left on our short sale approval letter from the first.


The buyers moved quickly and shortly thereafter this Nationstar/Bank of America short sale closed.


OWED: $215,000 (Nationstar 1st Mortgage $170,000 + Bank of America 2nd mortgage - $45,000)


APPROVED AND CLOSED WITH FULL DEBT FORGIVENESS: $115,000 with seller contributing $1,500


TOTAL TIMEFRAME LIST TO CLOSE: 6 months


 


 
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            <pubDate>Thu, 17 May 2012 15:31:24 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/living-in-bloomfield-connecticut.html</guid>
            <link>http://www.homesbyminna.com/blog/living-in-bloomfield-connecticut.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Living in Bloomfield, Connecticut</title>
            <description> <![CDATA[ 
Bloomfield, CT 06002 


Bloomfield is an interesting combination of suburban, historic and modern housing in a town that is as committed to providing natural open space as it is to expanding its commercial development responsibly.


The town of Bloomfield was incorporated in 1835 and adopted its current name.  Bloomfield was primarily an agricultural community but after incorporation, the town began to diversify its economic base. 


One of the first things you will note about Bloomfield is that it has the charm and beauty of a small Connecticut village with its location convenient to Hartford and Bradley Airport and is located halfway between Boston and New York.  Bloomfield is bordered by Windsor, East Granby, Simsbury, Avon, West Hartford and Hartford and offers a retreat from the hustle and bustle of the city of Hartford.  Connecticut Transit currently has ten bus routes that serve Bloomfield.


A former agricultural community, Bloomfield still has large areas of natural and undeveloped land that attract nature lovers.   The lakes and brooks around Bloomfield offer opportunities for the enjoyment of a variety of recreational activities.  The town has 1826 acres set aside and used for open space, schools and park land, making public open space 20% of Bloomfield.  Having 6 lighted tennis courts, basketball courts, playgrounds, soccer and little league fields, softball fields, areas for fishing, hiking and ice skating, Bloomfield has something to offer just about everyone.


You certainly wouldn’t want to miss the opportunity  to check out some of the other wonderful things that Bloomfield is proud to be home of; Wintonbury Golf Course,  Gillette Ridge Golf Course , Tumble Brooke Country Club, Filley Park and Talcott Mountain State Park are the first that come to mind when I think of Bloomfield.  If you enjoy golfing, you may enjoy one of the three above mentioned golf courses, two of which are public and designed by the likes of Pete Dye and Arnold Palmer.   All of the golf courses offer views of Bloomfield’s scenic brooks and fertile rolling landscape and Talcott Mountain to the west .


Whether your ideal "home sweet home" is comprised of affordable housing, schools that are dedicated to the education of each student or safe streets coupled with small town charm, somewhere amongst the outskirts of Hartford, Bloomfield may be the town for you.


Official Bloomfield, Connecticut statistics


Get help with buying or selling a Bloomfield, Connecticut home


 


 
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            <pubDate>Wed, 16 May 2012 07:50:26 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/living-in-mansfield-connecticut.html</guid>
            <link>http://www.homesbyminna.com/blog/living-in-mansfield-connecticut.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Living in Mansfield, Connecticut </title>
            <description> <![CDATA[ 
Mansfield, Connecticut


Mansfield, Connecticut is a diverse, cultural, prospering town in the heart of Tolland County that appeals to families, young couples and seniors alike. From rolling farmland, to parks and hiking trails, to the ever-growing community of shopping and casual nightlife, Mansfield is the perfect location to begin, raise and expand your family. 


Located right off exit 68 on Rte 84, just a short commute from Hartford, Mansfield holds a major appeal being the home of the prestigious University of Connecticut, smack in between of Boston and New York City.


Home to some of the most competitive schools in the state, Mansfield has several elementary schools for kindergarten through fourth grade students, a middle school, and high school bordering the UConn campus which is attended by students from the nearby towns of Ashford and Willington as well. The University of Connecticut, the state’s pride and joy is it’s own “town within a town” and is even recognized as it’s own segment of Mansfield, called Storrs.  The University brings cultural diversity and community to the Mansfield area with regular events, fairs, children activities and career opportunities often open to all Mansfield residents. 


The towns of Manchester, Willimantic, and Hartford are just a 15-20 minute drive with bustling nightlife, pubs, restaurants, and shows for a nearby get-away after dark. However in the University area of Mansfield you’ll find restaurants, museums, art exhibits, libraries, even a movie theater open to the public on weekends in the Student Union on the UConn campus. The Mansfield Community Center offers swimming lessons and recreation with an indoor pool, tennis courts, a full fitness center and Teen Center. Bus lines run daily from Mansfield and Storrs locations to downtown Willimantic and the nearby Eastbrook Mall and larger bus lines such as Peter Pan and Mega Bus provide regular transit to Boston and New York. 


The town Mansfield is committed to environmental protection and sustainable land use and development. There are several construction projects in the works at any time, creating new shops, residences, and amenities for the growing economy, all while still maintaining the charming, small-town feel that Mansfield has been home to for decades.


Through Joshua’s Conservation and Historic Trust, Mansfield has over 500 acres of protected land and hiking trails. Lynch Landing is one such trail while allows access to the Willimantic River. UConn itself is a land grant institution of the state, which contains the Moss Sanctuary, the Fenton River, Spring Hill, and North Eagleville Forest Tract. Mansfield Hollow State Park, located off 195 is the perfect place to spend a warm spring afternoon with a lake, boat launch and over 1,700 acres of hiking trails. The 37 mile long Nipmuck trail is maintained by Connecticut Forest and Parks Volunteers and connects Mansfield State Hollow Park to the Nipmuck State Forest in Union, CT. 


If a quiet, country setting with all the essentials close to home is what you’re looking for, Mansfield is the town for you!
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            <pubDate>Thu, 10 May 2012 07:48:30 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/should-i-short-sell-or-just-wait-for-my-equity-to-come-back.html</guid>
            <link>http://www.homesbyminna.com/blog/should-i-short-sell-or-just-wait-for-my-equity-to-come-back.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Should I short sell or just wait for my equity to come back? </title>
            <description> <![CDATA[ 
Should I short sell or just wait for my equity to come back? 


While every situation differs I decided to take a very common scenario here in CT and run the numbers just to see how they look:


Lets say you bought (or refinanced) an average Connecticut starter home for $250,000 5 years ago.


Lets take an average overall 30% loss in values since those peak years.


The current value of your home: $175,000.


The current balance on the $250,000 loan with regular payments over the last 5 years (at 5% interest): $230,000.


 


YOU ARE NOW $55,000 UPSIDE DOWN


 


LETS ASSUME DEPRECIATION STOPS TODAY AND REAL ESTATE IN CT STARTS APPRECIATING IMMEDIATELY AT 4% ANNUALLY (THE HISTORICAL RATE)


SCENARIO #1: STAY AND PAY. You wish to sell your house and be able to walk away CLEAN. With appreciation and principal paydown it takes you 5 years from today to reach a point where your mortgage and home value are equal. You need a little more though since selling a home costs money too - closing costs are generally ~ 8%, so you need another year or so to make that up as well. TOTAL TIME TO BE ABLE TO WALK AWAY WITH ZERO PROFIT AND RE-ENTER THE MARKET: 6+ years


SCENARIO #2: SHORT SELL TODAY. You walk away with ZERO PROFIT TODAY but you are able to settle your mortgage debt with your lender. It takes some time to recover before you can get a new loan. TOTAL TIME TO BE ABLE TO WALK AWAY WITH ZERO PROFIT AND RE-ENTER THE MARKET: 2-3 years
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            <pubDate>Wed, 09 May 2012 09:34:31 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/life-in-windsor-connectocut-06095.html</guid>
            <link>http://www.homesbyminna.com/blog/life-in-windsor-connectocut-06095.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Life in Windsor, Connecticut 06095</title>
            <description> <![CDATA[ 
Windsor, CT is a diverse, culturally competent suburban town with gorgeous and expansive public open space, very desirable residential areas and an immaculate corporate area.


Windsor was the first English settlement in the state of Connecticut in 1633.  The coastal areas and River Valley were typical areas of settlement, relying on the rivers for fishing, water and transportation.  Windsor eventually became a farming community in the latter part of the 1600’s with seeds brought up from Jamestown Colony in Virginia.   Tobacco farming has a long history in Windsor as it was already being grown by the native population.  Windsor’s tobacco leaves are highly prized by fine cigar makers and are used as the cigars outer wrapping.


Windsor lies on the Northern border of Connecticut’s capitol, Hartford, and covers a 31.1 square mile area on the west bank of the Connecticut River.  Windsor is conveniently located an equal distance from New York City and Boston.  Bradley Airport and I-91 are also just minutes away.  Windsor is served by a main-line railway, and Connecticut Transit which has 7 bus routes running through the town, which is helpful when you are exploring a place that has so much happening!


I have found that Windsor is very rich in history and has a deep rooted sense of community.  You can see this simply by spending some time in the town and enjoying what it has to offer (which is an extensive list).  The Windsor town green is well planned and is beautiful, inviting and lined with an assortment of chain stores and local shops.


Though Windsor has several great parks, Northwest Park is the towns largest.  The Park is located in the north west corner of Windsor and is a 473 acre wonderland of hiking trails, a nature center, animal barn, maple sugar shack, summer nature camps, a dog park, and several fields for playing sports and is home to the Connecticut Valley Tobacco Museum.    Strawberry Hills Park is a fantastic spot for anyone who enjoys canoeing and kayaking down the Farmington River in the summer. 


A few other activities that this family friendly town has to offer: Summertime Farmers Markets (at the corner of Maple Ave &amp; Broad St. every Thursday), summer concerts on the town green, Windsor Art Center, the Vintage Radio and Communications Museum of CT,   and two public pools that both offer recreational swim, lap swims, swim lessons and special events.


Windsor celebrates the Shad Derby Festival every Spring in the town center and Northwest Park has their county fair every fall.  Tradition is important to the residents of Windsor.


My personal favorite is visiting Brown’s Harvest.  Visiting that farm, picking pumpkins in the pumpkin patch, going on a hayride and enjoying some apple cider donuts while watching the sun set is a magical way to end your day wherever you are. 


Official Windsor, Connecticut statistics 


Get help with buying or selling a Windsor, Connecticut home


 


 


 


 
 ]]> </description>
            <pubDate>Mon, 07 May 2012 10:58:42 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/will-i-still-owe-the-difference-after-my-ct-short-sale.html</guid>
            <link>http://www.homesbyminna.com/blog/will-i-still-owe-the-difference-after-my-ct-short-sale.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Will I still owe the difference after my Connecticut short sale?</title>
            <description> <![CDATA[ 
Q: Will I still owe the difference after my CT short sale?


A: It all depends on what your short sale approval letter says.


Connecticut is a deficiency state. What that means to any CT homeowner is that your lender can pursue you for a monetary loss resulting from a foreclosure or short sale of your property - unless your short sale approval letter says otherwise. Many people mistakenly believe that letting the home foreclose, walking away or simply sending in the keys absolves them of their responsibility for their mortgage - however this is absolutely not the case.


When you signed up for the loan you agreed: 




To pledge the property as collateral for the loan


To sign a promissory note to pay back the loan




IN A FORECLOSURE the collateral (the home) goes away, but if the balance of the mortgage exceeds the value of the property, your promissory note to pay back the loan is still not satisfied. Your lender can sue you for the loss and get a deficiency judgement (at least here in Connecticut - state laws regarding deficiency judgements vary).


You may alleviate a deficency judgement by:


A: Paying it off


B: Settling it with the lender


C: Filing bankruptcy  (if you qualify)


IN A SHORT SALE you have the opportunity to negotiate how your debt gets settled. Over 90% of my clients get their mortgage debt fully settled during short sale negotiations. This means that not only is the home sold, but the debt is forgiven, and the lender has waived their right to pursue for any deficiency balance. Depending on my clients financial situation - getting full debt forgiveness may or may not involve some type of cash contribution or a note (usually pennies on the dollar vs the original debt).  


Once a CT short sale has been approved the lender will issue a letter fully outlining the terms of approval -including whether the approval is a lien release, a mortgage satisfaction or both. Should the terms of the approval be unsatisfactory, it is at this time that the terms are renegotiated until a mutually satisfactory outcome is reached. A foreclosure allows no such negotiation. If you want to avoid a deficiency judgement from a foreclosure - a short sale is the way to go.


Your best bet on a great outcome in your Connecticut short sale? A GREAT CT SHORT SALE AGENT. 


 
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            <pubDate>Fri, 04 May 2012 07:55:41 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/central-ct-wells-fargo-fha-short-sale-just-10-short-weeks-to-a-happy-ending.html</guid>
            <link>http://www.homesbyminna.com/blog/central-ct-wells-fargo-fha-short-sale-just-10-short-weeks-to-a-happy-ending.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Central CT Wells Fargo FHA short sale - Just 10 short weeks to a happy ending!</title>
            <description> <![CDATA[ 
This Colchester, CT homeowner was at the end of her rope as even FSBO efforts to sell while saving money had not ended in a successfull sale of her upside down property.


Little did we know that this particular short sale would be among the simplest and smoothest I have ever seen.


Since the loan was FHA (which offers short sale preapproval) we sent a complete short sale package at the same time we entered the market at an aggressive price. Just 18 days passed until we secured a strong buyer. Less than two weeks later we had the ATP - Approval to Participate - in the FHA short sale program.


We quickly sailed through inspections, appraisal and final approval...and this Wells Fargo FHA short sale closed 5 weeks later.


OWED: $180K


APPROVED AND CLOSED: $167K with full debt forgiveness and $1,000 seller incentive


TOTAL TIME FRAME LIST TO CLOSE: 10 WEEKS
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            <pubDate>Thu, 03 May 2012 10:21:08 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/living-in-east-windsor-ct.html</guid>
            <link>http://www.homesbyminna.com/blog/living-in-east-windsor-ct.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Living in East Windsor, Connecticut</title>
            <description> <![CDATA[ 
East Windsor, CT 06088 is a dynamic and charming community derived from the agricultural land and open space.


East Windsor was settled in 1768, originally settled by farmers in the 17th century due to the even topography and fertile soils from the Connecticut River valley.  The town is situated on the east side of the Connecticut River.


The town of East Windsor is comprised of five villages:  Broad Brook, Melrose, Scantic, Warehouse Point and Wilsonville.  While combined for government and education convenience, each village is able to retain its own unique identity.  You can enjoy your time strolling through each village as they all have interesting and inviting places to experience. 


Broad Brook Opera House is located in the Broad Brook section of East Windsor.  The Opera House Players were founded in 1968 and are the oldest community theater group in the area.  Its players put on a number of family friendly musicals throughout the year.  


The Warehouse Point section is home to the Connecticut Trolley Museum.  The Connecticut Electric Railway Association Inc. is the owner of the Trolley Museum.  Founded in Oct 1940, it is the nation’s oldest incorporated organization dedicated to the preservation of the trolley era.  Warehouse Point is also home of the Connecticut Fire Museum.  This is always a fun visit, once you walk in; you are taking a trip form modern day fire apparatus all the way back in history.  There are also old buses for you to explore at in this quaint and elegant Museum.


The East Windsor Academy Museum is operated by the Historical Society and can be found in the Scantic neighborhood.


The very beautiful Saint John’s Episcopal Church can be found in the Warehouse Point section of East Windsor and is listed on the National Registry of Historic Places.


While seeing the sights, you wouldn’t want to miss East Windsor’s 22 acre Park that offers swimming, tennis, volleyball and basketball courts, a dog park and a skate park.  You would also want to be sure to visit some of the many shopping areas, some of which are locally owned and operated niche stores and you should consider following that up with some of the BEST Italian food I’ve ever had at Henry’s Pizzeria! 


 


One thing that is important to be aware of is that East Windsor is very much a car oriented town.  It simply isn’t large or dense enough to support an extensive public transit system.


The rural country land makes East Windsor great for farming and agriculture, but also offers ample opportunity for business and industry to grow.  East Windsor is conveniently located equidistant between Hartford, Connecticut’s capitol city and Springfield, Massachusetts, the gateway to Western MA.  It is also very nearby Bradley International Airport and I-91. 


The town’s strategic location combined with the small country feel makes for an ideal place to work, live or play. 


East Windsor continues to be a quiet town, the reason why it’s quieter than most places in America?  The locals say it’s because of fewer neighbors and houses scattered further apart than you might expect. 


If you think trees make good neighbors, East Windsor may be the town for you!


Official East Windsor, Connecticut statistics 


Get help with buying or selling an East Windsor, Connecticut home


 
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            <pubDate>Mon, 30 Apr 2012 10:06:37 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/another-bank-of-america-short-sale-success-in-connecticut.html</guid>
            <link>http://www.homesbyminna.com/blog/another-bank-of-america-short-sale-success-in-connecticut.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Another Bank of America short sale success in Connecticut!</title>
            <description> <![CDATA[ 
Although Bank of America is generally pretty easy and quick in their short sale processing as of late - there are always exceptions.


The property was well priced and agressively marketed and went under contract in just over 8 weeks. A full short sale package headed to Bank of America, where negotiators fumbled around with the file for several weeks - insisting my seller go HAFA even though he did not qualify for the program. My client was eventually able to pull out of HAFA and go with a traditional short sale.


It took another few months and two negotiators for Bank of America to reach a state of decision on the file. The property was considered an investment property and the loan had private mortgage insurance (PMI). This particular PMI company had just been shut down and taken over by state regulators...which proved to be very bad timing for my seller as the MI company demanded a very large note in order to approve the short sale. Several more weeks passed as we fought the contribution request and at the end of the day agreement was reached on terms.


A month later this Bank of America short sale closed.


OWED: $550,000


APPROVED AND CLOSED WITH FULL DEBT FORGIVENESS: $340,000, with seller agreeing to $50,000 promissory note


TOTAL TIME FRAME LIST TO CLOSE: 7 excruciating months


 
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            <pubDate>Mon, 30 Apr 2012 08:40:06 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/a-connecticut-bank-of-america-short-sale-approved-and-closed.html</guid>
            <link>http://www.homesbyminna.com/blog/a-connecticut-bank-of-america-short-sale-approved-and-closed.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A Connecticut Bank of America short sale  - approved and closed!</title>
            <description> <![CDATA[ 
Bank of America is really on the ball lately with getting short sales approved rather painlessly ( for the most part anyway...) .


I originally listed the Mansfield, CT home after a fellow Realtor referred her foreclosing client to me. The property went on the market...and stagnated. The owner was reluctant to reduce the price of the property aggressively and as a result it took 4 solid months of marketing and 5 price reductions to finally secure a buyer.


It took Bank of America about 6 weeks to counter the purchase and ultimately the sale fell apart over a difference iof $2,500. We ended up back on market again.


A month later the buyer had second thoughts and agreed to up his offer by the required $2,500. Bank of America took just a few weeks to approve the sale. A few judgement liens were sorted out and a few weeks later the Bank of America short sale closed with full debt forgiveness for my seller.


 


 
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            <pubDate>Mon, 23 Apr 2012 11:10:46 -0500</pubDate>
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