foreclosure norwalk

Now is the time to Buy Real Estate Investment Property!!

It’s time to buy real estate investment property!

 Have you been thinking about purchasing an investment property?

Stop thinking …….its time to buy right now! The demand for rental property is at an all time high and will continue in this direction for some time.

 My extensive experience with investment properties has been both interesting and educational. There is much to learn and if done correctly can be a very lucrative financial move. You can purchase a property, rent it out and resell it when the housing market picks up or you can keep it long term, pay it off and produce income for retirement.

 There are several housing options in residential real estate. You can purchase a condominium, multi family or single family home as an investment property.

 Let’s look at condominiums. These can be the easiest properties to start with. The first thing to do if you are considering a condo is to make sure the complex allows you to rent out your unit.

If they do, then see what other units similar to yours receive for rent. If the rental income covers your mortgage, common charge and taxes then this would make a great investment. The beauty of owning a condo is that you are only responsible for the inside of your condo. You don’t need to worry about outside maintenance including exterior painting, landscaping or snow plowing.

 What do you think of a multi family? Well there are several ways to work with this idea. Let’s say you are looking at a two family home. You can live in one unit and rent out the other. You can use the money you get from the other unit to put towards your mortgage payment every month. If you don’t have a big budget for a home purchase this can expand your buying power and make it more financially comfortable to live every month. You can also purchase the two family home and rent out both apartments. If you decide to do this make sure that the numbers work. There are formulas to use that will let you know if the rents will cover all expenses.

 The deals are out there on even single family homes. If you found a home that needs little updating, you can rent it out for a very nice price these days. A three bedroom home can rent for $2500 to $3500 per month depending on condition and location.

 As this housing market continues to stabilize, smart people are out there making deals and adding to their real estate holdings. If you are thinking of making an investment, you too should consider a rental property. We can educate and locate these properties for you! Contact us today!!

 Betty Bondi
Owner/Broker

Bondi Realty Group LLC

203-899-9990

foreclosure norwalk

July 2011 Real Estate News – Second quarter statistics

 

  The State of the Market Second Quarter 2011

 Can you believe it summer already? Every person that I come in contact with wants to know what is really going on with housing. I can give you the report from our area and it is not all bad news! Home sales in the first quarter have shown a slight gain overall compared to last year. However home sales in this second quarter increased in Norwalk and most of the surrounding towns. Rental prices are beginning to increase as some buyers are still reluctant to make a commitment and purchase a home at this time. Perhaps if rental prices climb high enough, home buyers may decide to jump back into the market.

 Investors should keep their eyes open and grab some of the great opportunities that present themselves in today’s real estate market. You can buy a nicely maintained single family home, spruce it up, rent it out and actually make some money until the housing market comes back. There is a tremendous demand for nice rental properties and clients are paying top dollars for remodeled homes.

 Here are a few statistics from Consolidated Multiple Listing system.

 As of July 29th 2011 Norwalk is showing an increase in inventory compared to last quarter. Currently there are 490 single family homes and 283 condominiums on the market. Those inventory numbers are up from last quarter’s number of 398 single family homes and 258 condos.   In the first quarter of 2011, 83 single family and 39 condos sold. Home sales are up for the second quarter 125 single family homes and 55 condominiums sold. We are heading into our summer market and there is simply no way to tell how it will fair. If you are qualified and ready to buy, you can get a great deal at this time.

 Westport and Wilton properties are pretty hot right now as prices are down significantly from last year. This has led to an increase of sales in these towns. Here are the related numbers for these communities.

 Inventory is up in Westport as they are currently showing an inventory of 379 single family homes and 30 condominiums on the market. In the first quarter of 2011, 49 single family homes and 4 condos have sold. Sales are up for the second quarter at 118 single family homes and 11 condominiums sold. This is great news

 Wilton is currently showing an increase of inventory with 227 single family homes and a decrease of 16 condos for sale. In the first quarter of 2011, 29 single family homes and 5 condos have sold. Sales are up for the second quarter at 43 single family homes and condo sales remain flat at 5.

 As a buyer or seller the best way to succeed in the real estate market is to make sure you get the proper education and guidance through a professional real estate agent. Now more than ever a reputable experienced agent is necessary to guide you through the complications that may occur in your buying or selling situation. Bondi Realty Group LLC has the experience and expertise. We are experts in short sales and can help you sell your home successfully. We are currently offering both buyers and sellers incentives when working with us. Please call us today for all of your real estate needs.

 Betty Bondi
Owner/ Broker

www.BondiRealtyGroup.com

203-899-9990

foreclosure norwalk

Understanding the Foreclosure Process

Understanding the Foreclosure Process

 Having had my real estate license for over twenty three years, I don’t remember a time when I have seen so many short sales and foreclosed homes on the market. It is very clear that the economy has made a negative impact on the real estate market.

But all is not lost. New buyers have flooded the market due to declining home values and affordability for the first time in many years. This has resulted in an up tick of sales in the spring market which is quite an improvement from last year.

 I have questioned exactly why home owners are losing their homes. Could it be because they have lost their jobs? Have they over extended themselves with debt and can’t hold onto their homes anymore? Do people feel that because they are “under water” with their home and don’t feel that it is worth paying for anymore? I feel that it is a little of all of these reasons. That is what leads me to this month’s topic….understanding the foreclosure process.

 Foreclosures affect all of us. You may have a neighbor who is losing their home through foreclosure. Unfortunately this will also have an affect on your home value too.

 Foreclosure is not the most cheerful thing to think about, but it is an element of reality every homeowner should be aware of and comprehend fully.

We fear what we don’t understand. The concept of foreclosure is frequently misunderstood. Understanding the concept of foreclosure maximizes your ability to take action to improve your situation.

 What is Foreclosure?

 Foreclosure is a legal process which culminates in a mortgage lender selling or repossessing the home of a borrower who stopped making mortgage payments.

It starts with a series of events that begins when a homeowner defaults or stops making his or her payments. This usually happens because of a life crisis which impacts their income or because their loan payments increased beyond their ability to pay them. The series of events ends when the mortgage holder sells the home at auction, or takes the home back from the owner.

 How it affects homeowners

 Foreclosure starts when you are at least 90 days behind on your mortgage payment. Then, the foreclosure process is represented by a series of notices you get in the mail and even posted on your front door over a 4 to 6 month period of time telling you that you have two options ….either make your past due mortgage current or come to some compromise with the lender or your home will be sold and you will have to move out. At the end of these notices the lender could sell your home at an auction or simply takes ownership of it and you our out. Most of the foreclosures are showing up on the multiple listing services as banks are so overwhelmed that they are using local realtors to move the properties. Your options, rights and responsibilities change depending on what phase or stage of the foreclosure process your home is in at any given moment.

 

 How it affects home buyers

 Foreclosure is a series of phases of distressed property ownership. During your house hunt, there is a very good chance that you may run into properties whose current ownership status is in foreclosure. Once a home has reached this step it presents a different set of considerations, legally, logistically and from a bargaining perspective, impacting how desirable a property may be to you as a buyer. Most foreclosed homes are usually in need of a lot of work. It’s not very often that you will find an updated property.

 Post foreclosure properties – REO

 REO means Real Estate Owned. This is just another name for a bank owned property that has gone to foreclosure.

 The advantage to buying one of these properties is that the bank is motivated to get the property sold and will negotiate price, down payment, escrow and closing costs.

The title will be clear and the buyer will not take on any liens, back taxes of prior owners.

Inspections and mortgage financing are allowed within the normal due diligence period.

The house will be vacant and in the majority of times it will be listed on the local Multiple listing system. Most REO properties close within a normal escrow period time.

 The disadvantages are that the banks will not do any repairs and you will purchase the property as-is. The bank does not provide property condition disclosures. When buying an REO property you will be subject to a large amount of bank paperwork.

 There are REO homes on the market that don’t qualify for a conventional mortgage because they need total rehab. These homes, which are sometimes the best buys, usually require cash to acquire them. Local builders and investors are doing just this and refurbishing the homes to their former splendor.

Please contact me to learn more and recieve foreclosure listings.

 Betty Bondi

www.Bondirealtygroup.com

203-899-9990

foreclosure norwalk

Late Spring update – Short sales process

 It seems to be the questions that everyone is asking right now.

What is going on with the real estate market? Are homes selling right now?

 I am happy to report that I have good news! After a sluggish winter it seems that the buyers are ready to spring into action. There has been a pent up demand which has driven a late spring market into action.

 Single & multi family homes are the best sellers with condo sales lagging behind. Condo sales are still slow due to bank financing issues. Even though this is good news, home prices are still declining at this time. There is a high property inventory which is keeping home prices down at this time. Another reason for declining home prices is the fact that there are still many foreclosures and short sales affecting our local real estate market.

 Today I am going to talk about short sales. Everyone wants to know what a short sale is.

You probably hear it all of the time, your friends & family telling you that you should buy a short sale or foreclosure, because you will get a great deal. Sometimes you can get a great deal and other times it can be more than you bargained for.

 Short sales, despite the name, have always taken a very long time to process. That is because the short in short sales refers to a shortage of money and not time. Short sales are sales in which the seller’s proceeds will be less than his outstanding mortgage debt.  Buying a home via short sale allows a property owner to sell their home for less than what is owed on the mortgage with the lenders approval.

 Why would the seller want to go through this process? For the homeowner a short sale can be a lifesaver compared to having your home foreclosed on you. This is still a distressing situation as you will end up losing your home with only $1500 to show for it. However this process enables the seller to leave with some dignity, hopefully less stress and taking a lesser hit on your credit scores, than taking the foreclosure route.

 For the home purchaser, short sale homes can be a deal, but aren’t likely to be a steal. It is very common for a seller of short sales to receive offers that are extremely low in relation to asking price. The offers must be approved by the bank that holds the loan. This can take a very long time as many banks only review one bid at a time and can take up to 10 days to respond. At that time you can submit a new offer, but the cycle repeats itself until all parties are in agreement. If the property is not an approved short sale, then it can take up to 6 months or longer to close. Many buyers walk away at this point, due to frustration and not being informed right at the start from their real estate agent. It is vital that you work with an experienced professional realtor especially when working with short sales or foreclosed properties.

 Get your financing in order. The banks are tough customers when it comes to a purchaser submitting a bid on a short sale. Currently the response to any properties that are underpriced in our market place is a bidding war. Yes, a bidding war still happens with properties that priced below market value. There are investors out their right now looking for properties that they can either flip or rent out until the housing market turns around. Make sure that your money is in order and if you have cash to pay for the property then you are in the driver seat. Cash and a quick closing will make it easier for you to negotiate a great price with the bank. If you don’t have cash, then you must have a pre approval in place with a lending institution. Without this in hand, it will be difficult to make the process work for you.

 Our team at Bondi Realty has the experience in the market place working with short sales and foreclosures. If you have any questions regarding today’s article please contact us at 203-899-9990.

 Betty Bondi
Bondi Realty Group LLC

 

 

 

 

 

 

 

 

 

 

 

 

foreclosure norwalk

Norwalk CT Property Transfers February 16 – 28

15 Starlight Drive
Estate of Harrison Bullock to Patrick Dadarria & John Yuille, $350,000

 115 Fillow Street Unit 72
Tushar & Dhara Shah to Erica LeCanno, $308,000

 12 Old Rock Road
Estate of Mary Condors to Christopher Condors, $200,000

 44-48 Westport Avenue
Westnor Associates llc to SCG Capital Corporation Profit Sharing Trust, $2,000,000

 7 Jarvis Street
Robert & Joy Crowe III to Gregg & Michelle Ward, $477,500

 1 Technology Plaza
Nadji & Julliette Tehrani to Technology Plaza llc, $850,000

 153 West Cedar Street
Nadji Tehrani to 153 West Cedar llc, $350,000

 22 Meeker Court
Estate of Joanna C Coor to Robert Daus, $264,000

 231 Wilson Avenue
Tienshan Inc. to Ganesha Real Estate llc, $1,350,000

 6 Farm Creek Road
Betsielane Sullivan to Six Farm Creek, llc, $635,000

 25 Fairweather Drive
Tonino Mavuli to Anthony Rieber & Kelly Warner, $410,000

 56 Soundview Avenue Unit 2
Richard Evanich to Paragon Relocation Resources Inc., $460,000

 17 Fullin Road
US Bank NA to Jaroslaw Galezowski, $337,000

 25 West Main Street
Stanislaw & Anna Warchal to Sandra Phillips, $266,000

 56 Soundview Avenue Unit 2
Paragon Relocation Resources Inc to Rock Rockefeller & Lakshi Kottapalli-Suman, $460,000

 291 Highland Avenue
Steven & Patricia Kerschner to Laurence & Alicia Sette, $589,000

 66 Broad Street
US Bank NA to David Sabini Jr, $270,000

 49 Fairfield Avenue
Estate of Kathryn Stewart to Babette Arroyo, $180,000

 3 Roland Avenue
Pybus Family Trust to Robert & Candida Norton, $430,000

 27 Plymouth Avenue
US Bank NA to Jennifer Schriven, $234,000

 4 Union Avenue Unit 13
Deutsche Bank National Trust co to Yar Arbeli, 135,000

 14 Fullin Court
Lusandre Chaudruc to Carl Johnson & Lindsay Taylor, $348,000

 21 Edlie Avenue
Wells Fargo Bank NA to Evangelos Dadooulis, $250,000

 2 West Avenue Unit 14
Jerry & Fred Petrini to Edward & Suzanne Chiaramont, $144,000

 22 Shorehaven Road
Shorehaven road llc to Michael & Amy Greenberg, $1,825,000

 28 Surrey Drive
William & Michele Alexander to Michael Hamm & Rachel Staycheff, $522,500