Matthew Mitchell - New Haven Real Estate Agent

What is a Short Sale?

Short Sale: when bank agrees to accept less than what home is CURRENTLY valued at.

Home values in the town of Hamden as well as New Haven County have dropped drastically over the past few years. Short Sales are becoming increasingly common in the area because of the benefits in contrast to a foreclosure or deed-in-lieu. In the case of a Short Sale, banks allow a house to sell for less than the outstanding liabilities.

It is not uncommon for REALTORS® in attempt to please sellers and to circumvent conventional wisdom to list home for more than it's value. The problem now is with: 1. Hoping it sells; 2. the APPRAISAL (which will reiterate CURRENT property value). The wiser decision would be to look at the dynamics of the seller's situation and determine if property is or could be a short sale canidate.

Hardship Test

To qualify for a Short Sale, you must pass a HARDSHIP TEST.

* Have you lost your job since home purchase?
* Has your interest rate increased and now hardship prevents mortgage payments?
* Have you incurred any large medical bills?
* Have you had any illnesses, injury or bad accident that prevents you from working?
* Was there a death of a spouse?

When lenders investigate the hardship of a seller, they will look for and identify any assets held in other real estate (including equity), CD's, bonds, and stock. In addition, they will look into whether home was aquired by fradulent measures; whether it was a misstatement on the loan application regarding employment, wages, or other assets.

Shortsales whether in Hamden, New Haven County, Connecticut or any other city, county, or state are very detailed and intricate transactions with much required documentation from sellers. In certain cases, the lender will be willing to take a loss, but not just for the sake of seller attempting to save credit score or history.

This is Part 1 on a Series of Short Sale information for Hamden and New Haven County. For questions, email me@mattdirect.com or call 203-654-6966.

Check us out at MattDirect.com for all Hamden, New Haven and New Haven County Real Estate

Everyone has heard of me! Many even had the chance to experience me! What am I? ... I am Pepe's Pizza located in Wooster Sq in New Haven, CT. Yes, the world famous Pepe's Pizza is located in NEW HAVEN, CT. Every year first time Yale Students and their parents make the one mile trek from Campus to experience a world wide sensation!

Students if your looking for a RENTAL in the area...call me!
Doctors, Professors, Nurses, if your looking for a place to live where the food is world famous...call me!
Don't worry! Wooster Square is home to much more than Pepe's Pizza!
There is a park to relax and take the kids for a play date!

Abate's Restaurant when your ready to give Pepe's a break!

Sally's Apizza when Abate's need a break!

We can't forget Tony & Lucille's Little Italy Italian Restaurant!

Anastasio's when Italian Cusine is desired!

Libby's Italian Ice when a break is needed!
and when the night comes around... Joker's Wild Comedy Club for a good laugh!

Many around East Haven and New Haven and surrounding towns (including mine in Hamden) are troubled with the brown water coming through faucets and filling toilet bowls. I wish I had a GREAT solution...but I don't. My best advice is to:

• Conserve water usage
• Water grass and gardens an hour before sunrise or after the sun goes down
• Leave the car washing to a minimal
• Just off faucet when brushing teeth or washing dishes...

WTNH has already received many complaints and so has SCC Regional Water Company! Whats causing the discoloration is sediment being stirred up in the water mains!

If you have been using tab water for drinking water...while we are experiencing the heat wave in CT drink BOTTLED water!

Looking to move? Looking for an area where you can play tennis?

Catch a baseball game?

Play basketball?

Look no further than Millrock in Hamden, CT. Located just minutes from Downtown New Haven and Yale University, Southern Connecticut State University and Alburtus Magnus College in addition to being walking distance to a shopping district this neighborhood has plenty to offer.

Currently there are some active listings but in this area they never last long! If you would like to see what this neighborhood has to offer, CONTACT ME Night or Day, Day or Night!