Sinawoy short sale

54 Sinawoy

 

54 Sinawoy was sold off yesterday for $1.119 million; not a bad price (for the buyer) for 2003 construction. Most impressive is the speed in which it went – pretty much 30 days. We’ve been seeing short sales take nine months and longer so this one was probably pre-packaged, meaning the homeowner reached a deal with his lender before putting the place on the market. That’s smart, because most buyers aren’t looking for a house nine months into the future. Assessment is $906,000.

8 Comments

Filed under Uncategorized

8 responses to “Sinawoy short sale

  1. EOS

    Is it true that it is easier to wade through the paperwork of a house already in foreclosure than it is one in a short sale? I’ve had a couple of friends who got burned bidding on short sales, the homeowner still in the picture, fighting to keep his head above water. I found a house I like that’s a straight foreclosure. Is it a 50-50 chance I have of getting an offer accepted and closing? Is there a book out there, a How To Buy Foreclosures 101? If not, there’s your next bestseller. Or would that be first bestseller?

    • EOS, it’s a mess either way. If you can find a REO (bank owned), that’s easy -you want to buy, they want to sell. If the house is still in foreclosure, your chances depend on how much is owed. We’re working a number of deals where there is so much debt it’s almost a 100% certainty that the owner won’t be able to recover and will title, eventually. But how long does that take? Depends how hard the owner fights.

  2. Inagua

    Another example of nice house selling for its 2002 price. After dozens of such sales isn’t it obvious that the market has bottomed and is now stabilized?

  3. EOS

    I thought when a house is “in foreclosure” it means the owner has already given up. I see I have alot to learn if I don’t even know the basic terminology. Maybe I best stick to gardening and photography.

    • That’s why Frank and I are here, EOS – to walk buyers through the process. But for education, “foreclosure” is the judicial process by which a borrower is cut off of his interest in a house. It can be quick or drawn out. Bankruptcy can stall it, as can motions for reconsideration, lack of proof, counter-claims – you get the picture.

      A house that has been foreclosed in one where that whole process has been completed and title now rests 100% with the lender (we won’t get into IRS liens).

      A short sale is one that will transfer eveything to a lender, thus freeing them to sell to you, but it’s a deal worked out in advance between the borrower and his creditors. Often, the primary lender is willing to forgive part of its debt so as to recover something. Trouble lies in the second and third mortgages – these people will recover nothing, and they don’t like it. So they yell and scream and delay things.

  4. Cos Cobber

    More FYI…originally sold as new construction on
    09/16/2003 for $1,300,000.

    Looking at the inside shots, its even nicer than I realized. $1,119,000 is a fair price for the buyer. I expect, albeit slowly, the condition of the homes on Sinawoy to improve over the long-long run as this street has some charm.

    http://www.zillow.com/homedetails/54-Sinawoy-Rd-Cos-Cob-CT-06807/57312737_zpid/

  5. Retired IB'er

    Interesting per CC’s link to Zillow that Zillow’s “zestimate” was $1,050,000. So Zillow in this case was pretty accurate…