Scott's Dollars and Sense

I need experienced Realtors who are familiar with Land purchases. I was referred to a Investor in the Danbury, CT area and he is looking for property where he can build raised ranches.

Feel free to email or call me with any listing you may have. He is looking for 3-5 properties, preferbly where building permits are ready in place.

NEW HAVEN -- A research firm says house sales and prices in Connecticut dropped sharply in April.

Statewide home sales plummented nearly 27 percent in April from a year ago, Fairfield County sales dropped 30 percent in April, compared with the same month last year.

 Fairfield County home sales had a median price of $500,000. Statewide, the median price is $263,000.

Year-to-date sales statewide are down 27 percent.Sales last year were about 9,400 for the first four months and this year are at just over 6,800.

SFR homes statewide last year had a median price of $263,00, a drop of nearly 10 % from last year in April 2007 when prices were at $291,600. Year-to date single family homes in CT is down 7 % from $285,000 last year to $265,000 this year.

HARTFORD - Now that the state legislature has passed a bill designed to make it easier for gas stations to offer discounts to motorists who pay cash, the state's gasoline retailers association says it may take until late July for those prices to drop.

After a special session with the General assembly last night, Executive director Michael Fox said this will not happen over night. 

"I can't get signs fast enough. I've got to really make sure we roll it out correctly," said Fox, adding how his association is also working with stations on new security procedures to handle the additional cash.

It is unsure if Gov. jodi Rell will sign this into law but if she does it will take effect immediately, and the Gas Tax for july 1st, would also be cancelled.

Attorney General Richard Blumenthal was optimistic that many of Connecticut's approximate 1,000 gasoline retailers will quickly begin dropping prices for people who pay with cash.

Attorney General Richard Blumenthal thinks some owners will be out this weekend enticing people to purchase for cash.

The bill passed by lawmakers overrides any provisions in franchise agreements between gas station owners and the oil companies that may prevent retailers from offering discounts for cash purchases. It would be up to each retailer to decide whether to offer a lower cash price.

Steven Guveyan, executive director of the Connecticut Petroleum Council stated his trade association, which represents oil companies and refiners, hadn't taken a position on the cash discount bill.

"The statute makes clear, the existing statute, that if a dealer wants to offer a discount, he can do it today," Guveyan said in 2006. "The statute says that he can do it and I'm not aware of anybody objections.

A savings from 10 to 20 cents is predicted per gallon. Blumenthal believes some stations will slash gas prices to coax customers inside their stores to buy other things.

Several stations no longer rely on profits just from gas sales, so if people come to purchase gas they may come in for that soda or pack of cigarettes, or other candybars because of the savings in gas. The profit for gas sales would go down, but increased sales would benefit the owner of the gas station, so they may be willing to lower the margin.   

But Blumenthal stressed that it's unclear how successful the cash discount concept will be in reducing fuel prices. He predicted that lawmakers will likely have to convene another special session to address high fuel costs at some point.

"We may well need to do it if we continue to see skyrocketing and spiraling prices," Blumenthal said.

Application: Completed 1003

Determine eligibility and lender that will service the loan

Get automated U/W Approval

Send a Pre-Qualification letter and Approval  to agent

Buyer gets an excepted offer on a house

Final Application is completed & signed by borrower & returned with required documentation

Buyer conducts an inspection of the property

Appraisal is completed

All items sent to final underwriter

Loan is finally approved

Any outstanding additional terms of conditions are met

Loan is clear to close

Loan closes

 I don't believe in pre-approval letters, so I send the approval right from lender to the agent usually within 2 hours of the application. This makes the offer stronger because they are already approved, as long as all conditions are met.

Here is a list of information needed when applying for a loan. 

 •2 MOST RECENT PAY STUBS

 •PAST 2 YEARS W-2'S

 • LAST 2 YEARS COMPLETE TAX RETURNS(ALL SCHEDULES) PERSONAL AND CORPORATE RETURNS IF APPLICABLE

 • EMPLOYMENT ADDRESS FOR PAST 2 YEARS

 •  COPY OF DIVORCE DECREE AND PROPERTY SETTLEMENT AGREEMENT

 •IF PAYING OR RECEIVING CHILD SUPPORT OR ALIMONY, COPY OF CANCELELD CHECKS MAY BE NEEDED. INFORM LOAN OFFICER

 • NAME, ADDRESS, AND PHONE NUMBER OF ACCOUNTANT IF YOU USE ONE

 • LAST 2 MONTHS STATEMENTS OF BANK, INVESTMENT OR RETIREMENT ACCOUNTS. INCLUDE ALL PAGES EVEN IF BLANK

• COPY OF DRIVERS LICENSE

• NAME OF ATTORNEY

• NAME OF INSURANCE COMPANY, AGENTS NAME AND PHONE NUMBER