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Stacey Brown

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Stacey Brown,  in Colchester
  • 32 Answers
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About Me
Stacey Brown, broker and owner of ILM Realty (http://www.ilmct.com), has been in real estate since 1998. Starting out as a property manager for family owned property, he became an investor by purchasing his first multi-family property in 2001. In 2004, he was licensed as a real estate agent under Robert Fischer of Fischer, REALTORS®.

In 2004, Stacey moved to Colchester with his family of 5. He has served on the Colchester Planning and Zoning Commission since 2005 and also represents the town at the South Eastern CT Council of Governments Regional Planning & Zoning Board.

Stacey has a strong background in the service industry. He spent 9 years in retail and restaurant management where he learned the value of a customer. The training and experience received from those days was invaluable. Stacey learned not only the core values of hard work, he also learned the importance of effectively managing others.

Stacey has spent ten years in the information technology industry. Most recently, his position at Travelers has enabled him to grow as an effective leader, managing change and motivating others. At Travelers, Stacey has worked effectively in a matrixed organization and managed virtual teams. Stacey is working on growing a real estate agent workforce that knows how to leverage technology to the benefit of the consumer and themselves.
My Q&A View all >>
Stacey Brown's Questions (2)
Stacey Brown's Answers (32)
Stacey Brown answered:
A great place to start is with the bank who holds your mortgage currently. You can ask for interest only, but that may not help you if you have too big of negative cash-flow. Foreclosure will hurt your credit the most. Keep paying the mortgage and try to short sell. The bank is in no hurry to foreclose.

It sounds like you've decided to take a loss here, and that's the hardest part sometimes. The question is how much of a loss are you going to take? If you are loosing every month, do the math. If the average house sits on the market for 180 days in your area and you are loosing $1000 per month, try to price the house down and take the hit upfront. In a declining market, you may come out ahead by getting out of the game more quickly. If the current market can get you 190, sell for 185 (under this type of logic) and advertise it as below market.

You really need to get tenants, though. It's hard to sell a multifamily that has vacancies. You cannot justify the ask without the cash flow. Consider taking whatever you can get for rent (income, not quality of tenant). It's better to take in $500 per month in a $700 market than to leave the house empty.

There's even more to all of this. The explanations will come lengthy and plentiful. If you'd like to talk, you can contact me through my website. I have experience with multis, as I've had a few of my own.

Stacey - Tue May 20 2008, 20:16
Stacey Brown answered:
Janie,

If you are just starting the search for a foreclosure, stick to REO properties. These are properties which the banks already own. Foreclosure sales are full of risk and you probably couldn't afford a mistake on your first one. With REO, you get to do property inspections, ensure mortgage approval, and things such as this. If I can help, you can contact me through my website.

Good luck! - Tue May 20 2008, 19:59
Stacey Brown answered:
Jacqui Brock at United Mortgage [ jacqui@united-mortgage.com ] is my personal mortgage person. She's in New Haven county, but works throughout the state. She has over 20 years experience in the mortgage business. She is a very trust worthy professional. - Fri May 16 2008, 19:20
Stacey Brown answered:
The coists can vary, depending on who you call and the equiptment they use. Here's my advice - if it's close to the house, you can't pay enough. Get the guys with the big cranes and stuff. Also, make darn sure they are insured. - Fri May 16 2008, 19:16
Stacey Brown answered:
Well, being sure it is competively priced is an important first step. Look in your area to see what $250k buys for you, then look at what $230k buys. Do you still feel that way? If so, then hang in there. If not, consider adjusting your price. If you are getting offes, it sounds like your agent is doing a nice job for you. What kind of advice has he/she been offering you? - Thu May 15 2008, 19:24

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