Another CT short sale success with Bank of America and HSBCPosted by Minna Reid on Monday, November 28th, 2011 at 2:14pm.
Another CT short sale success with Bank of America and HSBC
After being denied for a loan modification my sellers faced an unusual turn of events with their property. What was once their pretty wooded backyard came down over the course of a few weeks, and in its place was built an oil delivery company -a retail store, oil storage, and huge dirt lot for the delivery trucks. A barbed wire fence and dumpsters just a few feet from my clients backyard deck completed the transformation. Needless to say, the already upside down property took a huge additional value hit. My clients had no choice but to short sell or foreclose. They decided to short sell.
Ther appraisal was a tad too high ($10k) and had to be disputed. Despite a value correction, Bank of America continued to go round and round for weeks with silly counters and different promissory note requests. At last a compromise was reached and we were awaiting final investor approval.
Instead of approval, the investor backtracked to round one of ridiculous counters. When told NO, the negotiator said he would simply close the file and force us to go back on market to seek a "better" buyer. Better apparently than a cash buyer at market value, and with the sellers agreeeing to a small note.
Fed up - I told the negotiator to shove it...(maybe in some better chosen words). I received no response.
The next day I was surprised by an approval letter in my inbox and a few weeks later this short sale closed.
Minna Reid is a CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short sales, serving the Central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott.
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