GMAC does it again - a speedy short sale success!Posted by Minna Reid on Wednesday, May 30th, 2012 at 1:35pm.
When my seller was forced to relocate for work, he was stuck with an underwater house and few options except to short sell the home.
This Colchester, CT home went on market priced well and agressively marketed. Within a week a bidding war erupted and the home was soon under contract. Within 2 weeks GMAC was ready to approve and we had but one obstacle - the PMI company. A week of negotiatons with the PMI company resulted in my seller agreeing to a small note in order to get the short sale closed.
It took the buyer just a few short weeks to pull their loan together and just 8 weeks after listing the home - we closed.
OWED: $250,000 GMAC Mortgage with PMI
APPROVED AND CLOSED: $180,000 - Full settlement with seller agreeing to $10,000 promissory note
LIST TO CLOSE: 8 SHORT WEEKS
GMAC - Can't you teach those other banks a thing or two? PLEASE?
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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