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Short Sale Success Stories

Stories of successfully closed short sales in CT.

Found 168 blog entries about Short Sale Success Stories.

Let me first start off saying that I do not write reviews, but I feel compelled to let everyone know of my experience. I owned my Condo for 11.5 years. However, these 11 years brought a tropical storm (Irene), a hurricane (Sandy), and a 2008 financial crisis to the CT housing market. In 2015, the sale price was >$100k less than the original purchase price. Even after renting for three years, I was losing $200/mo. and did not want to continue as a landlord. I was trapped and stressed out, both mentally and financially.

Last March, I called Minna. We started the short sale process with the appropriate paperwork. She even recommended speaking with an accountant to understand the tax implications of a short sale. She guided me through the

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Several employment changes and the crash of the housing market left these Fairfield, CT homeowners with an unaffordable mortgage and an upside down home. After years of failed attempts to modify their loan or sell their luxury CT home without success, our clients decided it was finally time to cut their losses with a short sale and move on.  

The sellers had a jumbo loan serviced by SPS (Select Portfolio Servicing).  Although SPS is a fairly predictable lender, they are not one of my favorites as they tend to be excruciatingly slow and unresponsive. Short sales with jumbo loans can also be unpredictable as loans this size tend to not fall into any existing programs, leaving investors free to make up the rules as they go along.

The home went on

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After this Norwalk, CT homeowner was declined for a Wells Fargo FHA short sale with another agent/lawyer team, he contacted us for a second try:

  We cannot explain enough how special Minna and her team are to our family, they took the most difficult circumstances possible (we had relocated from Connecticut to Texas) and made the sale of our Connecticut home seamless. We were on the market from December, 2015 and we finally sold our house In December 2016.From start to finish our short sale process took exactly 5-6 months. The short sale process was stressful and time consuming but Minna and her team (especially Jaime ) made sure the process smooth and painless. Her whole team (especially Jaime) were so professional and an absolute pleasure to
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Short sales are generally nothing but "short"....but once in while we break the trend...

When I first met with my latest seller he explained to me that he was terminally ill and just weeks away from having to leave his job as he was simply no longer able to work. While he was current with his mortgage payments, he would simply not be able to make them anymore without a job.  With no significant savings he was unable to make up the loss on his over-leveraged home, and he wanted to move towards the next best step for all involved - a short sale.

Lenders can sometimes be difficult with sellers who are making their payments, but I felt the imminent default based on my clients medical situation would be a no-brainer for Chase to approve.

The home went

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Not long after moving into her new home, this New Britain, CT homeowner's daughter got ill. Testing showed she had lead poisoning. The town took over the investigation, discovered numerous lead paint issues at the home and ordered lead paint remediation. Sadly, she was unable to pay the hefty cost of remediation, leading to a several year struggle to keep up and make it work. After a few years without resolution, she was faced with a single decent option to sell the home and move on. Unfortunately the lead paint issue devalued the home to a point where there was also no way to sell the home and pay off the loan leaving a short sale as the only possibly sale.

Citibank is a decent lender to work with, but since our homeowner was already several years

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HOME SALE CHALLENGE:

After realizing he would never be able to sell his home for enough to clear the mortgage, this Hamden, CT homeowner quickly came to the conclusion that a short sale on his home was likely his only option to cut his losses and move on.

REID REAL ESTATE GROUP APPROACH:

With an ASC first mortgage and a Citi second,  our seller was looking at a pretty smooth short sale as both lenders are decent to work with. Even better, his odds of getting into a HAFA short sale were pretty high. HAFA, which ends this year,  allows for full debt forgiveness, large payoffs to junior lien holders and even a $10,000 relocation incentive to qualifying sellers.  

RESULTS:

After a short time on market a buyer was secured and we started…
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Ditech is quickly becoming one of my favorite lenders to work short sales with. It's usually these smaller guys that could teach their bigger cousins Chase, BOA and Wells Fargo a thing or two about getting things done!

After a few years of renting out their former home, these CT homeowners were no longer able to keep up with their payments and were forced to consider other alternatives. The value of the home had plummeted and there was simply no way to cover the loss on the home. A short sale was ultimately their best option.

Lenders are not as receptive to workouts with investors as they are with owner occupants. Investors are more likely to have their financials heavily scrutinized and to be asked for cash contributions and promissory notes in

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HOME SALE CHALLENGE:

After several unsuccessful attempts at modifying her loan to save her home, this Southington homeowner had run out of options and was facing foreclosure. Her only remaining option was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

Nationstar is not one of my favorite lenders to work with, as they are consistently disorganized, unresponsive and confused. Although FHA backed loans are generally very predictable, Nationstar has a way of turning what could be a quick and easy process into a lengthy frustrating one.

RESULTS:

It took just a few weeks to secure a buyer for the home and we were able to get started on the short sale. Unfortunately we experienced some freeze damage to the property just a few weeks…
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After 3 years of efforts to sell their Ridgefield, CT luxury home without success, these sellers were forced to face the fact their home was now worth about half of the $2 million they owed on it. After a business failure, the sellers had moved out of state for new employment opportunities and could no longer afford to continue making the payments on the old home. After some research they realized their best option was a short sale. 

From speaking with the seller, I determined he had two separate Chase portfolio loans. Portfolio notes are loans kept in house by the lender rather than being sold to investors. Almost all jumbo loans are portfolio loans as these loans cannot be as easily sold as conventional loans. The good news here is that working a

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HOME SALE CHALLENGE:

An employment relocation forced this Cheshire, CT couple to move out of state, but left them stuck with a home they could not sell due to some significant negative equity. With few options to get out of the home, they decided a short sale was the only realistic solution. 

REID REAL ESTATE GROUP APPROACH:

HSBC is one of my favorite lenders to work with, as they are generally quick and predictable and rarely require a lot of financial documentation. Since my sellers had just a single mortgage with HSBC I predicted a smooth quick resolution.

RESULTS:

After just a couple days on market we had a bidding war on the home and a very strong buyer was secured. A short sale package headed to the lender, and as expected HSBC…
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