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Short Sale Success Stories

Stories of successfully closed short sales in CT.

Found 156 blog entries about Short Sale Success Stories.

HOME SALE CHALLENGE:

Several unsuccessful attempts at a regular sale left this CT homeowner with the realization they simply could not get enough for their over-leveraged home to pay off their loan. Without enough funds to cover the  loss and with money growing tight, they were left with a short sale as their best option to cut their losses and move on with their lives. 

REID REAL ESTATE GROUP APPROACH:

Our sellers had a single loan on the home with Bank of America, which we determined to be a HAFA eligible loan. Bank of America has its troubles, however HAFA has become a predictable streamlined short sale solution for sellers who qualify into the program. HAFA allows for full debt forgiveness, large payoffs to junior lien holders and even a…
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HOME SALE CHALLENGE:

Our Wallingford homeowner was ready to move on from his home but found himself owing more than the home was worth, with no way to pay the difference. He soon realized his best option to get out of the over-leveraged home was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

Citibank is not currently one of my favorite lenders to work with as they are really having a hard time pulling their short sale processing together and tend to be unresponsive and slow. However, because there would be enough proceeds from a sale to satisfy the first loan in full, and shorting second mortgages is generally an easier process, I anticipated a fairly smooth ride despite the fact that that we were dealing with Citi. 

RESULTS:

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HOME SALE CHALLENGE:

After barely making ends meet for many years, our Middletown, CT homeowner was finally forced to consider a short sale once he was laid off and had to leave the state for new employment.

REID REAL ESTATE GROUP APPROACH:

Quicken, one of my absolute favorite lenders to work short sales with, was the servicer on this Freddie Mac backed loan. Having closed many short sales with Quicken, we anticipated smooth sailing and a quick approval ahead.  

RESULTS:

After securing a buyer for the home, Quicken received full short sale documentation and as predicted, quickly went to work on processing the short sale. Freddie Mac is notorious for asking for sellers to contribute cash or take a promissory note, and of course the request…
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HOME SALE CHALLENGE:

Just a year into their new home, this Simsbury, CT couple decided to part ways, but found themselves upside down in their mortgage and stuck in their property. Their only option to get out of the home was a short sale. 

REID REAL ESTATE GROUP APPROACH:

With a single FHA insured mortgage with Guild Mortgage, we anticipated a fairly smooth road ahead. FHA short sales are very predictable and smaller lenders like Guild generally have small but efficient loss mitigation departments that usually move quickly.   

RESULTS:

It took less than a month to secure a strong buyer for the property and as predicted, Guild went right to work on the short sale. Less than 2 months later our short sale was approved! We closed just a few…
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HOME SALE CHALLENGE:

After a business loss and years of unsuccessful attempts at modifying their loan, our Essex, CT homeowners realized their only remaining option was a short sale. 

REID REAL ESTATE GROUP APPROACH:

SLS (Specialized loan Servicing) held the first mortgage on the property (a jumbo loan) and there was a large second mortgage with PNC, along with a lien from a creditor, for a total owed exceeding $700,000. Multiple lien situations can be complex to resolve so we expected no easy road ahead. Complicating matters was the property which was highly unique, and would appeal to a very small buyer pool.  

RESULTS:

It took over 5 months and $125,000 of price reductions to secure a buyer for our unique home and we were finally able…
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Some things just don't come easy.....including this short sale approval...

HOME SALE CHALLENGE:

Our unbelievably sweet and charming retiring Hamden, CT homeowner found herself in a position to have to move to senior housing, but upside down in her home. After attempts to sell at fair market proved unsuccessful, she realized her best option was to pursue a short sale, so she called us. 

REID REAL ESTATE GROUP APPROACH:

Our seller had a single loan on the property  - with OCWEN - one of our current favorites. We anticipated an easy breezy road ahead.....  

RESULTS:

Never count on an easy road! It took much longer than expected to secure a buyer for the property....And after securing the buyer - the sale fell apart soon…
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HOME SALE CHALLENGE:

After an employment change and several unsuccessful attempts at modifying her loan, our Naugatuck homeowner found herself unable to pay her mortgages and with no equity to sell, she realized her only option was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

Our seller had two loans on the property - one with BOA and another with SLS. While the SLS second mortgage seemed fairly easily resolved (as most junior liens are), Bank of America (the servicer on the first loan) always makes everything ten times as difficult as it needs to be. Although our seller could easily qualify and be approved, we anticipated many headaches and a long road ahead with Bank of America.  

RESULTS:

Just 6 weeks after going on…
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HOME SALE CHALLENGE:

After losing money on her investment property for many years, this Milford, CT homeowner finally decided to cut her losses and sell her over-leveraged rental unit. Due to the large amount of negative equity in the property a short sale was the only realistic solution. 

REID REAL ESTATE GROUP APPROACH:

Since our seller had two loans - one with Nationstar and a second with Wells Fargo, we expected the short sale process itself might be rather slow as neither lender is known for their speed. Although our seller certainly qualified and we expected would be approved, we anticipated some delays.

 

RESULTS:

It took just a few weeks to secure a strong cash buyer for our home. Our short sale packages headed to both lenders.…
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HOME SALE CHALLENGE:

After several months on market our East Haven, CT homeowner found herself unable to clear her loan in a traditional sale. With over $30,000 of negative equity she realized her only option was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

Since our sellers loan was FHA we knew the short sale process itself would be quite predictable. However, Bank of America (the servicer on the loan) always makes everything ten times as difficult as it needs to be. Although our seller could easily qualify and be approved, we anticipated some headaches with Bank of America.  

RESULTS:

After re-listing the home as a short sale, it took just 2 weeks to secure a buyer. As expected, Bank of America began their shenanigans…
405 Views, 0 Comments

HOME SALE CHALLENGE:

After a few years of unsuccessful modification attempts, this Mansfield, CT homeowner found herself unable to afford the maintenance on her large home needing work. With over $350,000 of negative equity and no way to sell traditionally, she realized her only option was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

SPS (Select Portfolio Servicing) can be hit or miss. Fortunately our seller qualified into the HAFA short sale program, which is quite predictable and offers qualifying sellers many benefits. The biggest challenge in the property sale would be the property's condition, which would limit buyer financing options.  

RESULTS:

It took just 2 weeks to secure a buyer for this Mansfield home. As…
322 Views, 0 Comments