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Short Sale Success Stories

A short sale can be stressful. Read inspiring and informative stories of successfully closed short sales in Connecticut. Find out how Minna Reid has helped sellers just like you throughout the process from initially listing the property to final approval.

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Found 170 blog entries about Short Sale Success Stories.

A seller speaks out:

I recently found myself in the unfortunate situation of being underwater on the mortgage of my condo and unable to continue to afford the mortgage payments. My real estate agent at the time suggested renting the unit to cover the cost each month until I was no longer underwater. I thought this was  my only option at the time so I agreed and listed the condo for rent and quickly ended up reducing the listing price to the point where I’d be losing money each month if I was to secure a renter. To add to the loss, I’d also be responsible for maintaining the property and have heard numerous horror stories from other renters who had experienced tenants refusing to pay, drawn out evictions, and ongoing legal fees. As time went on it

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Short sales aren't always easy, and once in a while you are forced to start all the work over when a buyer can't perform.....

Sometimes, you even do it three or four times! When we originally listed this Montville home, it didn't take long to find a buyer and get started on our short sale. Although Ditech (the first mortgage holder) is generally pretty responsive, it took several months for us to get Ditech to approve our short sale, and even longer to move Flagstar - the second. 

As we looked forward to closing the buyer then started to have loan issues, and after several extensions, the sale was dead. Back on market, we quickly secured another buyer and started the short sale again. Unfortunately, our next buyer also proceeded to lose their

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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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