Stories of successfully closed short sales in CT.
There are currently 123 blog entries related to this category.
Monday, August 18th, 2014 at 3:37pm. 62 Views, 0 Comments.
When this Wallingford, CT couple decided it was time to move on from their starter condo, they found themselves prisoners of their negative equity! With a first mortgage with ASC ( a division of Wells Fargo) and a second with Ocwen - there was just no way to come up with the $50K+ to sell the home traditionally.
We listed the home as a short sale and in the slow CT condo market it took us just over 2 months to secure a buyer. Short sale documentation quickly headed to the lender. ASC breezed through their short sale processing and our only hang up came with a bad valuation, causing ASC to request the buyer to raise their offer far above true market value. A value dispute quickly settled the issue and our short sale approval letter arrived! Ocwen…
Thursday, July 31st, 2014 at 7:14am. 116 Views, 0 Comments.
While Bank of America's FHA short sale department is generally a disaster, once in a while even they get it right....
A year after our initial consultation this New Britain homeowner called me to finally list his home. He had tried unsuccessfully to modify his loan and was ready to move on. The home went on market and just three short weeks later we secured a strong buyer for the home. FHA recently revised their Pre-Foreclosure Sales program to streamline more closely with conventional short sale programs. This made the program more flexible, however servicers generally take a long time to adapt to any changes to guidlines. I expected many months to get Bank of America to make a decision.
Despite this and the fact my client was current on his…
Thursday, July 24th, 2014 at 12:08pm. 149 Views, 0 Comments.
Ocwen used to be one of my favorite lenders to work with. They were streamlined in Equator and short sale approvals would seamlessly arrive within a few weeks. Naturally Ocwen decided to fix what wasn't broken. Ocwen partnered with Altisource and the once smoothly running system came crashing to a catastrophic hault.
When my Bristol, CT homeowners had to move down south for employment opportunities sadly they were tied down by their overleveraged home and left with no alternative but to short sell. It took two months in the dead of winter to find a buyer for this Bristol home, and then our nightmare with Ocwen began. Ocwen even blatantly disregards the fact that Freddie Mac - the owner of the loan - has set timelines for short sale processing for…
Tuesday, July 8th, 2014 at 7:30am. 157 Views, 0 Comments.
After 2 years of unsuccessfull short sale efforts with two different agents, this Marlborough, CT homeowner decided to find a short sale expert for her next attempt at short selling her overleveraged home.
It took just 3 weeks to secure a cash buyer for the home, and a short sale package quickly headed to the lender. Unfortunately US Bank is never easy to deal with, and is quite likely the most difficult bank in the country to work short sales with. Four long months passed as US Bank endlessly shuffled paperwork until the buyer grew weary and walked.
Another month passed until we secured a new, more patient buyer. Three additional months passed and finally the short sale approval arrived! After another 6 weeks of lender shenanigans (this…
Tuesday, July 1st, 2014 at 10:49am. 232 Views, 0 Comments.
The short sale department at Wells Fargo has been a complete wreck for the past few years, frequently taking many months to approve the simplest of short sales. But this time would be different!
When this Bristol CT couple called me they were several months behind, facing foreclosure and looking to leave the state to make a fresh start down south. With the clock ticking we listed the home. It took just a single week for a bidding frenzy to develop and within our first week on market we were under contract with a strong buyer.
To our great surprise, Wells Fargo rushed to action to get our short sale approved. VA short sales ( otherwise known as compromise sales) can be bound with red tape...but that was not the case with this sale. It took just 4…
Tuesday, June 10th, 2014 at 5:22pm. 483 Views, 0 Comments.
It's always a long road to the end of a short sale with U.S. Bank - quite possibly the most difficult lender on the face of the earth.
When this Beacon Falls, CT homeowner explained his predicament I knew we were in it for the long haul. My client was relocating accross the country for work but had over $100,000 of negative equity keeping him prisoner. Determined to keep his credit top notch, he wished to be able to get approved for his short sale and never miss a single payment. It's not always easy to get short sales approved for borrowers who are current on their payments, but it is possible.
It took just three weeks for the home go under contract in the midst of a bidding war. While I was hopeful that US Bank may have cleaned up their ways…
Wednesday, June 4th, 2014 at 6:04pm. 219 Views, 0 Comments.
Chase just doesn't make it easy...
When this Bristol homeowner called me, she had been renting out her upside down home for several years and was tired of taking a monthly loss and while waiting for the market to come back. We put the property on market and 5 weeks later a buyer was secured.
Unfortunately, months passed as we pushed on for the approval and finally 4 months later the buyer walked...
Our second time on market proved more difficult than the first and it took 2 more months to secure another buyer. Our approval finally arrived after a grand total of 7 months had passed...and shortly thereafter this Chase short sale finally closed!
Monday, May 19th, 2014 at 1:23pm. 226 Views, 0 Comments.
When this Bristol, CT couple called me to tell about their plight, the moment I heard the words U.S. Bank - my heart sank. By far the worst short selling lender on the face of the earth, I had sworn off working with US Bank earlier in the year. After hearing the couple's sad story, I decided I would reconsider my position and take the listing on.
We started working on the FHA short sale right away as the property went on market. It took under just three months to find a buyer for the home, during which we fruitlessly attempted to get US Bank to get moving on the short sale. Unresponsive negotiators and lost paperwork were the norm. By the time we had a buyer we were on our third attempt to get US Bank to start the approval process.
Tuesday, May 13th, 2014 at 7:02am. 177 Views, 0 Comments.
Worn out on fruitless attempts at a loan modification and unable to keep up, this CT homeowner called me to list his home as a short sale.
It took two months and a few price reductions to get the home under contract, but we were soon moving forward with the short sale. Months passed by as our Greentree negotiator was unresponsive and rude, refusing to move the file along. It took several escalations to get the file into someone else hands, and then we finally started moving along.
In usual Fannie Mae fashion, our purchase was met with a ridiculous counter, stalling us once again as we tried to overcome our latest obstacle. Ultimately a solution was reached, and 5 months after our short sale package was first received - a short sale approval…
Saturday, May 3rd, 2014 at 10:19am. 288 Views, 0 Comments.
HSBC tends to be one of my favorite lenders to work short sales with. They are usually on the ball and make things easy and most of all FAST!
When we listed this lovely Cromwell, CT condo it took just a month to secure a strong buyer in a multiple offer situation. HSBC tends to never ask for any financial documentation, greatly easing the entire short sale process. Less than 2 months after sending short sale documents to HSBC an approval seamlessly followed!
Much to the buyers surprise, they had to move quickly to close on their new home. HSBC is fast and they expect everyone else to move fast as well, leaning towards very short timelines from approval to close. Less than a month after the short sale approval letter arrived, this Cromwell HSBC short…