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Short Sale Success Stories

Stories of successfully closed short sales in CT.

Found 149 blog entries about Short Sale Success Stories.

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.…
219 Views, 0 Comments

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…
312 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…
249 Views, 0 Comments

HOME SALE CHALLENGE:

After an out of state relocation, these Torrington, CT homeowners decided that renting out their over-leveraged home was the solution to stay ahead on the mortgage payments of their old Connecticut home. Like many do, they quickly realized renting was simply not a viable long term solution and a short sale was the only way to cut ties with the old home and its $40,000 of negative equity. 

REID REAL ESTATE GROUP APPROACH:

When we first listed the home the first mortgage on the home was a Fannie Mae backed loan being serviced by Bank of America - a notoriously difficult and slow lender to work short sales with. PNC in second position is not one of our favorite lenders either, however second mortgages have generally become much

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HOME SALE CHALLENGE:

After many efforts to hold onto her upside-down home proved unsuccessful, this  Cheshire, CT home owner decided selling the home was the only reasonable solution. Facing over $60,000 of negative equity, she decided a short sale was in her best interest to settle the debt and move on. 

REID REAL ESTATE GROUP APPROACH:

TD Bank has a reputation for being a very difficult lender to work with and unfortunately this short sale involved two TD Bank portfolio loans. As the state's leading short sale experts, here at Reid Real Estate Group we have plenty of experience working short sales with smaller lenders such as TD Bank. Lenders like this do tend to work quickly through their short sale process, however they generally do not

328 Views, 0 Comments

HOME SALE CHALLENGE:

After relocating out of state for an employment opportunity, this Ansonia, CT homeowner found himself with over $70,000 of negative equity and unable to sell his home in a traditional sale. He rented out both sides of the duplex in order to try to keep covering the payments, but renting proved to be a challenge and he was still taking a loss. He realized a short sale was his only reasonable approach to exit the situation and settle the remaining debt.

REID REAL ESTATE GROUP APPROACH:

After some long hard times last year, OCWEN has come full circle and is once again one of the quickest and most efficient lenders to process short sales with. With a clear cut hardship and single lien with OCWEN, we expected a fairly smooth ride.…
353 Views, 0 Comments

HOME SALE CHALLENGE:

After this Trumbull, CT couple decided to move on to their new home, they found themselves unable to sell their old home, even after two whole years on market! Facing some serious negative equity, they decided a short sale with their lender Hudson City Bank was in their best interest to settle the debt and move on with their lives. 

REID REAL ESTATE GROUP APPROACH:

As the state's leading short sale experts, here at Reid Real Estate Group we have plenty of experience working short sales with smaller lenders such as Hudson City Bank and know just what to expect! Lenders like this do tend to work quickly through their short sale process. Unfortunately as they generally do not participate in any formal short sale programs, these

350 Views, 0 Comments

HOME SALE CHALLENGE:

When these Torrington homeowners found themselves upside own, unable to afford their mortgage payments on their Wells Fargo FHA loan and wanting to leave the area, they realized their only option was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

It was only a year ago that Wells Fargo could deliver an FHA short sale approval painlessly in weeks...but oh how quickly things change. Unfortunately Wells has decided to fix what was working perfectly and processing of their FHA short sales has become an endless nightmare. While the sellers situation was pretty straightforward, we knew anything involving Wells Fargo would be a real challenge.  

RESULTS:

In the slower winter market it took almost 3 months to…
405 Views, 0 Comments

HOME SALE CHALLENGE:

After moving out of his small East Haven condo to pursue a life that fit his new life with a larger family, my client rented out his condo to try to make ends meet as he was upside down in his loan and could not sell.  Renting proved to be a challenge and he was still taking a loss, making a short sale his only reasonable option to exit the situation.

REID REAL ESTATE GROUP APPROACH:

Citibank (Citimortgage) is a decent lender to work with as far as short sales go and we expected a fairly smooth ride. The challenge was selling a tenant occupied property. Selling a tenant occupied property is always a challenge. Talk to me if you want to hear why.   

RESULTS:

It took 6 months and 7 price reductions to get this tenant…
392 Views, 0 Comments

HOME SALE CHALLENGE:

After many years of trying to work out a loan modification with his lender unsuccessfully, this Middletown, CT couple decided the only way to move on from their home and avoid foreclosure  was with a short sale on his SLS (Specialized Loan Servicing) Mortgage. 

REID REAL ESTATE GROUP APPROACH:

Having worked with many of the smaller lenders including SLS, we anticipated a fairly smooth transaction as only the second lien holder needed to take a loss and the first would be paid in full. This situation can be one of the easiest to resolve as long as there is sufficient proceeds to not only pay off the first in full, but enough left over to settle successfully with the second and pay off all the costs of sale.   

RESULTS:

475 Views, 0 Comments