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Short Sale Success Stories

Stories of successfully closed short sales in CT.

Found 152 blog entries about Short Sale Success Stories.

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…
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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…
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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

348 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.…
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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

372 Views, 0 Comments