Stories of successfully closed short sales in CT.
There are currently 136 blog entries related to this category.
Tuesday, April 7th, 2015 at 12:15pm. 221 Views, 0 Comments.
HOME SALE CHALLENGE:
When this Milford, CT couple decided to part ways, they discovered they were over $50,000 in the hole on their jointly owned home, and lacked the funds to make up the shortfall. With few options, they decided a short sale with their lender Newtown Savings Bank was in their best interest to settle the debt and move on with their lives separately.
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 small local lenders such as Newtown Savings 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…
Saturday, February 7th, 2015 at 1:46pm. 281 Views, 0 Comments.
After purchasing a new home and moving in, these Middletown, Connecticut homeowners found themselves upside down in their old home and unable to sell. While many people hope they can rent out their homes while waiting for the market to recover, there a lot of drawbacks. In this case, renting was not the answer and a year later they decided to get the home listed.
After a busy week with multiple offers, a strong buyer was secured, and we were hopeful for a quick resolution. RCS and Nationstar - the two lenders involved, were quick to get moving, however RCS quickly delivered back a gross overvaluation of the property. The buyer decided to walk as they were unwilling to stick around for us to dispute the value.
Our second time on market was not…
Wednesday, January 21st, 2015 at 7:36am. 240 Views, 0 Comments.
The one predictable thing about short sales is that they are always unpredictable...even within the same lender. SPS is no exception. While one short sale with SPS may be a breeze, the next could be a nightmare.
Unfortunately this was the latter. After struggling to modify their loan and hold onto their home, this North Branford couple had had enough and decided it was time to throw in the towel. We listed the house as a short sale.
It took 3 months to secure a buyer and we were in business! Our short sale approval letter arrived another 3 months later, but unfortunately the buyer lost their loan just prior to closing...and we were forced to start the process all over.
Only 2 more weeks passed until we were in contract again...however this…
Saturday, January 10th, 2015 at 3:49pm. 349 Views, 0 Comments.
After relocating several years ago for employment, these Plainville, CT homeowners had rented at a loss waiting for the market to recover. Unfortunately, as the years passed the lost equity was never regained and after a traditional listing sat for six months on market with no bites, they decided it was time to cut the cord and accept that a short sale was their only option.
When a strong buyer was secured in just three short weeks, hopes for a quick resolution soared! Unfortunately the sale quickly fell apart and we were back on market! Three weeks later our second buyer was secured, but this sale also fell apart in mere days. It took ten more days to secure our final buyer.
It took Ocwen two more months to produce an approval, a small…
Tuesday, December 9th, 2014 at 2:06pm. 358 Views, 0 Comments.
The average short sale takes about 3-5 months...but there are always exceptions. Sometimes things get complicated or lenders get slow and once in a while it takes a year to reach the end of a short sale.
This was one such case. Just after the turn of the new year, after many unsuccessful efforts at trying to work things out with her lender, this Milford, CT homeowner threw in the towel and decided to short sell her property. The property proved to be a tough sell and it took over 3 months to secure a strong buyer for the home.
We excitedly began to proces the short sale with Citibank, but just a few short weeks later the sale fell apart over inspection issues. Back on market, we again struggled to sell the property and a few more months passed…
Monday, November 24th, 2014 at 4:40pm. 190 Views, 0 Comments.
After several years of trying to work things out with their lender, this Marlborough CT couple was close to foreclosure and at their wits end. With next to no options left, they decided to attempt a short sale.
We listed the home which was well staged and priced aggressively and within 3 weeks a buyer was secured! Short sale documents headed to the both Suntrust and Chase for this FHA short sale.
Suntrust and Chase proved very slow, but with a lot of pushing prodding 5 months later our short sale approval letters arrived, and a month later this Marlborough, CT short sale closed!
OWED:$200,000 between a Suntrust FHA mortgage and a second with Chase
AAPROVED AND CLOSED: $150,000
TOTAL TIME FRAME LIST TO CLOSE: 7 months
Considering a CT…
Friday, November 21st, 2014 at 2:18pm. 298 Views, 0 Comments.
After spending most of the year as a complete mess after "streamlining" in early 2014, Ocwen is finally getting their game together again! When this West Haven, CT homeowner found himself no longer able to afford his oceanside home and unable to modify the loan, he had no choice but to attempt a short sale.
The beautiful, remodeled,
oceanfront property went on market but surpisingly failed to sell as four long months passed. It took several price reductions until a buyer was secured, and then a short sale package headed to the lender. As most of our recent short sales with Ocwen had been excruciatingly painful, we were prepared for the worst. To our surprise the short sale was quickly processed and just 5 weeks later our short sale approval…
Thursday, November 6th, 2014 at 10:13am. 342 Views, 0 Comments.
Greentree isn't know for their speed...but sometimes lenders surprise you! When this Middlebury, CT couple needed to relocate out of state for work, they found themselves almost $100K upside down in their home. While they could come close to paying off the first mortgage with Ocwen, the second was all negative equity. Staying wasn't an option so we listed the home as a short sale.
It took just a week to find a solid buyer for the home in the busy spring market. It originally appeared we would be shorting both loans so short sale packages headed to both lenders.
Greentree came back with an approval in just 10 weeks! Ocwen continued to give us trouble for a solid 4 months, ultimately declining the short sale altogether.
With mere days left on…
Monday, November 3rd, 2014 at 4:18pm. 178 Views, 0 Comments.
When this Hamden couple was relocated across the country for work, they found themselves way upside down in their house, with no way out and decided a short sale was their best solution.
The home went on market and it only took a couple weeks for a bidding war to ensue and a buyer was soon secured! VA compromise sale documentation quickly headed to Merrimack. Merrimack proved to be responsive and a pleasure to work with, and even though it took some time for them to move along - they did so painlessly.
Four months later a short sale approval letter arrived and a moth later this Merrimack VA compromise sale closed!
APPROVED AND CLOSED: $160,000
TOTAL TIME FRAME LIST TO CLOSE: 5 MONTHS
Thursday, October 23rd, 2014 at 3:19pm. 396 Views, 0 Comments.
Most short sales are frustrating and difficult, some are an absolute nightmare, and some of them just blow you away with their ease!
After a major life change this Shelton homeowner found himself living in a condo that no longer worked for his lifestyle, but stuck in a mortgage that made it impossible to move on. A short sale was his only realistic option at getting out of the home.
In our slow CT condo market, it took 2.5 months to secure a strong buyer and immediately we went to work on the short sale approval. Between SPS and Carrington our client was almost $200,000 upside down in the home.
With relative ease both lenders quickly started processing the short sale and within weeks we had an approval from Carrington. Despite my suspicions…