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Short Sale Success Stories

Stories of successfully closed short sales in CT.

Found 141 blog entries about Short Sale Success Stories.

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…
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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:

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HOME SALE CHALLENGE:

After years of trying to work out a loan modification with his lender unsuccessfully, this Meriden, CT homeowner decided the only way to avoid foreclosure and move forward was with a short sale on his Greentree FHA Mortgage. 

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 FHA short sales and with Greentree. All sellers with FHA backed loans regardless of lender will have to meet the guidelines FHA has set for acceptance into their PFS (Pre-Foreclosure Sale) program. FHA short sales generally tend to follow the same predictable process although the experience certainly varies by servicer!

RESULTS:

It took 3 months and

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HOME SALE CHALLENGE:

When this North Haven, CT couple decided to move south for a new career opportunity, they found themselves upside down in their home and with no funds to make up the difference in a sale. With few options, they decided a short sale on their McCue FHA Mortgage was their best bet to move on gracefully and avoid foreclosure. 

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 McCue Mortgage. McCue tends to be very inconsistent, taking anywhere from 2 months to well over six to process their short sales and requires constant pressure to make things happen.  Also complicating matters was the fact that this FHA loan came

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istock_000015631251xsmall_406_09When this Southington, CT family wanted to relocate out of Connecticut for a new employment opportunity down south, they found themselves with over $50,000 of negative equity and with no way to pay the difference. Determined to get down south and avoid foreclosure, they decided to contact Reid Real Estate Group and list the property as a short sale.

The property went on market and within 5 weeks a buyer was secured. While Provident is usually a breeze to work with and flies through files, this particular short sale negotiation became a complicated one. Three long months later a satisfactory approval was finally negotiated and a month later this Southington short sale closed!

OWED: $285,000

APPROVED AND CLOSED WITH FULL DEBT FORGIVENESS: $230,000

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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 short

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istock_000015631251xsmall_406_08After 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 as

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istock_000016649738xsmall_425_02The 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

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6738124_s_450_01After 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 contribution

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sold_sign_400_04The 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 as we

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