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Short Sale Success Stories

A short sale can be stressful. Read inspiring and informative stories of successfully closed short sales in Connecticut. Find out how Minna Reid has helped sellers just like you throughout the process from initially listing the property to final approval.

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Found 174 blog entries about Short Sale Success Stories.

When I first spoke with my sellers and they described their situation, I thought they may have a hard rough ahead with their short sale, but they desperately wanted to move out of town and had significant negative equity and were willing to do whatever it took. Fortunately, sometimes I am pleasantly surprised by how easy short sales can actually be!

My clients were current on both their mortgages and intended to stay that way, which almost always leads to a more difficult (though not impossible) short sale. Usually in these cases I explain to my clients that:

  • They may be declined for a short sale.
  • They may be approved, but the odds of the lender asking my sellers for a cash contribution or promissory note are significantly higher.
  • Their
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There is no middle ground with Carrington it seems....they will make your short sale a breeze...or an ultimate nightmare...there is simply no in-between. 

When these CT homeowners contacted me they were already behind on their payments, and with many failed loan modifications behind them, simply out of hope. The weak CT job market left them perpetually underemployed and they decided to head south for better employment prospects. With an upside down home, they simply had no option but to short sell to avoid a sure foreclosure. 

It took just a month to secure our first buyer and we went to work on the short sale. Previous experiences with Carrington proved hit or miss, but we were optimistic for quick resolution. 

Our hopes for a quick approval

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SLS has proved to be a pretty quick and straightforward lender to work short sales with lately. When this Hamden, CT homeowner showed up desperately seeking a solution just a few weeks prior to her foreclosure law date, I felt pretty confident we could still work things out.

With no time to lose, we went right to market and in just days secured a buyer. SLS proved a breeze to work with and we were on our way! 

Unfortunately, the buyer rescinded just weeks prior to an anticipated close date...leaving us to start all over. Fortunately, it only took a few more days to secure a new buyer and we got the ball rolling again.

Sadly, the second buyer lost their loan shortly thereafter....

Back on market for the third time, we once again secured a

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Its not every day that "short sale" and "quick and easy" belong in the same sentence, but this just happened to be one of those rare and always welcome times!

After years of struggling with his lender, this Bristol CT homeowner was at the end of his rope and ready to cut lose! His mortgage was with Nationstar - a difficult and slow lender, so we expected a long road to success.

It took just 3 weeks to find a buyer for this challenging property. Short sale documentation headed to Nationstar. Surprisingly, Nationstar moved forward full speed, going to work immediately on processing the short sale! It took less than two months for a short sale approval to arrive. A few weeks later, this Bristol short sale closed, with the seller being fully forgiven

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A seller speaks out:

I recently found myself in the unfortunate situation of being underwater on the mortgage of my condo and unable to continue to afford the mortgage payments. My real estate agent at the time suggested renting the unit to cover the cost each month until I was no longer underwater. I thought this was  my only option at the time so I agreed and listed the condo for rent and quickly ended up reducing the listing price to the point where I’d be losing money each month if I was to secure a renter. To add to the loss, I’d also be responsible for maintaining the property and have heard numerous horror stories from other renters who had experienced tenants refusing to pay, drawn out evictions, and ongoing legal fees. As time went on it

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Short sales aren't always easy, and once in a while you are forced to start all the work over when a buyer can't perform.....

Sometimes, you even do it three or four times! When we originally listed this Montville home, it didn't take long to find a buyer and get started on our short sale. Although Ditech (the first mortgage holder) is generally pretty responsive, it took several months for us to get Ditech to approve our short sale, and even longer to move Flagstar - the second. 

As we looked forward to closing the buyer then started to have loan issues, and after several extensions, the sale was dead. Back on market, we quickly secured another buyer and started the short sale again. Unfortunately, our next buyer also proceeded to lose their

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Let me first start off saying that I do not write reviews, but I feel compelled to let everyone know of my experience. I owned my Condo for 11.5 years. However, these 11 years brought a tropical storm (Irene), a hurricane (Sandy), and a 2008 financial crisis to the CT housing market. In 2015, the sale price was >$100k less than the original purchase price. Even after renting for three years, I was losing $200/mo. and did not want to continue as a landlord. I was trapped and stressed out, both mentally and financially.

Last March, I called Minna. We started the short sale process with the appropriate paperwork. She even recommended speaking with an accountant to understand the tax implications of a short sale. She guided me through the

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Several employment changes and the crash of the housing market left these Fairfield, CT homeowners with an unaffordable mortgage and an upside down home. After years of failed attempts to modify their loan or sell their luxury CT home without success, our clients decided it was finally time to cut their losses with a short sale and move on.  

The sellers had a jumbo loan serviced by SPS (Select Portfolio Servicing).  Although SPS is a fairly predictable lender, they are not one of my favorites as they tend to be excruciatingly slow and unresponsive. Short sales with jumbo loans can also be unpredictable as loans this size tend to not fall into any existing programs, leaving investors free to make up the rules as they go along.

The home went on

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After this Norwalk, CT homeowner was declined for a Wells Fargo FHA short sale with another agent/lawyer team, he contacted us for a second try:

  We cannot explain enough how special Minna and her team are to our family, they took the most difficult circumstances possible (we had relocated from Connecticut to Texas) and made the sale of our Connecticut home seamless. We were on the market from December, 2015 and we finally sold our house In December 2016.From start to finish our short sale process took exactly 5-6 months. The short sale process was stressful and time consuming but Minna and her team (especially Jaime ) made sure the process smooth and painless. Her whole team (especially Jaime) were so professional and an absolute pleasure to
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Short sales are generally nothing but "short"....but once in while we break the trend...

When I first met with my latest seller he explained to me that he was terminally ill and just weeks away from having to leave his job as he was simply no longer able to work. While he was current with his mortgage payments, he would simply not be able to make them anymore without a job.  With no significant savings he was unable to make up the loss on his over-leveraged home, and he wanted to move towards the next best step for all involved - a short sale.

Lenders can sometimes be difficult with sellers who are making their payments, but I felt the imminent default based on my clients medical situation would be a no-brainer for Chase to approve.

The home went

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