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Short Sale Success Stories

Stories of successfully closed short sales in CT.

Found 164 blog entries about Short Sale Success Stories.

Not long after moving into her new home, this New Britain, CT homeowner's daughter got ill. Testing showed she had lead poisoning. The town took over the investigation, discovered numerous lead paint issues at the home and ordered lead paint remediation. Sadly, she was unable to pay the hefty cost of remediation, leading to a several year struggle to keep up and make it work. After a few years without resolution, she was faced with a single decent option to sell the home and move on. Unfortunately the lead paint issue devalued the home to a point where there was also no way to sell the home and pay off the loan leaving a short sale as the only possibly sale.

Citibank is a decent lender to work with, but since our homeowner was already several years

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HOME SALE CHALLENGE:

After realizing he would never be able to sell his home for enough to clear the mortgage, this Hamden, CT homeowner quickly came to the conclusion that a short sale on his home was likely his only option to cut his losses and move on.

REID REAL ESTATE GROUP APPROACH:

With an ASC first mortgage and a Citi second,  our seller was looking at a pretty smooth short sale as both lenders are decent to work with. Even better, his odds of getting into a HAFA short sale were pretty high. HAFA, which ends this year,  allows for full debt forgiveness, large payoffs to junior lien holders and even a $10,000 relocation incentive to qualifying sellers.  

RESULTS:

After a short time on market a buyer was secured and we started…
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Ditech is quickly becoming one of my favorite lenders to work short sales with. It's usually these smaller guys that could teach their bigger cousins Chase, BOA and Wells Fargo a thing or two about getting things done!

After a few years of renting out their former home, these CT homeowners were no longer able to keep up with their payments and were forced to consider other alternatives. The value of the home had plummeted and there was simply no way to cover the loss on the home. A short sale was ultimately their best option.

Lenders are not as receptive to workouts with investors as they are with owner occupants. Investors are more likely to have their financials heavily scrutinized and to be asked for cash contributions and promissory notes in

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HOME SALE CHALLENGE:

After several unsuccessful attempts at modifying her loan to save her home, this Southington homeowner had run out of options and was facing foreclosure. Her only remaining option was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

Nationstar is not one of my favorite lenders to work with, as they are consistently disorganized, unresponsive and confused. Although FHA backed loans are generally very predictable, Nationstar has a way of turning what could be a quick and easy process into a lengthy frustrating one.

RESULTS:

It took just a few weeks to secure a buyer for the home and we were able to get started on the short sale. Unfortunately we experienced some freeze damage to the property just a few weeks…
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After 3 years of efforts to sell their Ridgefield, CT luxury home without success, these sellers were forced to face the fact their home was now worth about half of the $2 million they owed on it. After a business failure, the sellers had moved out of state for new employment opportunities and could no longer afford to continue making the payments on the old home. After some research they realized their best option was a short sale. 

From speaking with the seller, I determined he had two separate Chase portfolio loans. Portfolio notes are loans kept in house by the lender rather than being sold to investors. Almost all jumbo loans are portfolio loans as these loans cannot be as easily sold as conventional loans. The good news here is that working a

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HOME SALE CHALLENGE:

An employment relocation forced this Cheshire, CT couple to move out of state, but left them stuck with a home they could not sell due to some significant negative equity. With few options to get out of the home, they decided a short sale was the only realistic solution. 

REID REAL ESTATE GROUP APPROACH:

HSBC is one of my favorite lenders to work with, as they are generally quick and predictable and rarely require a lot of financial documentation. Since my sellers had just a single mortgage with HSBC I predicted a smooth quick resolution.

RESULTS:

After just a couple days on market we had a bidding war on the home and a very strong buyer was secured. A short sale package headed to the lender, and as expected HSBC…
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All too often I speak with homeowners who at some point decided the best way to deal with their over-leveraged real estate was to rent it out. Renting at a loss to maintain a property that can't be sold traditionally rarely works out well, and it is usually within a few years these same homeowners seek new alternatives to finally get out of the home.

Unfortunately, pursuing a short sale as an investor-owner rather than an owner occupant always lead to a tougher short sale and more tax liability issues. While lenders are generally easier on owner occupants seeking short sales, they are much tougher when dealing with those who have moved away and rented the property out. In these situations lenders are much more likely to:

  • Require a default to
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Once in a while I am surprised when  a lender just has it together and a short sale approval comes easy...unfortunately rarely is that the case with Chase...

HOME SALE CHALLENGE:

After many months on market trying to sell his home as a traditional sale, this Hamden, CT homeowner realized there would simply be no way to get enough for the home to be able to pay off the loan, and decided instead to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

Our seller had two loans, a first mortgage - a VA loan - held by Chase, as well as a smaller Ditech line of credit. While VA Compromise Sales (short sales with loans backed by the Department of Veterans Affairs) are generally very predictable, VA tends to be pretty strict on payouts to junior…
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HOME SALE CHALLENGE:

Several unsuccessful attempts at a regular sale left this CT homeowner with the realization they simply could not get enough for their over-leveraged home to pay off their loan. Without enough funds to cover the  loss and with money growing tight, they were left with a short sale as their best option to cut their losses and move on with their lives. 

REID REAL ESTATE GROUP APPROACH:

Our sellers had a single loan on the home with Bank of America, which we determined to be a HAFA eligible loan. Bank of America has its troubles, however HAFA has become a predictable streamlined short sale solution for sellers who qualify into the program. HAFA allows for full debt forgiveness, large payoffs to junior lien holders and even a…
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HOME SALE CHALLENGE:

Our Wallingford homeowner was ready to move on from his home but found himself owing more than the home was worth, with no way to pay the difference. He soon realized his best option to get out of the over-leveraged home was to pursue a short sale. 

REID REAL ESTATE GROUP APPROACH:

Citibank is not currently one of my favorite lenders to work with as they are really having a hard time pulling their short sale processing together and tend to be unresponsive and slow. However, because there would be enough proceeds from a sale to satisfy the first loan in full, and shorting second mortgages is generally an easier process, I anticipated a fairly smooth ride despite the fact that that we were dealing with Citi. 

RESULTS:

It

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