Third time's the charm! A CT GMAC short sale success!Posted by Minna Reid on Thursday, October 4th, 2012 at 8:32am.
Not all short sales work out the first time. In fact sometimes I get to sell the same properties over and over again before a deal actually closes....This Enfield CT GMAC short sale took two buyers and three short sale approvals...
Our first time on market the property was a hit and a buyer was secured in just three short weeks after non-stop showings. A short sale package headed to GMAC - by far the most together short sale lender out there. It took just a few short weeks for GMAC to painlessly approve the short sale. I envisioned by client ecstatic when her entire short sale cosed after mere weeks.
But not so fast. A few weeks later our buyer simply walked, for no good reason at all....and we were back at square one.
This time the market was not as kind to us, and it took almost a full month and several price reductions to secure a new buyer. Our second approval with GMAC was also fast...but this time GMAC demanded a seller contribution which we negotiated down to $1,000.
All seemed well as we moved towards closing...UNTIL...the buyers appraisal unexpectedly came in well below our purchase price.
A new round of negotiations with GMAC began and for the third and final time - GMAC quickly approved our short sale at the new lower price. 6 months and 3 approvals after our journey began - this GMAC short sale finally closed!
Minna Reid is a CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short sales, serving the Central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott.
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