VA Compromise Sales
There are currently 3 blog entries related to this category.
Tuesday, March 26th, 2013 at 8:05am. 229 Views, 0 Comments.
When this Hamden homeowner was forced to move for his job he unfortunately discovered his home had lost 35% of its value in the last 4 years...leaving a short sale as the only realistic option for selling the home. VA Loans are guaranteed by the U.S. Department of Veterans Affairs (VA), and have their own short sale program - known as a "compromise sale".
Our first buyer was secured quickly after going on market, but the buyer soon walked and we were back on market. It took two more months in the slow winter season to secure our second buyer. I have never known VA compromise sales to be particularly speedy and this was no exception. Several more months followed as Chase took their sweet time processing the VA short sale, until finally our short…
Monday, July 9th, 2012 at 7:19pm. 627 Views, 0 Comments.
When this East Haddam, Connecticut homeowner had to retire from the military, he was left unemployed and stuck with an upside down home. He was able to secure new employment, but in Florida, leaving no choice but to short sell his CT home with its VA loan. VA has their own short sale called the VA Compromise Sale.
It took exactly a month to find a buyer for this East Haddam home. Unfortunately Bank of America seems to have a real problem processing any government short sale lately and this VA loan was no exception. Three months passed as we pushed Bank of America to approve the short sale.
When the approval finally arrived - Bank of America gave us less than three weeks to close - no extensions allowed. Although this seemed near impossible at…
Monday, November 28th, 2011 at 1:22pm. 437 Views, 0 Comments.
A CT Citimortgage VA Short Sale Success:
TIME FOR SHORT SALE APPROVAL : 10 weeks.
LIST TO CLOSE: 4.5 months
Although Citi is generally a breeze to work with, this Meriden, CT short sale was complicated by the fact the loan was owned by the VA. The VA has very strict guidelines, and from my experience VA short sales are a little slower to get approved than most others.
After a 30 day marketing time, one reduction and multiple offers, a strong VA buyer was secured for this CT short sale. The negotiator at Citi proved to be highly difficult and unresponsive to work with, extending our time frame for approval to a very long 2.5 months. In this day and age most lenders are approving short sales in an…