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When I first spoke with my Connecticut sellers and they described their situation, I thought they may have a hard rough ahead with their short sale. However, 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 finances will be significantly scrutinized.
In this case, we breezed right on through! Once a buyer was secured, we went to work on the short sale. As expected Nationstar was slower than Ditech, but within 3 months Nationstar quickly approved with no conditions - even offering my sellers a $3,000 seller relocation incentive. Ditech, as usual, was right behind with a quick approval on their second mortgage.
The short sale seamlessly closed, with my sellers relieved to finally move on from their over-leveraged home!