September 1, 2017

keys with short sale

After purchasing a new home and moving in, these Middletown, Connecticut homeowners found themselves upside down in their old home and unable to sell.

While many people hope they can rent out their homes while waiting for the market to recover, there a lot of drawbacks. In this case, renting was not the answer and a year later they decided to get the home listed.

After a busy week with multiple offers, a strong buyer was secured, and we were hopeful for a quick resolution. RCS and Nationstar  – the two lenders involved, were quick to get moving, however RCS quickly delivered back a gross overvaluation of the property.

The buyer decided to walk as they were unwilling to stick around for us to dispute the value. Our second time on market was not as successful as the first and it took two more months on market to gain a new buyer.

This time the lenders proved quite slow and 4 more months passed  until we were finally able to get approved! A month later this Middletown, CT short sale closed!

OWED: $320,000



Last Updated on September 12, 2017 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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