August 31, 2017

The average short sale takes about 3-5 months…but there are always exceptions. Sometimes things get complicated or lenders get slow and once in a while it takes a year to reach the end of a short sale.

This was one such case. Just after the turn of the new year, after many unsuccessful efforts at trying to work things out with her lender, this Milford, CT homeowner threw in the towel and decided to short sell her property.  

The property proved to be a tough sell and it took over 3 months to secure a strong buyer for the home.

We excitedly began to process the short sale with Citibank, but just a few short weeks later the sale fell apart over inspection issues. Back on market, we again struggled to sell the property and a few more months passed as we secured a second strong buyer. While Citibank is generally a breeze to work with, it was at this time that they decided to change their short sale processing and a one to two month short sale approval turned into 6 as my client, now facing foreclosure, ended up in mediation as we struggled to get her short sale approved.

Thankfully our buyer was very patient and more than ready to close after the  6 month wait! Our short sale approval letter finally arrived just before the year ended, this Citibank short sale finally closed!

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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