September 3, 2020

sold home concrete cancer

Are you stuck with a crumbling foundation?

Thousands of homeowners in northeast CT are struggling with foundations that are falling apart, and no one to take responsibility for the issue. 

While attempting to sell, these CT owners discovered they also had a problem with their foundation, which was found to be needing complete replacement, and the price tag was over $200,000!


The short sale

The sale fell apart  and the homeowners spent the next few years trying to resolve the situation to no avail. 

Frustrated with no options for help, a $300,000 mortgage and a $200,000 home repair they could not afford, they finally decided to pursue a short sale. A short sale allows you to sell your home for less than is owed on the mortgage.

We listed the home and soon secured a buyer. It took several months to get the lender to accept the foundation issue as a valid hardship, but ultimately the short sale was approved! 

The home sold to an investor willing to tackle the problem, and with the sellers fully forgiven of their excess mortgage obligation!

Last Updated on September 3, 2020 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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