February 5, 2018

short sale sign

Short sales are almost never that – short. I have seen short sales approved in mere days….but most take much longer. Being declined for a short sale doesn't mean it's over! Sometimes you just need a different approach! Being rejected the first 4 times never stopped this homeowner….

When this Manchester CT homeowner called, he had already been rejected for a short sale twice…

More than a year had passed since he had to leave the state with his job and he had been trying to resolve his situation with his over mortgaged home ever since. After another failed sale with a different real estate agent and a rejected attempt at a deed in lieu of foreclosure, he was highly frustrated and just wanted out!

short sale declin stamp

Over the years I’ve seen many short sales declined by lenders for many reasons, only to be approved later.

There are usually a few key reasons for the denials but almost every time, the problem can be overcome with a new approach. Since the lengthy CT foreclosure process had not even begun yet, we had plenty of time and decided to give it a go!

It only took a few weeks to find a buyer and we were in action! Sadly, the short selling lenders appraiser overvalued the property and the short sale was once again declined just a few months later.

ct short sale services

Back on market a second buyer was secured and we were back at it with Chase! Many months passed as Chase Bank took their time processing the short sale. Five months later we finally had our short sale approval letter!

Sadly, the buyer then lost their financing and we were back to square one again. 

Our final buyer almost immediately appeared! It took just a  few weeks to get yet another short sale approval…and 5 attempted sales and 3 years after this home owners short sale journey began  - IT WAS FINALLY OVER!

Our very relieved seller was finally able to move on from the house that had become his heavy burden, with over $60,000 of negative equity fully forgiven in this Manchester Chase Bank short sale success!

Last Updated on February 5, 2018 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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