Life has a way of changing your housing plans!
Despite the fact my clients had just bought the home two years ago, it was time to move on! Unfortunately, as the Cheshire market has been mostly flat for several years and they had not put a lot of money down on the home, they owed more than the home was worth leaving a short sale as the only option to get out of the home.
My clients had a valid and documentable hardship, and this BB&T loan was owned by Freddie Mac, leaving me even more optimistic for an easy resolution, as Freddie Mac is quite predictable. However, anytime my clients are current on the mortgage payments as these were, I do explain they are more likely to be asked to provide a cash contribution and promissory note in order to get short sale approval.
A bidding war broke out immediately when the home went on market. After my sellers had made their decision on the best buyer and we waited the 5 days on market Freddie Mac requires, the property was under contract with docs headed to BB&T! I expected fast, but not quite this fast as within 2 weeks the lender was ready to approve!
As expected the lender wanted the sellers to contribute cash...but fortunately their request was for the sellers to contribute just $500…in order to get their short sale approved and almost $40,000 of debt forgiven. This was in fact the smallest initial cash contribution I have ever seen and the sellers quickly accepted.
A few days later our short sale approval letter arrived and everyone hustled to close just a few weeks later! The sellers walked away from their upside down home debt free and on with their lives in less than two months overall!!!
Minna is an expert in short sales, and was invaluable as we went through the process of selling our home with its upside-down mortgage. I cannot imagine how we would have been able to complete the short sale without her, and my husband and I both highly recommend Minna to anyone faced with this problem. We had only ever sold one home before this one, and it went in 24 hours. So our expertise in selling homes was limited, and without Minna, I'm relatively sure we would still be living in the house she sold for us. Highly recommended!!!!"
Last Updated on September 22, 2017 by Minna Reid