August 31, 2017

short sale approval stampWhenever I get a call that starts out with “I co-signed a loan for family….” I always cringe. I know just where this call is going… Things didn’t work out as well as this family had hoped and a few years after moving in, the loan was years behind and the owners were in foreclosure. Worried about being pursued for a deficiency, my seller decided to attempt a short sale.

The property went on market and 2 months later a buyer was secured. Unfortunately the original lender HSBC decided to sell the loan at that particular time causing a delay as the loan transferred to Caliber. A few weeks passed until Caliber was up to speed and they began processing the short sale.

Caliber proceeded to overvalue the property by over $30k, demanding way over market value to settle. Several more weeks passed as we disputing the value and adjusted the sales prices until all parties reached a happy medium. Just prior to our anticipated close, creditors with old judgement liens started causing trouble and threatening the sale. They were ultimately squashed by a trip to the courthouse….and several weeks later we closed!

OWED: $275,000



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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