Nine long months to a US Bank short sale success – no default required! - Reid Real Estate Group
August 31, 2017

Nine long months to a US Bank short sale success – no default required!

It’s always a long road to the end of a short sale with  U.S. Bank – quite possibly the most difficult lender on the face of the earth.

When this Beacon Falls, CT homeowner explained his predicament I knew we were in it for the long haul. My client was relocating across the country for work but had over $100,000 of negative equity keeping him prisoner. Determined to keep his credit top notch, he wished to be able to get approved for his short sale and never miss a single payment. It’s not always easy to get short sales approved for borrowers who are current on their payments, but it is possible. It took just three weeks for the home go under contract in the midst of a bidding war.

While I was hopeful that US Bank may have cleaned up their ways due to the new Fannie Mae – Freddie Mac guidelines that applied to this loan, no such hastening occurred.

It took 7 infuriating months of constant prodding, begging and escalations to the investor to finally get a response. A small cash contribution (very likely for those current on their mortgages) was negotiated, and finally our short sale approval arrived! A month later this US Bank short sale finally closed!

OWED: $500,000 US Bank 1st and 2nd mortgage

APPROVED AND CLOSED WITH SELLER CONTRIBUTING $2,500: $400,000

TOTAL TIME FRAME: 9 MONTHS LIST TO CLOSE

Last Updated on September 12, 2017 by Minna Reid

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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