HOME SALE CHALLENGE:
When this Milford, CT couple decided to part ways, they discovered they were over $50,000 in the hole on their jointly owned home, and lacked the funds to make up the shortfall. With few options, they decided a short sale with their lender Newtown Savings Bank was in their best interest to settle the debt and move on with their lives separately.
REID REAL ESTATE GROUP APPROACH:
As the state’s leading short sale experts, here at Reid Real Estate Group we have plenty of experience working short sales with small local lenders such as Newtown Savings Bank and know just what to expect! Lenders like this do tend to work quickly through their short sale process. Unfortunately as they generally do not participate in any formal short sale programs, these small portfolio lenders are highly likely to request cash contributions or promissory notes from sellers in order to approve short sales or to grant full deficiency waivers. Our aim is always to negotiate these requests away or to something acceptable to all parties. With the proper expectations in place, the sellers decided to move forward with our team of experts.
Priced aggressively, the home went on market and within 10 days a strong buyer was secured. As expected, Newtown Savings Bank worked quickly through the file and was ready to approve within 2 months. The expected request for a promissory note came and was negotiated to an acceptable amount. It took the buyers a couple more months to wrap up their loan and finally this Milford CT short sale CLOSED! 5 months from the day we went on market, our Milford sellers were ecstatic to move on from their over-leveraged home with full forgiveness of over $50,000 of mortgage debt!
Last Updated on September 12, 2017 by Minna Reid