A short sale is the process by which a home is sold for less than is owed on the mortgage to the property.
This is accomplished by listing the home for sale and securing a buyer, followed by a specialized documentation and negotiation process with the lender. At successful conclusion the lender approves the short sale, agrees to forgive the remaining mortgage debt, and the sale closes like any other with some sellers even receiving relocation assistance. Reid Real Estate Group specializes in Connecticut short sales. Contact us today!
Is a short sale right for you?
- Are you facing foreclosure?
- Do you owe more than your home is worth and lack the funds to make up the difference?
- Have you or will you become unable to keep up with your mortgage payments?
- Are you facing a future financial hardship (divorce, retirement, layoff, employment relocation, etc.)?
- Have you already considered a loan modification and decided against one?
- Are you prepared to sell your home and move away?
- Are you considering just walking away but wish to avoid the consequences?
- Would you like to avoid a public auction, deficiency judgement and the credit ramifications associated with foreclosure?
If these describe your situation, a short sale may be an option for you.
We get Connecticut short sales approved and have helped hundreds of local sellers walk away from their upside down homes debt-free. Short sales are complex and require an experienced professional. Reid Real Estate Group specializes in short sales and has been CT's #1 short sale team since 2010!
I recently sold my house, with the tireless assistance from Minna Reid. It was an unusual voyage and there were many obstacles along the road, lined with senseless banking and government officials, and a minutia of regulations. Minna guided us through the storm and navigated us successfully to safety. Very knowledgeable and capable individual. I highly recommend that anyone considering a short sale, speak to Minna first.
The Advantages of a Short Sale vs. Foreclosure:
Control over the sale of your home.
You will be able to sell your home on the open market and make the decisions regarding the terms of the sale of your home.
Minimize credit repercussions.
A short sale is less derogatory on your credit than a foreclosure and recovery is faster.
Eliminate or minimize the chances your lender will pursue you for a deficiency judgment.
If you foreclose, your debt doesn't disappear, especially if you owed more than the home eventually sold for. The lender may pursue you for this amount. You have the ability to negotiate this during short sale negotiations, but not if the home forecloses.
A short sale will likely cost you nothing.
When involved in a short sale, almost always the lender allows all customary closing costs to come out of the proceeds of the home sale including realtor fees, conveyance taxes, back taxes and attorneys fees. In some cases you may even qualify for relocation assistance
Avoid the stress of foreclosure.
A foreclosure can be mentally and emotionally draining and publicly humiliating. A short sale will help you avoid this, and move on with your life quickly.
Knowing you are doing the right thing and minimizing the damages
Maybe you are in over your head like millions of others. You have the opportunity to try to make the best of this bad situation for everyone involved.
Selling short can help protect your financial future, salvage your credit, and save your dignity.
Whatever words I use in this review won't do Minna justice. She did an absolutely phenomenal job as our agent and shepherded us through the tricky ins and outs of a short sale. Finding a buyer wasn't too hard, but the process with our mortgage lenders was. These transactions are not for the faint of heart, but I always knew we were in good hands.
Probably the most important quality for a real estate professional in my opinion is accessibility. Minna always answered our emails, texts and calls. I tried not to abuse the privilege by bombarding her, but even during non-working hours, she was always patient. Kind of related to accessibility is flexibility, and she came to our home late in the evening to accommodate my schedule & my wife's schedule as well.
Two other qualities I value highly are integrity and accountability. Towards the end of our odyssey, there was a misunderstanding between us and the seller about an appliance. I emailed Minna about it, and chatted with our Attorney as well. As it turned out, the mistake was essentially mine yet Minna still offered to chip in if it ended up costing us anything. She did not have to do that, and could have easily shrugged her shoulders and put the ball in my court. That gesture spoke volumes to me about the kind of person and professional she is. As it turned out, our attorney who Minna referred to us did an equally phenomenal job and it didn't end up being an issue. The thing to take from this is you can completely put your trust in Minna.
In closing, she did something I didn't think was possible. We had to relocate for family reasons, and we were substantially underwater. I didn't think there was any way it would happen for us, but she never gave up. When the banks hemmed or hawed, she kept after them. When one of the lenders issued an initial denial, she demanded an explanation and reopened our submission. In the end, both lenders accepted short payoffs and our family was able to make that move. In my profession, I deal with many real estate agents and sadly, I see many who quite literally "mail it in", and sometimes for astronomical commissions. Minna worked harder than any other real estate agent I've ever seen. I strongly recommend her as a real estate agent, especially if you are considering a short sale.