HOME SALE CHALLENGE:
After this Trumbull, CT couple decided to move on to their new home, they found themselves unable to sell their old home, even after two whole years on market! Facing some serious negative equity, they decided a short sale with their lender Hudson City Bank was in their best interest to settle the debt and move on with their lives.
REID REAL ESTATE GROUP APPROACH:
As the state’s leading short sale experts since 2010, here at Reid Real Estate Group we have plenty of experience working short sales with smaller lenders such as Hudson City 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 smaller 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.
Sometimes being on market for a long time is the most serious challenge to any relisted property and this proved to be no exception. The home went back on market as a short sale and it still took 4 months and several price reductions to locate a buyer. As expected, Hudson City Bank worked fairly quickly through the file and was ready to approve within 3 months. The expected request for a promissory note came and was negotiated to an acceptable amount. The sale soon closed and the sellers moved on from their over-leveraged home with full forgiveness of over $200,000 of mortgage debt!
Last Updated on September 12, 2017 by Minna Reid