When this Wallingford, CT couple decided it was time to move on from their starter condo, they found themselves prisoners of their negative equity! With a first mortgage with ASC ( a division of Wells Fargo) and a second with Ocwen – there was just no way to come up with the $50K+ to sell the home traditionally.
We listed the home as a short sale and in the slow CT condo market it took us just over 2 months to secure a buyer. Short sale documentation quickly headed to the lender. ASC breezed through their short sale processing and our only hang up came with a bad valuation, causing ASC to request the buyer to raise their offer far above true market value.
A value dispute quickly settled the issue and our short sale approval letter arrived! Ocwen quickly followed with their own. Unfortunately two more months passed as the buyer’s side fumbled to pull their side of the transaction together…and then finally this Wallingford ASC/Ocwen short sale CLOSED!
OWED: $215,000 BETWEEN AN ASC FIRST AND AN OCWEN SECOND MORTGAGE
APPROVED AND SETTLED IN FULL WITH SELLERS RECEIVING $3,000 INCENTIVE: $160,000
TIMEFRAME LIST TO CLOSE: 6 MONTHS
Last Updated on September 12, 2017 by Minna Reid