August 31, 2017

When this Wallingford, CT family was relocated across the country for a new position, they found themselves almost $100k upside down in their home and with no way to cover the loss. Wishing to avoid foreclosure, we listed the home as a short sale.

It took just over a month to secure a buyer, and four more for Wells Fargo to overvalue the property and decline the short sale, insisting on a grossly unrealistic price for the home. The buyer walked and we went back on market. Another 10 weeks passed as we finally got Wells Fargo to see the light and order a new valuation of the property  – which finally came back with a realistic value.

A new buyer was secured and this FHA short sale was approved! Unfortunately the buyer then ran into personal issues and a few weeks later we were once again buyer-less and back on the market. Our third time on market didn’t last very long as a buyer was secured in just another week, the short sale was quickly approved, and 6 weeks later this Wells Fargo short sale FINALLY CLOSED!

OWED: $240,000

APPROVED AND CLOSED: $145,000, with seller receiveing $750 FHA incentive for completing the short sale


Last Updated on September 12, 2017 by Minna Reid

About the author 

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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