There’s nothing more gratifying to me as a Greater New Haven Short Sale Agent than to help my clients avoid foreclosure by successfully negotiating a short sale on their home. After months on their own of trying to work out a variety of options with their lenders and facing foreclosure they contacted me about selling their home as a short sale.
This home located in North Branford Connecticut was built in 1955 and included lake rights. It is a 4 bedroom, 2 bath home with 2115 sq. ft. of living space and purchased in 1996 for $129,900.
There were two mortgages on the property:
1st mortgage balance of $252,000 with Chase
2nd mortgage balance of $78, 209 with Green Tree
Loss of Income
The property was placed on the market on November 12, 2012 at $175,000. In less than a week there were 16 showings and multiple offers. Sellers accepted a full price cash offer of $175,000 on November 18, 2012. A complete short sale package (86 pages) was immediately faxed to both Chase and Green Tree.
On December 26, 2012 we received a HAFA approved short sale from Chase but unfortunately were not able to negotiate an acceptable 2nd lien payoff with Green Tree. After some creative negotiating with the negotiator at Green Tree and approval from my sellers they waived their $3,000 HAFA relocation incentive to satisfy the payoff amount Green Tree wanted.
Next step now was to go back to Chase to renegotiate their approval of these new terms with Green Tree. I was happily able to report to my sellers on January 18, 2013 that we received short sale approval from Chase and following just a few days later on January 23, 2013 short sale approval from Green Tree.
Closing took place on February 27, 2013 – 107 days from listing to closing!!
Chase accepted $149,975 or .60 cents on the dollar for the 1st mortgage
Green Tree accepted $11,732 or .15 cents on the dollar for the 2nd mortgage
The sellers received a full waiver of deficiency on both loans.
We tried everything that we possibly knew how to do on our own with our lenders from a loan modification; payment plans; restructuring; and a traditional sale of our home. Each time we were turned down repeatedly and our spirits were diminishing. We desperately wanted to do the right thing but no one was helping us. When we thought all hope was lost and were facing a foreclosure, something must have been looking out for us as that was the day we found you. You seamlessly guided us through each step of the process and the short sale of our home flawlessly. We were extremely impressed with your consistent professionalism and your knowledge – you are a true professional! Whenever we needed you, you were readily available to help in any way that you could – even if it was just being a voice of reason or a shoulder to lean on. You worked extremely hard during the difficult negotiation with our lenders and you made it all happen without any inconvenience. We are so relieved that this chapter in our lives has come to an end and we owe it all to you! We can’t thank you enough for helping us sell our home as a short sale during such trying economic times. We would happily recommend you to any of our friends who might be looking for a realtor.
I hope that this will give others hope that are in the same situation to know that all hope is not lost. They just need to find you!
Thank you again from the bottom of our hearts – Kristi and Bill