A CT McCue CHFA Short Sale Success

I particularly like working with McCue Mortgage, along with the other small Connecticut banks. The lack of red tape is just so refreshing.

CHFA is a Connecticut program that alllows buyers with limited funds and income to purchase homes. Ive seen more and more CHFA defaults lately.

This particular short sale was a long term project, but that was due more to the current condo market in CT than McCue.

Condos that cannot be financed via FHA are a nightmare to sell in this day and age. After several months on market we found our first buyer for the condo. After a fairly quick short sale approval the buyer flaked out and we were forced to go back on market to seek a new buyer. After what seemed to be an eternity a new buyer was secured and it was back to McCue Mortgage for a new approval. By this time McCue had become pretty backed up with short sales and the second approval took much longer than expected. Several months passed as we pushed for the new approval.

Finally, almost a year after going on market, the sale was again approved and the buyer was still in place and ready to close. We closed the short sale with a full settlement for less than 30 cents on the dollar owed.

And the best part of the entire short sale? My client never missed a single payment.

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Minna Reid, Realtor
CG Real Estate - Southington CT
Voice or Text: 860.416.1255
 

Minna Reid  is a  CT Licensed Real Estate Broker Associate with CG Real Estate, specializing in short sales serving Central CT including, but not limited to; Avon, Berlin, Bristol, Cheshire, Cromwell, Farmington, Glastonbury, Hamden, Meriden, Middlefield, Middletown, Newington, New Britain, North Branford, North Haven, Plainville, Portland, Prospect, Rocky Hill, Southington, Wallingford, West Hartford, Wethersfield and Wolcott. 

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4 Comments on A CT McCue CHFA Short Sale Success

JUN
10
2011
450,890 Points 10 Featured Posts Outside Blog Called Shot Master

Sad to hear about another short sale, but happy to hear that someone moved in, congratulatons.
8:33am • #1
307,160 Points 3 Featured Posts Outside Blog

Congratulations on your recent success! Keep up the good work closing Short Sales!
8:49am • #2
Localism Sponsor Outside Blog

Minna - Great job with that short sale...30 cents on the dollar! that is a great deal...if buyers are willing to wait it out, like the buyer in your case, they can get an incredible deal on a short sale property.
9:19am • #3
225,399 Points 3 Featured Posts

Well you know that second buyer kept sending us the same lowball offer over and over again for months. We got sick of seeing it. It wasnt until the first buyer came and went and several reductions later we accepted that we probably wouldnt do much better anyway and accepted the lowball offer.

Hey -  Persistence pays. Once in a while the persistent investor wins and gets his deal.

Whatever - my sellers debt is settled, and his credit likely wont suffer much as he never even missed a payment. Alls well for him. And the buyer got a good price. Cant complain. Everyones happy.
9:25am • #4


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Minna Reid, CT REALTOR®, Short Sale Agent

Southington, CT

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CG Real Estate

Address: 1224 Mill St., Bldg B, East Berlin, CT, 06023

Cell Phone: (860) 416-1255

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