Special offer

VA Compromise sale success with Wells Fargo in New London, CT

By
Real Estate Agent with CG Real Estate

A short sale with the Veterans Affairs administration is called a compromise sale. Same meaning, just different words.

These clients had found me online after striking out with two other agents that were inexperienced with short sales. Having had the property listed for over a year already and no offers and barely a showing, they were practically at their wits end when they called me.

Due to a lack of comparables for this property, it was necessary to put some marketing time on our listing in order to justify where the condo would sell. After a little over 4 months and 3 carefully calculated price reductions, we attained a solid cash buyer. Having all documents submitted to Wells Fargo, we had our appraisal completed and everything lined up for our approval. The appraisal then went to the VA for review, and the VA is slow at reviewing appraisals, sometimes taking up to as long as 30 business days. Once the appraisal was completed, the buyer was asked to come up $1,000 on their offer ( which they happily did ), and we sailed to an easy cash closing with a full waiver of all deficiency balance.

Here's the details:

Sale price: $43,000

Closing costs allowed: $4,000

Net to lender: $39,000

Amount owed - $100,000

Deficiency waived - $61,000

 

Patrick

Why settle for less than 5 stars?

Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.

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Who To Call For Your Real Estate Needs In Connecticut:

Patrick James is a REALTOR that can assist you with all your real estate needs in Connecticut. Patrick resides in Middlesex County but also offers Real Estate Services in New London and Hartford counties, as well as portions of Windham, Tolland, Litchfield and New Haven Counties. Patrick  can be contacted via phone or text message at (860)550-5267 or pwjrealtor@gmail.com

 

IMPORTANT NOTICE:

Patrick W. James and CG Real Estate are not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.

Comments (1)

Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

Good morning Patrick. Love learning something new before noon. Makes my day seem worthy of getting up at 4am. lol. I have not had a VA short sale. Good to know it is possible.

Jul 26, 2012 01:25 AM