This short sale is proof that no matter how much we have our affairs in order, sometimes these deals just take longer than they should because of bank incompetence.
We had a contract within the first 60 days on market, and had a quick counter offer from the first lienholder for the short sale, Nationstar. After 3 more weeks, we got an approval from the 2nd lienholder for the short sale, CCO Mortgage. Our negotiator for Nationstar was now no longer responsive. Turns out the negotiator got fired. Our new negotiator, was very unresponsive. By the time she started responding to us, they needed to order a new appraisal because the old one had expired.
Once the new appraisal was completed, it took nearly another 6 weeks for the new negotiator to issue an approval letter. So now we're good to go right? Not so fast. Our buyer ended up needing an extension for their financing. 3 weeks later, we finally get the extension from Nationstar after calling day after day, and we were able to close this deal after a long 9 month slog with a full waiver of the deficiency. Thankfully we had an experienced buyer agent on the other side of the deal, and very understanding and patient buyers.
Here's the details:
Sale Price: $168,500
Closing costs allowed: $21,846
Net to first mortgage with Nationstar: $147,800
Net to second mortgage with CCO mortgage : $3,500
Total deficiency forgiven: $75,000
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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