Sold Southbury CT Colonial, a Successful Short Sale
This Southbury CT Short Sale colonial closed right at the end of the year and a good deal for the new owners, and a relief for the sellers. A lucky break for the sellers when the second lien holder cancelled the debt and waived any deficiency. The sale value of the house, while still considered a short sale, allowed the investor to recoup their mortgage value and was recorded as a satisfied note.
Eleven days on Market and we had a qualifying offer.
Ten days with the primary bank and we had a price counter which the buyers accepted and amended the contract.
Four days after the amended contract reached the lender we had Short Sale approval to close in December. The buyer's lender did their work; the lawyers did their work, and with an old years' send off, we closed.
Primary Lender was Wells Fargo, and I had an excellent and responsive file manager on that side. The second lien holder, Bank of America, gave their approval just as I was putting the listing into the market.
Illness, which lead to loss of income was the hardship, and all were well documented.
Short sales are not a guarantee to be granted by the banks. Failing to pay a mortgage will most assuredly result in foreclosure.