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My First Time: My First Short Sale

Mortgage and Lending with Central One Federal Credit Union NMLS #2136196

My First Time:  My First Short Sale


This post is being submitted as an entry in Patricia Kennedy's:  Your First Time - The Real Estate Edition Contest.


3 causeway road holland ma3 Causeway Road, Holland MA


In the summer of 2012, a couple contacted me for help with selling their home. In the course of discussion, it was revealed that they owed more on their mortgage than the house would gain in the market.  They expressed interest in selling as a short sale, and we listed the home as such. 

This was my first potential short sale transaction.  Luckily, I had gone through the training for the Certified Distressed Property Expert designation and had an encyclopedia of resources available. In addition, short sales had become a regular part of my market in Central Massachusetts. I felt this one had a good chance of being approved.

We listed the home in August at $209,900 and  received an offer in October.  The buyer was unable to obtain financing due to the fact that the home was in a flood zone.  We dropped the price to $199,900 in February. The activity was very good, but being over that $200,000 price point was just too high a reach.

A number of other offers came and went, and I have to say that this was largely due to buyers' agents not telling their buyers about the need and cost for flood insurance.   It was fully disclosed in the listing but was not being communicated clearly to the buyers. We would get halfway into the process. and the buyers would be denied financing because the cost of flood insurance put them over their monthly budget!

We finally sold it in January 2014 at $195,000.  

This was one of my most rewarding transactions, being able to advise my seller clients on how to work with their lender during the course of the short sale and finally seeing their lender approve the short. 


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Text and photos copyright Kathryn J. Acciari unless otherwise noted. 
All rights reserved.




Sturbridge & Central MA Real Estate and More



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Kathryn Acciari, Mortgage Loan Originator
Cell: (508) 982-0686   

Blog: Kathryn's Blog
Twitter: @kacciari

Comments (5)

Michelle Tucker ~ Pooler Real Estate
!Daley Real Estate - Pooler, GA
Rincon~Savannah~Richmond Hill

Congrats on the short sale closed transaction. I am sure your sellers are very happy that you had the knowledge to get it sold. Here's to many more to add to your inventory.

Oct 21, 2016 08:48 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Kathryn- I can remember in 2008 when short sales were the norm here.  Some agents didn't want to touch them.  Fortunately, there were agents such as yourself who became knowledgeable in short sales and could help guide the sellers through this process.  Good for you for participating in Pat Kennedy's contest. 

Oct 22, 2016 04:32 AM
Kathryn Acciari
Central One Federal Credit Union - Shrewsbury, MA
Mortgage Loan Originator

Thank you, Michelle. It was a most rewarding transaction.

Kathy - It was difficult to decide upon my "First" but this short sale was an important one. Thank you for stopping by!

Oct 23, 2016 10:26 AM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Kathryn, I got through the whole meltdown epoch without doing a single short sale or foreclosure.  I think the agents who were doing lots of them were walking around a little shell shocked a lot of the time.  It's really earning your brokerage fee.

Oct 29, 2016 12:19 PM
Kathryn Acciari
Central One Federal Credit Union - Shrewsbury, MA
Mortgage Loan Originator

Patricia, it was daunting to see so many home owners in distress. Many were able to obtain short sales, but still they were left with no property, no equity. I am hugely relieved that that difficult time has waned.

Oct 31, 2016 04:11 AM