A Mr. Cooper short sale to the rescue!
New construction carries a premium price tag, especially when the market is booming! When my seller decided to build her dream home during the peak of the market, she was faced with high prices and many delays.
It took over a year for her home to be fully constructed, and she paid $800,000 price for her brand new home. Unfortunately by this time some medical issues prevented her from occupying the home fully, but she was assured by the builder and agents that she could just turn around and sell the home if she was unable to keep it.
Sadly, the market had shifted during construction and values had started falling in the new subdivision.
The builder was now selling identical homes for less, and after months of sitting on market, the home sat unsold. After 9 months and countless price reductions, the seller was out of equity to sell and contacted us to discuss the possibility of a short sale.
A short sale with Mr.Cooper.
My clients mortgage was ultimately transferred to Mr.Cooper (formerly known as Nationstar). Mr.Cooper's short sale department is pretty reasonable to work with and they process all their short sales on an online platform called Equator. Once the price of the home reached $650,000 (less than a year after being sold for $800,000!!!), we were finally able to secure a buyer and we started the short sale process with Mr. Cooper.
By this time my seller was several months behind on the payment, leading her to qualify for Fannie Mae's streamline short sale program, which is a quicker short sale process requiring limited financial documentation.
The short sale was quickly approved, and we closed soon thereafter, with the seller being forgiven of all her negative equity, and with a relocation assistance check to boot!
Do you owe more than your home could sell for and need help?
We've been specializing in short sales since 2008!
I am so thankful to Minna and Reid Real Estate Group and her team for getting me out of a very difficult situation. They worked so hard to get my home sold through a short sale when it became quite a challenge and many obstacles were incurred, but always kept telling me to be positive and that they would get it done (which they did!). They took care of all the negotiations with the mortgage company, attorneys, etc. which was a great relief for me and something that I did not have to deal with. I would greatly recommend Minna and her team.
G.M.
Last Updated on March 10, 2025 by Minna Reid