Another North Kingstown RI Short Sale Approved

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Another North Kingstown RI Short Sale Approved

 

By no means was this an easy road all around to receive that short sale approval letter.  In fact it has been one of the most difficult

Rhode Island real estate short sales

Another Approved North Kingstown Short Sale

ones I have done in a couple of years in Rhode Island real estate.  Everyone said that this particular lender was good to work with but that was a year or so ago…they are a local private agency lender set up by our legislature in 1973 and are hemorrhaging dollars now.  They want their pound of flesh, as I now ask around to other attorneys, and are not giving a lot of mercy to sellers short selling.  Very little mercy.

What homeowners need to know is that sometimes a short sale may cost you a bit in a promissory note over a number of years to be paid back or a cash contribution at settlement from the sellers to the bank.

Sometimes the settlement will cost you more than then a few dollars.  The path to the final closing on a hemorrhaging lender is like climbing Mount Everest.  Even stamina is tough.

What amazes me as we reflect on these last 4 1/2 months is why would a lender that is and was a protector of first time home buyers allowed buyers to obtain interest only mortgages?   This is what troubles me the most and of course the buyers a few years ago signed a document for mortgage insurance.  No they do not remember much about it …they wanted that home and would do what was feasible to get it.  Of course, they said they trusted this first time home lender and yes, where was their trusted Real Estate Agent at the time advising them?  You know some just see a sale and are not there to protect their clients.

I kept this short sale out of foreclosure and I need to remember that was a struggle..it is another North Kingstown RI short sale approved.

 

So the major step was getting this short sale approval letter and having the lender and the Mortgage Insurance company agree on dollar amounts.  The MI company is tough.  But it is almost done.  Few weeks to closing and another chapter of life for these sellers will present themselves.  I hope that any lessons learned from this North Kingstown RI short sale are good ones because there are enough bad lessons to unlearn in life…wouldn’t you say?!

 

If you are looking for guidance in the short sale world, please call me for a confidential meeting at 401.529.7849.   Another North Kingstown RI Short Sale Approved.

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Ginny Lacey Gorman is your go to North Kingstown real estate agent for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well.
When you are in need of a true real estate professional for your buying, selling or relocating needs and an internet savvy agent who sells RI houses in this real estate market call Ginny Lacey Gorman at 401.529.7849 or email me at RIByTheBay@gmail.com.