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HAFA Short Sale Approved and Closed in West Orange, NJ 07052
We just closed on yet another HAFA Short Sale in West Orange NJ.  And this one was not easy!
 

 
There were two short sale banks involved; the first mortgage was with GMAC, the second with Chase.  Nearly $400,000 was owed to the two short sale lien holders, so we had twice as much work to do to get this West Orange NJ short sale approved.
 
The Buyer of this West Orange mother-daughter originally offered $150,000, cash.  I had comparable sales to support this offer, but the valuation came in higher, so we had to dispute the value and negotiate with GMAC’s short sale department.

After several weeks of negotiating, the process came to a standstill.  Unwilling to give up, we escalated the issue to management until the file was re-assigned to a new short sale negotiator.  My buyer improved his offer to $170,000.  Finally, the GMAC short sale approval came in on this West Orange Short Sale.  The Buyer was happy, and the Seller was relieved, but there was still more work to be done.  
 
We now had to seek approval from the second lien holder, Chase.  Since this was a HAFA Short Sale, the first lien holder (GMAC) offered the junior lien holder (Chase) 6% of the unpaid principal ... more

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