Citibank Short Sale Closed in Newark NJ
We're pleased to announce another successful Citibank Short Sale has closed, this one located in Newark, NJ.
This attached 2-family home was in need of repairs. The property was an investment home for my clients, and their tenants had neglected the home and failed to pay rent, which was part of my clients' hardship. Once the home became abandoned, it was eventually vandalized and suffered fire damage from a neighboring home. Suffice to say, this was not an easy Short Sale.
After completing the borrower eligibility phase, Citibank Short Sale Dept. ordered a Broker Price Opinion (BPO) to determine what price we should market the home for. While a list price of only $47,000 may sound cheap to the average consumer, given the condition of this property it was actually worth less.
Despite the poor condition, we were able to quickly find an investor willing to purchase this Citibank Short Sale. When we submitted the offer, it was initially rejected by Citibank Short Sale Dept. as too low. However, we were able to appeal the value directly to the investor, as this was a Fannie Mae Short Sale. By providing our own comparable sales, along with a contractor's estimate for the repairs and color photos to support our claim, we convinced Citibank Short Sale Dept. to accept our client's offer.
We were able to negotiate a full release of the lien from Citibank Short Sale Dept., with no deficiency, no seller contribution, and no promissory note from the seller.
Another Citibank Short Sale in the books, and we hope to close more over the rest of the year.
If you have a Citi or PNC mortgage, and would like to discuss foreclosure alternatives, please
contact me at (917) 518-7861 for a confidential consultation at no charge.
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