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Citibank Short Sale Closed in Newark NJ

By
Real Estate Agent with Rosa Agency 9591451

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 homeCitibank Short Sale Newark NJ.  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.

NJ Short Sale Center

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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Contact Manny Rosa for More Information

Manuel J. RosaManuel J. RosaSFR, e-PRO, BPOR, CHS, CDPE
Owner/Broker
Devore-Rosa, LLC T/A Rosa Agency
18-20 Bloomfield Ave.
Belleville, NJ 07109
RosaAgencyRealtors@Gmail.com
Office: 973.751.1000 x. 529
Cell: 917.518.7861
Fax: 973.842.0837
Check out my new Website --> MannyRosaHomes.Com
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Comments (7)

Richard Burge Realty/ Burge Homes
Richard Burge Realty/Burge Homes - Conway, SC
Broker in Charge/Owner

I am glad to see Citibank is getting their act together.  I did not have a good experience with them.  Short sale approved price of $219k and got an offer for $210K which they tuned down.  The foreclosed and 6 months later the home was on the market for $219k and 6 more months later sold for $180k.  Turn down $210k and then accept $180k makes no sense to me.    Glad to hear they are getting better...

Aug 17, 2013 10:07 PM
Manny Rosa
Rosa Agency - Belleville, NJ
New Construction - Union & Essex Counties, NJ

Richard - thanks for reading.  Citi is a problem, but if you ask them who the investor (e.g. Fannie or Freddie) is, you can appeal directly to the investor.  By showing the investor comparables, contractor's estimates, etc., you may be able to succesfully appeal Citi's value.  Good luck.

Aug 17, 2013 11:09 PM
Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

 

Congrat on your Citibank Short Sale closing on your listed Newark New Jersey property.  

Aug 18, 2013 10:30 AM
Ray A. Lopez
Keller Williams Realty - Tracy, CA
Helping you find your Dream Home

Congratulation on the close of this one.  After reading the post, you really went the extra mile for your investor in getting this one approved and closed.  Great Job!

Aug 19, 2013 01:21 AM
Manny Rosa
Rosa Agency - Belleville, NJ
New Construction - Union & Essex Counties, NJ

Thanks, Ray.  It is unfortunate that we need to do so much work to get the bank to understand the value, but at least there is an option which allows us to do that.

Aug 19, 2013 08:20 PM
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

Congratulations on another successful closing of a short sale, they are so much work!

Aug 20, 2013 01:00 AM
Manny Rosa
Rosa Agency - Belleville, NJ
New Construction - Union & Essex Counties, NJ

Patricia, thank you for reading.  Yes, they are a lot of work, but we are also helping people in need.  So I think the karma is good on short sales!

Aug 20, 2013 04:07 AM