Seterus Short Sale with Bank of America Second Mortgage Closed in Vailsburg
We're pleased to announce another successful Seterus Short Sale has closed, this one located in the Vailsburg section of Newark, NJ. There was also a second lien with Bank of America Short Sale dept. which we also successfully settled with the short sale.
This Four-Family Home in Vailsburg was a terrific investment. It was located closely to schools, shopping, mass transit and Seton Hall University. All four units featured: 2 Bedrooms, 1 Full Bathroom, Kitchen, Living Room. Offering, separate utilities, parking on site and reasonable taxes, this Seterus Short Sale was in high demand.
After completing the borrower eligibility phase, Seterus Short Sale Dept. ordered a Broker Price Opinion (BPO) to determine what price we should market the home for. Once the home was marketed at the indicated list price, there was a tremendous amount of activity and we quickly had an acceptable offer on the property.
We were able to obtain Seterus Short Sale Approval quickly, and then received Bank of America Short Sale approval as well. The buyer then applied for a mortgage and ordered his appraisal. The buyer's appraisal, however, came in lower than the approved Seterus Short Sale price. This could have torpedoed the deal, but we were able to log a value dispute with Fannie Mae, the investor of the loan. By providung the Buyer's appraisal as well as our own comparable sales, we were able to convince Seterus Short Sale Dept. to reduce the amount they were demanding. We successfully negotiated a full release of the lien from Seterus Short Sale Dept., as well as Bank of America Short Sale, with no deficiency, no seller contribution, and no promissory note from the seller.
Another Seterus and Bank of America Short Sale in the books, and we hope to close more over the rest of the year.
If you have a Seterus or Bank of America 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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