We're pleased to announce another successful Wells Fargo HAFA Short Sale has closed, this one located in prestigious Upper Montclair, NJ.

This beautiful Victorian home was in high demand.  This Wells Fargo Short Sale home featured 6 bedrooms 2.5 bathrooms, hardwood floors, original wood work, central air/heat a generous yard and close proximity to NYC rail stations.

After completing the borrower eligibility phase, Wells Fargo Short Sale Dept. ordered a Broker Price Opinion (BPO) to determine what price we should market the home for.  With such an impressive home in a highly sought after location, we were overwhelmed with showings and quickly had multiple offers.  

After my seller client accepted the strongest offer, we submitted our short sale offer package to Wells Fargo Short Sale department.  Within a matter of weeks, we had our HAFA Short Sale Approval letter from Wells Fargo.  But the work was just beginning.  

There was a second lien on the property, with Third Federal Savings & Loan.  As Wells Fargo is HAFA short sale servicer, Wells Fargo was able to allocate $8,500 to Third Federal's junior lien.  While Third Federal was willing to release their lien for $8,500, they wanted more from my seller client in terms of a promissory note.

Not every Short Sale ends with the Seller walking away without contributing.  My seller client and I were able to succefully negotiate the promissory note down to about a third of what Third Federal wanted, plus no seller cash contribution.  Additionally, we were able to negotiate a relocation fee for my seller client from Wells Fargo.

Another Wells Fargo HAFA Short Sale in the books, and we hope to close more over the rest of the year.

If you have a Wells Fargo mortgage, and would like to discuss foreclosure alternatives, please
 contact me at (917) 518-7861 for a confidential consultation at no charge.