Ocwen Short Sale Closed in Cedar Grove
We're pleased to announce another successful Ocwen Short Sale has closed, this one located in Cedar Grove, NJ.
This four bedroom Cape Cod was in fair condition. Featuring central air, a new furnace and hotwater tank, a newer roof and a modern eat-in-kitchen
, this Ocwen Short Sale home was tremendous bargain at $306,000.
As this was an Ocwen FHA Short Sale, we first worked to get our short sale seller clients approved for a HUD Pre-foreclosure (PFS) Sale, which is how FHA Short Sales are processed. Once our clients received an Approval to Participate (ATP) in the HUD PFS program, we were notified at to the appraised value of $306,000, which became our list price.
Knowing that HUD PFS program requires an offer that nets 88% of the appraised value, we were easily able to procure a qualified buyer meeting that threshold. We were able to negotiate a full release of the lien from Ocwen Short Sale, with no deficiency and no promissory note from the seller. Our short sale sellers even received a relocation assistance fee - an actual check - at the closing.
Another Ocwen Short Sale Approval in the books, and we hope to close more over the rest of the year.
If you have a Ocwen 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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