We're proud to report another successful Bank of America Short Sale, a newer 2-family home in the historic Forest Hill section of Newark, NJ.
This 2-family home was built just over a decade ago. It featured central air/heat, separate utilities, built in garage, paver driveway, fenced yard 5 bedrooms and 3 full bathrooms. As you can imagine, there were many interested buyers for this Bank of America Short Sale.
As we were able to obtain a pre-approved Bank of America Short Sale List Price, we knew any offer at full price would be approved by the lien holder. We got an offer at full list relatively quickly, and got the short sale approved just a few weeks later with a huge $9,670 borrower incentive fee approved for our Short Sale client!
The story doesn't end there. Unfortunately, the buyer, who was financing his purchase, ran into some issues with his mortgage. He was not going to be able to close on time, and Bank of America was stating that if it did not close per the approval letter date, the incredible seller incentive fee of $9,670 would no longer be offered. Short Sales can drive you crazy!
After some lobbying with Bank of America Short Sales, we were able to get the extention we needed. The buyer's mortgage contingencies were cleared, and we were able to close just under the deadline.
Our Short Sale client was able to walk away from her upside down Bank of America mortgage, and as mentioned received a Borrower Incentive Fee of $9,670 at the closing. As is standard in all of our short sales, our short sale seller clients did not have to pay for anything related to the sale. The purchaser paid for the municipal inspections, fire certificate and Certificate of Occupancy. The buyer of this Bank of America Short Sale got what he believes is a tremendous value and great investment.
Another Bank of America Short Sale success story, with many more to come!
If you are facing difficulty with your Bank of America mortgage, please contact us for a free and confidential consultation.
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