Bank of America FHA Short Sale Closed in Newark NJ
We're pleased to announce another successful Bank of America FHA Short Sale has closed, this one located in Newark, NJ.
This five-year young, 3-family home was in pristine condition and showed complete pride of ownership. A corner property, totalling over 4,000 total square feet, this magnificent home offered gorgeous oak hardwood floors with walnut borders and decorative in-lays, tasteful ceramic tiled kitchens and bathrooms, spacious bedrooms, separate utilities and a 2-car built in garage.
As this was a Bank of America FHA Short Sale, the homeowners first needed to be evaluated for a loan modification before a short sale could be considered. FHA Short Sales follow HUD Pre-foreclosure Sale guidelines, which mandate that all borrowers be considered for a loan modification before an FHA Short Sale is reviewed.
The homeowners were deemed ineligible for a loan modification (a common outcome in my experience), so the Bank of America FHA Short Sale review process moved on. While there were some issues that popped up along the way - such as appraisal issues and the expiration/reinstatement of the debt relief act - we were able to bring the deal to a succesful close. At $335,000, this sale immediately became one of the highest recorded multi-family home sales in Newark over the last 12 months. But given the size and features of this home, it's hard to argue that the Buyer didn't get a good deal. The sellers even walked out with a $1,000 FHA Short Sale incentive check.
Another Bank of America FHA Short Sale in the books, and we hope to close more over the coming year.
Contact Manny Rosa for More Information