CLOSED New YORK Short Sale! CITI – Fannie backed
We were blessed to have a homeowner come back to us after we obtained short sale approval on one of her other investment properties in New York. This one blew my mind a bit and had a very interesting title issue.
The market in Elmira must be rough, as it took us over a year to get to get an offer. We pulled title to discover that Fannie, serviced by CITI thought they were in first position, but quickly discovered they were in second position after a private mortgage was recorded before they did. Interestingly, they tried to counter the offer at hand, and the buyer said NO, completely aware of the title issue. Our negotiator said it could take MONTHS for them to unravel the title nightmare, but thankfully the buyer was willing to wait.
About a week after the buyer told CITI to fix the mess and he would hang tight, low and behold they accepted the buyer’s offer after they reviewed the title. I have to say I LOVE when a title nightmare turns a bad short sale into an approved New York Short Sale!!
Anyways, CITI decided to do a full release on this 5 unit building and we were all grateful to close it.
I couldn’t have done it without the help of Nicole Paul, Esq. out of Rye NH and of course the ever amazing Julie Baker!!!
The Short Sale CLOSERS for MASSACHUSETTS AND NEW HAMPSHIRE!! Oh and New York!!!