Just how big of a discount (“hit”, “haircut”, etc.) will your lender take on a short sale? When you’ve got me (Melissa “Bank Bully” Arp) negotiating the short sale, there seems to be no limit!
Last week we closed on a house in Waterford Township (Oakland County). The owners owed $190k on their house and I got Citi to agree to a $92k purchase price. After closing costs and commissions, Citi put $84k in their pocket. That’s over a $100k hit!
But most importantly, Citi settled the account. This means they agreed that it was paid in full (for less than the full balance of course) and will be reporting a zero balance to all three credit bureaus.
These things don’t happen overnight and without a TON of effort. If you think you owe “too much”, you probably don’t. Put the “Bank Bully” to work for you today!
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