Short Sale Success
Jay Smith and our Real Estate staff successfully shepherded and negotiated an effective “short sale” of a Lake Placid, NY property for a purchase price of $999,999.00. Therein, Wells Fargo forgave $50,000.00 of a mortgage balance held in excess of $996,000.00. In addition, Bank of America forgave all of a home equity loan that totaled in excess of $207,000.00.
Jay and his assistant Holli Fredericks successfully utilized the national banking short sale Equator system effectively securing the transaction with both banks ultimately to the satisfaction of sellers and purchasers for this New York property in the heart of the Adirondacks.