3 tips for a successful short sale

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Q: I bought a fixer-upper a few years ago using a first mortgage with Bank of America and a second mortgage with CitiMortgage. This was not an investment property; I lived in it, but because of the market, have never been able to do the work the house needs, which would run about $150,000.

I put the place on the market as a short sale, and got an offer that was really low, but understandable because of all the work that’s needed to make the house really livable, and the bad reputation my city has for making it very complicated and expensive for homeowners to get their work plans approved.