New York Times says Lenders are more open to Short Sales, is
this true or not? Are we going to see more short sales surfacing in
Manhattan New York Real Estate market? From what we can see on the
market activity, short sales may soon be a popular option for those
owners who bought in the height of the market and now are concern about
their large monthly mortgage payments.
Sunday (5/17) New York Times' Lenders More Open To Short Sales' is encouraging for owners who may be thinking about Short Sales. "mortgage
executives say they are now working more cooperatively on short sales,
and proposed changes in the industry could increase the number of these
transactions." Yes. Indeed, in our own business, we are
seeing the lenders are now much more responsive and open to discuss
each owner's financial situation, and our argument as to why each
particular owner is qualified for a short sale.
(GRAPH COURTESY OF NEW YORK TIMES)
New York Short Sale sellers, we agreed with New York Times article and in addition to our own Short Sales working experiences, here are some reasons the lenders are indeed more open to short sales than before:
- New York Short Sales are one of the last to arrive to the 'Short Sales' scene. The lenders have already familiarize with the process and have the support system to process these documents and protocols. Although New York short sales may be a new option to many of Manhattan New York Short Sale sellers,
but it has been around for years to other parts of United States
housing market, including California, Florida, even outer borough/area
of New York city such as Queens, Brooklyn, Staten Island, Westchester
and Long Island...
- US Treasury last week suggested that they will create incentives to assist the lenders to process the short sales.
Although there has been no specifics or details being confirmed as of
yet. We are hopeful and optimistic to there is some positive step
towards the right direction. New York Short sale sellers, this can be
your time to explore the short sale option.
- New York housing market were the last one to feel the dip or soften of the activities. Most
of the lenders are not in New York city, they understand the financial
situation the country is in. They will weight in the amount you have
owe, and also each owner's particular financial picture to assess each
case. We have completed many short sale transactions and we know what
each lenders are looking for and how they negotiate with each short
- If you are not behind on your mortgage payment yet, but you may be in the next few months or so. It is time to start early.
The lender will be much more open if you speak to them now and start
the possible short sale process. It is in our Short Sale working
experience to start early rather than later. If you are thinking about
it, do not wait and see. Call us and see if you are already qualified.
In conclusion, the lenders are more open to short sales, if you are considering in having a short sales,
it is important to speak to a professional to see if you are qualify
for a short sale.Â We have completed short sales in the New York
Manhattan Market place, not only we have intimate market knowledge, we
also have the experiences and supportive team to ensure your short
sales is approved.Â Contact us today at (212)321-7122 or Ehsu(@)elliman.com for your confidential discussion.