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Morgan Evans' Blog

By Morgan Evans - NYC Real Estate | Agent in New York, NY

Short Sales in Manhattan New York

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:

  1. 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...
  2. 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.
  3. 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 sale package.
  4. 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.  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.  Contact us today at (212)321-7122 or Ehsu(@)elliman.com for your confidential discussion.

 
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