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Joe Finnerty
"Lehigh Valley Real Estate Agent"
- 6 Helpful Answers
- 14 Answers
- 5 Listings
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Profile Link:
Experience:
Electrical Engineer for Agere Systems
August 1996—October 2004
Worked on web based simulation tools for the design and analysis of semiconductors.
Worked on web based simulation tools for the design and analysis of semiconductors.
Specialties:
Experience
* Realtor with Long & Foster Real Estate, Inc. since February 2005 ... show more
* Realtor with Long & Foster Real Estate, Inc. since February 2005 ... show more
Certifications
& Awards:
& Awards:
* Long & Foster Executive's Club
* Long & Foster Chairman's Club ... show more
* Long & Foster Chairman's Club ... show more
About:
Joe Finnerty is a full-time ePro Certified Realtor® affiliated with Long & Foster Real Estate, Inc. He resides in Lehigh Valley with his spouse and three
... show more
Testimonials:
"As first time home-buyers, my wife and I were greatly encouraged and comforted by Joe's friendly, hard-working and professional manner. Throughout the
... show more
Joe Finnerty answered:
Many home buyers believe that because a short sale involves the bank, they can make a low offer on the property and the bank will accept it rather than allow the property to go to foreclosure.
Although this thinking is logical, it isn't true. With a Lehigh Valley Short Sale, the home seller is still responsible for the mortgage and must prove a hardship.
In addtion, the bank will not just accept any offer. They are trying to get their investment back. If an offer is made on the property, the bank will send an appraiser to the property to determine the true value. If the offer is low, even though accepted by the seller, the buyer may wait months to hear from the bank it is accepted. At any time, the bank has the ability to counter or reject the offer.
The only advantage I see to a Short Sale is that after looking at the other homes for sale it is the "dream house" you want and you are willing to deal with the messy process. In the end, you will probably get it for a better price but the stress may not be worth it.
The disadvantages:
- It may take MONTHS to hear whether or not the bank will accept the offer (appropriate addendums must be completed to protect buyer from endless wait)
- The seller is not allowed to get any money so how will they leave the house....broken, missing items.
- If the seller has two mortgages, it gets more complicated since two mortgage companies have to agree to a loss. The 2nd mortgage company may require that the seller sign a promisory note for the lose. What if the deal gets to the closing table and the seller won't sign it?
Every buyer I have worked with on a short sale was unhappy throughout the process due to the bank delay and uncertainity. Did we or didn't we get the house?
I've seen homes listed for a short sale (and have an offer on them) end up being sold down the road as a foreclosure since the "short sale" buyer lost patience and walked.
Hope this helps.
Regards,
Joe Finnerty
Long & Foster Real Estate, Inc.
Bethlehem, PA 18020
Although this thinking is logical, it isn't true. With a Lehigh Valley Short Sale, the home seller is still responsible for the mortgage and must prove a hardship.
In addtion, the bank will not just accept any offer. They are trying to get their investment back. If an offer is made on the property, the bank will send an appraiser to the property to determine the true value. If the offer is low, even though accepted by the seller, the buyer may wait months to hear from the bank it is accepted. At any time, the bank has the ability to counter or reject the offer.
The only advantage I see to a Short Sale is that after looking at the other homes for sale it is the "dream house" you want and you are willing to deal with the messy process. In the end, you will probably get it for a better price but the stress may not be worth it.
The disadvantages:
- It may take MONTHS to hear whether or not the bank will accept the offer (appropriate addendums must be completed to protect buyer from endless wait)
- The seller is not allowed to get any money so how will they leave the house....broken, missing items.
- If the seller has two mortgages, it gets more complicated since two mortgage companies have to agree to a loss. The 2nd mortgage company may require that the seller sign a promisory note for the lose. What if the deal gets to the closing table and the seller won't sign it?
Every buyer I have worked with on a short sale was unhappy throughout the process due to the bank delay and uncertainity. Did we or didn't we get the house?
I've seen homes listed for a short sale (and have an offer on them) end up being sold down the road as a foreclosure since the "short sale" buyer lost patience and walked.
Hope this helps.
Regards,
Joe Finnerty
Long & Foster Real Estate, Inc.
Bethlehem, PA 18020
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