Home Buying in 11713>Question Details

Beth, Home Buyer in Blue Point, NY

Any one dealt with a short sale in NY?

Asked by Beth, Blue Point, NY Wed Jul 29, 2009

I am looking at a short sale it has been on the market for about 55 days in June it was listed at 279 and now it is at 259. There is how ever already an offer on it I would like to put my bid/offer as well. I was thinking going above asking price. any suggestions?

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With short sale, it's always subject to bank's approval. The bank sends their own appraiser, many times twice to get the correct value of the house. The bank may come back with a counter price higher than the listed price. However if you have time and no rush to be in the house, then it will pay off.
Good Luck..
0 votes Thank Flag Link Wed Jul 29, 2009
I have worked with a negotiator in NY however I am in Florida. The short sale business I would think would be handled the same no mater where you are, as the process is managed by the banks which get the rules from the statues.

My suggestion would be call the listing agent and ask what the status of the short sale is. Ask if the BPO has been done.. ask if they have excepted the offer that has been submitted.. if the offer has not been excepted usually they will still take offers.. In Florida some agents hold offers and submit a bunch together, some agents submit one at a time. Also it depends on the bank and the negotiator... Your best bet is really to call the listing agent and see what the status is of the existing offer then you will know where you stand.

Feel free to call me if I can ever help you look for a real estate need in Florida.
0 votes Thank Flag Link Wed Jul 29, 2009
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