Home Buying in Nassau County>Question Details

Michelle, Home Buyer in Nassau County, NY

Are short sales worth looking into?

Asked by Michelle, Nassau County, NY Sat Nov 17, 2012

Help the community by answering this question:


Hi Michelle. Why not? Short Sales, can be the difference between being able to afford your dream home or not. Though Short Sales may be complex, you should work with an Agent that is experienced in successfully closing Short Sales. If done right, it will be more than worth the wait.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
1 vote Thank Flag Link Sun Nov 18, 2012
Sure, just don't be in a hurry.
0 votes Thank Flag Link Thu Apr 25, 2013
Good afternoon Michelle,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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0 votes Thank Flag Link Thu Apr 25, 2013
Yes, but an experienced short sale agent is a must.
Web Reference: http://www.bverealty.com
0 votes Thank Flag Link Sun Nov 18, 2012
Depends on the property, the number of liens, the owner(s) etc.; therefore why not simply consider working with an agent of your own, he/she will best guide you...don't overlook some traditional sales as some may end up being a much better buy...
0 votes Thank Flag Link Sun Nov 18, 2012
The short sale is definitely the difference between being able to afford my dream home or not. I'm just not sure about how to find a good agent for Nassau County, NY
0 votes Thank Flag Link Sun Nov 18, 2012
You need an agent that is experienced in short sales and knows what to look for. Many short sales, due to various circumstances, have very little chance of going through, you want an agent that can weed those out. That being said, they aren't for everybody, they are generally more stressful and time consuming than non-distressed re-sales.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Brokerage in NY
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Sat Nov 17, 2012
Absolutely! As short sales become more prevalent banks are becoming more proficient at processing these sales. The wait times are getting shorter and the banks are being more reasonable.
0 votes Thank Flag Link Sat Nov 17, 2012
The banks are really trying to get market value for the short sale properties before they will accept offers.

If you have a lot of time and patience and additional funds if you should have to negotiate with the bank, there may be some advantage.
0 votes Thank Flag Link Sat Nov 17, 2012
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