Home Buying in Southampton>Question Details

Brianjay, Home Buyer in Southampton, NY

Are there any pre foreclosure houses for sale in the Hamptons?

Asked by Brianjay, Southampton, NY Mon Sep 27, 2010

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6
Yes Brian, there are many short sales listed in your area. There are also many non- short sales available that are very competively priced. Short sales are not always the best way to find a deal, especially in this market. If you should have any further questions, feel free to contact me. Good luck!
0 votes Thank Flag Link Mon Oct 18, 2010
Hi Brian,

You mean Short Sales... yes we have some short sales that is when you can purchase a home for less than the owner has invested in it. The house is not yet a foreclosure and you settle with the bank on the loan and any liens. The more cash you have the better! Let me know what you are looking for in the Hamptons.Now is a good time to buy! Maryanne Horwath Maryanne.Horwath@Elliman.com
0 votes Thank Flag Link Tue Sep 28, 2010
Keep in mind that not all pre-foreclosures are such great bargains, some will need extensive, therefore don't overlook some traditional sales as some may turn out to be a much better bargain--For accurate and up to date listings, information, etc., do consider working with any local agents--pre-foreclosures can be found in many areas including the Hamptons.
0 votes Thank Flag Link Mon Sep 27, 2010
Hello Brian :)

There are currently 94 homes available for sale in your specified town of South Hampton ( price ranges from $320,000 - $15,000,000 .
7 of these homes are short sales ( pre forclosure ) . They range in asking price from $320,000- $899,000.
If you have true interest please feel free to contact me and we can discuss these properties in detail.
Have a great day!!!

Irene M. Renna
Century 21 Princeton Properties
(631) 467-0009 office
(631) 467-0029 fax
(631) 291-2180 cell
Irene.Renna@Century21.com
0 votes Thank Flag Link Mon Sep 27, 2010
There are quite a few short sales on the market, meaning that the owners are underwater on their mortgage and the bank is allowing them to sell the home for less than they owe to avoid having to go through the foreclosure process.

I have seen quite a few of these properties, specifically in East Hampton, and many of them need work and have not been taken care of.

If you would like me to send you any of these listings, I would be happy to do so. Please email me at ali@devlinmcniff.com for more information.

Best,

Ali Spencer
0 votes Thank Flag Link Mon Sep 27, 2010
One of the biggest myths in foreclosures is "getting a deal on a preforeclosure". Most houses are not even for sale while most other owners owe more than the house is worth in todays market and unfortanately if in a preforeclsoure situation, there is not enough time for them to complete a short sale.

One of the most important things when buying a home is to have a willing seller, with most preforeclsoures, the homeowners are being forced from their homes, they have tried everything to save their home to no avail or have all but given up. Knocking on the door of one of these homes with a home owner in this situation is not always pleasant, They are not going to invest their time, what resources they have left or their emotions for someone else to get a deal on their home.
0 votes Thank Flag Link Mon Sep 27, 2010
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