Why do you have pre-foreclosures there? These sellers either purchased their homes when the market was hot and prices were high, as a result they now have a mortgage balance that exceeds today's market value. Maybe they purchased many years before the market got hot and refinanced to cash-out on their equity, also resulting in a higherortgage balance. This is so thing that's not just happening in this area, but rather everywhere. Sure, you'll see more in certain markets than in others, depending on a variety of factors.
The scenarios I mentioned also lead to the foreclosure inventory. Things like unemployment and other hardships that people experience can also lead to foreclosures. These things do t really have a direct link to one living in Jericho or any other towns. These things happen and may continue to happen,
With short-sale transactions, the lender currently servicing the sellers mortgage will go through their own process of determining today's value of that particular property, evaluate and determine just how much of an offer they'd be willing to accept. This number is usually within 85% of fair market value. Again, there are several variables that come into play when they determine this number.
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
John A. Weber IV, Associate Broker
Bayview Estates Realty
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.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
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.
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
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