Home Buying in Brooklyn>Question Details

Linda, Home Buyer in Brooklyn, NY

Why is it so hard to find a realtor to work with you in short sales. Looking to move into Greenpoint, Brooklyn.

Asked by Linda, Brooklyn, NY Thu Jul 4, 2013

Am pre approved and ready to go. I keep getting stonewalled. Any agent willing to assist? Athina1962@aol.com

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Short Sales in Prime Locations, if they exist at all in this fast appreciating market, go to people with cash that can close as soon as the short sale Bank approves the pay-off. Being "Pre-approved" does not help in this arena.
There are very few foreclosures in Greenpoint, most people that are in trouble with their mortgage for whatever reason can get it sold long before it gets to the point that the Bank would even consider a short sale at this time in this fast appreciating market.
If you are committed to Greenpoint, make a commitment to the best local agent you can find and together you will find the best deal for you.
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
1 vote Thank Flag Link Thu Jul 4, 2013
Keep in mind that not all short sales are such great bargains, therefore don't overlook some traditional sales, as some may end up being a much better buy.
0 votes Thank Flag Link Mon Jul 8, 2013
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 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
NMLS#3528

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0 votes Thank Flag Link Mon Jul 8, 2013
Hi Luke, working a short sale is a lot of work for your realtor with a maybe closing. If it closes then we Realtors may or may not get paid. In most cases short sales and foreclosures are not as good a deal they were years ago. There are to many other regular listed properties that you could probably get a better deal on. I recommend you pick 1 Realtor and take their advice and be loyal to them.
0 votes Thank Flag Link Thu Jul 4, 2013
Hello Linda,

This is a very vague question. It seems you are looking to buy a short sale, but so is everyone else, especially in the Greenpoint area. Usually when a short sale come out on the market, especially this one, it is put into contract quickly.

If you have any questions, feel free to call. The advice is free.

Happy 4th of July!

Luke Constantino
Realtor
Commercial/Residential
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
lukeconstantino@gmail.com
0 votes Thank Flag Link Thu Jul 4, 2013
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