Home Buying in Astoria>Question Details

Ssimpsongroup, Home Buyer in Queens, NY

does anyone have any experience dealing with Astoria Short Sales?

Asked by Ssimpsongroup, Queens, NY Mon Sep 10, 2012

Everything has been turned over 45 days ago...first they said they have up to 30 days to make a decision, then in two weeks, last week it was after the holiday...this is never going to end....Please let me know if this

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Trevor Curran’s answer
Good morning Ssimpsongroup,

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. It's a Buyer's Market, after all!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes Thank Flag Link Tue Sep 11, 2012
If you are in the middle of a transaction, your attorney can better advise, therefore consider a consultation....
0 votes Thank Flag Link Mon Sep 10, 2012
I would like more information please call me @ 347 932-0609
0 votes Thank Flag Link Mon Sep 10, 2012
Yes. Please view my website http://(www.BenitezGroup.com) for helpful information regarding short sales. If you have a more detailed question please feel free to contact me. Thank you,
0 votes Thank Flag Link Mon Sep 10, 2012
Well, first find out if this is a "bank approved" short sale. If it is not a bank approved short sale then I am afraid you are in for a long haul. It can take many months and it may never close if this gets denied by the bank.
0 votes Thank Flag Link Mon Sep 10, 2012
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