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!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Keller Williams Realty Sales Associate
Mobile: 914 589 2455
Fax: 914 713 3271
Office: 914 902 3277
WEBSITE : http://westchesterpropertyspecialist.com
PROFESSIONALISM AT ITS BEST!
2nd largest Realty in the country!
Sometimes, properties offered for auction do not get enough money to satisfy the lien holder, typically the bank. They will then offer the property through typical real estate channels, hiring a listing broker and offering it through the MLS. Then the sale works like any other sale. If you would like to get pre-qualified, American Bank offers fast pre-quals at no charge. We would love to work with you!
Good luck! Jim, American Bank, 703 615 4675
There are many things to consider when purchasing a foreclosed property. Although foreclosures are priced significantly less you have to look at the overall picture to make the right decision for you. After viewing the property you have to consider the cost to you to do the renovation. Some properties may require a significant amount of work while others only requires cosmetic work. If you have to replace the heating, electrical, plumbing, windows, roof, etc. Those are some of the components that will be a determining factor for any home buyer. I work in the City Island area and have seen some of the distressed properties in the area but because of the location some buyers enjoy the fact that it is away from the City but easlily accessible by bus to Orchard beach and the Pelham Bay Park.
Happy home hunting.
It's always best to purchase property through being represented by your own personal representation. Many regret using the "listing agent" to represent them as the buyer also. Our recommendation is to contact a local realtor, someone other than the listing agent.