Even if this property was not in contract you should be aware that it is/was a short sale. This means that the whole deal is subject to third party approval (the bank who holds the current owner's mortgage). If you are not sure what a short sale is, "Google" the words "real estate short sale." The problem with a short sale is that you can theoretically go into contract, get your mortgage, only to find out that the third party will not accept the offer. Then the whole thing is a waste of time and the buyer would typically lose any monies they have spent up until that point in time (you would not lose your down payment, you get that back if the short sale is declined). Some buyers are willing to take the chance because if the short sale is approved, they will wind up getting a very good deal.
If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
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