Property Q&A in Brooklyn>Question Details

Teecee473, Renter in Brooklyn, NY

I was told this property is under contract. Is this true?

Asked by Teecee473, Brooklyn, NY Sun Oct 30, 2011

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I want to thank you for your expertise and well wishes. I saw that it was a short sale and did research on the term. I was willing to take a chance considering the purchase price was inexpensive as those Nehemiah homes sell for $250,000 and up. I just didn't expect for it to go into contract so early on. I spoke with the Realtor and asked if the contract falls through to contact me. However, I will keep you in mind as well.
0 votes Thank Flag Link Mon Oct 31, 2011
Dear Teecee473:

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
0 votes Thank Flag Link Mon Oct 31, 2011
Well you still have the opportunity to run across a good deal with the decline in property values. Why don't you give me a call I can show you something in your price range.

Exit All Seasons Realty
Claudia Norman
0 votes Thank Flag Link Mon Oct 31, 2011
Thank you for the response. Yes, it was the realtor who informed me as I was interedted in putting in an offer on the property. Its listed at 125,000, which is a steal and within my price range. It was only on the market for 12 days when I inquired about it. I just lost out, that's all.
0 votes Thank Flag Link Mon Oct 31, 2011
If the realtor said it is usually it is . Unless you are another agent some realtor who lack ethics will say , it is in contract in hope of collecting full commission on sale of house. However, if you still have to desire to buy property within that area feel free to call me I will more than happy to assist you.

Claudia Norman
Exit All Seasons Realty
0 votes Thank Flag Link Sun Oct 30, 2011
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