Property Q&A in Brooklyn>Question Details

Rozana, Home Buyer in 11235

hi! plz let me know if it's possible to buy house that is for short sale with 5% down payment for first time buyer?

Asked by Rozana, 11235 Thu Apr 26, 2012

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yes, i'm doing one now with 3 1/2

gina mazza
assoc broker
brooklyns prime properties
5910 ave N
brooklyn, ny 11234
0 votes Thank Flag Link Sat Apr 28, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore if you haven't done so yet, do visit with any licensed loan officer to determine qualification; also choose an agent to work with, he/she will be your best guide. If you qualify for the loan, yes properties can be purchased with 5% down.
0 votes Thank Flag Link Fri Apr 27, 2012
Dear Rozana:

If you have been pre-qualified by a bank and they are willing to give you the loan with 5% down you should not have a problem. Just keep in mind that a "short sale is subject to third party approval. The third party is the bank that holds the current owners mortgage. If the third party does not approve the sale the deal will falter regardless of how much you are putting down. Often times you can offer the full asking price and it may still be declined.

If you want to find out more about short sales do some research on Google or contact me and I can explain to you further how they work along with the pros and cons of a short sale deal. Either way, 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 Thu Apr 26, 2012
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