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Home Buying in 11510 : Real Estate Advice

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  • Home Buying7
  • Home Selling1
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Activity 5
Denise, Home Buyer in Brooklyn, NY
Sun Jul 20, 2014
Denise answered:
I'm interested in buying a home there my question is how was it there during the and snow storms ?
0 votes 9 answers Share Flag
Bisendra Mel…, Real Estate Pro in Richmond Hill, NY
Wed Sep 26, 2012
Bisendra Melaram answered:
There is no time frame set by geographical location.
The easy answer is: Each institution has their own guidelines and protocols that must be followed- not to mention specific requirements that must be satisfied before a successful short sale takes place.
There is absolutely no way of gauging a timeline for a short sale- use an experienced agent to guide you thru the process.

I'm in Baldwin as well if you'd like to meet up, I'll gladly answer any short sale questions over coffee.

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0 votes 7 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Fri Feb 26, 2010
Anna M Brocco answered:
Your agent can provide additional information--you can file an assessment appeal on do keep in mind that by filing an appeal does not necessarily mean you'll get a reduction. ... more
1 vote 3 answers Share Flag
Kathleen A.…,  in Rockville Centre, NY
Mon Jan 18, 2010
Kathleen A. Scanlon answered:
Purchasing a distressed property whether a short sale or an REO (bank owned property) presents its own set of difficulties but can also provide the reward of purchasing a home substantially under market value.

Most Lenders will not consider a short sale without a full package submittal, which typically includes the seller's financial documents, a fully executed contract of sale, proof of funds or a mortgage pre-approval, a preliminary HUD-1 Settlement Statement, among other documents.

As a seller's attorney, my firm normally includes contractual language that makes the contract contingent upon the short sale approval. Further, if there are violations and open liens, I want the short sale bank to approve their payment as well. There are times that the lender will deny payment and I try to avoid having the Seller on the hook for such a payment. The reason they are short selling their home is because they lack assets. I also make the contract "as-is" and vacant at closing because, of course, there is often no money to be put in escrow for repairs or post-closing possession.

As a purchaser's attorney, I want my client to put as little as possible down on contract. That down payment can be tied up for months waiting for short sale approval. I also want a time frame where, if there is no approval, my client can cancel and get her money back - the problem being - you don't know how experienced the person negotiating the short sale really is. I have seen some egregious mistakes on preliminary HUD-1 settlement statements that grossly understate what the true cost to Seller (and ultimately the bank) is going to be to close and give clear title.

As you can see, it is essential to choose representation that is experienced in distressed asset transfers. Short sales are not for neophytes whether realtors or attorneys.

Good luck!
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0 votes 6 answers Share Flag
Saltyanna, Home Buyer in 11694
Wed Apr 1, 2009
Saltyanna answered:

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