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Property Q&A in East Farmingdale : Real Estate Advice

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Sun Dec 2, 2012
James Carney answered:
That property is a short sale and is already in contract. It is tucked away in the most southern section of South Farmingdale which has 7-8 blocks that are all surrounded by commercial/Industrial property. That being said that price is a steal. There was a very similar ranch on the same block that sold for $229,000
this year. The mortgage holder gave $332,000 on this in 2005 which was insane but then tagged a $26,000 second. I do not know if you are familiar with Long Beach Mortgage or not but they hold the note and that explains a great deal. They were a wholly owned subsidiary of one of the larger banks which was the sub-prime conduit. Back in 2005 if you had a mortgage that couldn't be placed anywhere it was either Long Beach or Ameriquest that took the extra points and wrote just about anything.

If you are interested should should make it know to the listing agent that if it falls through you want it.
I would say $25,000 into this would most likely yield $200,000 in 60 days or less.

Hope this helped

Jim
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