I am looking forclosing two family house,prise-250000

Asked by Nabilaet, Bronx, NY Wed Oct 2, 2013

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Wed Oct 2, 2013
Good morning Nabilaet,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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1 vote
James, Both Buyer And Seller, Bronx, NY
Tue Oct 8, 2013
Foreclosures are big headaches. Some owners throw "going away" parties where they all but destroy the foundation of the house before getting kicked out. There are plenty of desperate people out there dying to sell homes. Don’t be afraid to make what you think might be low offers. Some people just want to unload properties that are holding them back from moving on.
0 votes
Mildred Vale…, Agent, Bronx, NY
Thu Oct 3, 2013
Thank you for the Inquiry,

I highly recommend working with a Certified Buyers Agent they will work in your best interest.

As the market is changing inventory is disappearing fast!

Best of Luck!

Millie Valentin
Exit Realty Search
3928 E. Tremont Ave
Bronx, NY 10465
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Oct 2, 2013
Consider working with an agent of your own; keep in mind that not all foreclosures are such a great bargain, therefore don't overlook some traditional sales, some may end being a much better buy...
0 votes
John Lajara, Agent, Riverdale, NY
Wed Oct 2, 2013
Hi Nabilaet,

Are you looking for forclosue property's? If so, RealtyTrac and Property Shark are great websites to check for that. I have pre-foreclosure listings myself so call me at 917-848-4655 to discuss. Good luck?
0 votes
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