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. It's a Buyer's Market, after all!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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I see you are looking to purchase a foreclosure or short sale in Valley Stream. Feel free to visit my website where you may search for foreclosures, and short sales in Valley Stream as well as other communities in both Nassau and Queens http://www.mlsfinder. com/ny_mlsli/eleanorsamshurdle/ index.cfm?action=searchresults&searchkey=30e04160-d632-9bf0-131f-14426d3c076e. Be sure to check off the boxes that say foreclosures and short sales.
I have worked with several buyers who where interested in this type of home until they realized that the process was not easy. The price may be right but you must be willing to put in the time and effort that it takes to get this type of home. You must realize that you will be competing with investors with all cash offers on properties that are great "deals". Be careful not to over bid, spend too much time and effort looking for this type of home. It may cause you to miss out on opportunities such as low interest rates and low sales prices of the current market.
When I purchased my home in Valley Stream over ten years ago. I was determined to buy a home through the "Teacher Next Door" program. I spent two years looking for a home with this program. I lowered my standards, spent every extra minute I had looking for a house under this program. After two years I decided to find a home using the traditional method. As you may know in that time period the market exploded. Home prices went up an average of 100,000 in that time span. Consequently, not only did I end up paying much more for my home but I wasted lot's of time. Keep an open mind.
I hope this answered your question. Please feel free to contact me, should you have any further questions.
Wishing you the best of luck,
De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!"
There are plenty on the market, in the area you are interested and also in the surrounding towns (Franklin Square, Lynbrook, etc., ) . There are a few questions that i would ask you before I can show what is available, like what is your approved price range.
I will be happy to set you up with a Free listingbook website which will show you the available properties on a daily basis that match your criteria, my details are below.
Joseph Asaro, ABR, CBR
NYS Real Estate Agent
Century 21 AA Realty Inc.