Can someone help me understand the description about this property listed on Frederick Ave in Merrick? I read the description about Pre-Foreclosure &

Asked by Jessica, West Babylon, NY Mon Mar 22, 2010

what it means...but I'm still unsure. is it something a new home buyer would/should stay away from? Can it harm a prospective buyer in the future? Hypothetically, if I were interested in this property where and how would I begin the process? Is the listed price of $55,000 actually going to stay $55,000? Please forgive my ignorance. I'm new to all of this and I'm trying to become more knowledgeable. Thanks in advance!

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This question is about this property: http://www.trulia.com/foreclosure/2009254184--Frederick-Ave-…

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4
Richard Stein, Agent, Roslyn, NY
Tue Mar 23, 2010
Jessica,
As has already stated Lis Pendens does not mean for sale
http://www.ny-agent.com/?p=133
This property is currently not listed for sale on MLS
If you would like help finding a REO please feel free to call or email
Thanks
Rick

Richard Stein
SFR Short Sale & Foreclosure Resource
CBR Certified Buyer Representative
Prudential Douglas Elliman
516-629-2232 (Direct) 516-708-6001 (Cell)
http://www.ny-agent.com
Richard.Stein@PrudentialElliman.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Mar 23, 2010
A Lis Pendens is filed against a real property to show that the title of property is in question, or that some sort of lawsuit involving the property could occur in the near future--Just because a property is showing with a Lis Pendens does not necessarily mean it is currently for sale, and if it was the listed amount is not what one would necessarily be paying for the property---Your agent can best help you, and if you don't have one and need assistance feel free to contact me.
0 votes
Century 21 P…, Agent, Massapequa, NY
Mon Mar 22, 2010
Jessica - just because a lis pendens has been filed does not mean that you can buy it for $55k. The filing is just the beginning of the process and the site that is selling you this information is just telling you about something that might, maybe happen in the possible future. You are a long, long, long way from actually being able to buy this property if ever. If it is too good to be true then it isn't. You have a better chance of winningt the lottery of breaking the bank at Monaco. If you are serious about buying or investing in real estate then contact a real estate professional for help.
0 votes
Geri Sonkin, Agent, Merrick, NY
Mon Mar 22, 2010
There is much information missing from the available data on the link provided. When a homeowner is unable to keep up on his/her mortgage payments, the bank begins the process to foreclose on that property. Often the home will be put on the market as a short sale. When selling short, the bank has to agree to take less than they are owed. It can also get much more complicated than that when there is more than one loan on the property, not an uncommon phenomenon.

From a practical standpoint, short sales take a long time to complete and buyers involved in the process often don't know whether their offer has been accepted for weeks, sometimes months. As for the $55,000 owing on that mortgage, that could just be the tip of the iceberg. There could be a second loan or other mitigating factor.

If you're considering buying a short sale I would strongly suggest you work with an agent experienced in the process. Banks have very specific requirements for submitting paperwork accompanying an offer.

Because I didn't register to access additional information about that property I'm not sure what, exactly you'd be buying. Is it a house or simply an adjunct piece of property? I can tell you there isn't a home in Merrick or any of the surrounding towns that would sell for anywhere near $55,000. If there were, the builders would be tripping over each other to buy it. Vacant land is far more expensive than that.

Hope this is helpful and I wish you much luck in your search.

Geri
0 votes
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