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Market Conditions in Suffolk County : Real Estate Advice

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  • Home Buying2
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Activity 3
Mon Jul 21, 2014
Andrew answered:
Wed Jun 24, 2009
Don Tepper answered:
As the other answers note, the most common methods are: (1) short sale or (2) have the seller prepared to bring a check to closing for the balance owed.

There are several other techniques that investors use, but Realtors (for various reasons) aren't enthusiastic with them. In brief:

Subject To: The property is sold "subject to" the existing loan. Essentially, it's like the new buyer assuming a loan when it isn't assumable. This strategy violates the lender's "due on sale clause" but--especially in today's market--lenders usually are happy enough just to have the mortgage payments made on time.

Land Trust: There's a strategy used by some investors (real estate "guru" Bill Gatten refined the idea) in which the property is moved into a land trust. The buyer pays the full amount every month to the trustee (the owner), and the trustee disburses the money to the lender, taxing authority, etc. OR--the buyer may pay less than the full amount, with the seller kicking in a portion (maybe a few hundred dollars) every month. At some point, the property is brought out of the trust and sold, with the "buyer" having the first right to buy. For more information, go to

Hope that helps.
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Wed Apr 9, 2008
Don Tepper answered:
There's always an opportunity for negotiating price. Whether or not the seller can accept a lower price depends on the amount owed. For instance, Say comps are $500,000. The house priced for a quick sale is at $475,000. If the seller owes $460,000, he can't go any lower (without either doing a short sale or bringing a lot of money to closing.) On the other hand, if the seller owes $200,000, he can obviously go substantially lower.

And, yes, seller paying closing costs can be part of the offer.

On the other hand, with today's real estate market, a house being on the market for 60 days is pretty normal; many houses in many areas are on the market for over 100 days.

Having said that, if the owner was looking for a quick sale, it certainly doesn't hurt to come in somewhat lower.

Hope that helps.
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