short sale queen
Houses for short sale?
I’m looking for a house that is lower than the regular market value, yet not for foreclosure, in NYC (preferably queens or Brooklyn in a good area). This led me to look into house for short sale. I am pre-approved and have enough money to put down. How can i get into the competition of buying this kind of house? Are there people who have a specialty in houses for short sale that I can call, etc…..?
Thanks
Find a realtor in your area. Short sales can be a great deal, but so can foreclosures…
Short Sales are a long and tedious process. I have been the agent on over 19 SS deals, and I have yet to come across one that takes less that 100 days to close. Not an issue if you aren’t in a hurry. (but if you’re looking to use the Federal 8k credit, maybe something to think about) A “short sale” doesn’t necessarily mean you will be able to buy the home waaay “below” market value. Short sale just means the seller is selling the home for less than what is owed on it. If they bought it in the heat of the market (or took out a 2nd mortgage) and paid top dollar for it. Granted, it will be priced less than the current owners paid, but it will most likely be priced at current market value. The bank will do numerous things (appraisals, Broker Pricing opinions “BPO”s ) to establish the current value. Most banks will use these things to come up with a price they are willing to accept.
Foreclosures are a much easier process. Although, you will still have hiccups along the way. The banks are usually a little more inclined to negotiate on them due to the fact it is costing them money to hang on to them, and maintain them.
Either way, I highly suggest you find a buyer’s agent to assist you in this process. Ask friends or coworkers for agent recommendations. If the agent doesn’t have a lot of SS experience ask if they are able to refer you to one that does. Good Luck
Dwan Bent-Twyford – The Queen of Short Sales