Mortgage Lenders News

The Short Sale That Got Away

From first pitch to sale was more than seven months. dreams that landed and dreams that got away. I’d love to recount that.

These short sales usually close in a shorter amount of time, at least in my experience. I have a short sale approved property- 1 family detached home in East Flatbush – $325K Open House – Saturday and Sunday – 3/20 & 3/21 at 1372 Brooklyn Avenue, Brooklyn, NY 11203- between Foster and Newkirk Time: 1:30 to 4:00 p.m

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Of course, reading about all of these rules might easily persuade a homebuyer or owner to stay away from the short sale. But keep in mind that the real estate specialists and bankers are the ones who contend with the paperwork and phone calls, and that’s why a Realtor is there — to help walk you through the process.

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A lender may consider a short sale if the seller is current but the value has fallen. The seller may be over-encumbered, that is, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it.

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If you got this far in reading, I thank you and am confirming that we are doing short sales in real estate deals – but NOT your typical SFHs at 81% of the BPO. We leave these for the retail buyers while we circle in the water waiting for these very failed short sale deals to become REOs.

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