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The content of this webpage is for prospective home buyers considering the purchase of a short sale. Short sales on Long Island have become increasingly prevalent over the last several years as the housing crisis has impacted our local real estate market. Homeowners in all price ranges have been impacted by the decline in home prices. Many homeowners have found that they can’t sell their home for more than what they owe on the mortgage(s).

A short sale is simply a negotiation between a homeowner and their lender(s), whereby the owner is attempting to avoid foreclosure by selling the home for less than what is owed. This process can be very complicated and can take a long time.

What you as a potential buyer need to know is that working with an experienced real estate agent who knows what to look for in a short sale deal and increase your chances of avoiding “bad deals”.

What is a “bad deal”?

For starters, it’s a deal that “never closes” or seemingly has no end in sight. What this means is, you get wrapped up into a contract on a home that doesn’t have the foundation to ever make it to the closing table.

Essentially, when you’re buying a home, your main focus is to find a home that matches your criteria for purchase. However, at the end of the long road, you want to get to your desired destination which is a closing table. A “bad deal” is simply getting involved in a short sale purchase where you haven’t had a professional agent like myself, review the deal, eliminate variables, and advise you on the chances of the deal actually closing.

There are several characteristics of a strong short sale deal. Among these are an organized and motivated seller.

The Seller

Keep in mind that a homeowner looking to sell their home for less than what they owe is getting nothing in return monetarily. Some may have spent their entire life savings and watched it evaporate. Others may be involved in fraudulent mortgage financing. And of course, the sellers may be getting divorced where one party wants to “save the home” and the other “wants out”.

There are many variables to take into account but I always like to look at the seller as the main source to a successful completion to a short sale. Knowing what to ask, how to ask it, and how to decipher the information is what I have extensive experience doing.

Other Items to Consider

    1. The Property
    2. Your Financing
    3. Lenders
    4. Attorney(s)
    5. Appraisals & BPO Value

I continuously update real estate information at facebook.com/longislandshortsales. Feel free to join me there. Below is a contact form – if you have any questions at all, just email me right there or call (631)831-9048.

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