Short Sale Manhattan Part
4
Short Sales in Manhattan New York
What
is a short sale?
Short
Sales in
Manhattan New York Definition:
"For
homeowners who can no
longer afford to keep mortgage payments
current, there are alternatives
to bankruptcy or
foreclosure proceedings.
One of those options is called a short
sale. When lenders agree to
a short sale in real estate, it
means they are willing to release their lien against the home for less
than the outstanding mortgage balance (including default interest and
penalties, etc.).
Just as there are many
different lenders there are just as many
different policies governing the short sale procedures. The lenders all
have their own criteria of what short sales they will accept. Just
because your apartment falls in this category does not mean that every
apartment will be approved for a short sale.
The
next thing to understand for both sellers and buyers is
that a short sale does take time.
Short Sales
in Manhattan New York Timeframe:
From
the time a Contract is entered into to sell the apartment,
the
process should take no longer than 4 months.
However, we
have been known to negotiate short sales in as little as 3 weeks. All
transactions are reviewed on a case-by-case basis so as to better
advise the property owner what can expected. Things
change
often,
rules change often
in Short Sales. What
a lender says is the way it is one day may change tomorrow.
Why
would a lender want to do a short sale in Manhattan in
the first place? Well,
sometimes the loss they will accept on
a short sale is less of a loss than if they foreclosed on the property.
Foreclosing is not a cheap process at all and in New York it is very
time consuming. Most homeowners can keep the lender at bay for months
and sometimes even over a year. At times the lender feels it is better
for their bottom line to accept a short sale.
Not every homeowner is
qualified to do a short sale in Manhattan and
we will cover the criteria in the next post in this series: Short Sales
In Manhattan. So stay tuned...
Disclaimer: This post is not
intended to be or to provide legal
advice. We recommend that you speak to your attorney and your tax
accountant regarding specifics and to find out if this is the best
option for you in your situation.
Copyright
© 2009, All Rights
Reserved. *Short Sales In
Manhattan, New New York-
What you need to Know If You Are Buying Or Selling.*
Visit
our profile to find out
more about our
services. Call us today at 917.837.8869 or 212.321.7147. Contact us by
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page under our profile.
P.S.
If you are listing your home as a short sale in
Manhattan make sure you
hire an agent who knows how to do
short sales and has the experience to get the job done. We are doing
successful short sale packages. Call us at 917-837-8869 to find out
more.
;)
;)
Hi Morgan - For some reason I thought of you today, so it was great to see your post. A financial news I was watching today spoke about the foreclosures in NYC. As Realtors one of the things we should do is to educate the buyers as well as sellers about the process, then the transaction can proceed smoothly.