Great news for buyers and sellers in the Bronx. Short sales are getting approved and closing much faster. I am one of the few agents who have been doing short sales for over 10 years. It was not till recently that I noticed that the banks are approving the short sales on the homes in The Bronx much faster than before. Another great thing for home owners that can help with making this difficult transition a little bit better is the, Seller Short Sale Incentive. Most of the banks now offer seller moving incentives, which can be anywhere from $5000 - $30,000 at successful completion of the Short Sale. Recently I closed a Short Sale with Bank of America and the seller was given a $28,462 moving incentive at the closing. The entire process closed in a little less than 3 months and the seller was very happy to be receiving money at the closing and the heavy burden of losing their home to Foreclosure was no longer a problem. This particular home was listed with another agent for almost an entire year and the seller was just about to try to do a Deed in Lieu of Foreclosure with their bank until we sat down and gave it one more chance. Not every situation will have the same results, but with a little help from an experienced Remax agent like myself we can find out the best solution together. Below are a list of a few homes that I have recently sold in the Bronx.
This was a 2 family home located in the Bronx River section of the Bronx, sold as a Short Sale for $275000. The seller in this case did not qualify for an incentive but we were able to get all the outstanding water charges and building violations paid for with the Short Sale approval. This home closed in less than 5 months.
This is a lovely 2 family home located in the Williamsbridge section of The Bronx recently we sold it for $390,000. Now this home was not a Short Sale, but we originally had a deal that did not go through on this home because it was appraised for less than the purchase price. An appraisal was done on this home and they said it was only worth $352,000. This is another problem that can happen during a sale where the house does not appraise for the sale price. This can put a seller in a position to have to reduce the sale price in order to close or in this case my seller decided they would not reduce the price because they felt the appraisal was brought in too low. As there agent I tried to get the bank to order another appraisal but they would not and so the buyer ended up losing the home. I also felt that the home was under appraised and when we put the home back on the market we got another buyer for a little more money. This time we were able to use a local lender who uses local appraisers and were able to close within a short amount of time.
Call Justin Cruz 917304-3710 or visit my web site: www.BronxHomesRealtor.com
For all of your Bronx Real Estate needs call Remax Voyage.
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