I was reading Don Rogers blog about making sure our buyers and sellers are speaking the same language as the Realtors speak and thought I would explain to the public what a short sale is and how it is different from a foreclosure.

A short sale is when the seller decides to sell a house and the mortgage owed on the house is more than the house is worth.

An example:

We have a house in Mamaroneck, NY for sale that the mortgage is about $460,000.

We have it listed for sale for $399,000.

We have another in Scarsdale. When we get an offer, it has to go to the bank for approval, so that could take 4-6 weeks to get a response.

They will take the lesser amount of money so they do not have a foreclosure and have to completely deal with the situation on their own.

A foreclosure is when the bank takes legal possession of the house when the mortgage is not paid as originally agreed.

In Westchester, we do not have a lot of Foreclosures right now, we have more short sales than we have seen in a while.

If you have any questions, feel free to let me know.

All the best!

Kevin.

 
This post has been included in New York Information Westchester County, NY Information
Post is included in group: ABC's of Real Estate Marketing
Post is included in group: Addicted to Active Rain
Post is included in group: Around The Water Cooler
Post is included in group: Bloggers Choice Selections
Post is included in group: For Sale By Owner

5 Comments on Short Sales - Westchester County NY

NOV
08
2008
240,175 Points 27 Featured Posts Localism Sponsor Outside Blog Hit Router

Kevin, This may be one of the fastest growing segments of our industry in 2008 and into 2009 as well. Consumers know very little about them and realtors do not know too much more !! LOL

We just had a settlement for a short sale a few weeks ago and are in the middle of a few more.  We know that there will be more demand for these so we have made it known in our blogs and some of our marketing material that we are short sale specialists !

Good post !! : )

3:40pm • #1
2 Featured Posts Localism Sponsor

Hi Kevin ... I think buyers should understand your simple explanation.  There is a great deal of confusion out there.

6:03pm • #2
NOV
09
2008

Thanks Chris and Marie,

Short sales and foreclosures are becoming more common in our market.

All the best!

1:54am • #3
NOV
24
2008

I agree with you Christopher and Stephanie concerning the lack of agent knowledge in this area. What I find most difficult with this is when a selling agent doesn't quite understand the process thoroughly and their client gets anxious and the selling agent can't articulate a response to calm their client’s nerves other than with "it takes a long time to get these done." This could potentially jeopardize the deal. If the selling agent would educate their client before their client decides to make an offer on such an opportunity; the client’s anxiety could be mediated efficaciously upfront and referred to upon the first signs of restlessness. It’s no different than explaining the HUD prior to close. The closing table is no place to have a conversation concerning HUD items just as the second month of a short sale is no time to explain the ramifications of the transaction. I tend to respond to selling agents with the following statement in an attempt to help appease their client. “The cost of getting such a great deal is paid by patience.”

3:12pm • #4
NOV
25
2008

Eugene: So true, if people understand upfront that it will take time to get a response, they don't get as nervous. All the best!

2:31pm • #5

Leave a response…



(optional)
What does the graphic say?
 
Rainmaker_large

Kevin O'Shea, White Plains, NY Real Estate

White Plains, NY

More about me…

Homes of Westchester, Inc.

Address: 398 Mamaroneck Ave., White Plains, NY, 10605

Office Phone: (914) 328-0821

Cell Phone: (914) 262-1931

Email Me

<!-- Start of StatCounter Code -->
javascript hit counter
<!-- End of StatCounter Code -->
View My Stats <!--ALTERATION OF THIS CODE COULD CAUSE PROBLEMS--> <a


Links

Archives

RSS 2.0 Feed for this blog

Find NY real estate agents and White Plains real estate on ActiveRain.