Short Sales Are Seldom If Ever Short

By
Home Builder with Long Island Cash Home Buyer

 

What's a Short Sale??? 

There is nothing short about a short sale and they are sold in as is condition.

 

 

A short sale is sold "as-is". This means that the seller (the distressed person selling the home) and the bank will not make any repairs to the property. So, if the roof leaks, the microwave blew up and the carpet is stained, they're your responsibility. Buyers need to consider the cost of making repairs to the home. Typically, these repairs include new paint, new carpet or flooring, drywall repair, and other standard maintenance items. You must consider these costs when buying a short sale. 

 

Click Here to learn how to receive money to fix up your new home

 

 

To view  Short Sales currently available in Nassau & Suffolk counties click here.

 

 

To learn about Short Sales click here.

 

 

 

Be Patient - This is the BEST advice I can give you when buying a short sale. As I mentioned. There are many twists and turns, paperwork gets lost, distressed sellers are slow to provide critical data, etc. But, a short sale may provide you with a wonderful opportunity to purchase a great home for less than you can imagine. Be patient, be strategic and don't get too attached to the property. If it's meant to be, it's meant to be. Good luck!

At Re/Max Wittney Estates we have successfully represented many buyers interested in purchasing distressed properties.  If you or any one you know is interested in purchasing a distressed property please contact us at 516-795-6900 for more information, or visit our website to view Short Sales currently on the market.

 

 

 If you are in the market to buy a home or interested in selling a home we are here to help you.

Our trained and certified loan originators are always prepared to find the right loan program for you. Click here to contact them for a free pre-approval.

 

   Learn The Difference in a  Pre-Qualification and a Pre-Approval

 

Click Here To View Nassau And Suffolk County Homes Currently Available For Sale

 

 

 

 

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Ambassador
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

There could be an upside to buying a short sale.  If there are issues and the buyers are willing to make the changes or repairs, they would be getting a home at less than market value.  If the appraiser that comes out to do the appraisal for the bank notes the issues on the appraisal the lender can be more amenable to the lowered price. All this, however does take time

Feb 07, 2015 11:07 PM #1
Ambassador
1,770,150
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Tell me abut it Richard & Beth. I have had short sales drag on and fall apart. I will take a foreclosure over a short sale any day.

Feb 07, 2015 11:35 PM #2
Rainmaker
5,620,182
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is good information for those interested in short sale transactions. The uncertainty of reaching settlement is one of the reasons that many home buyers avoid short sale transactions.

Feb 08, 2015 01:41 AM #3
Rainer
255,203
Kim Gaston
RE/MAX Advantage Realty - Colorado Springs, CO
Colorado Springs REALTOR®, CNE (719)661-6987

To be honest, I've yet to work with a buyer on a short sale. Our buyers seem to have become more aware of this process and opt out for a safer alternative.

Feb 10, 2015 01:13 AM #4
Rainmaker
1,250,453
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Richard & Beth Witt ... I don't think your advice about "having patience" can be stressed enough when talking about short sales.  EVERYONE involved in the transaction needs a healthy dose of it!

Gene

Feb 10, 2015 02:26 AM #5
Rainmaker
3,249,686
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Richard and Beth

Short sales . . . . are not short . . . . and in many cases take more work then a traditional sale.

Good luck and success.

Lou Ludwig

Feb 10, 2015 08:10 AM #6
Rainmaker
1,526,112
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Richard and Beth, working with short sales take patience for sure. It's heartbreaking when buyers walk away, it must be made very clear to them that it can take as long as a year(or longer), if they're not willing to wait, short sales are not for these buyers.

Feb 10, 2015 09:03 AM #7
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Beth, Just entered buyers into a two bank short sale last Friday.  They know it will be AT LEAST 60 days before we're likely to get a response from the banks, and that's with an experienced short sale listing agent on the other side of the deal.  I checked to make sure he had some under his belt before we wrote the offer.  Had another agent once that my buyers waited over 6 months without ever getting a response. The seller actually contacted us direct and told us the listing agent had sent the paperwork to the wrong bank department and couldn't reach the right people.  That home foreclosed for less than what our offer was.  Bill

Feb 10, 2015 09:03 AM #8
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Beth and Richard, that's usually the first thing i say to buyers who are asking about short sales. If they don't have the patience and stamina to wait it out, then buying a short sale property may not be for them.

Feb 10, 2015 09:54 AM #9
Rainmaker
621,802
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Not usually short.

and...not usually fun either.

I do look forward to the day when people don't know of these as other than some freak of a market back in the early part of the decade.

Feb 10, 2015 02:38 PM #10
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Rainmaker
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Beth and Richard Witt

Long Island Cash Home Buyer 516-330-6940
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