Get the facts about Short Sales in Manhattan New York - New York or short sales for anywhere in the state of New York. PART 2
This is our Short Sale in Manhattan New York - New York series, 'Short Sales Manhattan New York, New York Part 2' If you have not yet read our Short Sale in Manhattan New York - New York Part 1 if you need to know the basics.
Short Sale in Manhattan New York - New York the Pros & Cons:
Short Sales in Manhattan New York Buyers: It is important to understand that most short sale property owners (sellers) have not done anything wrong. Typically a short sale property owner purchased the property within the last three years and financed a high percentage of the purchase price and perhaps closing costs. Since that time prices have adjusted significantly in value which means that if the property owner wanted to sell or refinance they would have make up the difference between the mortgage balance and the current decreased value, plus closing costs. There is also the possibility that the property owner may not have understood the terms of the mortgage or was fraudulently induced into predatory subprime loans.
Short Sales in Manhattan New York Sellers: You may have purchased a Condominium or Co-Op in Manhattan within the last three years and financed a high percentage of the purchase price and high closing cost (in Manhattan New Construction), now the market is different, you have found out that you owe your lender more money than what a buyer is willing to pay for your property, that does not mean you are going to be able to just sell your property for less than what you owe your lender. It is crucial to appreciate that foreclosure should be avoided at all costs and there is always an opportunity to rebuild both your finances and overall quality of life.
Short Sale Sellers must understands the benefits when compared to foreclosure. The difference between a short sale is that it is a private proceeding; unlike a foreclosure which is public in nature. If the property owner cannot afford to remain in premises, the lender will repossess the property through foreclosure proceedings.
So please read our series in order to better understand what a short sale is and how we will proceed on with the short sale. If you are thinking about doing a short sale in Manhattan New York city market, call Eileen Hsu or Morgan Evans at (212)321-7122 for futher details and your confidential short sale intake evaluation.
Copyright © 2009 By Eileen Hsu, All Rights Reserved. *Short Sale in Manhattan New York - New York Part 2*