Short Sales in Manhattan New York, New York Part 4, for the previous Short Sales in Manhattan New York series, you can find it here. We are experienced Short Sales agents in Manhattan New York, before you thinking of buying a short sale property, please read our series.
Short Sales in Manhattan New York has been a common inquiries for our buyers and investors. Short Sales occurs 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.). Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose."
The Short Sales in Manhattan New York that we are seeing are mostly in newer construction building that were built in the last 3 years where the owners have bought the condos in the peak of the market, the average price per square foot from $1,200 - $1,500 or more in the high amenities full service luxury condominium buildings (one bedroom average price starts at $850,000), now they are responsible for a large monthly mortgage payment, and they are seeking for other options such as a possible short sale if they qualified a lender hardship test.
As specialists of Short Sales in Manhattan New York, when we receive phone calls from buyers on the interest in buying a short sale, we always ask why they are interested in buying a short sale. Most of the buyers think they can get a 'better deal' than other sales. Short Sales Buyers, please note that the lenders have to approve of these short sales prices, the lender will only approve of the sale if/when the price is at FAIR MARKET price. With that being said, the price must reflect the most current sold and close in the condo building or comparable buildings in the same neighborhood, if last similar condo unit has sold for $800,000, the lenders will probably not approve the short sales unit for $500,000.
Short Sales in Manhattan New York as of May 2009 represents less than 1% of the market inventory, buyers who are interested in a short sales should keep an open mind that you may be able to find 'a better deal' by finding that motivated seller that is willing to take a loss on their property. We are active agents on the market and we do have a "Hot List" of well priced condos with highly motivated sellers that are willing to negotiate with realistic buyers. The difference between a short sales and buying a from a motivated seller is that the sales is not contingent upon lender approval. Once both parties (buyers and the sellers) agreed upon a price, we sign contract right away and can be close in the next 30 days as oppose to 90 days or more for short sales.
- Short Sale in Manhattan New York-New York Part 1
- Short Sale in Manhattan New York-New York Part 2
- Short Sale in Manhattan New York-New York Part 3
We are a team that has experiences in short sales in Manhattan New York, most of the Real Estate agents have no working experiences in short sale. Our team, as seasoned Real Estate agents, we understand what short sale is, we have a team of specialists (Attorneys and Negotiators) that will ensure a successful short sale transaction. We are Real Estate agents under one of the most successful Manhattan Brokerage firm Prudential Douglas Elliman with extensive market knowledge. In addition, we have the confidence and success rate in completing a short sale transaction.
SELLERS: If you are an owner that is unsure if you are qualified for a short sale or already behind your mortgage payment, call us today at (917)837-8869 or email us at Ehsu(@)elliman.com for a confidential conversation.
BUYERS: Contact us if you are interested in buying a 'Short Sale' properties in Manhattan New York, or simply want to discuss if any of our "Hot List" has any condo listings that fits what you are looking for. call us today at (917)837-8869 or email us at Ehsu(@)elliman.com
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.