Buying Manhattan Short Sales Condos Must Know!
Currently we are handling several Manhattan Short Sales Condos, we represent the short sale sellers. Since Manhattan Short Sale is still a new phrase for many of our agent peers, it is a newer phrase for Manhattan Condo buyers, the buyers were used to multiple bidding on a condo of their choice in the past few years.
Manhattan Short Sale Condos Buyers and their agents need to know:
Definition of a Manhttan Short Sale Condo: YES, this is a good opportunity for the buyers. (Please read our previous blog post on the basic definitions) NO, this is NOT a foreclosure! Many buyers' agents misinform their buyers about the Short Sales definition and we as sellers representation have to educate buyer's agents and buyers about the truth about Short Sales.
Offers for a Manhattan Short Sale Condo: YES, you can make offers on what you think it is fair market price, but NO, you can not buy 50 cents on a dollar of what the owner pay for, unless the owner overpaid and/or the market has dropped 50%. But as of MAY 2009, we are not 50% below the peak prices. Lender will not approve a short sale below fair market value. Buyers, if you are planning to buy a Manhattan Short Sales Condos, please manage your expectation.
Timeframe For a Manhattan Short Sales Condo: Yes, you have to be patient, as part of the course, the Short Sales sellers have to submit a Short Sales Hardship package, and it is very similiar to submit a Co-Op board package (tax return, financial information, pay stubs...etc), and both buyers and sellers will have to wait. In the case of Short Sales, we wait for the lender to review). NO, you can not close immediately. There is a waiting period anywhere from 2 weeks to sometimes 5 months (don't be afraid, we usually have the approval much earlier than 5 months). So if you have a immediate need of moving, you may have to think twice about buying a short sale condo.
Manhattan Short Sales Condos Listings: Yes, we have several Manhattan Short Sale Condo listings that we are happy to introduce them to you based on what your specific needs, locations, and price range. To find good opportunities and great buys in Manhattan Condo, you do not neccessary have to buy only short sale condos. There are a good numbers of Manhattan Condos with motivated sellers that may suit your needs.
Who are Manhattan Short Sales Condos Sellers: Many of the Manhattan Short Sale sellers bought in the peak of the Manhattan Real Estate market within the last 2 years with a flexible lending policies, and now since the market has softened and many of the sellers have lost the stability of their current job (some in financial industry, some not) they are now facing a huge monthly mortgage payment and may not be able to sustain those payments, now they are seeking for other options. Buyers, please know that most of these Manhattan Short Sale Condo Sellers have done nothing wrong.
Potential Manhattan Short Sales Condos Sellers: Yes, if you are thinking of having a short sale on your Manhattan Condo, please contact us and we will have a confidential conversation and/or meeting to see if you are eligible for a short sale. We understand the financial burden you may have at the moment, but it is important to address the issue and let the professionals help you than just ignoring it. Call (212)321-7122 or Email us at Ehsu(at sign)Elliman.com
Manhattan Condos Buyers: Yes, we know the Manhattan Condo market, we know where to look to find a good condo base on your needs. It is important to know that with the historic low interest rate, many of our savviest buyers and investors are on the market right now looking with us either buying a Manhattan Short Sale Condo or just a very well priced Manhattan Condo. If you are on the market to buy, we encourage you to contact us today by calling (212)321-7122 or (917)837-8869. Email us at : Ehsu(at sign)Elliman.com for immediate respond.
*Buying Manhattan Short Sale Condos Must Know!* was first published on www.Manhattan-Condo-Living.com*
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
We specialize in Manhattan New York Condominiums, townhouses, condops and cooperatives. We are condominium residents ourselves so we understand the Manhattan New York condominium community. We also enjoy all Manhattan neighborhoods, especially Upper West Side, Lincoln Square, Midtown East, Murray Hill, Financial District, Chelsea, Fifth Avenue, Greenwich Village, Nolita and etc just to name a few. If you or you know someone that may be interested in selling, buying or leasing their Manhattan New York condo, call us today (917)837-8869 or (646)644-6929 and we can discuss your specific Real Estate needs in private. Thank you.
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