Manhattan Condo Living

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

We are Manhattan New York Short Sale Agents

As Manhattan New York Short sale Agents, we are seeing Short Sales in Manhattan New York and all over New York State keep on coming. With so many short sales in all of United States, it makes you wonder how has the downturn in the market affected the Manhattan luxury condominium market.

We are Manhattan New York short sale agents that knows Short Sales in Manhattan New York, a phrase or a new vocabulary for many of the Real Estate professionals in this town. Manhattan New York is a city that many worlds' biggest billionaires and movie stars have their favorite penthouse and skyhouse. From record breaking 15 Central Park West sales ($6,000 per square ft with $80 Million dollars penthouses) to historical Plaza hotel turn condominium sales. We have moguls from all over the world and celebrity pads from Madonna to Mariah Carey!

We are Manhattan New York short sale agents that specialize in Short Sales in Manhattan New York. The definition of short sale is no different than other parts of the United States a short sale is when a lender allows a property owner to sell their property for less than what is owed. The mortgage lender absorbs the loss and expenses, and the debt is discharged. The sellers must be qualified, It is important for us, as a short sale listing broker, to learn (sooner rather than later) the seller full financial picture.  Just because a seller wants to sell short does not mean that the seller will be allowed to do so. However, please keep in mind that in Manhattan New York market, there are slightly differences since it is a condominium and co-op market.

We are seeing slowly rising of the 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. 

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(at sign)elliman.com for a confidential conversation.

Get the facts about Short Sales in Manhattan New York or short sales for anywhere in the state of New York. PART 3

Do You Qualify For A Short Sale: Most lenders will consider allowing a Short Sale if there has been a change in circumstance after the loan was initally obtained which prevents the borrower from making payments. 

Some of the possible reasons:

• Loss of income
• Divorce
• Job Transfer
• Medical Bills

Have you been making your mortgage payments?  If so, some lenders will not approve your Short Sale. Most lenders are overwhelmed with these short sale files before yours from mortgagors that cannot pay, and you are paying.  That does not mean you won't be approved,  if the source of payment is from your retirement fund, or getting cash advances from your credit card to make payments and etc, that can be approved as hardship.  Important to remember, not making payments will affect your credit.  It's a personal decision for you to make.

The lender will want a Hardship Letter explaining what happened to cause the inability to keep up with mortgage payments.  An unsatisfactory reason would be "the market has declined".

Having Short Sale in Manhattan New York - New York is complicated,  SELLERS or BUYERS 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.

• Short Sale in Manhattan New York - New York Part 1 
• Short Sale in Manhattan New York - New York Part 2

Copyright © 2009 By Eileen Hsu, All Rights Reserved.  *Short Sale in Manhattan New York - New York Part 3*  

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.

Short Sale in Manhattan New York, New York Part 1 

Copyright © 2009 By Eileen Hsu, All Rights Reserved.  *Short Sale in Manhattan New York - New York Part 2*  

Get the facts about Short Sales in Manhattan New York or short sales for anywhere in the state of New York. PART 1

Short Sale (New York City) was an unfamiliar term for us living and working in Manhattan Real Estate before last September 2008... Now, it is a term that the Manhattan Real Estate market are seeing more often... as oppose to the rest of the United States realtors have! Here are some basic knowledge of the short sale if you are not sure what it is.

Short Sales in Manhattan New York Definition: "For homeowners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a short sale. 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."

Short Sales in Manhattan New York Pricing: When pricing any real estate listing especially SHORT SALE listings, an experienced short sale Real Estate agent must consider several standard factors:

• Active & Current Listings (Competitions):  Similar properties for sale may be overpriced, since they have failed to sell
• In Contract Listings: Properties under contract indicate what price entices a buyer to purchase
• Sold Listings (in the last 2-4 weeks if possible): What price buyers were actually willing to pay
• Expireds: What price was rejected by the market place

With a short sale, there is the final price, this is the price the short sale lender conclude AFTER receiving a purchase and sale agreement. This price can be the deal maker or deal breaker The lender price is based on a Broker Price Opinion (BPO) or appraisal.  This third-party opinion changes the game and actually may distort markets.  Unfortunately/Fortunately this price opinion may come from an agent with one year experience who has signed up on a website to perform BPO's.  The price opinion may come from one appraiser who does not know the exact market or inventory levels.  

Short Sales in Manhattan New York Timeframe: From the time a Contract is entered into to sell the home, the process should take no longer than 4 months. However, we have been known to negotiate short sales in as little as 3 weeks. All transactions are reviewed on a case-by-case basis so as to better advise the property owner what can expected. Things change often, rules change often in Short Sales. What a lender says is the way it is one day may change tomorrow.

It is very important to understand that the only time a lender will stop foreclosure proceedings is after a successful short sale negotiation. In other words, the lender will continue their efforts to repossess the home despite the fact that a homeowner has listed the home for sale or entered into a contract to negotiate a short sale. Again, it is only after the transaction has closed that the lender will abandon the foreclosure action.

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*