Looking buy a Short Sales condo in Manhattan New York? Since we work with many short sale sellers, we receive buyers' phone calls and inquiries daily on wanting to buy Short Sales in Manhattan New York, it is important for buyers to have the right expectation before they start the property search process.
To start, the definition of a short sales in Manhattan New York is no different if you are in New York, Florida or California. The lender in this case has to appprove of the sale since they are absorbing the loss, the difference in price between the outstanding loan and the selling price. The selling price is NOT going to be 'a bargain basement price', the lender will only approve the sale when it is a fair market price. Therefore please note: that you will not be able to buy any condo in Manhattan New York fifty cents on a dollar in a Short Sales in Manhattan New York (or any other market place).
To buy a Manhattan New York Short Sale Condos, you will submit an offer to the listing agent as no different than a non-short sale listing. The offer has to be market value that is comparable to the building or neighborhood sales. In addition, financial statement (bank statement) or financing approval need to be submit together with the offer.
To buy a Manhattan New York Short Sale condo, few things to keep in mind:
- It may take longer than you expect. (3-6 months if you are financing)
- You may have to pay a little bit more in closing costs.
- You may have to increase your offer if the bank counters.
- The short sale is never short. Patience is a must, if you have to move in by specific date, this may or may not be a good purchase for you.
Once the price is agreed upon between the buyer and the seller, both parties will then enter into a contract. At that point, the hardship package is submitted with sellers financial information and the hard contract with your (the buyer's) purchase method.
Who are the Short Sale Sellers in Manhattan New York? Most of the short sale sellers in Manhattan New York are buyers who bought the either new construction condos or resale condos in the last five years or less. Since then, either the building comparables have adjusted significantly or the owner has refinanced the property much more than what it is worth in today's market.
- Short Sale in Manhattan New York - New York Part 1
- Short Sale in Manhattan New York - New York Part 2
- Short Sales in Manhattan New York - New York Part 3
- Manhattan Short Sales Condo - 110 East 87th Street #2D
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 (917)837-8869 for futher details and your confidential short sale intake evaluation.
Call us at (917)837-8869 for other short sale listings or well priced listings that may be better 'deals' than short sale listings today.
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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.
To read more about Manhattan New York Real Estate, click on our websites below:
Manhattan New York Condo Specialists or Chinese Speaking Real Estate Agent
