New York Manhattan Short Sale Specialists: We are New York Manhattan Short Sales agents that knows Short Sales like no others, "short Sales' is a phrase or a new vocabulary for many of the Real Estate professionals in this town.
New York Manhattan is a city that many worlds' most wealthy and movie stars have their favorite skyhouse condo and townhouses. 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, the record breaking prices are unheard of.
As New York Manhattan Short Sales Specialists, we see the evidences of all the layoffs on Wall Street are begining to hit the Manhattan condo market.
To qualify for New York Manhattan Short Sales, please review points below:
1. declining market value has dropped prices near or below the total monies remaining due under the mortgage loan
- prove to the lender that the price realized is as good as it gets
- Comparative Market Analysis (like an appraisal)
- Broker’s Price Opinion (BPO)
- tied into a more current reality of market than a standard appraisal
- based on pending sales
- activity on market
- comparable sales not older than 3 (or so) months
- submission will be in writing to lender
2. seller is at or near default under mortgage loan
3. seller has bona fide hardship appeal what works (if true)
- unemployment
- divorce
- death
- injury or illness of income earner
- loss of assets
4. seller has insufficient assets beyond the property being sold to pay the short fall on the total due to the lender
5. actual contract of sale for property at market price
6. the sales proceeds, after closing costs, will not be enough to pay the entire amount due to lender
- New York Manhattan Short Sales Specialist facts
- New York Manhattan Short Sales Specialist Condo Listings
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 or (917)837-8869 for futher details and your confidential short sale intake evaluation.
*New York Manhattan Short Sales Specialists* was first published on www.Manhattan-Condo-Living.com*
Eileen, so clearly written. Manhattan? Short Sales? Eileen is the expert. Hope this drives much business your way. Excellent piece. You always do such good work on the area you are focused on.
Eileen- We have done short sales with sellers who are very wealthy to very poor. The hardship test is relative and while it helps in the negotiating of getting the deficiency wiped out you can still negotiate a short sale for sellers as long as they are willing to contribute.We are doing one right now with the seller having 1 million in assets.
Also, they don't have to be behind or on the verge of default in our experience. Some will, some won't' Depends on the bank.
This is a relative statement. IT all depends.
Nestor and Katerina are right of course, but I think Eileen would be remiss if she didn't reference hardship as an overall guideline. Here in New York it is a CYA scenario to a vast degree.