Call Charles for help with your Brooklyn Short Sale

Whether you own a property in distress or you’re looking to make a good investment. Buying or selling Brooklyn short sales can be tricky ,and a frustrating process. The best-case scenario is that sellers reduce their debt and buyers get a great deal, but that outcome is ultimately up to the bank.

Below are some standard short sale trials that both sellers and buyers should be aware of before getting their hopes up:

Sellers need to prove hardship. As a seller, you should talk with your bank and then gather all of the documents they require to put together a hardship portfolio to apply for a short sale. These usually include tax returns, employment status and other personal and financial information. Be quick about it, because the bank has the final say, and you don’t want to leave them hanging.

• Everyone needs to get used to the waiting game. This is probably the most frustrating part, so don’t plan your life around a bank’s approval. They could take anywhere from a couple days to a couple years to make a decision.
• Banks are waiting on banks. Not only are you waiting on the bank that has the mortgage, but there could also be other liens taken out against the short sale. Those third parties also have to sign off on the debt.
• Buyers should get a thorough home inspection. If you’re considering buying a short sale property, make sure you hire a professional home inspector.
• The home could go into foreclosure. Sometimes [city] short sales take so long that the owners cannot keep paying their mortgage and the home goes into foreclosure. Then the bank takes it over and starts a new waiting game.

If you’re considering buying or selling short sales, you’ll want to enlist professional help to navigate the tricky waters. As an expert on Brooklyn short sales, I can help. Please call me  Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]. for more information.

The reality of today’s real estate market means that there are many opportunities to purchase Brooklyn short sales.  While the process can still be confusing, it is increasingly common. Here are a few tips on how to make sure you leap through the extra hoops a short sale requires with ease and grace:

• Avoid short sales with multiple mortgage lenders: Offers on Brooklyn short sales with two different lenders are at a much higher risk of being declined. The first mortgage lender will likely only allow a small percentage to go to the holder of the second mortgage – who will therefore be likely to veto a deal, on the hope that more funds would be generated in a foreclosure.
• Check the Real Estate Agent’s Short Sale Track Record: Agents with experience in short sales are much more likely to be able to successfully navigate the system than those new to the vagaries of short sales.
• Make Reasonable Offers: Short sales can be better deals, but they are unlikely to be magically cheap.  No matter what, the bank isn’t going to give the home away just to avoid foreclosure.  You want to put together an offer that makes the buyer and the bank happy.
• Follow Up on the Details: With the bank involvement, there will be more negotiation and more detail.  Keep your i’s dotted and t’s crossed to make sure the process doesn’t stall.
• Allow For Extra Time: Short sales are not a short process, so if you are truly in a hurry to close a deal, consider other options.

If you’re looking for a real estate agent with experience in Brooklyn short sales, give me a call.  I can help you navigate the system and close on your new home. You can reach me at call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]

Reasonsons to invest in short sales

Now is a fabulous time to take advantage of today’s real estate market and boost your investment portfolio with Brooklyn short sales. Here are the top ten reasons why investing in short sales might be beneficial for you:

Short sales benefit buyers, sellers and investors. You get to help a lender and homeowner out of a tough financial situation.

1. You can make a nice profit because Brooklyn short sales are priced at or below market.
2. Banks are closing them faster than ever before and, from start to finish, it’s not as painful as it used to be.
3. There is a huge inventory of short sales from which to choose.
4. The competition is low because there aren’t enough investors to gobble them all up.
5. It doesn’t take a ton of time. You’ll spend even less time when you work with a real estate agent who specializes in short sales.
6. Short sales are generally in better condition than foreclosures.
7. You can work with luxury home short sales. Luxury short sales require the same amount of time and work as short sales on less expensive homes, but the profit margins are much higher.
8. In some cases, the banks will pay closing costs and Home Owner Association transfer fees.

10.  You can work real estate short sales in all markets: urban, suburban and rural areas.

If you’d like more information on investing in Brooklyn short sales, give me a call today at (718) 253-9600 ext 206 or email me at [email protected]