The application should state exactly what you need and what you are allowed to do.
There are Expeditors you can hire if you feel that you would rather not handle it yourself. If you think you want to hire an expeditor, just contact me and I will give you some names.
Good Luck with your filing.
Lilian Tramantano, GRI
Associate Broker
Coach Realtors
ltramantano@coachrealtors.com
516-678-6648... more
Thank you for your answers. I have gone there at different times and numerous times. There are things I like about it and things I don't. You do get a lot more house for the money, then in RVC. But it seems like the housing prices have not kept their value during this recession, whereas neighboring RVC have. Any reasons as to why?
I do have a friend who lives in the area and his house is worth $100K less than what he purchased it for. I would be concerned about purchasing a depreciating asset.
Also, is there anyway to tell if ppl rent out to Sec8. That would definitely bring down property values in my opinion. I have tried looking on the towns website, but can't find any info on this.... more
While the house is not listed on MLS it is in an area of Baldwin Harbor that typically sells for $450,000 plus. The house looks like it is a typical split level which tend to be rather large in the Harbor. Once in a while houses sell for less than that price point if they are a short sale of foreclosure.... more
I agree with the first comment from Ralph.
You have not provided us with enough information to do anything but speculate about your position. You need to speak with a mortgage professional first to see if your are qualified to obtain a mortgage and for how much. Then you need an attorney to help preserve any legal rights you may have under the option.
If you don't qualify for a sufficient mortgage it is time to move on since the bank will not want to be your landlord.
Allen Bauman
Century21 Yve R. E.
Licensed R. E. Agent
NYS Certified Residential Appraiser
allen.bauman@gmail.com
516-791-3846... more
Your agent can provide additional information--you can file an assessment appeal on line--www.nassaucountyny.gov/arc do keep in mind that by filing an appeal does not necessarily mean you'll get a reduction.... more
Purchasing a distressed property whether a short sale or an REO (bank owned property) presents its own set of difficulties but can also provide the reward of purchasing a home substantially under market value.
Most Lenders will not consider a short sale without a full package submittal, which typically includes the seller's financial documents, a fully executed contract of sale, proof of funds or a mortgage pre-approval, a preliminary HUD-1 Settlement Statement, among other documents.
As a seller's attorney, my firm normally includes contractual language that makes the contract contingent upon the short sale approval. Further, if there are violations and open liens, I want the short sale bank to approve their payment as well. There are times that the lender will deny payment and I try to avoid having the Seller on the hook for such a payment. The reason they are short selling their home is because they lack assets. I also make the contract "as-is" and vacant at closing because, of course, there is often no money to be put in escrow for repairs or post-closing possession.
As a purchaser's attorney, I want my client to put as little as possible down on contract. That down payment can be tied up for months waiting for short sale approval. I also want a time frame where, if there is no approval, my client can cancel and get her money back - the problem being - you don't know how experienced the person negotiating the short sale really is. I have seen some egregious mistakes on preliminary HUD-1 settlement statements that grossly understate what the true cost to Seller (and ultimately the bank) is going to be to close and give clear title.
As you can see, it is essential to choose representation that is experienced in distressed asset transfers. Short sales are not for neophytes whether realtors or attorneys.
Good luck!... more
It could happen quickly if the second bank says "yes" then it will go pretty quickly. Also, the home may no longer be available for a short sale if the bank files a foreclosure on the property. Then the wheels are in motion, and they do not reverse that decision lightly and usually not at all. When they file the foreclosure, the attorneys take over, and they proceed until the bank is declared the owner. Then the bank will once again offer the home for sale. If you have been told you have a deadline of Sept 29th, they probably mean what they say. This is all such uncharted territory that we cannot be sure, but that deadline should not be simply ignored.
The first and second mortgage holders will work out something because it is in their best interests to do so. Something is better than nothing. I have know of second mortgage holders who have bought out the first mortgage to avoid losing more than they feel they will if the own and then sell the home themselves. Foreclosures are so plentiful that there are some generalities but some exceptions too.... more