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Short Sale | From 'Urb to 'Burb Blog

Friday, February 7, 2020   /   by Vanessa Saunders

Buying a Foreclosure Home: Negotiations and Financing.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems


The wheels of banking grind exceedingly slow, and purchasing a foreclosure home is no exception. The start of a buyer's long road to owning a distressed property starts with making an offer, and proceeds through negotiations to closing. Most lenders with properties to get rid of are accustomed to low-ball offers. Buyers making offers that are at least 20% below the current market price are normal. A lender might agree to offers even lower than that if the particular property has been on their books for a long time. Lenders will also discount properties in an area with a high incidence of foreclosures. 

Many times, the winning offer will be all cash, including enough for the property and any necessary renovations. This is why buyers will often team up with outside investors who can help them cover up-front costs, then share any profits when the home is sold. 

Financing an REO.
Lenders don't part ...

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Thursday, February 6, 2020   /   by Vanessa Saunders

Buying a Foreclosure Home: Risk and Reward.

While below market prices on foreclosure homes offer a big payday to investors, they also come with potentially significant risk. Anyone tempted by windfall profits should be aware that buying a distressed property isn't a guarantee they'll make money, or even get their investment money back.

Foreclosure homes are attractive to investors and buyers because they can be had at a significant discount off their market value. Distressed properties are always sold below other non-distressed comparable properties in similar areas. Lenders anxious to off-load an asset sometimes give enticements to buyers like lower interest rates and downpayments, and cutting out certain fees and closing costs.

Buyers know that the sellers of a short sale or a home in pre-foreclosure are having financial problems and aren't in a position to be tough negotiators. They are also in a time crunch to sell the property themselves before the lend takes it over. If they can't unload it, they're faced with losi ...

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Wednesday, February 5, 2020   /   by Vanessa Saunders

How to go Foreclosure Home bargain hunting.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems

Buying a foreclosure home (known to the industry as a "Distressed Property) in the Hudson Valley has never been easier. Finding and acquiring a property in foreclosure used to be a difficult, drawn-out process. Real estate bargain-hunters had to sift through reams of legal filings to find lists of auctions at the county clerk's office, attend Sheriff's auctions, and scan newspaper legal notices. It took a lot of patience because the process was so cumbersome.

Prior to the sub-prime real estate meltdown in late 2007, foreclosures were rare.  When the real estate bubble burst, many borrowers were unable to make payments on their subprime mortgages. The foreclosure rate soared and lenders were forced to streamline the foreclosure process to handle the high volume of loan defaults.

Today, the process for finding distressed properties is much like shopping for any other kind of home. Even though the vast bu ...

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Wednesday, January 22, 2020   /   by Vanessa Saunders

The threat of foreclosure needn't ruin your happiness.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems

Even though unemployment is down for now, loss of income is still affecting millions of American families. But foreclosure doesn't mean a home owner's situation is hopeless. Finding a foreclosure attorney and going through the steps of foreclosure together can ease the strain in this troubling time. Critical to fighting a foreclosure is to get started as soon as possible, to set the process in motion. Knowing the steps in the foreclosure process will help borrowers understand how it works, and how they can protect their right and options.

Step One: The owner stops making payments.
After three or four (or more depending on the lender), the lender will begin mortgage foreclosure procedures. Although foreclosure procedures differ from state to state, those in New York are substantially the same as elsewhere.

Step Two:
The Bank Issues an Acceleration Letter
The lender will sell the borrower notice called ...

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Monday, October 28, 2019   /   by Vanessa Saunders

A short course in Hudson Valley short sales

I’m in the middle of negotiating a short sale that has received multiple bids, which is par for the course if done correctly. Short sales have become much easier than a few years ago, but they can have the occasional hiccup. Short sales are still a great way for buyers to get a bargain when buying a home. One of the Realtors involved in this transaction asked me to explain the process in order to make sure that her client’s are fully aware of what to expect, and I thought others would be interested too, so here goes….

Buyers pursue short sales hoping to get a good deal. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump on like a hen on a June Bug, ask your agent to call the listing agent to find out if the home is a short sale.

In the past, many of my Rockland & Orange County home buyers have waited 4 to 6 months to close on a short sale, sometimes much longer. A short sale can go much quicker these ...

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Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2020 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale or lease on this web site comes in part from One Key, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the One Key, Inc logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by One Key, Inc or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 One Key, Inc. All rights reserved.

The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.