Wednesday, February 5, 2020 / by Vanessa Saunders
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 ...
Monday, October 28, 2019 / by Vanessa Saunders
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 ...