Steps to proceed with Foreclosure Property
Hi Brownstoners, We just stumbled upon a great foreclosure opportunity on a brownstone in Bed-Stuy. The owner has an 80/20 loan, has owned it for one year and wants to do a short sale. How do we go about proceeding with this sort of situation? Do we get a lawyer first or have it inspected…
Hi Brownstoners,
We just stumbled upon a great foreclosure opportunity on a brownstone in Bed-Stuy. The owner has an 80/20 loan, has owned it for one year and wants to do a short sale. How do we go about proceeding with this sort of situation? Do we get a lawyer first or have it inspected first? Also, we are thinking of offering about 10% less than what the total amount of the mortgage is – is that reasonable? Also, would it help our case with the lenders to offer to cover the interest payments until the closing if they agree to our offer within say 24 hours? Finally, does anyone have any recommendations for lawyers in Brooklyn who can help with this sort of situation and what should I expect to pay them for their services?
Thanks guys – any and all responses are appreciated.
I’ve done shortsales before and can tell you its a long process..I’m a licensed real estate broker that specialize in short sales..I can help you.. email me at brooklyn_property@yahoo.com…A short sale
usually takes about 4-6 months before closing. It depends on how many units are vacant. Most cases the homes have tenants that know the owner is about to loose the house so they stop paying rent and refuse to allow annyone in the apts. Remember before the bank accepts any offer they have to get the house appraised. Before you make any offer you have to take into condiseration the damages to the home, any outstanding bills, tenants occupying the home.