Suffolk County NY Short Sale Deals Are History
The idea of finding a Suffolk County NY short sale significantly less than market value should be forgotten. Those days are long gone, if they ever really existed in the first place.Lenders are just not going to absorb the loss of one dollar more than they have to.
Lenders are using automated systems to verify home values, along with broker opinions and appraisals, ensuring that offers they accept are in the ballpark of prices as they should be. Despite what lenders may say, they really have very little motivation to complete a short sale.
Points for Suffolk County NY Short Sale Buyers to Remember
Lenders will be looking at the net amount of an offer. A full price offer with 5% in closing costs is not a full price offer. Look at the net price because lenders surely will.
Most agents price short sales to generate offers. It's very likely there will be multiple offers and the accepted offer will be at or above list. Going in 20% lower on a Suffolk County NY short sale is likely a waste of time.
Keep in mind, a Suffolk County NY short sale almost always transfers "as is", and repairs are almost never completed.
Keep your offer clean and simple. Cash is king and so is a clean contract. Focus on the net amount and demonstrate your ability to close quickly. The fewer contingencies and stipulations you put in your offer, and the shorter the time frame to close the better.
Most Suffolk County NY short sales are not "binding" until approved. It's fairly common for lenders to counter an offer that's been under review for weeks or months. Right or wrong, this typically happens as a result of their research on market value. An experienced agent can often successfully appeal them.
Expect the process of buying a Suffolk County NY short sale to drag out for what seems like forever. Lenders would almost as soon go to foreclosure. Don't even be surprised if the whole deal falls apart.
A Suffolk County NY short sale includes many variables completely outside of a buyer's control. Often times, buyers just grow weary of the whole process and cancel their offer because they decide it's just not worth the aggravation.
If you're thinking of trying to buy a Suffolk County NY short sale, understand that it's pointless to try and low ball a home because the lender will likely just reject the offer. Remember, the seller could care less. Getting a Suffolk County NY short sale is all up to the lender.