Short Sale or Foreclosure on the East End, North Fork Long Island

April 28th, 2009 category: East End LI Foreclosures, Real Estate News

Zach Fox at North County Times writes that foreclosure may be a better option for some struggling homeowners.

http://nctimes.com/articles/2009/04/25/business/z096c1b1a5c67baac8825759a00757a6f.txt?ref=patrick.net

Short Sale?  Selling with a loan balance that is above market value? Get a lawyer.

Real estate agents that have taken a vested interest in short sales are few and far between, because short sales offer a minor return to participants (sellers, buyers, real estate agents) if the facts are laid out in way that’s thorough andknowledgeable – some home sellers will read the fine print, and make their decision based on a lawyers recommendation (and fiduciary responsibility). It’s so new that it’s not a science, and shouldn’t be in an area without clinical real estate trials, be considered one.

Your credit will be dinged. Find out by how much- if it’s equal to foreclosures, as suggested above, you need legal advice. There is no link that has been located that will provide a definitive answer.

Optimism? Banks are going to have to provide some kind of credit score “credit” to those engaging in a distressed sale; it might not  have the negative “cache” in downturns past.

Mainstream real estate has eclipsed (at least, in NY) the ability of real estate agents to offer simple advice; get a lawyer for any distressed situation before engaging.

And, in NY (we operate on the east end of Long Island- North fork, Hamptons) make sure that your lawyer understands short sales, and the ramifications, so that you’re aware- there’s too much uncertainty occurring that could jeopardize a “clean break”, as promised, without future hassles. Who needs ‘em.

This entry was posted on Tuesday, April 28th, 2009 at 7:45 pm and is filed under East End LI Foreclosures, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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