Posts Tagged ‘Short Sales’

Looking to Purchase a Foreclosure? Every WNY foreclosure is a tragedy and an opportunity. A Western New York property enters foreclosure when the original mortgage holder can no longer pay or settle a debt to the lending institution. The property then enters foreclosure, with the lender taking full possession of the WNY property. In most [Continue]

Here is a selection of Properties that are listed on the MLS as Foreclosure/REO/Short Sale or Bank Owned properties. August 15, 2010 193 Saint Lawrence Ave Buffalo, 14216 NY $ 46,900 Built in 1948 576 sq. feet 2 Bedrooms, 1 Full Bath(s) , 0 Half Bath(s) MLS Number: B369424 (IDX) 304 Riverside Ave Buffalo, 14207 [Continue]

In today’s Real Estate market you may here the term “Short Sale” and you are probably wondering to yourself and afraid to ask “What is a Short Sale?“. Well basically a Short Sale in Real Estate is when a sale of a house in which the proceeds fall short of what the owner still owes [Continue]

We often talk about the Real Estate market and the inventory is the homes that are for sale.    But let’s talk about the inventory that  really isn’t inventory; yet.   What sits waiting and what exactly are they waiting for?   Out showing properties to a client of mine this evening, we discussed a problem that many [Continue]

Today I want to talk about a small but important piece of the short sale – the hardship letter. This is the one time you really need to look at the situation through bank’s eyes.   They have taken all the risk and ultimately deciding if the transaction is going to go through.  The hardship letter [Continue]

Is your house worth less then what you owe on your mortgage? If so, the term that defines this is called an underwater mortgage or some also call it upside down and you are not alone, nearly 1 in 6 homeowners find themselves in this position today. Underwater mortgages are mortgage arrangements that effectively leave the owner with more debt on [Continue]

Are you looking for a Foreclosure property in Lockport?   Here is what is currently available in the Lockport area according to the MLS as Foreclosures: 6415 Sherman Dr Lockport Town, 14094 NY $ 61,900 Built in 1970 1144 sq. feet 3 Bedrooms, 1 Full Bath(s) , 0 Half Bath(s) MLS Number: B363953 (IDX) 115 Washington [Continue]

Are you in trouble? Do you need information regarding foreclosure? Recently Freddie Mac video about Mortgage Fraud. They also has a webpage for Avoiding Mortgage Fraud. [Continue]

Two years after a short sale, a seller can buy a new home! Fannie Mae recently announced that sellers, who elect to sell on a short sale over letting the property go through to final foreclosure, are eligible to buy a new home after two years. Although there are no exceptions due to extenuating circumstances, this new ruling means there is [Continue]

There are a few ways to decide whether it is worth it or not in Western New York. You see... a Short Sale is a method for reducing your debt. It is NOT Free though. It has its costs and they are not all short term. The most obvious negative effect is to your Credit. A Short Sale is a "derogatory". That means that you will have significant [Continue]

A 2008 study found that Buffalo had the third-highest housing vacancy rate in the nation and it appears that those numbers could climb higher. Over 3,000 Buffalo homeowners and 437 Buffalo business owners will see their Buffalo properties placed on the auction block if they fail to pay back taxes and fees in the coming [Continue]

Robert G. Ortt, the City of North Tonawanda will conduct a live auction of approximately 15 tax-foreclosed and City owned properties on Saturday, April 25, 2009, starting at 10:30 AM. [Continue]

I came across an interesting article this morning regarding the foreclosure crisis — on how Self-storage facilities are experiencing a high number of units not paying their bills. It is an interesting to see that what is happening as a direct result of the foreclosure crisis.   Not only are buyers finding it more difficult to [Continue]