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Ronald Logallo, Jr.
Cell: 631-335-7141

Your Local Real Estate Guy

Short Sale Homes & Foreclosure Homes - Explained

Short sale homes are usually priced to sell. 
However, all short sales are subject to bank approval.
This means that everything has to be done as if in a traditional sale but in the end the bank can reject the entire deal because they are not receiving the full amount of money that they are owed.

In a short sale transaction expect to wait on average of about 4-6 months and expect to pay for multiple extensions on your mortgage commitment.
In the end you have about a 50% chance of getting the home to the closing table.

Foreclosure homes are sometime easier to buy.  You are buying the property directly from the bank.  However, financing is sometimes difficult.  
You will need to be approved for a construction loan or be able to purchase the property all cash.  Otherwise, in certain cases the bank that has the foreclosed property may offer financing on it.  
There terms however will likely not be negotiable and you will not be able to shop rates with other lenders with this type of purchase.

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Ronald Logallo, Jr.  -  Cell: 631.335.7141  Email:

Suffolk County Homes Sale | Suffolk County Real Estate | MLSLI | Multiple Listing Service Long Island - MLSLI

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All information deemed accurate but not guaranteed...buyers and sellers should verify all info before submitting offers on any properties.

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