With all the complexities involved with buying an apartment here in New York City, if you learn that the sellers are divorcing, should you give the property a hard pass? Not necessarily, as they may be doubly motivated to unload the property.
Should you offer to front the money a buyer needs to purchase your home? It may sound a little crazy, but seller-assisted financing is a viable option for a lot of owners who need to unload their property and can't find a buyer quickly on the regular market.
A short sale means that the lender is not going to get all of their money back. The homeowner still owes more than the value of the house. If you buy the house for the fair market value, the lender accepts that payment even though it does not entirely pay off the outstanding balance on the previous loan.
The real estate market in 2019 in New York City had (more than) its fair share of ups and downs. Some of the more tumultuous events included deals with a tech industry giant that exploded with fanfare and then quickly died, changes to the way that rents are controlled that have landlords crying foul and sliding investment sales.
Getting an offer on the home you are selling is a thrilling experience -- especially if you've been trying to sell for a while. You may immediately feel a deep sense of relief now that you finally have a buyer.
You were so excited to buy your home and everything seemed perfect -- until your financial troubles set in. Maybe you got a divorce, lost a job or had a medical crisis in the family. Whatever the issue, your mortgage suddenly became more than you could handle, and you started looking for a way out of your situation. The home goes back up for sale.
Are you ready to get out of the real estate game? If you're getting ready to sell off your investments and retire, it's smart to plan ahead to make the sales process as simple as possible.
If a contractor or subcontractor provided materials or labor for your home improvement project or remodel, they naturally expect to get paid.
The New York City real estate market is hitting a slump -- and that may make it harder for sellers to offload property that they no longer want or can afford to keep.
How can you make your home ownership dreams a reality if you don't have enough money for a down payment or don't have a great credit rating? Owner-assisted financing is one option.