Whether a Flushing short sale property is sold or bought generally relies on the approval of the original lender. In a short sale, the listed price is lower than what the home owner owes on the mortgage. By selling the property the seller hopes that the lender will forgive the difference of the loan and get rid of the mortgage.
Flushing short sales comes with uncertainty and risk of time for buyers. Seller’s lender are put in a position to take a loss, and they will investigate as long as needed to determine the amount they are losing on the short sale verses the amount they will lose if the home was foreclosed. The seller’s lender may also reject the offer if it suspects fraud.
Additional risks if the seller has multiple loans for the home. Each lender is looking at a loss while any one of the lenders can reject the buyer’s offer on the short sale.
If buyers have a lot of time to wait around for the seller’s lender approval, then buying a short sale could work out a good deal if the deep discount covers the time lost and headaches of uncertainty. Continue to look at others Flushing Queens homes while you put in an offer is on the short sale.
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