About North Babylon's Poet Section

Another REO Property Sold in
North Babylon NY!

This REO property in North Babylon NY is a 7 room Colonial with 4 large bedrooms. The master bedroom has a full bath. Also has a 2 car garage and an in-ground pool!

Located in the Poet Section of North Babylon NY.

Sold for $328,000 and the buyer's bank appraiser appraised it for $350,000. Yes, my buyers got a good deal!

The bank who owned the home actually finished the hardwood floors before putting it on the market. Very smart!

I have to say that this is my second buyer who bought an REO property and the experiences have been positive. No major issues.

With REO properties, a deep title search must be done. It is called a title chain. Research needs to be done thoroughly to make sure the buyer doesn't have problems in the future when it comes to owning the home. You don't want a former owner coming to the door stating they still own the home. This is why hiring a real estate attorney who is experienced with REO properties is essential.

My buyers couldn't be happier! The Poet Section of North Babylon will be getting a very nice family moving in!

North Babylon Real Estate Market Trends Week Ending 10/24/10

Homes For Sale In North Babylon:

Five homes are for sale in North Babylon. One is a short sale. There are no REO properties. There were no homes that closed in North Babylon last week.

Recent Posts For North Babylon:

North Babylon NY Real Estate Market Activity For Week Ending 10/17/10

North Babylon NY Real Estate Market Activity For Week Ending 10/10/10

North Babylon NY Short Sale Homes Analysis For 2008 Through 9/30/10

North Babylon NY Sold Homes Real Estate Market Analysis From 1/1/10 - 9/30/10

North Babylon NY Real Estate Market Activity For Week Ending 10/17/10

One short sale home in North Babylon on Herman Avenue is a Legal 2 by CO which means the home doesn't have to be owner occupied. You can either live there and rent the other portion or you can rent both portions. And it's 3 bedrooms over 3 bedrooms. This home will give anyone a nice rental income! It is listed at $339,000.

The REO property is in the Sunset City section of North Babylon NY on Ida Lane. It has 10 rooms and going by the photos, it doesn't need to be gutted. Just cosmetic work. It is listed at $339,900.

The other short sale home in North Babylon NY is located on August Road. It is currently listed at $399,000. Do not be afraid to buy a short sale home. Choose a real estate agent that knows short sales. They know the questions to ask ahead of time in order for you to make an informed decision before making an offer.

Under Contract:
The REO property in North Babylon that is under contract was on the market for 195 days. Since most major banks have put foreclosures to a halt, it's a good idea to do a title search before buying an REO property. Apparently, the REO properties that are on the market right now have no issues but you just never know.

Sold:
The home that sold in North Babylon is in the Sunset City section on Woods Road. I can tell you that from the photos this home is gorgeous! Gleaming wood floors, updated kitchen, a stone fireplace in the living room that would knock your socks off and an in-ground pool. The buyer is very lucky!

If you have been thinking about selling your North Babylon NY home, please call me today for a no-obligation, free comparable home analysis at (631) 703-0201

Enjoy your week!

North Babylon NY Real Estate Market Activity For Week Ending 10/10/10

There were no short sales or REO properties that came onto the market in North Babylon NY.

North Babylon School District

North Babylon NY Short Sale Homes Analysis For 2008 Through 9/30/10

North Babylon NY Sold Homes Real Estate Market Analysis From 1/1/10 - 9/30/10

North Babylon Homes That Sold Week Ending 10/3/10

North Babylon NY Real Estate Market Report For Week Ending 9/19/10

If you are looking to sell your North Babylon NY home and want a Free Competitive Market Analysis, please call me today (631) 703-0201 to schedule a no-obligation appointment.

North Babylon NY Short Sale Homes Analysis For 2008 Through 9/30/10

Steps For A Short Sale

First, you need to find a real estage agent that really knows the short sale process. It's a delicate process and there is a lot of paperwork and financial documents that are needed that your bank will want before approving a short sale.

Documents Needed

1. Hardship Letter - Your bank will want to know why you have fallen behind in your mortgage payments. Loss of job, divorce, death of a spouse or significant other, sickness. Banks understand these situations. Banks will not understand dishonesty so just be honest from the start.
2. Proof of Income - Most banks require at least 2 months of paystubs and 2 years of tax returns. Statements from all assets including checking accounts, savings accounts, money market accounts, stocks and bonds. You get the picture. Disclose all including explanations of large deposits and withdrawals. Your bank will ask!
   
3. Comparable Market Analysis - Your real estate agent will do this. It's best to have sold comparisons for the last six months. Right now, we are in a declining market and those comps will show that. Also, having current listings and under contract homes in this analysis is needed.
4. Letter of Authorization - Your real estate agent must be able to communicate with your bank. Authorizing them to do so will make the short sale process easier (hopefully). You must include the property address, loan #, your social security # (some cases, not all), your name, the date and your agent's name and contact information.

Documents Need When You Have A Buyer

1. Purchase Agreement, Listing Agreement and if the buyer is all cash, then that buyer has to submit proof of funds. If the buyer is taking a mortgage then they have to submit a pre-approval letter. Your real estate agent will let the buyer's agent know all this. Your bank will also want the Buyer's name and contact information. I have a short sale buyer now on a listing and the bank wanted the first 5 digits of their social security #.
2. Please note that just because you accepted the buyer's offer, doesn't mean your bank will. They will negotiate just like you would have under normal circumstances. Hopefully, the buyer won't run away from that.

If all goes well, and it should, the bank will approve the short sale and then go to closing. In between this time, your bank may want more information from your and/or the buyer. Whatever the bank wants, give it to them ASAP. Any delays could result in the short sale being help up for going to closing.

And, it's a really, really, really good idea to hire a real estate attorney that knows short sales!