Lindenhurst NY Distressed Properties - Giving Buyers More Choices
Back in June 2011, I met with a new first time home buyer. He was looking to purchase a coop in West Babylon. We looked at a few and made an offer on one but it already had an accepted offer. Onward and forward.
At our first meeting, I presented information about foreclosures in Lindenhurst NY and West Babylon just in case a coop would not work out. I'm glad I did. We saw a few and most needed work. He wasn't afraid to do work as long as the house was structurally sound.
Didn't take long and we made an offer on a really great house. After a couple of days I find out the bank accepted another offer and we were a back-up offer. He was disappointed but we continued our search. Didn't find much after that but since he got a taste of owning a single family home, he opted to forget about a coop. That I can understand. If you can buy a single family home at the same price or even lower than a coop, wouldn't you want the single family home with a large yard instead? You betcha!
I placed the home he lost out on into my favorites on the agent only side of our MLS and watched it like a hawk to see when it would go under contract. After 2 weeks it went under contract. I still kept a watch on it just in case the deal fell through. I must have checked on it at least 10 times a day to see if there was an update. After a few weeks, I look and there it is, BOM (back on market) and the price was reduced! Woohoo! I call my buyer to tell him then I call the brokerage to find out what is going on. After a few days of waiting, they told me our offer was accepted! Yeah! Now we wait for closing day. My buyer was so happy, he had to pull over!
With real estate and all of life, things happen for a reason. With distressed/REO properties, banks want the properties off the market and off their books. They will take a cash offer first. My buyer isn't paying cash. By keeping an eye on this property for him, he will soon be a proud first time home owner. I knew my buyer was meant to have this house and I didn't give up on it. I just had "the feeling" it would work out sooner or later.
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