To buy a multifamily in short sale, don't know how to proceed

4 Replies

Dear all,

I'm new to short sale. I saw online a few multifamily short sales in my area (nyc)  that I'm interested in viewing and buying. Some of the descriptions say you could only submit offer without viewing. How to submit an offer?

Could I give an offer lower than the asking price?

Is working with a short sale real estate agent a must in this case? If so, do you have a recommendation for new york city area?

Anything else I need to know for the deal to go through?

Thank you

Ling

Ling where in NYC are these properties? Asking because for you not to see the properties but make an offer is somewhat uncommon. You are making a bid without seeing what you purchased. I wouldn't male a bid, if I were you not know what I bid.

However, if you like this process and are fine with it. Consult with a real estate attorny to make your bid. I have a lawyer that I work with on deals, you can inbox me your email address and I'll forward it over to you.

OnYango Williams

    Originally posted by @Ling Chen :

    Dear all,

    I'm new to short sale. I saw online a few multifamily short sales in my area (nyc)  that I'm interested in viewing and buying. Some of the descriptions say you could only submit offer without viewing. How to submit an offer?

    Could I give an offer lower than the asking price?

    Is working with a short sale real estate agent a must in this case? If so, do you have a recommendation for new york city area?

    Anything else I need to know for the deal to go through?

    Thank you

    Ling

    Making an offer on a short sale without an experienced short sale agent (That you aren't paying for) is like giving birth to yourself. I suppose it's possible but why in god's name would you want to do it? Complicating matters is if the short sale subject property is more than 4 units, which in my opinion would necessitate using counsel as your agent instead of just an agent. CRE (Commercial) loans (likely if more than 4 units) involve the bank much more and the ability to structure and execute on a deal require subject matter expertise, and familiarity with both the players and the process. Single family requires just knowing the stumbling blocks of short sales. It's much more cookie cutter on SFR's (not that short sales are cookie cutter, just that they are compared to commercial loans)

    Regarding viewing, they probably mean no interior inspections and to not disturb the tenants. Obviously you can view the exterior. That would be silly not to allow that and probably not very possible or practical.

    Regarding anything else you need to know? Buy low, sell high.

    Hi Ling, I want to add to what other fellows have already said. There is something in Real Estate called Due Diligence. That implies you have to research the property you are interested and find out if the property really worth the amount you want to invest. On the top of the due diligence you have to analyze the deal and figure out the profit you will get out of it. For this instance  the Deal Analyzer tool often promoted by the publishers on this forum is definitely a must. Like you l am in great search of investment properties if you do not mind sharing your lead source with me I would really appreciate.

    Good afternoon Ling,

    If there is no interior access, its likely because they have uncooperative tenants. Other reasons could be that the property is unsafe to enter because of interior damage. I wouldn’t go into the process without consulting an agent and checking the numbers to make sure it all makes sense.

    Best of luck to you!

    -Abel

    Abel Curiel, Real Estate Agent in NY (#10401295960)

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