The Short Sale Counteroffer

Many times, a lender will ask for a counteroffer from a buyer who has submitted a Short Sale offer on a property. When they do, they are looking for an offer that will increase the NET amount that they walk away with.

There are 2 effective ways to increase the lender's NET:
1. Increase the Gross Offer Price
2. Reduce the expenses of the sale

The 3 biggest expenses of a sale are:
1. Back taxes owed. You can't do anything about these.
2. Real Estate Commissions
3. Attorney/Mitigation Fees

By reducing the Real Estate Commissions or Attorney Fees, you can significantly lower the expenses of the sale and increase the NET amount the lender will receive. So, if your buyer is considering walking due to the additional amount of money they will need, consider reducing the expenses to lower the amount the buyer needs to counter.

The NY Foreclosure Process

The NY Foreclosure Process is a legal process. It requires a lender to file a lawsuit in order to take back a property on a defaulted mortgage. The following 3 minute powerpoint presentation shows the steps in the New York foreclosure process.

Click Here to view a larger version on YouTube.



Click Here to view a larger version on YouTube.

A "Summons and Complaint" and a Loan Modification

Have you been served with a Summons and Complaint notice for a NY Foreclosure? If so, you have 20 days to respond to the notice with the Court. RESPOND!!!

The New York foreclosure process is a judicial process. This means your lender must file a foreclosure lawsuit before they can take possession of your house. The NY foreclosure process normally takes anywhere from 8-12 months. Responding to the notice with the court requires your lender to follow additional legal procedures that can add 3-5 months to your Foreclosure Proceeding. These extra few months may mean the difference between solving your foreclosure situation and losing your home to foreclosure.

If you are in the process of applying for a Loan Modification and you receive a summons and complaint notice, you must still respond to the notice! This is because a Loan Modification is an "internal bank" process and a foreclosure is an "external legal" process. The foreclosure (legal process) continues until the lender directs the attorney handling the foreclosure lawsuit to stop. Your lender won't stop the foreclosure process until you successfully complete the loan modification (bank process).


For more information on all of your options, please join us for a FREE informational seminar at http://www.nyshortsaleseminars.com/