We just got word that one of our short sale transactions in Peekskill, NY was approved. This comes just one day after we listed another one for sale across town!
On the approved sale, we had multiple offers. The one sent to the bank was less than 2% short of a full price bid, and it should close in the next 2 weeks. The property was put under contract on December 18, 2009, so the approval only took about 45 days. In the short sale world, that is lightning speed. I hope this is a sign of things to come in the field. Long approvals are rough on everyone, especially the sellers, who have their own share of stress. This will be our second sale in this subdivision, which should give us more visibility for other nearby prospective sellers.
On the new short sale, we have listed a fantastic 3 bedroom brick ranch right across the street from Depew Park. If you are a Jets fan, you'll recognize that name: it was the pre season practice field of the Titans/Jets in their AFL days from 1960-1969. The house therefore has a very quiet setting, abutting pastoral woods and a field on 2 sides. It has a large, detached 2 car garage and a full basement. The kitchen and baths are updated and it is in move in condition with shiny hardwoods and a fireplace.
It is listed at $299,900. I consider it one of the better buys in Peekskill. Come see for yourself. If you like it we'll work on a fast approval. The great thing about short sales is that they aren't priced to chase the market, they are the market.