Walter Burns
The Hudson Tea Building, the luxury Hoboken waterfront condominium building home to NY Giants quarterback Eli Manning and NJ Devils defenseman John Oduya has a new property listing that is being sold as a “short-sale”, AKA pre-foreclosure. The 2 bedroom, 2 bath, 1360 sq,ft, condo is located at 1500 Hudson St. and has direct New York City views. The asking price is $850,000.
What is a “Short-Sale”?
Simply put, a short-sale is where the debt owed to the bank is greater than the property is worth. The seller then decides to sell the property subject to their lender approving the sale. A short-sale is NOT a foreclosure. In a short-sale, the seller still owns the property. Because the bank will be taking a potential loss and be “short” what is owned to them, the bank must approve the sale. The seller must apply for a short-sale through their bank and prove a financial hardship as to why they cannot keep paying their mortgage. This approval process can take up to 9 months because most banks are being flooded with short-sale requests from all over the country.
Stay tuned for future posts on Hoboken short-sales and buying a short-sale in the Hoboken real estate market.
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UPDATE 9/7/10: The 2 bedroom short-sale listed for $850,000, 1500 Hudson St. Unit 5H sold for $800,000 on 4/16/10.