This article in today’s NY Times makes reference to banks being reticent to approve short sale because of a fear of fraud. This is not the first I have heard the concern, and while any fraud is wrong, the argument is a straw man excuse to not streamline the process. Are there fraudulent short sales, … Read More…
Author: J. Philip Faranda
Who Negotiates a Short Sale in New York?
Categories: CommentaryTags: HUD-1, Negotiation, New York short salesRecently, a listing brokerage instructed one of my agents to include a HUD-1 as part of our client’s offer on that brokerage’s short sale listing. To say that it was a peculiar request is an understatement; The HUD-1, which is a mandatory form in any transaction involving a mortgage financing, itemizes and documents all expenses … Read More…
Weak Leadership
Categories: CommentaryTags: 2010 election, foreclosure moratorium, PoliticiansBeing a businessman I seldom delve into politics in this platform, but it is clear to me that part of the problem in affecting a sustainable recovery is a lack of political will in our current leadership, including the White House, after reading this gem in the Times on the foreclosure fraud crisis: the Obama … Read More…
Foreclosure Moratorium Will Boost New York Short Sales
Categories: CommentaryTags: foreclosure moratorium, New York short sales, robo signingNow that Bank of America has joined Chase and GMAC in suspending foreclosures in 23 states (BoA is actually suspending them in all 50), including New York, the entire industry is abuzz with questions as to what the consequences are for the market, a recovery, and most of all, distressed homeowners. Now known as the robo-signing scandal, … Read More…
Who Pays the Commission in a Short Sale?
Categories: CommentaryTags: commission, short sale commissionsWhen a question is asked of me more than once it is a good bet that it is a common one, so I’ll post briefly today on who pays the commission in short sale. The answer is simple: The lender pays the real estate commission. In a regular sale, real estate commission is paid from … Read More…
Yonkers Short Sale: Do You Need an Attorney? YES
Categories: Success StoriesTags: buying a short sale, New York short sale Realtor, Westchester short sale Realtor, Yonkers short salesHere’s one from the other side of the closing table, where I represented buyers on a 5-month odyssey to purchase a short sale in Yonkers. It made me appreciate the waiting game that buyers must endure, and how valuable status updates are to home purchasers of a short sale in order to stay engaged and committed to … Read More…
Peekskill Short Sale: Lessons to Learn
Categories: Short sales, Success StoriesTags: New York short sale Realtor, Peekskill short sales, seller contribution, Westchester short salesWe recently closed on the short sale in Peekskill, NY and it was rather unique. For one, the seller, a licensed professional, had to come up with some money at the closing due to being lighter in the hardship department. We warned the client of this possibility, but the way the bank went about it … Read More…
Ossining Short Sale: Undramatic
Categories: Short salesTags: Ossining short sales, Transferring sellers, Westchester short salesAs short sales become more prevalent in Westchester County, the anxiety around their newness tends to fade. With familiarity comes some confidence. We just closed on one such sale. The sellers were being transferred out of state after buying the house in 2006, right after the peak. They bought with a smaller downpayment, so when the market … Read More…
Stress: The Worst Part of a Short Sale
Categories: CommentaryTags: Dutchess short sale Realtor, New York short sale Realtor, stress, Westchester short sale RealtorI have listed two new short sale homes this weekend. One is just shy of $1 million, the other is around $200,000. One is in lower Westchester County, the other is in central Dutchess County. One is almost 3000 square feet, the other is closer to 1300 square feet. Although it doesn’t sound likely, the … Read More…
Dutchess County Short Sale: Old School Guy from the Bronx
Categories: Short sales, Success StoriesTags: dutchess county short sales, Dutchess short sale Realtor, Westchester short sale RealtorEarlier this month we closed on a short sale that was another marathon. I listed it in April of 2009 and got an offer that August. It went under contract in early September and everything looked like a relatively smooth deal until about a month into the contract period we still did not have a negotiator assigned … Read More…