Fannie Mae’s recent edict forbidding the cutting down of the broker commission as part of the short sale negotiation is very good for distressed sellers and buyers, not just the agents. I’ll explain. Naturally, brokers and agents are relieved because it ensures that the considerable time and effort that goes into selling a short sale … Read More…
Author: J. Philip Faranda
The Divorce: Dutchess County Short Sale
Categories: Short sales, Success StoriesTags: avoiding foreclosure, divorcing home sellers, dutchess county short sales, Dutchess short sale Realtor, hudson valley short sale Realtor, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, pre foreclosure, short sale realtor, short sale specialistThis short sale closed at the end of this past year. The clients were divorced, and the home they had built while married was incomplete and upside down. The house was listed this past summer. Divorce cases are in and of themselves difficult. I have to give both clients credit in their dealings with me- … Read More…
Westchester Short Sales- March Mumbers
Categories: Short salesTags: avoiding foreclosure, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, pre foreclosure, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialist, Westchester short salesUnless otherwise indicated, all data in this post is from the Westchester-Putnam Multiple Listing Service. There are 3,454 single family homes actively for sale in Westchester County. Of those, 148 are disclosing either a short sale or foreclosure proceeding in process. This is about 4.3% of the available single family home inventory. The actual number is probably far higher than … Read More…
Should Sellers Sign a Contract Prior to Short Sale Approval?
Categories: Short salesTags: avoiding foreclosure, buying a short sale, dutchess county short sales, Dutchess short sale Realtor, hudson valley short sale Realtor, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, orange county short sale, Orange County short sale Realtor, pre foreclosure, Putnam short sale Realtor, Rockland short sale Realtor, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, westchester short sale specialist, Westchester short salesA recent posting from an Ohio broker highlights how real estate differs from place to place. In it, she says that she advises her clients to not sign a contract with a buyer if the house is a short sale prior to getting the bank’s approval. While I won’t quarrel with what works for someone … Read More…
Negative Equity Graph for NY Area
Categories: Short salesTags: Negative Equity, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, Westchester short sale Realtor, westchester short sale specialist, Westchester short salesZillow has published a graph on how many homeowners have “negative equity,” or owe more than their home’s value. Not all these home owners are in touble; but the numbers are instructive. As you can see, the downpayment rquirements after 2007 became far more stringent, no doubt due to the sub prime crisis. Negative equity … Read More…
What is a BPO?
Categories: Short salesTags: avoiding foreclosure, BPO, Broker Price Opinion, New York short sale agent, New York short sale Realtor, New York short sale specialist, pre foreclosure, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialist, Westchester short salesBPO stands for “broker price opinion.” It is a part of the short sale process that the lender uses to evaluate the merit of a short sale application. Simply put, the lender uses a BPO to ensure that the proposed sales price is aligned with market conditions. Some Westchester County Short sales, for example, are … Read More…
The Single Mom- Orange County Short Sale
Categories: Short salesTags: avoiding foreclosure, hudson valley short sale Realtor, New York short sale agent, New York short sale Realtor, New York short sale specialist, orange county short sale, Orange County short sale Realtor, pre foreclosure, short sale realtor, short sale specialistThis transaction came several years ago, before the market decline was fully accepted by home sellers. The client was a single mother who, because of a heart condition, missed a great deal of work and fell behind on her home loan. By the time I had met her, she was finished with another agent who … Read More…
Should You Buy a Short Sale?
Categories: Short salesTags: buying a short sale, Dutchess short sale Realtor, hudson valley short sale Realtor, New York short sale agent, New York short sale Realtor, New York short sale specialist, Putnam short sale Realtor, Rockland short sale Realtor, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialist, Westchester short salesBuying any foreclosure is tricky, and a short sale is probably the longest process. Is purchasing a short sale right for you? Perhaps you rent in Westchester, Rockland, Putnam or Dutchess and are considering a short sale purchase in one of those areas. Here are some things you ought to know: You can’t be in a … Read More…
Westchester Short Sales by the Numbers
Categories: Short salesTags: avoiding foreclosure, hudson valley short sale Realtor, New York short sale agent, New York short sale specialist, pre foreclosure, short sale expenses, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialist, Westchester short salesThe question that pops up for people who can no longer pay their mortgage is how much money they’ll have to come up with in order to get out from under their mortgage through a short sale. It is like the old catch-22 I’ve often heard where the client tells me that they want to … Read More…
Solutions for No Equity and Falling Behind on the Mortgage
Categories: Short salesTags: avoiding foreclosure, choosing an agent, New York short sale agent, New York short sale specialist, pre foreclosure, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, westchester short sale specialist, Westchester short salesIn some markets, people who only borrowed 80% of their home’s value are waking up to the fact that they actually have no equity. It is happening in all communities- Yonkers, Yorktown, Scarsdale, Somers, White Plains, Wappinger Falls, you name it. No demographic, neighborhood or school district is immune from the ripple effect of the … Read More…