The government has moved to increase the incentive for lenders to allow short sales on their defaulted loans. I welcome this, although there is nothing specified as to how they’ll hold banks accountable for streamlining the process, which is rife with red tape, bureaucracy and long waits. If they truly want to make short sales happen more … Read More…
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The Fast Closing: Putnam Valley Short Sale
Categories: Short sales, Success StoriesTags: avoiding foreclosure, hudson valley short sale Realtor, New York short sale agent, New York short sale Realtor, New York short sale specialist, putnam short sale expert, Putnam short sale Realtor, Putnam short sale specialist, short sale realtor, short sale specialist128 days ago, I sat at a dining room table in Putnam Valley, New York, just north of the Westchester County border with a young couple who were listed 4 times previously with 3 different brokerages in unsuccessful attempts to sell their home. Along the way, they got behind on their payments due to loss of income … Read More…
Why Armadillos Don’t Own Real Estate
Categories: Not-so-Successful-Stories, 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, Yonkers short sales, Yonkers short sales agentI have blogged previously that lizards who are smart enough to move survive and those that sit still are quickly eaten by any colonies. Both sitting still and moving are survival mechanisms, but depending on the circumstances one can kill you and the other can save your life. In a New York short sale, curling … Read More…
Short Sales Have Come to New York City
Categories: Short salesTags: Manhattan short sale agent, manhattan short sale broker, Manhattan short sale specialist, Manhattan short sales, New York city short sale broker, New York city short sale real estate agent, New York city short sale specialist, New York city short salesShort sales have been quite common in the boroughs, such as Queens and the Bronx. They have now arrived in Manhattan. Until the financial crisis, Manhattan’s real estate market was actually extremely hot. The cooling down, however, has put New York City into the same economic malaise that the rest of the country is enduring. … Read More…
Fannie Mae to Banks: You Can’t Cut Broker Commission
Categories: Short salesTags: Fannie mae, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, short sale commissions, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialistFannie 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…
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…