Contrary to what some may think, an owner is not obligated to submit every offer to the lender for approval in order to do a short sale. As a matter of fact, there are offers that an owner should never submit to the lender. That is the owner’s right, as they still hold title and … Read More…
Category: Commentary
NY Times: Banks Resisting Short Sales
Categories: CommentaryTags: avoiding foreclosure, Bank of America, foreclosure moratorium, New York short sales, New York TimesThe top emailed story on the New York Times website today, Short Sales Resisted as Foreclosures Are Revived, is over 2 days old. That it remains pinned as the top story to share is significant, especially to anyone in New York who is facing foreclosure or in a short sale. Bank of America has, after … Read More…
Short Sale Fraud and Strawmen
Categories: CommentaryTags: New York short sale agent, New York short sales, short sale fraudThis 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…
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…
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…