Not every listing we take that is in danger of foreclosure is owner occupied. In this instance, the owner lived out of state and had a non-paying tenant who trashed the residence. The original listing was taken in 2015, and the tenants were not very cooperative. We “chased the market” for a year and a … Read More…
Category: Short sales
Short Sale Scams Are Out There- Beware
Categories: Short salesI have helped short sale clients who once had millions and closed transactions for folks that never had much and perhaps should not have bought property to begin with. Distress affects us all. Few things are as difficult as financial stress. Illness or a crisis with our children certainly could be worse, but facing foreclosure … Read More…
2017 State of Short Sales, Westchester & Surrounding Counties
Categories: Short salesWe’ve seen three trends since the “recovery” went into full swing the past 18-24 months, and short sales are still part of the landscape in Westchester and the surrounding area counties (Putnam, Fairfield CT, Dutchess, Rockland, and Orange). Some people who think they are upside down aren’t. We recently put a property under contract that was … Read More…
Notes from the Short Sale Trenches
Categories: Short sales, Success StoriesTags: extensions, White Plains short saleAthletes speak of a “good tired” and a “bad tired” after a game, good after a win and bad after a loss. Tonight I am the good kind of tired. 13 months ago I met with a very nice lady in White Plains who called me after a Realtor she was interviewing proposed that since … Read More…
Case Study: Hopewell Junction Short Sale
Categories: Short salesThis closing punctuates the crucial importance of having a great attorney spearhead the short sale application with the lender. The market is, as everyone knows, still very slow for sellers and a buyers market through and through. We activated the listing last September, just about a full year ago. The client, a widow, had moved … Read More…
Short Sales are Not to Blame for Market Decline
Categories: Short salesTags: REOA client forwarded me the link on Inman News to this broker in Nevada who blames short sale agents and sellers for the mess. Prices keep falling because the short-sale agents are listing at 5 to 10 percent below comps in order to try to get an offer, and often are accepting offers at even … Read More…
Please Take Off Your Clothes
Categories: Commentary, Short salesTags: avoiding foreclosure, New York short sales, questionsI just finished my first day of CDPE (Certified Distressed Property Expert) class, and am reflecting on one of the more profound insights given by the instructor, Mark Boyland. Mark, who is an excellent presenter, compared the difficult issues we have to sort out with distressed homeowners with the rather matter of fact way a doctor handles another … Read More…
How Much of a Loss Will The Bank Accept in a Short Sale?
Categories: Commentary, Short salesTags: Bank Loss, New York short sales, Westchester short salesHow much of a loss will the lender accept in a short sale? I am asked this from time to time by consumers and agents alike. We always disclose when a property is being sold subject to lender approval, and I understand the rationale for asking about the numbers, especially with the high dollar value … Read More…
Buying a Short Sale: Market Value, Not a Steal
Categories: Short salesTags: buying a short sale, Westchester short salesAs short sales have become more common and are even showing up in new markets in Westchester, I find myself educating my colleagues on what can and cannot be done in order to have a successful closing. Lately, we’ve received offers that are unrealistically low; essentially, what the buyers do not understand is that the lender is … Read More…
Will I Have to Pay Taxes After a Short Sale?
Categories: Short salesTags: 1099, Mortgage forgiveness debt relief act, taxes, Westchester short salesThe concern of some homeowners looking to do a short sale that a 1099 issued from the bank will expose them to a new problem, namely a huge income tax bill on the forgiven debt, is understandable. With home values in Westchester in 2010 at a median of $630,000, a six figure 1099 is entirely … Read More…