I have been prominent in two separate stories in the media this past week regarding default properties and their effect on the market and the borrower. This past Sunday I was in the New York Times, and on Tuesday I was in a nice piece on AOL Daily Finance. The Times piece centered on strategic … Read More…
Category: Short sales
How Do You Price a Short Sale?
Categories: Short salesTags: avoiding foreclosure, New York short sale Realtor, pricingAfter two similar discussions the past week, it would be wise to address how a short sale should be priced. After all, if the offer submitted to the lender is subject to approval and therefore not a certainty, all the more that the asking price is also a hypothesis. It is. But, as educated guesses … Read More…
Can an Owner Reject an Offer in a Short Sale?
Categories: Commentary, Short salesTags: avoiding foreclosure, low offers, New York short sales, Owners rights, rejecting offers, Westchester short sale RealtorContrary 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…
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…
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…
NY Times Discovers Short Sales 14 Months After They Arrived in New York City
Categories: Short salesTags: Manhattan short sales, New York short salesWith their article entitled The Roller Coaster Ride Called a Short Sale, the NY Times has examined the phenomenon’s arrival in Manhattan. Of course, I posted Short Sales Have Come to New York City in March of 2009. That is when I referred one of the first ever in Manhattan to my esteemed colleague, Eileen … Read More…
What Qualifies as Hardship in a Short Sale?
Categories: Short salesTags: hardship, New York short sale Realtor, Westchester short salesWhat qualifies as hardship in a short sale? I get this question fairly often, and it should be addressed. First, I’ll tell you what does not qualify as hardship, and that is simply being underwater. If you owe more than you are worth, being upside down alone is not adequate hardship to get a short … Read More…
Dealing with Second Mortgages in a Short Sale
Categories: Short salesTags: 2nd mortgages, HAFA, New York short sale Realtor, New York short sales, Westchester short sale Realtor, Westchester short salesNew HAFA rules are forcing home sellers to negotiate directly with subordinate liens, or, in common terms, second mortgages, on their own, according to Bankrate.com. The way the rules are written, there is a financial incentive for the 2nd mortgage to settle and release the lien, but the onus of getting assurances that the bank … Read More…
The Wall Street Journal Agrees with Me on Short Sales
Categories: Short salesTags: HAFA, New York short sale Realtor, New York short sales, Wall St Journal, Westchester short sale Realtor, Westchester short salesAmy Hoak’s timely article on HAFA and short sales in yesterday’s Journal concludes with timely advice that I wrote myself the very same day. The article focuses on the many pitfalls of short sales, as well as the new HAFA (Home Affordable Foreclosure Alternatives) regulations which are set to go into effect on April 5, 2010. … Read More…