When I closed my first short sale in 1998 I had no idea that 10 years later I’d be doing them with any regularity. At that time, short sales were uncommon; they remained uncommon through 2006. Even in 2007, other agents needed to be educated about what a short sale was, how long it took … Read More…
Category: Short sales
New Federal Short Sale Program Starts April 5
Categories: Short salesTags: Federal short sale program, New York short sale Realtor, New York short sales, Westchester short sale Realtor, Westchester short salesThe NY Times is reporting on a new Obama initiative to create a financial incentive for banks and home sellers alike to do short sales. A few highlights from the article: Program starts April 5, 2010 Lenders will be “compelled” to accept short sales. We’ll see about that. The administration wants to streamline the process. We’ll … Read More…
Short Sale Fraud: By Banks!
Categories: Short salesTags: New York short sale Realtor, New York short sales, short sale fraud, Westchester short sale Realtor, Westchester short salesCNBC is reporting that some banks are being accused of, of all things, bank fraud in short sales. Those of us who sell short sales know that the hardest cases are often the ones with subordinate financing, or in layman’s terms, a second mortgage. If you owe $500,000 on a house with a $425,000 1st loan and a $75,000 … Read More…
Government: We Want 10 Day Short Sales
Categories: Short salesTags: 10 day short sales, New York short sales, Westchester short sale RealtorThere is a new US treasury guideline that will, according to a report, mandate that banks make their decision on a short sale in 10 days. The new rule also proposes a $1500 allowance to the seller for moving expenses. I have said before that it shouldn’t take a lender more time to decide on a short … Read More…
Short Sale Investor Canard
Categories: Short salesTags: short sale approvals, short sale timelineGiven the number of blogs on the difficulties agents experience on short sales, I thought I’d take another shot at a canard that banks are now using to justify more delays, and that is the following: “The investor is reviewing the file.” This is typically followed by 60 days of nothing. Now, I don’t argue … Read More…
Monroe, NY Short Sale: First Time Buyers
Categories: Short salesTags: buying a short sale, New York short sale Realtor, New York short sales, orange county short sale, Westchester short sale RealtorAn old wrestling teammate from high school referred me to his younger brother, who is also newly married and looking for his first home (Thank you Facebook!). Michael and Stephanie had been out looking for a while, and a prior agent had written an offer for them which didn’t work out. They didn’t have a … Read More…
New York Short Sales- Now They Are Common
Categories: Short salesTags: New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, short sale realtor, short sale specialistI recall listing my first short sale since the 90’s in 2006. The reaction from both the public and most agents to the term “short sale” was typically one of curiosity and confusion. What is a short sale? How does it work? How long will it take? Is it for real? Now short sales are … Read More…
J. Philip’s Appearance on ABC World News
Categories: Short salesTags: J. Philip Faranda, New York real estate market, Top westchester realtor, westchester home prices, westchester home values, Westchester housing marketI was featured in the lead story of May 27’s ABC World News in a story on the real estate market. [youtube=http://www.youtube.com/watch?v=86bhz0Enn7Q&autoplay=&fs=1&showinfo=0&showsearch=0&rel=0&autoplay=&fs=1&showinfo=0&showsearch=0&rel=0&autoplay=&fs=1&showinfo=0&showsearch=0&rel=0&hl=en_US&fs=1&] J Philip Faranda on May 27 ABC World News – Watch more Videos at Vodpod. J. Philip Faranda is Westchester & the Hudson Valleys’s Premier Short Sale REALTOR. He has listed and sold … Read More…
First Time in a Long Time
Categories: Short salesTags: New York short sale agent, New York Short sale expert, New York short sale Realtor, New York short sale specialist, Putnam short sale Realtor, Putnam short sale specialist, short sale realtor, short sale specialistMay, 2009 will be the first month in recent memory that we did not close on a short sale. Three regular sales closed (interestingly, all were in Putnam County), but no workouts were among them. Is this a good sign for the economy? Unfortunately, it is an anomaly. One short sale I referred to a … Read More…
Obama and Administration Encourage More Short Sales
Categories: Short salesTags: avoiding foreclosure, New York short sales, short sale specialist, Westchester short sale Realtor, Westchester short salesThe 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…