I 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…
Tag: New York short sales
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…
Recent Media Appearances
Categories: Short salesTags: Mt Vernon, New York short sales, Strategic Defaults, Westchester short salesI 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…
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…
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…
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…
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…
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…