Amy 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…
Tag: New York 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…
Will Banks Finally Speed Up Short Sales?
Categories: UncategorizedTags: New York short sale Realtor, New York short sales, Westchester short sale Realtor, Westchester short salesThere is some debate. I don’t think they will, for a variety of reasons, not the least of which is that they probably fear that if they make them easier, more people will try for one. Since the other side of the deterrent is foreclosure, and since loan modifications aren’t exactly saving the economy, status … Read More…
Bad Blood Toward Bank of America
Categories: UncategorizedTags: Bank of America, New York short sale Realtor, New York short salesRussell Shaw passes on a powerful email being sent to agents on how to deal with Bank of America’s difficulty with short sales- don’t send them any new mortgage business. More thoughts here.
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…
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…
Why Armadillos Don’t Own Real Estate
Categories: Not-so-Successful-Stories, Short salesTags: avoiding foreclosure, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, pre foreclosure, short sale realtor, short sale specialist, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialist, Yonkers short sales, Yonkers short sales agentI have blogged previously that lizards who are smart enough to move survive and those that sit still are quickly eaten by any colonies. Both sitting still and moving are survival mechanisms, but depending on the circumstances one can kill you and the other can save your life. In a New York short sale, curling … Read More…