Contrary 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…
Tag: Westchester short sale Realtor
Yonkers Short Sale: Do You Need an Attorney? YES
Categories: Success StoriesTags: buying a short sale, New York short sale Realtor, Westchester short sale Realtor, Yonkers short salesHere’s one from the other side of the closing table, where I represented buyers on a 5-month odyssey to purchase a short sale in Yonkers. It made me appreciate the waiting game that buyers must endure, and how valuable status updates are to home purchasers of a short sale in order to stay engaged and committed to … Read More…
Stress: The Worst Part of a Short Sale
Categories: CommentaryTags: Dutchess short sale Realtor, New York short sale Realtor, stress, Westchester short sale RealtorI have listed two new short sale homes this weekend. One is just shy of $1 million, the other is around $200,000. One is in lower Westchester County, the other is in central Dutchess County. One is almost 3000 square feet, the other is closer to 1300 square feet. Although it doesn’t sound likely, the … 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…
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…
What Makes a Short Sale Specialist?
Categories: Short salesTags: New York short sale Realtor, New York short sale specialist, Westchester short sale Realtor, Westchester short salesWhen 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…
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…