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 [...]
Archive for the ‘Commentary’ Category
Please Take Off Your Clothes
Posted in Commentary, Short Sales, tagged avoiding foreclosure, New York short sales, questions on March 3, 2011 | 3 Comments »
How Much of a Loss Will The Bank Accept in a Short Sale?
Posted in Commentary, Short Sales, tagged Bank Loss, New York short sales, Westchester short sales on February 11, 2011 | 1 Comment »
How 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 [...]
Can an Owner Reject an Offer in a Short Sale?
Posted in Commentary, Short Sales, tagged avoiding foreclosure, low offers, New York short sales, Owners rights, rejecting offers, Westchester short sale Realtor on October 29, 2010 | Leave a Comment »
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 [...]
NY Times: Banks Resisting Short Sales
Posted in Commentary, tagged avoiding foreclosure, Bank of America, foreclosure moratorium, New York short sales, New York Times on October 26, 2010 | Leave a Comment »
The 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 [...]
Short Sale Fraud and Strawmen
Posted in Commentary, tagged New York short sale agent, New York short sales, short sale fraud on October 24, 2010 | Leave a Comment »
This 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, [...]
Who Negotiates a Short Sale in New York?
Posted in Commentary, tagged HUD-1, Negotiation, New York short sales on October 23, 2010 | Leave a Comment »
Recently, 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 [...]
Weak Leadership
Posted in Commentary, tagged 2010 election, foreclosure moratorium, Politicians on October 18, 2010 | Leave a Comment »
Being a businessman I seldom delve into politics in this platform, but it is clear to me that part of the problem in affecting a sustainable recovery is a lack of political will in our current leadership, including the White House, after reading this gem in the Times on the foreclosure fraud crisis: the Obama [...]
Foreclosure Moratorium Will Boost New York Short Sales
Posted in Commentary, tagged foreclosure moratorium, New York short sales, robo signing on October 13, 2010 | 1 Comment »
Now 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, [...]
Who Pays the Commission in a Short Sale?
Posted in Commentary, tagged commission, short sale commissions on October 13, 2010 | 1 Comment »
When a question is asked of me more than once it is a good bet that it is a common one, so I’ll post briefly today on who pays the commission in short sale. The answer is simple: The lender pays the real estate commission. In a regular sale, real estate commission is paid from [...]
Stress: The Worst Part of a Short Sale
Posted in Commentary, tagged Dutchess short sale Realtor, New York short sale Realtor, stress, Westchester short sale Realtor on August 7, 2010 | 2 Comments »
I 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 [...]
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When Everyone Walks Away with Money Exept the Seller
Posted in Commentary, tagged avoiding foreclosure, preserving credit, proceeds on March 26, 2011 | Leave a Comment »
Just about every home sale is stressful on the seller. A short sale, given the higher stakes and financial ramifications, often has even more stress for the seller than a typical transaction. On a few occasions, I have had a short sale client lament that they are “left out” in a way, in that everyone [...]
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