Athletes speak of a “good tired” and a “bad tired” after a game, good after a win and bad after a loss. Tonight I am the good kind of tired. 13 months ago I met with a very nice lady in White Plains who called me after a Realtor she was interviewing proposed that since [...]
Archive for the ‘Short Sales’ Category
Short Sales are Not to Blame for Market Decline
Posted in Short Sales, tagged REO on June 3, 2011 | Leave a Comment »
A client forwarded me the link on Inman News to this broker in Nevada who blames short sale agents and sellers for the mess. Prices keep falling because the short-sale agents are listing at 5 to 10 percent below comps in order to try to get an offer, and often are accepting offers at even [...]
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 [...]
Will I Have to Pay Taxes After a Short Sale?
Posted in Short Sales, tagged 1099, Mortgage forgiveness debt relief act, taxes, Westchester short sales on January 28, 2011 | Leave a Comment »
The concern of some homeowners looking to do a short sale that a 1099 issued from the bank will expose them to a new problem, namely a huge income tax bill on the forgiven debt, is understandable. With home values in Westchester in 2010 at a median of $630,000, a six figure 1099 is entirely [...]
Recent Media Appearances
Posted in Short Sales, tagged Mt Vernon, New York short sales, Strategic Defaults, Westchester short sales on December 9, 2010 | Leave a Comment »
I 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 [...]
How Do You Price a Short Sale?
Posted in Short Sales, tagged avoiding foreclosure, New York short sale Realtor, pricing on November 14, 2010 | 3 Comments »
After two similar discussions the past week, it would be wise to address how a short sale should be priced. After all, if the offer submitted to the lender is subject to approval and therefore not a certainty, all the more that the asking price is also a hypothesis. It is. But, as educated guesses [...]
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 [...]
Ossining Short Sale: Undramatic
Posted in Short Sales, tagged Ossining short sales, Transferring sellers, Westchester short sales on September 2, 2010 | Leave a Comment »
As short sales become more prevalent in Westchester County, the anxiety around their newness tends to fade. With familiarity comes some confidence. We just closed on one such sale. The sellers were being transferred out of state after buying the house in 2006, right after the peak. They bought with a smaller downpayment, so when the market [...]
NY Times Discovers Short Sales 14 Months After They Arrived in New York City
Posted in Short Sales, tagged Manhattan short sales, New York short sales on July 24, 2010 | Leave a Comment »
With 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 [...]
What Qualifies as Hardship in a Short Sale?
Posted in Short Sales, tagged hardship, New York short sale Realtor, Westchester short sales on April 28, 2010 | 4 Comments »
What qualifies as hardship in a short sale? I get this question fairly often, and it should be addressed. First, I’ll tell you what does not qualify as hardship, and that is simply being underwater. If you owe more than you are worth, being upside down alone is not adequate hardship to get a short [...]
Dealing with Second Mortgages in a Short Sale
Posted in Short Sales, tagged 2nd mortgages, HAFA, New York short sale Realtor, New York short sales, Westchester short sale Realtor, Westchester short sales on March 17, 2010 | 6 Comments »
New 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 [...]
The Wall Street Journal Agrees with Me on Short Sales
Posted in Short Sales, tagged HAFA, New York short sale Realtor, New York short sales, Wall St Journal, Westchester short sale Realtor, Westchester short sales on March 16, 2010 | 2 Comments »
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. [...]
What Makes a Short Sale Specialist?
Posted in Short Sales, tagged New York short sale Realtor, New York short sale specialist, Westchester short sale Realtor, Westchester short sales on March 15, 2010 | Leave a Comment »
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 [...]
New Federal Short Sale Program Starts April 5
Posted in Short Sales, tagged Federal short sale program, New York short sale Realtor, New York short sales, Westchester short sale Realtor, Westchester short sales on March 8, 2010 | 1 Comment »
The 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 [...]
Short Sale Fraud: By Banks!
Posted in Short Sales, tagged New York short sale Realtor, New York short sales, short sale fraud, Westchester short sale Realtor, Westchester short sales on January 17, 2010 | 1 Comment »
CNBC 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 [...]
Government: We Want 10 Day Short Sales
Posted in Short Sales, tagged 10 day short sales, New York short sales, Westchester short sale Realtor on January 16, 2010 | Leave a Comment »
There 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 [...]
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Please Take Off Your Clothes
Posted in Commentary, Short Sales, tagged avoiding foreclosure, New York short sales, questions on March 3, 2011 | 3 Comments »
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 [...]
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