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 [...]
Posts Tagged ‘New York short sale Realtor’
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 »
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 [...]
Will Banks Finally Speed Up Short Sales?
Posted in Uncategorized, tagged New York short sale Realtor, New York short sales, Westchester short sale Realtor, Westchester short sales on January 4, 2010 | Leave a Comment »
There 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 [...]
Bad Blood Toward Bank of America
Posted in Uncategorized, tagged Bank of America, New York short sale Realtor, New York short sales on December 28, 2009 | Leave a Comment »
Russell 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.
New York Short Sales- Now They Are Common
Posted in Short Sales, tagged New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, short sale realtor, short sale specialist, Short Sales on June 19, 2009 | Leave a Comment »
I 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 [...]
First Time in a Long Time
Posted in Short Sales, tagged New York short sale agent, New York Short sale expert, New York short sale Realtor, New York short sale specialist, Putnam short sale Realtor, Putnam short sale specialist, short sale realtor, short sale specialist on May 20, 2009 | Leave a Comment »
May, 2009 will be the first month in recent memory that we did not close on a short sale. Three regular sales closed (interestingly, all were in Putnam County), but no workouts were among them. Is this a good sign for the economy? Unfortunately, it is an anomaly. One short sale I referred to a [...]
Fannie Mae to Banks: You Can’t Cut Broker Commission
Posted in Short Sales, tagged Fannie mae, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, short sale commissions, short sale realtor, short sale specialist, Short Sales, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialist on March 24, 2009 | 1 Comment »
Fannie Mae’s recent edict forbidding the cutting down of the broker commission as part of the short sale negotiation is very good for distressed sellers and buyers, not just the agents. I’ll explain. Naturally, brokers and agents are relieved because it ensures that the considerable time and effort that goes into selling a short sale [...]
Westchester Short Sales- March Mumbers
Posted in Short Sales, tagged 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, Short Sales, Westchester short sale agent, westchester short sale real estate agent, Westchester short sale Realtor, westchester short sale specialist, Westchester short sales on March 9, 2009 | 1 Comment »
Unless otherwise indicated, all data in this post is from the Westchester-Putnam Multiple Listing Service. There are 3,454 single family homes actively for sale in Westchester County. Of those, 148 are disclosing either a short sale or foreclosure proceeding in process. This is about 4.3% of the available single family home inventory. The actual number is probably far higher than [...]
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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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