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 [...]
Posts Tagged ‘New York short sales’
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 »
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 [...]
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 [...]
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, [...]
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 [...]
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. [...]
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 [...]
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 [...]
Obama and Administration Encourage More Short Sales
Posted in Short Sales, tagged avoiding foreclosure, New York short sales, short sale specialist, Westchester short sale Realtor, Westchester short sales on May 15, 2009 | Leave a Comment »
The 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 [...]
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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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