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 [...]
Posts Tagged ‘New York short sales’
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 | Leave a Comment »
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 | Leave a 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 so [...]
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 [...]
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 property [...]
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 that. That [...]
Negative Equity Graph for NY Area
Posted in Short Sales, tagged Negative Equity, New York short sale agent, New York short sale Realtor, New York short sale specialist, New York short sales, Westchester short sale Realtor, westchester short sale specialist, Westchester short sales on February 17, 2009 | Leave a Comment »
Zillow has published a graph on how many homeowners have “negative equity,” or owe more than their home’s value. Not all these home owners are in touble; but the numbers are instructive.
As you can see, the downpayment rquirements after 2007 became far more stringent, no doubt due to the sub prime crisis. Negative equity started [...]
-
J Philip Faranda, Broker-Owner (866) 343-2889
May 27 ABC World News Lead Story Featuring Phil Faranda
Categories
Pages
Archives
Tags
-
Follow me on Twitter
- Sipping in a reeeally strong bloody mary just to cope-um, I mean, supercharged about a Monday with endless possibilities! 2 days ago
Meta
J. Philip Faranda