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 [...]
Posts Tagged ‘short sale specialist’
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 »
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 [...]
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 [...]
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 [...]
What is a BPO?
Posted in Short Sales, tagged avoiding foreclosure, BPO, Broker Price Opinion, New York short sale agent, New York short sale Realtor, New York short sale specialist, 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 February 8, 2009 | Leave a Comment »
BPO stands for “broker price opinion.” It is a part of the short sale process that the lender uses to evaluate the merit of a short sale application. Simply put, the lender uses a BPO to ensure that the proposed sales price is aligned with market conditions. Some Westchester County Short sales, for example, are [...]
The Single Mom- Orange County Short Sale
Posted in Short Sales, tagged avoiding foreclosure, hudson valley short sale Realtor, New York short sale agent, New York short sale Realtor, New York short sale specialist, orange county short sale, Orange County short sale Realtor, pre foreclosure, short sale realtor, short sale specialist on January 24, 2009 | Leave a Comment »
This transaction came several years ago, before the market decline was fully accepted by home sellers. The client was a single mother who, because of a heart condition, missed a great deal of work and fell behind on her home loan. By the time I had met her, she was finished with another agent who [...]
Westchester Short Sales by the Numbers
Posted in Short Sales, tagged avoiding foreclosure, hudson valley short sale Realtor, New York short sale agent, New York short sale specialist, pre foreclosure, short sale expenses, 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 January 14, 2009 | Leave a Comment »
The question that pops up for people who can no longer pay their mortgage is how much money they’ll have to come up with in order to get out from under their mortgage through a short sale. It is like the old catch-22 I’ve often heard where the client tells me that they want to [...]
Solutions for No Equity and Falling Behind on the Mortgage
Posted in Short Sales, tagged avoiding foreclosure, choosing an agent, New York short sale agent, New York short sale specialist, pre foreclosure, short sale realtor, short sale specialist, Short Sales, Westchester short sale agent, westchester short sale real estate agent, westchester short sale specialist, Westchester short sales on January 13, 2009 | Leave a Comment »
In some markets, people who only borrowed 80% of their home’s value are waking up to the fact that they actually have no equity. It is happening in all communities- Yonkers, Yorktown, Scarsdale, Somers, White Plains, Wappinger Falls, you name it. No demographic, neighborhood or school district is immune from the ripple effect of the [...]
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J Philip Faranda, Broker-Owner (866) 343-2889
Certified Distressed Property Expert
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