As short sales have become more common and are even showing up in new markets in Westchester, I find myself educating my colleagues on what can and cannot be done in order to have a successful closing. Lately, we’ve received offers that are unrealistically low; essentially, what the buyers do not understand is that the lender is [...]
Posts Tagged ‘Westchester short sales’
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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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 [...]
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