The Single Mom- Orange County Short Sale
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...
View ArticleWhat is a BPO?
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...
View ArticleShould Sellers Sign a Contract Prior to Short Sale Approval?
A recent posting from an Ohio broker highlights how real estate differs from place to place. In it, she says that she advises her clients to not sign a contract with a buyer if the house is a short...
View ArticleWestchester Short Sales- March Mumbers
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...
View ArticleThe Divorce: Dutchess County Short Sale
This short sale closed at the end of this past year. The clients were divorced, and the home they had built while married was incomplete and upside down. The house was listed this past summer. Divorce...
View ArticleFannie Mae to Banks: You Can’t Cut Broker Commission
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....
View ArticleWhy Armadillos Don’t Own Real Estate
I have blogged previously that lizards who are smart enough to move survive and those that sit still are quickly eaten by any colonies. Both sitting still and moving are survival mechanisms, but...
View ArticleThe Fast Closing: Putnam Valley Short Sale
128 days ago, I sat at a dining room table in Putnam Valley, New York, just north of the Westchester County border with a young couple who were listed 4 times previously with 3 different brokerages in...
View ArticleFirst Time in a Long Time
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...
View ArticleNew York Short Sales- Now They Are Common
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...
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