Looking for a co-op in Scarsdale NY that allows pets? Some of the hardest coops to find in Scarsdale are pet friendly coops. To make the search easier for all the pet lovers out there I have created a web page dedicated to coop buildings in all of Scarsdale that allow pets. View listings in popular complexes including Scarsdale Ridge, Scarsdale Country Estates, Colchester Hall and Heathcote Court.
To view current listings on the market check out: Pet friendly coops in Scarsdale NY
The web page is updated daily with new listings from every real estate company in the county. There is no other site like it!
Search all pet friendly coops in Westchester County NY
Buying a short sale in Putnam and Westchester County
In today’s real estate market it is a great time to buy a short sale. During a short sale, the owners of the home are selling their home for less than what they owe the bank. The asking price on short sales can be anywhere from 10% – 50% less than what the sellers owe on the mortgage. Read more about Short Sales
The good thing about short sales is of course the price. Most short sale listings are priced at or under market value. The one thing to keep in mind when considering a short sale is that they typically sell for at asking price or only a little bit under asking. The reason is because the Realtor who listed the property did a market evaluation of the home and listed it for what the “market” says it is worth..or hopefully they did if they know how to do a short sale. The Realtor does not have to deal with seller objection to price compared to a house that is worth $400,000 but the seller wants to ask $450,000 or $475,000. So when you see a short sale, assume that price is a considerable discount compared to other properties on the market.
Bidding on a short sale:
Here comes the tricky part about short sales. Most banks do not hear “offers”, they are not in the business to keep calling agents back with counter offers, if a buyer wants to put an “offer” on a short sale typically you go right to contract on the home. The “offer” is presented to the agent who presents it to the seller and if it is a strong offer, under advisement from the agent the seller will accept the offer. The same holds true if the offer is low and the agent and seller feel it is a “low ball” offer, they will turn it down and it will never reach the bank who has the final say on the offer.
Once the offer is “accepted” by the seller, it then has to be submitted to the bank for approval. At this point you would put go to contract, sign the contract and put your deposit down, still not knowing if the bank accepted (approved) your “offer”.
The bank could take from 30-120 days to respond and if the bank feels the offer is too low they may take even longer to respond. Banks will not waste time responding to a low offer and will get back to the agent when they feel like it and that could take months. So a strong offer (at or very close to asking price) on a short sale is the 1st step to increase your chances of the bank approving the sale.
A lot of buyers think they can just throw out a low bid which is not the case and even if a “low” bid was accepted by the seller the bank still has an appraisal done and then they compare your offer to their appraisal and if it is too low, the deal is dead. So short sales are even harder to negotiate down on price than “normal’ listings, but keep in mind short sales are typically priced aggressively.
Bank approval of a short sale
If you have not heard back from the agent with an answer to your offer/contract in 2-3 weeks from the time the agent submitted your contract to the bank for approval, assume that the bank has not even considered your offer because it was too low and you will need to come up with a much higher offer. If the bank does accept the offer, be prepared to close in 30 days of acceptance or less or the bank will not approve the sale.
The last short sale I closed on had an asking price of $360,000 and my clients put in a bid of $350,000 and the bank approved it, and the seller owed the bank $675,000! Also keep in mind the agent must be skilled at doing short sales and know the correct info to present to the bank or the deal will never be accepted by the bank. I am a Certified Distressed Property Expert
(CDPE) and have the skills and knowledge to handle short sales of any nature. There are only 1,000 CDPE’s in the US so if you can try to locate a CDPE in your area to help you with buying and more importantly if you are a homeowner, selling your home in a short sale.
If you have missed payments on your mortgage or will be soon and are facing foreclosure read my Foreclosure Prevention
page to learn about alternatives to foreclosure and saving your credit.
Feb 5, 2009
If you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. As a result, I believe that we could be on the brink of a substantial turn around in the real estate market. Now, it’s critical that we all join together and deliver a powerful message to our legislators that we support this stimulus.
Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. Purchases must be made within one year of the legislationʼs enactment to all purchasers of primary residences, and the tax credit would not have to be repaid. Current law provides for a $7,500 tax break for the first time home buyers only but is required to pay back that amount over a 15-year period.
Today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on our industry. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.
I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
I urge each of you to contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official Senate and House web sites to locate the email and phone number of your legislators.
This may be one of the most critical moments for the real estate industry in our time. Please pass this information on to anyone you might do business with. The outcome of this legislation will have a lasting impact on us all.
To show support for the proposed amendments please contact your Senators by clicking on the following links:
E-mail form for your Senator
Phone numbers for your Senator
Update: 2/7/09 – the proposal to reduce interest rates to 4% was defeated on a vote of 35-62.
Update: 2/12/09 – From the Wall St. Journal online – February 12, 2009
Home buyers who hoped for a $15,000 tax credit to buy a new home, as promised by the Senate, will be disappointed. A proposed $35 billion credit to support home sales was jettisoned in favor of a more modest $2 billion to $3 billion provision.
The proposal would eliminate the repayment requirement in an existing tax credit for first-time home buyers, and raise the credit to $8,000 from $7,500. Congressional aides cautioned Wednesday that the credit’s size was still subject to negotiation. The credit applies only to homes bought between Jan. 1 and Aug. 31 of this year.
Homeowners who install new doors, windows or furnaces to make their home more energy efficient would be able to get as much as $1,500 back through new tax breaks.
To read more about the $8,000 tax credit, check out: http://putnam-westchester-homes.com/8000-tax-credit-for-home-buyers
I just sold this lovely brand new home in Mahopac NY. The house has 4 bedrooms, 2.5 baths, 3,000 sq. feet on one acre. Features included: 2 story entry, hardwood floors, granite kitchen, crown molding 1 mile to Taconic Parkway and Westchester border. The selling price was $629,900.
View all: Recent home sales in Mahopac NY.
View all: Homes for sale in Mahopac NY.
Lovely 7.5 acre LAKEFRONT cul-de-sac property in already established neighborhood conveniently located to shopping, Rte 6, 684, Croton Falls train. Private location with entrance from the cul-de-sac. Board of Health approval pending for 4 Bedroom residence. Seller will deliver property with necessary BOHA approval required to build. A must see!!
See more info here: Land for sale in Mahopac.
Search all Homes for sale in Mahopac NY
Lovely bright studio loft, sought after corner unit in Villa at The Woods! High ceilings with tons of windows and amazing views! Brand new hardwood floors, new stainless steel appliances, new kitchen cabinets and paint in kitchen. Pool, tennis, walk to town, minutes to train. Low taxes and common charges, assigned parking, heat and hot water included! A must see. To see listing details check out: Villa At The Woods Condo
To see more townhouses and condos in Westchester please visit NorthernWestchesterCondos.com
Are you or someone you know behind on their mortgage payments? Do you foresee having a hardship in the future that will prevent you from making your mortgage payments? Know your options…there are alternatives to foreclosure that can pay off your debt and preserve your credit.
Fact: Your bank does NOT WANT TO foreclosure (lots of costs involved for the bank, typically $60,000-$100,000 from the start of the process until the home is sold at public auction).
Fact: Your bank will DEFINITELY FORECLOSE and take your home unless you seek help before time runs out…..A Certified Distressed Property Expert (CDPE) can help and banks work with CDPE’s all the time!
Fact: Your bank will happily TAKE LESS than you owe them if a homeowner takes the correct steps to avoid foreclosure and the 1st step is to speak to a CDPE!
Have you already received a letter of noticed that your home is going up for public auction? A fact that most people do not know is that a CDPE can have the auction STOPPED even the day of the auction and have you stay in your home! But you must start the process right away before it is too late!
Check out our Foreclosure Prevention page to learn more. Do not wait any longer, time is running out.
When a homeowner owes more on a property than it is currently worth a short sale is an option. When lenders agree to do a short sale it means the lender is accepting less than the total amount due. A short sale is an alternative to bankruptcy or foreclosure proceedings.
A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is ‘sold short’. These negotiations are often done with a licensed Realtor on the homeowners behalf. In the past it was rare that a bank or lender would accept a short sale however due to overwhelming market changes lenders have become much more negotiable when it comes to these transactions. Recent changes in policy within many organizations have made the chances of getting a short sale approved even higher!
Why would a lender accept a short sale?
One of the most common misconceptions that a very high percentage of homeowners have is that their lender is lying in waiting eager to jump out and take their home. Nothing could be further from the truth. Realty is that banks are in the business of lending money, not the real estate business, and they don’t want to own your house.
In fact a foreclosure has far-reaching financial and regulatory consequences that most people are not aware of. The truth is that on average, it costs a lender $60,000 to $100,000 to foreclose and dispose of the average $200,000 property. This doesn’t even take into account the opportunity cost the bank incurs by having assets tied up in the house. A short sale is a sure thing for a bank and the bank keeps the property off their books.
In order to start the short sale process a homeowner will need to seek the services of a Realtor who works with banks on a regular basis helping homeowners. There are only 1000 Certified Distressed Property Experts
(CDPE) in the United States and a CDPE is one of the best chances a homeowner has to complete a successful short sale! There are NO FEES involved or costs to the homeowner, the bank pays all fees including closing costs, late fees and even attorney fees!
If you would like a no obligation free phone consultation about your options to help prevent your home from going into foreclosure call me at 914-403-4868 or email Mike@MikeTrinch.com
Are you a homeowner that is in distress? Are you behind on your mortgage payments? Did you lose your job and soon will no longer be able to make mortgage payments? Have you already received a call or letter from your lender that they have started the foreclosure process on your home?
Despite what you may heard a bank does not want to foreclose on your home but the bank absolutely will foreclosure on you if you did not seek foreclosure prevention options right away. Below is a list of options for homeowners in foreclosure:
In order to reinstate a mortgage, you must pay all missed payments, late fees, and legal fees that are due up until the date that the loan is reinstated
Forbearance or Re-Payment Plan
If you do not have the means to repay all of the missed payments and legal fees, then this is another option that also reinstates the mortgage. The lender allows the homeowner to pay the missed amount over a period of time or they place the missed payments at the end of the amortization of the loan
Sell the Property
If you have equity in your house, you can sell it and cure the foreclosure A licensed real estate agent experienced in the foreclosure process can help a homeowner harvest from the home sale as much of your hard-earned equity as possible. When choosing a Realtor make sure to choose a Certified Distressed Property Expert (CDPE) who understands the foreclosure process and is aware of the foreclosure timeline and pricesyour property accordingly.
Rent the Property
In some cases, a homeowner facing foreclosure that has mortgage payments low enough to allow him to rent the property and keep up the mortgage payments. This is usually a short-term solution since when taxes and insurance payments come due, many homeowners cannot afford them.
If the homeowner has sufficient equity and income and their credit has not been too badly damaged, you may be able to refinance. This is also typically a short-term solution since payments on the property usually go up considerably due to the refinance.
In some cases where homeowners do have the means to afford their mortgage payments or very close to their mortgage payments, the bank may qualify them for a mortgage modification.
This relatively new phenomenon shows just how far some mortgage companies and lenders are going to avoid foreclosing on properties. This process involves the refinance of a home with a reduction in the principal balance and often the interest rate as well. The homeowner will have to apply for this process both in showing a hardship as well as demonstrating the ability to pay the new mortgage through a fully documented qualification process.
Deed-in-Lieu of Foreclosure
This option is sometimes referred to as a “friendly foreclosure” since you essentially give the deed to your property back to the bank. If owner has equity in the house, this is not a good option since they give up any right to the property and any equity when using Deed-in-Lieu as a solution
A bankruptcy may stop a foreclosure and allow a homeowner to reorganize his debt and keep his property. The reality however, is that most of the time this is not the case and the bankruptcy only stalls the foreclosure. If the homeowner is not to make payments after bankruptcy, the house will foreclose anyway.
The other major drawback to bankruptcy is that it makes it very difficult for the homeowner to sell his property once he enter the process.
Servicemembers Civil Relief Act (SCRA)
Signed into law on December 19, 2003, the SCRA provides certain protection to military personnel that are in foreclosure in specific situations. The law also provides Servicemembers other protections
It is important to note that this relief is only temporary and in many cases the most prudent course of action for a Servicemember is to sell their property.
*** Short Sale ***
When a homeowner owes more on a property than it is currently worth and one of the above solutions do not apply to their situation, there is an option of pursuing a short sale.
A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is ‘sold short’.
In the past it was rare that a bank or lender would accept a short sale however due to overwhelming market changes lenders have become much more negotiable when it comes to these transactions. Recent changes in policy within many organizations have made the chances of getting a short sale approved even higher!
In some areas as may as 50% or more of the properties that are selling are related to a short sale or a banked owner property. According to the database on Foreclosures .com, there are currently over 1.8 million pre-foreclosures (owners who are behind on payments and have been reordered publicly), over 1 million auctions and over 1.4 million REO’s (properties already taken over by the bank after foreclosure.
In order to start the short sale process a homeowner will need to seek the services of a Realtor who works with banks on a regular basis helping homeowners. There are only 1000 Certified Distressed Property Experts (CDPE) in the United States and a CDPE is one of the best chances a homeowner has to complete a successful short sale. There are NO FEES involved or costs to the homeowner, the bank pays all fees including closing costs, late fees and attorney fees!
If you would like a no obligation free phone consultation about your options to help prevent your home from going into foreclosure call me at 914-403-4868 or email Mike@MikeTrinch.com
Westchester and Putnam Short Sale Properties.
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