Archive for the 'short sales' Category

HOUSING OFF THE BOTTOM!

Tuesday, December 15th, 2009

According to the Mortgage Banker’s Association, applications for home purchase loans shot up 42% last week on a non-seasonally adjusted basis compared with the week before. All this during the ordinarily quiet holiday season.

A sure sign buyers are jumping ‘off the fence’ and pulling the trigger.

The indicators are all supporting this decision to jump into the homeownership pool. Interest rates are at an all time low (with an expected increase in 2010), inventory is healthy (yet being absorbed at the fastest pase in over a year), first time home buyer credits of up to $8,000, $6500 tax credit for qualified buyers, prices reduced in most markets (but stabilized in many markets), and a market condition in favor of the buyer!

Frddie Mac declared home prices nation wide rose about 1 point on average during the 3rd quarter and 4th quarter activity has been even better.

Realty Trac states there was an 8% drop in November’s filings of delinquencies and foreclosures across the country. November makes the 4th month of declines in such filings.

Seller’s are ready, buyers are ready and brokers are ready…. let’s go shopping

Short Sales: See how it can help your situation – as a seller or buyer.

Friday, March 13th, 2009

Fact: More and more people are having trouble making ends meet, and are undable to meet their mortgage obligations. Some people have been served foreclosure papers and a "Lis Pendens" may have been filed. Terrifying stuff, the prospect and misery of loosing your house, and as if that is not enough, ruining your credit for a decade to come or more.

Town and Country can help, there is a bright side: there are other people who are looking for value in the housing market, who have cash ready to go to purchase your home.

The wild card in this process are the banks and how to deal with them.  To help people who owe more on their mortgage than their house is worth, and who are financially so distressed that they cannot keep their mortgage payment up,  a good real estate broker knowledgeable in the field of short sales can bring these two groups of people together and -for the people in trouble- help them take care of a serious financial problem, lift the burden, and prevent catastrophic damage to their credit. 

Town and Country, following up on very succesful seminars in Hampton Bays and East Hampton, is holding its next Short Sale Seminar on March 19, 2009 in Southold, 7pm (VFW Hall-corner Rte25/Tuckers Lane)

The seminar on Thursday March 19th will help distressed home owners understand the process better: Attorneys, a banker from Wells Fargo, a mortgage broker from Manghattan Mortgage, several experienced short sale Realtors ™ and a credit enhancement professional will be available to answer questions. Interested in buying? The panel can answer your questions and explain why you need to deal with an experienced Realtor ™ to successfully close on a short sale, and prevent getting unduly frustrated by the process.

Call or email Joan BIschoff van Heemskerck, T&C’s North Fork Director of Operations (Lic. Associate Broker) jbischoff@1townandcountry.com or 631 948 0234 or 631 765 0500 for more information!

Short Sale Seminar Recap

Thursday, January 15th, 2009

Town & Country Real Estate was pleased to host the first of three public seminars on Short Sales & Foreclosures last night at the Hampton Bays Library. To recap the highlights:

ROBIN LONG, Esq ,  Fier & Long PC Attorneys At Law…… 631-585-4344
• Current economic conditions find homeowners who have overleveraged themselves or simply find themselves in a negative cash flow situation due to circumstances beyond their control.
• By definition, a short sale is when the loan amounts exceed the market value.
• 3 potential pitfalls in your mortgage to look for are pre-payment penalties, negative amortization loans, and/or interest only loans. All these stipulations can lead to owing more than what your home is worth—hence forth, resulting in a short sale.
• If you should find yourself in, or approaching this situation, ASAP contact an Attorney who specializes in short sales. Robin included in everyone’s packet a check list of items they should bring with them to the Attorney’s office.
            ** The most important result with a short sale vs a foreclosure is that YOU CAN SAVE YOUR CREDIT.

VICTORIA HOHMAN, Manhattan Mortgage Broker…………631-324-1555
• Consult a Mortgage Professional BEFORE you find yourself without money to pay your bills. They will be able to advise you if a loan modification is in order or a refinance is better… or if you need to be referred to an Attorney. There ARE options early on.
•  There are mortgage products out there for qualified buyers.. even in the jumbo market  
•  Do NOT miss your mortgage payment above all other debt.. it most effects your credit scores.
• Mortgage Professionals do NOT require an upfront fee for your initial meeting and there’s no obligation.

ELIZABETH (MISSY) CAPOZZOLI, Town & Country Real Estate Broker Certified in Short Sales…… 631-288-3030
• Any Real Estate Broker who asks for a fee upfront is NOT representing your best interest.
• If you should find yourself in this unfortunate situation, require that your Real Estate Agent is a Certified Short Sale Specialist
• Once in short sale status, banks require a Real Estate Broker handle the sale
• BPO is a Broker Price Opinion which is what lending institutions will require first
• Visit EastEndShortSales.com for more listings and information. This is a free website to agents and buyers and sellers.
 
We then opened the floor to questions and continued an active dialogue on the subject for the next hour.
The next seminar will be in Springs, East Hampton. Feel free to call Missy for date, place & time.