I know that lenders have just agreed for a 30 day freeze on foreclosures. Sounds nice.

The real issue is the responsive of the lenders and their servicers to what is happening on the ground. If it helps one family out and enables them to work out with their lender an opportunity to stay in their home, then I am all for it.

The bigger issue is that many lenders are either so overwhelmed, or because the servicers are so removed, they are unaware to real values and issues pertaining to the properties they are involved in. Case in point, one 2 family that I listed that was in foreclosure and the only exit strategy was a short sale. The property was in significant disrepair, tenants who let their animals run wild, work that needed to be done, in an area that was challenged.

Our first buyer was ready, willing and able. Wanted to move in and do the work, but due to the excesive time it took to get the 2 lenders to agree to a price had to move in a different direction. We found another buyer, but the market took a slight downturn, and for a few thousand dollars the lender refused the offer.

Now, here sits a vacant house. One which is waiting for auction, didn't get winterized (wait till they see the damage that caused). At this point they'll be lucky to get half of what was offered previously. It's time for lenders to take in to account what the eyes on the ground are seeing, and negotiate when necessary. Adding on additional debt to the current homeowners while property values are declining may not be doing them a favor. I know it sounds cliche, but sometimes you have to take a step back to make two steps forward.

 

Economic Stimulas Package
02/07/2008
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The economic stimulas package has passed through the house and is heading to the President's desk. More important than rebate checks, we can be seeing a raise in FHA limits. Over the past 7 years, FHA has lost market share because the limits in… more
How Many Times Have You Heard…
02/07/2008
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Just wondering how many times have you heard… "I want a house in a good neighborhood, at a good price… " "I'm looking for a deal… " "Yeah, but last year my neighbor got… " "I know, but if they really want… more
Recent Foreclosure Ruling Sets Precedent
02/05/2008
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Yesterday, there was an article in the Staten Island Advance www. silive. com that discussed a recent ruling which homeowners prevailed in staving off the foreclosure. The article went on to mention that the homeowners could not make it the first… more
How much lower can rates go??
01/31/2008
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From begrudingly cutting rates 25bps just a few months ago, the Fed has dropped rates 125bps in a week. With the Fed Funds down to 3%, the Fed has reacted aggressively to a slowdown that went from credit, to housing, to the economy as a whole. While… more
When Houses Sit --- Update
01/28/2008
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This is an update on my previous post of "When Houses Sit… " To recap - this weekend I received an offer on a new construction 2 family for a first time home buyer. The house had been sitting on the market for over 18 months, and the… more
When Houses Sit
01/27/2008
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I had the distinct pleasure of working with a referral customer this weekend. We had spent some time together at the end of last year, but with her husband involved in contracting and the slow down in the marketplace they were too nervous to own a… more
The Fed cuts 3/4 of a point - is that what the Dr. ordered?
01/22/2008
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Why do I get the feeling that I've seen this before? The Fed makes the surprising move to cut 3/4 of a point mid session. What do they see that we haven't yet? Has the market gotten that much worse, or does the Fed think that it's… more
Is there anything reliable about Staten Islanders commute?
01/22/2008
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There was an interesting feature in Sunday's New York Times on commuting in NYC. This week they focused on Staten Island transit, the SIRR and the Ferry. There is a tradeoff in Staten Island. More house and property for the money, but a commute… more
MAYOR BLOOMBERG AND THE REALIZATION OF STATEN ISLAND'S WATERFRONT
01/18/2008
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The impression of Staten Island as the "forgotten borough, " is continuing to fade. With Mayor Bloomberg remarking in his State of the City Address about the efforts of a transformed St. George, Staten Island is taking a large step forward… more
 

Frank Rizzo

Staten Island, NY

More about me…

Cornerstone Realty Partners

Address: Staten Island, NY

Office Phone: (718) 447-8100

Cell Phone: (347) 497-1482

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