E Jeffrey's Blog

Wow, I saved two birds and its international news!

Jeffrey Dolfinger (24/7 Realty Inc.) — Tue, 09 Dec 2008 21:59:27 -0600

Some months ago I blogged about saving two birds from an reo property that were left for dead. a Reuters reporter, Elaine Porterfield, picked up the story and called me for a phone interview. That was that I didnt think much about it again until on December 5th my mother called me to say that her neighbor just said he was watching Rush Limbaugh on TV, and he mentioned my name in connection with a Reuters story about foreclosures and birds. Then an email and more calls.

The story has made it all the way to the U.K. and Quatar, which blows my mind. To all of those who have sent me emails of thanks, thank you, I am glad I could have helped.

I just dont understand why people leave their pets. Shelters are out there. Remember if you have a pet and have to vacate your home please bring the pet to a shelter.

I have attached a link to the story article below and again thanks to all of you who said thank you!

www.reuters.com/article/oddlyEnoughNews/idUSTRE4B45NQ20081205

Foreclosure! Rhinebeck Estate Home Now priced under 1 million, way under!

Jeffrey Dolfinger (24/7 Realty Inc.) — Thu, 27 Nov 2008 20:44:31 -0600

This lovely never lived in home sits on 10 acres in the heart of hunt country. Rhinebeck Schools and a commuters dream as it is very close to the Taconic Parkway. This home has mountain views, a gourmet kitchen, fireplace, master bedroom suite, hardwood floors, intercom and alarm system. This home is very close to move in condition. Email me for a private showing. Jeff@247reorealty.com

Dude Where's My Car!

Jeffrey Dolfinger (24/7 Realty Inc.) — Thu, 27 Nov 2008 20:35:25 -0600

Be on the lookout a 1978 Corvette Stingray was stolen right out of one of my reo's! There one day gone the next! Not being a motorhead my wife was the one who told me that someone just stole a car worth 20k maybe more as this model is a "classic".

I or course call the State Police and reported the theft. The police didnt know what to do because the car did not belong to me or my client. I was advised that under the current law, no crime had occurred, but because of the value they would take the report and would investigate the matter.

The funniest part of the whole thing was the officers disbelieft that I walked into a home saw the car, took photos of the car, reported it to my client, but never ever attempted to find out the owner. He was just shocked that I didn't care who's car it was.

I explained to him that this year i have come across 3 cars, 1 boat, 1 piano, two brand new pool tables, and 1 brand new hot tub. All we abandoned. Not to mention that on a daily basis I rekey some home that is full of personal belongings which end up in the dumpster. I have become rather immune to caring about why someone doesn't take their property.

To date this is the highest dollar value item that has been stolen. Can anyone beat this, I would be interested to know.

Hopewell Junction NY 12533 $179900.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Mon, 17 Nov 2008 21:13:52 -0600

Run, dont jog!, Run like your life depended on it for this split level home just minutes from the Taconic Parkway, a quick commute everywhere! The home needs work, but this is your chance to get in at almost 50% off! Neighboring homes sell for 330k plus! If you want this home email me immediately with your prequalification letter and proof of funds if cash! The early bird will get the worm!

24/7 Realty Inc, 845-229-1300 email is best Jeff@247reorealty.com or fax your documents to 8455171660.

Buyers agents please follow the instructions on the mls sheet. If you are not a member of the midhudson mls this office is not offering cooperation.

Buyers Agents Learn the rules of the REO offer

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 11 Oct 2008 23:29:28 -0500

It seems that another blog needs to be written about the REO offer and just how to submit one, at least to my office.

1) I only work weekends for my clients and rarely will return a call from a buyers agent unless is an access or emergency issue.

2) Banks are closed on weekends and holidays so if you submit an offer on Friday after the close of business do not call me saturday at 10am asking if there is a response.

3) Sold as is means AS IS . Dont come back to me after inspections with some junk about this and that, if your clients want out after inspections just say so, because they are not getting a discount.

4) Proof of funds means proof of funds, not half of the funds shown in a bank statement or some letter from a mortgage broker saying you have applied for a mortgage. Guess what give me those and your offer will be summarily rejected by me without presentation as per my clients "Do not submit offers that do not meet our guidelines"

5) I am not doing the water test even if its required by the seller by some local ordinance, the home is sold AS IS.

6) Fail to return the sellers addendums in a timely manner and poof your clients accepted offer will blow up.

7) Dont ask me which bank is the seller, it s not a requirement, but if you do find out and call them rest assured I will file an ethics complaint.

8) Dont ask me whats wrong with the home! I work for the seller and unless its a material defect required by law to disclose, my lips are sealed.

9) If you submit some lowball crazy ass offer that somehow is accepted do not get upset if an offer comes in after you have signed contracts and your offer get cancelled. REO sellers have the absolute right to cancel at any time. Its in the contract and addendums.

10) Play nice the REO listing agent. The listing brokers recommendation goes along way towards picking a winner if there is a bidding war. I have had am's call me on more than one occassion and ask me who was easier to deal with when there is a tie.

Now my rant is done after going through 5 offers and only 1 was sent correctly.

To submit an offer that will get a response, buyers agents need to follow the instructions listed on the mls. If there are none, this is the generic list.

A valid offer must have everything in the standard offer sheet and be accompanied by proof of funds or a pre qual, or both, and a copy of an earnest money check PAYABLE TO LISTING BROKER.

In a nutshell nothing else is needed, but if buyers agents keep failing to show EM or show EM that not payable to the listing broker, your offer is going to get rejected.

Foreclosure victims, Do not abandon your pets!

Jeffrey Dolfinger (24/7 Realty Inc.) — Sun, 08 Jun 2008 01:21:14 -0500

Last Wednesday was a monkey wrench day for me. While doing my occupancy checks I found one that had gone vacant. The power was off, the lawn had not been cut the trash was not taken out, the doors were open. To be sure I went to the neighbors who verified the vacancy.

The garage door was unlocked so my assistant and I went in, the house was a mess, then we heard a noise. Birds the occupants had left two pet birds behind. The police humane officer refuses to assist because it was not a dog or cat, the SPCA was closed, this day. What to do?

I am far from an animal lover but what to do with two birds left for dead? Luckily a local bird store agreed to take the birds in and care for them so I placed the birds in their cages, that had mounds of feces 6-7 inches in height in my car and took the birds to the bird store.

Later that night my cell phone began to ring, I did not pickup for whatever reason. When I listened to the message it was the property owner upset with me for trespassing as they had not vacated. I called back and asked how they were living there with no food, no furniture, not hot water, and no electric. Of course I got a smart answer of we only sleep here, nothing else and don't come back your trespassing.

I think the man's tone set me off as I went into a rant about occupancy and property abandonment and the lenders right under state law and the mortgage agreeement to protect its interests in the property if needed. I then proceeded to advise the former owner that if he pushed the matter crimnal charges would be placed against him for the treatment of his birds which was well documented by myself and the local bird expert.

If you are someone losing your home to foreclosure, your pets need not suffer along with you. Please bring your pets to the local SPCA or humane society!

I got quoted in the Associated Press Newswire

Jeffrey Dolfinger (24/7 Realty Inc.) — Sun, 08 Jun 2008 00:50:53 -0500

It has been sometime since my last blog, I think it was early March or so. Since then I have literally been working 12-16 hour days between managing foreclosures and managing my life as a father of 4 not one older than 9. Sleep has not been in my vocabulary, its been all about feeding those children. Well I guess my hard work paid off because last week I spent a little under an hour being interviewed by a reporter from the associated press. Late Friday night I received an email that I had been quoted in the AP Newswire. The article was picked up by Cnnmoney.com Forbes.com, Businessweek.com, CBS.com, Foxnews.com and various print newspapers across the country. To me this is an honor, however so small.

Here is a link to the article. A few others from AR were also quoted.

http://ap.google.com/article/ALeqM5iY7tii9ZwSxT1kh0eE7Ap-uIxgyQD914RDF00

www.dolfinger.com

2 Family Port Ewen NY $160000.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Tue, 01 Apr 2008 00:03:16 -0500

Imagine a 2 family in a nice small town near everything for $160000.00. Yes it needs some work but its not a dump by far. Over 1 acre, has central air, no freeze damage and plenty of parking. 5 minutes to Kingston, NY, 15 to Poughkeepsie, a real steal. Investors run don't walk.

16 Bartlett Street, Poughkeepsie $110100.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Sun, 30 Mar 2008 23:20:04 -0500

The price says it all. A perfect starter home with no water damage, adjacent to a public golf course and close to all of the colleges. Make an offer move in by the end of the month! I have been directed to sell this home fast!! 2 beds 1 bath perfect for that small family looking for true affordability.

39 Bog Hollow Rd, Wassaic, NY 289999.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 29 Mar 2008 23:00:50 -0500

A major price reduction bank says sell this home now!!! I would bet that this home has never been lived in!!! 5 mintues to Metro Norths 10 Mile River Station, 45 minutes to White Plains, NY!!! 2700 Square feet plus a bonus room over the 2 car detatched garage. The home does need some work but what a steal! www.247REOREALTY.com

5 Castle Point Rd, Wappingers Falls NY $329900.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 29 Mar 2008 22:55:04 -0500

3 beds 3.5 baths 3000 square feet built in 1993. Close to everything priced to move and is way under market at $329900.00. The home needs a few updates but is a real steal at this price. Neighborhood comps are over $400,000.00, but the bank says sell it now!!! Paint and carpets are needed. No water damage!!! Almost 1 acre. www.247REOREALTY.com

West Hurley NY $309900.00!!!

Jeffrey Dolfinger (24/7 Realty Inc.) — Mon, 17 Mar 2008 00:17:08 -0500

Do not miss this former artists retreat. It is rumored that members of "The Band" have gathered here. The home is in the Catskill Park but just 15 minutes outside of Kingston and 10 mintues to the world famous Woodstock NY.

The home is not 100% finished but finished home in the area sell for over $500,000.00. Don't miss this one! This home was built in 2001 and sits on 3.7 acres! Its over 3000 square feet!

www.247REOREALTY.com

Sullivan County 3 Bedroom 1 bath Ranch $79555.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Sun, 24 Feb 2008 21:06:21 -0600

Wow look at this one priced like this truely affordable. It needs a little work and its home sweet home. Built in 1980 on a poured foundation with vaulted ceilings you get bang for the buck. The backyard ajoins a branch of the famous Neversink River, a trout fishermans dream, and the Delaware River is only a few miles away. Trout season opens April 1! 15 Minutes to Roscoe NY, world famous for Trout fishing!

Want to view this listing? Vist me at www.247REOREALTY.com

Dear Blog Reader, I apologize!

Jeffrey Dolfinger (24/7 Realty Inc.) — Fri, 15 Feb 2008 23:39:08 -0600

Thursday was one of those days from, you know where. And to top it off the suburbans battery decided to die at the grocery store with the wife, newborn and 2 year old in tow. Things were 100% in chaos and wrong that day.

During the middle of it all my cell rang and I thought that it was AAA or my father bringing the jumper cables. The call turned out to be from someone who read my blog, when they told me this I think I gasp or made some sound letting them know that I was in a foul mood, they asked if they could call me back at a better time, I advised 1 hour would be fine. I never heard from them again, but I new that when I hung up. I knew I had just shot myself in the foot or put my foot in my mouth.

To my mystery caller I aplogize! Sorry I disappointed you. Another chance please!

Lesson learned- do not answer the phone when your in a bad mood. Who says old dogs can't learn new tricks!

Town of Poughkeepsie Ranch! $229,000.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Fri, 15 Feb 2008 21:52:24 -0600

Family neighborhood, great starter home priced right. 3 bedrooms, 1 bath, freshly painted backs 15 acres of woods. Close to Dutchess Community College and Marist College. 10 Minutes to Metro North or Amtrak Commuter trains. Do not miss this one priced to move owner is motivated!!!!

Need more information? Want a private showing? Visit www.Dolfinger.com

Awesome 4 Bedroom, Wassaic, NY Amenia NY $342500.00

Jeffrey Dolfinger (24/7 Realty Inc.) — Fri, 15 Feb 2008 21:45:06 -0600

2700 Square feet, 4 bedrooms, 2.5 baths, 5 minutes to Metro North commuter train, and 5 minutes to the 10 Mile River. 30 Minutes to Danbury CT, or Poughkeepsie! This homes sit a few miles from the Connecticut border where hiking trails and parks abound!

This home is virtually brand new inside! Minor repairs needs to call this home!

www.247REOREALTY.com

Poughkeepsie 2 Family

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 09 Feb 2008 21:52:47 -0600

Come and get it! Needs work and some copper but good bones and an easy rent or flip. 2 bedrooms lower, 4 bedrooms upper. A cash cow to the right landlord. Rents are stable in Poughkeepsie. Interested? give me a call at 845-656-0012 or visit www.247REOREALTY.com. This property has not been priced nor is it listed on th mls as of this posting.

New Paltz NY, Raised Ranch

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 09 Feb 2008 21:42:31 -0600

Beautiful home only minutes from downtown New Paltz village and the college campus. A great family neighborhood. This home is a foreclosure but it sure does not show like one. This home sits on 1.5 level acres and has a heated 3 season or florida room. Brand new boiler, finished lower level. Interested? Give me a call 845-656-0012 or visit www.247REOREALTY.com

It's 12 Midnight do you know where your realtor spouse is?

Jeffrey Dolfinger (24/7 Realty Inc.) — Thu, 07 Feb 2008 23:16:02 -0600

Big Ben

For those of you in metro New York, you are used to hearing something close to that at 10pm on Fox 5. My wife just called me and asked the above blog title. She figured I would be home by now. Nope still babysitting the pump at an reo with 6ft of water in the basement. A national lender called me today after i advised them 2 days ago there was water in the basement to about 3ft while doing a bpo. They called me today to say the best estimate they received was $2000.00. !

So hear I sit for another hour, will turn off the pump and get some sleep, come back at daybreak and start the pump again.

Its midnight are you working?

Hudson Valley Foreclosures!

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 02 Feb 2008 23:14:43 -0600

You want them, I have them. I cover the entire Hudson Valley. Rockland, Orange, Ulster, Sullivan, Greene, Dutchess and Columbia Counties.

Looking for a foreclosure? Then associate yourself with a Broker who has liquidated over a thousand. Associate yourself with a Broker who is hired by Wall Street to perform due diligence on multifamily assets.

Business is restricted to serious investors only. You must provide a pre-qualification letter or proof of funds and sign a buyers agreement before I agree to work with you. Both your and my time is money, its that simple!

I am a member of the Mid Hudson MLS and the Greater Hudson Valley MLS.

Looking for a foreclosure? http://www.247reorealty.com/

Active Rain Computer Freeze

Jeffrey Dolfinger (24/7 Realty Inc.) — Tue, 29 Jan 2008 21:22:50 -0600

Once in a blue moon while on Active Rain, my computer will lock or freeze up. My computer is new with plenty of storage left and has the new AMD Turion 64 Chip so I do not think it is on my end. Plus it has never locked up at any other time. Seems to happen when Blogging or commenting. Has anyone else experiences this issue?

Lien position and foreclosure

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 26 Jan 2008 22:14:01 -0600

Liens have positions on the title to property, 1st, 2nd, 3rd etc. A 2nd mortgage lien holder can foreclose on a property but their foreclosure action is subject to the lien of the 1st lienholder. So if someone where to buy the home at the auction or from the lender as an REO they would still have to pay off the 1st mortgage lienholder.

Conversely if a 2nd lienholder where to foreclose on a property with 3 or more mortgage liens then every lien, mortgage or not, with the exception of taxes recorded of record on the property after the date of 2nd mortgage would be exstinguished by the foreclosure action of the second mortgage holder.

So when a 1st postion mortgage holder forecloses they extinguish all liens that are subsquent to them with the exception of taxes.

Looking to buy a foreclosure in New York, contact me at www.247REOREALTY.com

Can an REO guy do resale?

Jeffrey Dolfinger (24/7 Realty Inc.) — Sat, 26 Jan 2008 21:46:30 -0600

This was the question that was in front of me today from a prospective seller, a lawyer. The client wanted to sell her investment property that she had purchased just a few years ago. This was my response.

1) I described my resume which included, REO, Shorts, new construction building and sales, property management, limited re-sale, 1 relo sale, as well as my formal real estate training from the private equity world of formal institutional investments from a due diligence perspective dating back to 1992.

2) I described how I did a CMA versus the resale approach used by most agents and the differences of each.

3) I detailed how I comp 20 or more properties per month for lenders and do an average of 10 insurance inspections per month in which I was paid to see every flaw and would be able to point that out to her before the listing, giving her a chance to fix items if money allowed.

4) I detailed how REO guys do not want to list anything that will not sell as the position is very time consuming and labor intensive. Thus my pricing would most likey be more conservative that most.

5) I told her that I would not take the listing if I truely believed that we could not get her price as it would be a waste of time for everyone.

6) I told her how 90% of my listing come via email with no advertising, thus I would tell it to her straight as I had no need to give a pie in the sky price and wait her out for a price reduction.

Yes, an REO guy can sell re-sale also, maybe better than most in this market.

Selling your home, have it evaluated from the most conservative real estate broker in town. Straight talk on pricing. In the Hudson Valley call me at 845-656-0012 or visit www.Dolfinger.com

Bankruptcy is not a bad word!

Jeffrey Dolfinger (24/7 Realty Inc.) — Fri, 25 Jan 2008 23:26:11 -0600

All I hear from other Realtors is them telling their clients facing foreclosure not to file bankruptcy. Usually they use future credit as the reason. That's hogwash a foreclosure causes almost as much damage to a credit score. Then after the short fails the agents pulls the listing and the seller moves out and the home goes into foreclosure.

This attitude and direction is a big mistake, even the lenders would agree.

Lenders want the homes protected, winterized and kept up, when someone walks this does not happen, pipes freeze the grass goes uncut etc. Lenders understand bankruptcy and know how to work with it.

When an individual files for bankruptcy it gives them time to work things out. They stay in their home and are afforded the opportunity to work out a plan to repay the lender over time. If they are unable to work out a mutually benefical plan they get to move out in an orderly fashion and the lenders gets proper notice about the move and a real chance to protect the asset.

If you are an owner and are facing foreclosure bankruptcy is a viable option that may help you keep your home. If you reside in the Dutchess County New York area please contact me for a referral to a few of our local experts that will not lie and pick your pockets. Contact me at http://www.247reorealty.com/

Here is a link to the US Bankruptcy Court for the Sourthern District of NY http://www.nysb.uscourts.gov/

BANKRUPTCY is not a bad word!

Home vacant? Easy steps to winterize your home!

Jeffrey Dolfinger (24/7 Realty Inc.) — Wed, 23 Jan 2008 22:16:21 -0600

It has been quite cold in the northeast for a week or so now. If you are the owner of a vacant home and are sick and tired of paying to heat it here are some simple techniques used to winterize your home. This is given as advice and I will not accept any responsibilty for a frozen pipe.

Tools- A garden hose, pliers maybe, a bucket, a compressor and some boat and rv anti-freeze.

1) Shut off the water from either the curb, if you can or near the water meter or well pump.

2) Go to your boiler if you have hot water baseboard, or hydro-air. Attach the garden hose to the valve at the lowest point of your boiler. Run the garden hose outside or to a drain. Find the water intake valve for your boiler and turn it to the off position.

Open the valve at the lowest point on your boiler water will run out of your system through the hose and down the drain or outside.

Do the same to the hot water heater.

Once they run dry open the intake valve, no water should come out of the hose. If it does you know you did it right.

3) Open all faucets and flush every toilet until they all run dry, bone dry. Do not forget the outside faucets! Take a compressor and blow air into all of the drains and the toilet bowl bottom. If you do not have a compressor use a wet/dry shop vacuum and attach the hose to the fresh air outlet of the vac.

4) Pour an ample amount of boat and rv antifreeze into all of the toilets and sinks so that the antifreeze will sit in the traps.

5)Your exterior faucets should have bleeding valves on them, little nipples that turn to allow the system to be drained. Drain those bleeders into the bucket.

6) If you have a well tank or water tank, drain this as well.

7) Insulate the intake pipe to your home and wrap it heavily or place heat tape on it so the intake from the street or the well will not freeze. If you live in a city it is usually possible to have the water shut off at the curb.