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attorneys: Attention New York Attorneys: FHA Mortgages are Not the Enemy - 11/16/11 11:44 PM
Like anyone else, I love it when I get a cash offer on one of my listings. That is rare, but it is also nice when we get an offer that has terms including a healthy 20-30% or larger down payment. That doesn't happen all the time either. What is keeping the lights on in Westchester real estate is the FHA mortgage, which was unheard of 5 years ago, but is now more common than any other program for starter and medium homes.
The minimum down payment on an FHA loan is 3.5%. For the math-challenged, that means the buyer will … (17 comments)
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attorneys: The New York Real Estate Contract Contrast - 09/10/11 11:13 AM
From 1996 through 2000, I sold real estate in Rochester, New York. I learned the business in a way very similar to the way real estate deals are put together in most other parts of the country. Here's the typical chronology:
The buyer makes an offer in writing on a boiler plate form jointly approved by the local Bar Association and the Association of REALTORS. When countersigned by the seller, that offer then becomes the purchase and sale contract. The contract is contingent on attorney approval, home inspection, and mortgage within specified time frames. Once the attorneys approve the contract and … (24 comments)
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attorneys: Ladies and Gentlemen, Start Your Engines - 03/27/11 10:22 AM
We are less than a week into "Spring" but the Spring Market has already begun in Westchester. Things are getting busy, as the cyclical nature of our industry turns to the most active period between now and July 4th. If this is the year you are looking to buy that first home, or even if you are looking to sell and perhaps "move up" you should assemble your dream team of professionals to make sure you have all the resources to make the move a happy one.
Buying or selling a home is typically the largest business transaction of a person's … (7 comments)
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attorneys: Don't "Discount" the Value of a Good Real Estate Attorney - 01/19/11 11:54 PM
New York is an attorney state, and in our area they also prepare contracts. Having a good attorney is crucial, for many reasons, not the least of which is obvious: the other guys have one, and you don't bring a knife to a gunfight. Lawyers examine title, advocate, and draw up addenda, pre possession and rent back agreements, and in general partner with the brokers to shepherd the transaction to a closing. Like them or not, they are inextricable to the sale of a home. If I refer an attorney, I like and trust them.
All too often, I'll see people who shopped … (33 comments)
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attorneys: Yonkers Short Sale: Do You Need an Attorney? YES - 10/06/10 10:00 PM
Here's one from the other side of the closing table, where I represented buyers on a 5-month odyssey to purchase a short sale in Yonkers. It made me appreciate the waiting game that buyers must endure, and how valuable status updates are to home purchasers of a short sale in order to stay engaged and committed to the purchase. Buyers need to be updated to, among other things, time their mortgage application, appraisal, and rate lock.
Note that I did not say anything about ordering title work. Title work in a short sale MUST be ordered by the seller's attorney in the beginning to ensure … (7 comments)
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attorneys: Attorneys Killing Short Sales - 04/08/10 10:10 PM
Here in New York we have attorneys heavily involved in real estate transactions. Their function technically is to handle contracts, act as escrowees in the holding of good faith deposits, and examine title. They are another advocate for our clients. By and large, most attorneys play it straight and do not mother hen, interfere, or sabotage. But some do. I could write posts on attorneys who take a week to send contracts out, debate language with the other side's lawyer until the buyer walks, who won't return phone calls, or who 2nd-guess brokers until our credibility with the client is undermined. The subtext … (32 comments)
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attorneys: 8pm Call Back...From a Lawyer! - 02/04/10 11:40 PM
As many people outside New York may know, lawyers handle the contracts in the purchase and sale of real estate in this market. That little aspect of the industry has created more than its share of animosity because of the extra layer of red tape it adds to a transaction and because, well, they are lawyers.
Very recently, on a co op transaction where I was representing the buyer in her purchase, I got a panicked phone call. My client had seen her prospective new home advertised on the Internet as available, when she had, in fact already signed the contract. When I checked the MLS, I … (4 comments)
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attorneys: Why Use an Attorney in a New York Real Estate Transaction? - 07/16/09 07:56 AM
Do you really need an attorney to buy or sell real estate in Westchester County? I was posed this very question by a first-time buyer recently. I asked Lisa Fantino, attorney, author, and friend, for her perspective.
I cringe each time a realtor tells me the seller or buyer is going to represent themselves in the sale or purchase of a home. I'm a lawyer and I would NEVER represent myself in the biggest financial transaction of my life (not counting law school tuition payments!) I know that we are all looking to cut back these days but why would you look … (6 comments)
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attorneys: Lawyer Vs. Relo - 08/28/08 03:57 PM
As those of you who have done a relo deal know, relocation companies can be a pain in the rear with due diligence that resembles a colonoscopy. In addition to paperwork that releases them from even a whisper of liability or risk, they always want to see the mortgage commitment and contract for the buyers down the chain. If you are selling your house and buying a relo, the firm won't go forward unless you provide them with information that verifies the solidity of your sale. I have never seen it otherwise.
Today I got a call from my client's lawyer informing … (3 comments)
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J Philip Faranda, Broker-Owner
Briarcliff Manor,
NY
More about me…
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY
Address: 522 North State Road , Suite 100, Briarcliff Manor, NY, 10510
Office Phone: (914) 762-2500
Email Me
Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 20 agents and closed 300 transactions valued at $125 million. He is in his 3rd term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900. Warning: *Sarcasm and irony advisory at all times.*
  
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