56 Garnsey Road
Rexford, NY 12065
Bright & Open Custom Colonial on >1Acre, Niskayuna Schools
Bright and open custom colonial on 1.38 Acres in Niskayuna Schools. Open post & beam style, fireplace, new sunroom and central air, deck, patio, basement finishing, and large and private back yard.
Interior Features:
Central Air, Den/Office, Appliances, Family Room, Fireplace, Main Floor Bathroom, Hardwood Floors, Basement, Forced Air.
If you are a member of a credit union, do you know how stable your credit union is or if it will even be open tomorrowm, due to "bad" loans?? As a "member" do you know your credit union's policies on loan approval? I have found there is little mentioned in articles regarding bad mortgages that credit unions have on their books. Is this because credit unions are small enough that it isn't newsworthy?? I don't know, but I know that there are a number of mortgages that have been approved by a local credit union that were based on over-valued and fraudulent appraisals. How I know this is because for the 3rd time in the past 4 months, I have completed appraisals on homes that were financed by credit unions and the homeowners have shown me the appraisal completed for the credit union. In each instance, the appraisals were completed by the same appraiser and after today's experience at a house and knowing that the homeowner will never be able to refinance and is facing foreclosure, I just had to write about it. The appraisals completed for the credit union were misleading and the values were over-valued by as much as $100,000, in one case. This was due to the appraiser using comparable sales from other developments to "max" out the value for the home equity loan and overlooking similar sales within the subject's development. In two of the appraisals I saw, it was clear that the appraiser didn't even measure the house he was appraising. I couldn't believe this local credit union allowed this to happen numerous times and still has this particular appraiser completing apparisals for them. I wonder how many other loans does this credit union have based on inaccurate appraisals and how common is this across the country. Is this type of loan practice localized with this credit union or is this a nationwide problem. I am glad I am not a member of the "mentioned" credit union.
246 Morton Avenue
Albany, NY 12202
Solid 2 Family near Lincoln Park
Solid two family ready to go. Huge rear master bedroom addition on each floor. 3 bedrooms each unit. Wood parquet floors, Overlooks Lincoln Park. Close to Albany Medical Center
In today's housing market, short sales are becoming a more common way to purchase real estate. However, they are more complex sale transactions and need to be handled in a special way.
A short sale occurs when the total mortgage amount currently owed on a property is MORE than the purchase price of a property and the mortgage holder is willing to accept the purchase price as "full" payment for the mortgage. Short sales can only occur when the owner of the property is delinquent in their mortgage and the mortgage holder approves the "lower than mortgage" purchase price. The seller cannot ‘apply for or ask permission' of the lender agree to a short sale, until receiving a purchase and sale agreement on the property. The seller has to secure a buyer and have a written Purchase Contract in place.
The risk involved in short sales is greater than "traditional" purchase and sale agreements and the purchase process is different. Some things you need to know as a buyer or seller involved in a short sale are:
-The seller needs to have their mortgage holder "approve" the lower than mortgage purchase price and the attorney for the seller cannot submit the purchase agreement to the lender until contingencies are removed. Because there are no contingencies, the buyer may want to inspect the property before writing an offer. Once the file is submitted to the lender, it cannot be altered for repairs or other problems. The buyer can inspect the property before the offer is made, or inspect after, but before the offer is submitted to the short-sale lender. Either way, if an inspection is completed, the buyer will incur the cost of a home inspection with the risk of not having the offer accepted by the short sale lender. The greater risk is not to have a home inspection completed at all.
-The buyer will have to apply for the mortgage, if they need one, and have it approved well before the short-sale lender will agree to the deal. The buyer will also risk any fees charged by their lender, attorney, title companies, etc. This is because the lawyer for the seller cannot submit the short sale package to the mortgage holder without all contingencies removed.
-Once the contingencies are removed and short sale package is submitted to the lender mortgage holder for approval, the approval/acceptance process can take weeks or even a few months. This is due to the large amounts of short sale packages being submitted and the lenders not being able to handle and process them all. The buyer therefore needs to be in a position to wait for the banks reply.
-Once the mortgage holder approves the purchase price, the bank will expect the buyer to close FAST. This is a fact and just the way banks and lenders are. They are looking getting the loan off their books FAST, therefore, the buyer needs to be in a position to "close" fast.
The reason lenders/mortgage holders accept short sales, is because they don't want to foreclose. They are not in the business of owning and managing property, they are in the business of lending money. If you give them an offer that makes sense they may be willing to work with you to recapture as much of the outstanding mortgage and foreclosing may cost them more money in the end.
Many short sale deals fall through because buyers, sellers, attorneys and/or real estate brokers do not understand the process. Negotiating with the bank on a short sale is more than "asking the mortgage holder to accept LESS than the mortgage amount" and it takes skill and patience to get the purchase contract accepted. We recommend the buyer and seller use attorneys and real estate brokers that have experience in working with lenders for short sales.
3021 Valley Pine Drive
Guilderland, NY 12084
Custom Colonial lovingly cared for on a Stupendous lot
Must see this custom colonial on stupendous lot. If you like to entertain this is the home for you! Inground pool w/ wrought iron fence, screened pool house, finished bsmnt, fireplace, granite, more!
Interior Features:
Central Air, Family Room, Appliances, Laundry Room, Fireplace, Dining Room, Main Floor Bathroom, Basement, Forced Air.
Exterior Features:
Swimming Pool, Multi-Level Deck, Fenced Yard.
486 Route 146
Altamont, NY 12085
3 BR Colonial w/ frontage on Black Creek
Three BR Colonial with frontage on the Black Creek. Still tine to enjoy the inground pool, open front porch, and enclosed three season porch. Huge barn with 2 car storage, detached workshop, updates!
Interior Features:
Basement, Appliances, Laundry Room, Main Floor Bedroom, Dining Room, Main Floor Bathroom.
Exterior Features:
Porch, Outbuilding, Swimming Pool, Deck/Patio, Shed/Barn.
107 Heartland Drive
Guilderland, NY 12303
4 Yr. Old Colonial w/ Many Features and Updates
Four yr. old Colonial w/ hardwood floors and new custom paint throughout. Formal dining room with backlit tray ceilings. New carpeting, composite deck, fireplace, covered porch, finished basement+
Interior Features:
Family Room, Appliances, Laundry Room, Fireplace, Main Floor Bathroom, Dining Room, Hardwood Floors, Basement, Forced Air.
828 Dean Street
Schenectady, NY 12309
Solid 2 Family in Schenecatdy near Central Park
Corporate owned 2 Family in quite neighborhood, close to Central Park. 6 Bedrooms, Good condition. Front & rear porches, off street parking. Great for family or investment. Excellent rental area.
27 Whippoorwill Road
Queensbury, NY 12804
Completely Renovated Raised Ranch In Queensbury
Remodeled raised ranch with new kitchen and bathroom, finished basement, porch, deck, 1 car garage, and new roof. Located in Queensbury on .34 Acres. Close to Glens Falls, Lake George, and Saratoga.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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