Orlando J.'s Blog

Custom Colonial in Clifton Park on over 1 Acre

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Tue, 24 Feb 2009 21:52:23 -0600

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.

Exterior Features:
Shed/Barn, Deck/Patio, Porch.

Price: $327,500

Type: Single Family Residential for Sale

Floors: Multiple

Parking/Garage: 2

Bedrooms: 3

Baths:2

Half Baths:1

Square Feet: 2074

Year Built: 1978

MLS #: 29102685

www.cliftonparknyhomes.com/listings/99FE6636-FB61-58E6-8F771EDBB55330BF.shtml

www.cliftonparknyhomes.com

For more information contact:

Orlando Valero
NY Licensed Associate Broker
Office: 518-348-2811
Orlando@OrlandoValero.com
www.cliftonparknyhomes.com

Credit Union Meltdown coming???????

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Tue, 06 Jan 2009 13:22:08 -0600

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.

Orlando Valero

Valero Associates

RE Appraiser/Broker

Office: 348-2811
Cell: 312-8479
www.cliftonparknyhomes.com
www.icansearchmls.com, www.valeroassociates.com

Solid 2 family near Lincoln Park, Albany, NY

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Tue, 04 Nov 2008 21:29:49 -0600

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

Interior Features:
Basement, Appliances, Hardwood Floors, Dining Room.

Price: $89900

Type: Duplex for Sale

Floors: Multiple

Bedrooms: 6

Baths:2

Square Feet: 2400

Year Built: 1893

MLS #: 28122077

www.cliftonparknyhomes.com/listings/6A8D90F5-B1F2-B2FB-F630D6B408FFF9BC.shtml

www.cliftonparknyhomes.com

For more information contact:

Orlando Valero
NY Licensed Associate Broker
Office: 518-348-2811
Orlando@OrlandoValero.com
www.cliftonparknyhomes.com

The "short" on short sales

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Sun, 12 Oct 2008 23:43:41 -0500

THE SHORT ON SHORT SALES

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.

www.cliftonparknyhomes.com

For more information contact:

Orlando Valero
NY Licensed Associate Broker
Office: 518-348-2811
Orlando@OrlandoValero.com
www.cliftonparknyhomes.com

Custom Colonial in Guilderland, New York

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Sun, 12 Oct 2008 22:30:09 -0500

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.

Price: $399900

Type: Single Family Residential for Sale

Floors: Multiple

Parking/Garage: 2

Bedrooms: 4

Baths:2

Half Baths:1

Square Feet: 2592

Year Built: 1981

MLS #: 28111713

www.cliftonparknyhomes.com/listings/6763038B-9CEB-82F8-264F5922BD638758.shtml

www.cliftonparknyhomes.com

For more information contact:

Orlando Valero
NY Licensed Associate Broker
Office: 518-348-2811
Orlando@OrlandoValero.com
www.cliftonparknyhomes.com

3 BR colonial with Black Creek frontage

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Wed, 08 Oct 2008 22:58:39 -0500

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.

Price: $214900

Type: Single Family Residential for Sale

Floors: Multiple

Parking/Garage: 2

Bedrooms: 3

Baths:1

Half Baths:1

Square Feet: 2146

Year Built: 1830

MLS #: 28116482

www.cliftonparknyhomes.com/listings/676B0AA6-D545-4B6C-ED3B21661BDF9108.shtml

www.cliftonparknyhomes.com

For more information contact:

Orlando Valero
NY Licensed Associate Broker
Office: 518-348-2811
Orlando@OrlandoValero.com
www.cliftonparknyhomes.com

4 year old Guilderland Colonial

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Wed, 08 Oct 2008 14:48:52 -0500

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.

Exterior Features:
Deck/Patio, Porch.

Price: $399900

Type: Single Family Residential for Sale

Floors: Multiple

Parking/Garage: 2

Bedrooms: 4

Baths:2

Half Baths:1

Square Feet: 2468

Year Built: 2004

MLS #: 28111083

www.cliftonparknyhomes.com/listings/675AE741-FE0D-27CF-40BCBE6E7280D002.shtml

www.cliftonparknyhomes.com

For more information contact:

Orlando Valero
NY Licensed Associate Broker
Office: 518-348-2811
Orlando@OrlandoValero.com
www.cliftonparknyhomes.com

Solid 2 Family Investment near Upper Union Street, Schenectady

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Thu, 31 Jul 2008 01:23:37 -0500

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.

Interior Features:
Basement, Appliances, Hardwood Floors, Dining Room.

Exterior Features:
Enclosed Porches and Off street Parking.

Community Features:
Walking distance to Union Street

Price: $110000

Type: Multi-Unit Residential for Sale

Floors: Multiple

Bedrooms: 6

Baths:2

Square Feet: 2404

Year Built: 1939

MLS #: 28116027

www.cliftonparknyhomes.com/listings/777B5B32-DED5-48EB-6CFB0BCCC8E512C5.shtml

www.cliftonparknyhomes.com

For more information contact:

Orlando Valero
NY Licensed Associate Broker
Office: 518-348-2811
Orlando@ValeroRealty.com
www.cliftonparknyhomes.com

Renovated Raised Ranch in Queensbury

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Mon, 12 May 2008 22:12:55 -0500

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.

Interior Features:
Basement, Appliances, Hardwood Floors.

Exterior Features:
Deck/Patio.

Price: $189,900

Type: Single Family Residential for Sale

Floors: Single

Parking/Garage: 1

Bedrooms: 3

Baths:1

Square Feet: 1976

Year Built: 1968

MLS #: 100000

www.valerorealty.com/listings/DF041228-96E3-E26E-5A17C58538173F60.shtml

www.valerorealty.com

For more information contact:

Orlando Valero
REALTOR®
Office: 518-348-2811
Orlando@ValeroRealty.com
www.valerorealty.com

Wonderful Countryman Estates Colonial in Clifton Park, New York

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Tue, 29 Apr 2008 14:58:46 -0500

14 Bridle Path Clifton Park, NY 12065
Beautiful Colonial in Clifton Park

Price: $349,900

Type: Single Family Residential for Sale

Floors: Multiple

Parking/Garage: 2

Bedrooms: 3

Baths:2

Half Baths:1

Square Feet: 2519

Year Built: 1993

www.valerorealty.com

For more information contact:

Orlando Valero
REALTOR®
Office: 518-348-2811
Orlando@ValeroRealty.com
www.valerorealty.com

BEWARE -The Cost of a Certified Copy of Your Deed

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Thu, 06 Mar 2008 23:10:35 -0600

BEWARE and ALERT your clients and customers. Not only is it a rip off, but they may thank you for it.

Is $59.50 to much for an official or certified copy of your deed worth it?? For the residents of Albany, New York it seems to be an excessive amount since a homeowner can get a certified copy of their deed for $1.25 per page with a $5.00 minimum directly from the Albany County Clerk's Office. They can also view a copy of their deed and/or mortgage on-line via the http://www.albanycounty.com/ web site for FREE.

New York Record Retrieval, Inc. has targeted Albany residents with a letter campaign stating that the U.S. Government Federal Citizens Information Center recommends that property owners have a certified copy of their deed. Although, this may be true, why pay this company approximately 10 times more than you have to? According to the Albany County Clerk, Thomas G. Clingan, this company is just re-selling what they have purchased from his office.

Help save your clients and customers a couple of bucks and from being tricked by this type of scam. I'm sure Albany is not the only city and New York is not the only state under attack by this company and/or others like it. They just are looking to take advantage of unknowing homeowners, just to make a profit.

As always, feel free to comment or make known other areas this type of scam is going on.

Orlando Valero

518-348-2811

http://www.orlandovalero.com/

NY Attorney General says- Your Appraiser is NOT your Appraiser

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Wed, 05 Mar 2008 12:32:45 -0600

As of January, 1, 2009, lenders in New York state who want to sell loans to Fannie Mae or Freddie Mac will not be allowed to use in-house appraisers and are forbidden from using appraisals by a subsidiary or an affiliated appraisal management company. This is the result of an agreement between the NY Attorney General's Office, Fannie Mae and Freddie Mac to fight mortgage fraud due to undue influence, through coercion, collusion, intimidation, etc. on appraisers to "make the number".

What does this mean for you Mortgage Brokers and Real Estate Agents??--- In short, as a Mortgage Broker or Real Estate Agent, you will not be able to use the appraiser you have been using for years and years and can't even pick, hire or pay a new or different appraiser if the actual lender wishes to sell the mortgage to Fannie Mae or Freddie Mac. The homeowner and/or borrower is also NOT allowed to hire or pay the appraiser, if Fannie Mae and Freedie Mac are involved. Per the Home Valuation Code of Conduct, the LENDER "shall be responsible for selecting, retaining, and providing for payment of all compensation to the appraiser".

The agreements were set up to help restore confidence in the mortgage market by, reducing mortgage fraud and making home valuations more reliable.

These agreements will definitely have positive results, however, what will be the negative results?? Please feel free to comment.

Fannie Mae Agreement

Freddie Mac Agreement

Home Valuation Code of Conduct

3 Bedroom with 2 Acres in Lake Luzerne

Orlando J. Valero (Valero Associates/Clancy Real Estate) — Tue, 04 Mar 2008 12:33:50 -0600

Updated 3 Bedroom on 2+ ACRES in Lake Luzerne, NY
$169,000

1013 East River Drive
Lake Luzerne, NY 12846

Updated 3 Bedroom on 2+ ACRES in Lake Luzerne, NY. Snowmobiler's dream while right in town. Close proximity to Lake Luzerne, Hudson River, and Adirondack State Park.

Price: $169,000	Status: Active
Property Type: Single Family Residential for Sale	Number of Floors: Multiple
Parking/Garage: 2	Bedrooms: 3
Baths: 1	Square Feet: 1536
Lot Size: 2.16 Acres	Year Built: 1950

Interior Features:
Basement, Appliances, Laundry Room, Den/Office, Dining Room, Playroom, Main Floor Bathroom.

Exterior Features:
Front and Rear Porches.

Custom Features:

Orlando Valero
REALTOR®
Office: 518-348-2811
Orlando@ValeroRealty.com
www.valerorealty.com