albany ny short sales: Albany NY Short Sales projected to increase - 01/17/10 02:07 AM

I was recently on a conference call with some of the top real estate minds in the country talking about short sales. Based on this call it appears we may be in for a second wave of foreclosures and short sales as many option arm loans are set to adjust in the coming months. It seems like every week I get a call from an investor or homeowner interested in alternatives to foreclosure.  Simply put a short sale involves negotiating with the bank that holds the mortgage to accept a lower amount then what is owed on the home so the … (1 comments)

albany ny short sales: Typical elements of an Albany NY Real Estate short sale - 03/08/09 01:51 PM
There appears to be a huge misconception about Short Sales. There are many many short sales listed for sale in our local Multiple Listing Service but not many people very familiar with the process. I submitted an offer for a buyer a few weeks back on an advertised "short sale" only to be be told it was unacceptable on a Saturday. The agent didn't know who the bank was and there is no way she could have contacted the bank on a Saturday. Short sale are a tedius process but if handled correctly the process goes much much smoother. Here are some … (0 comments)

albany ny short sales: Albany NY Realtors facing a wave of short sales - 02/15/09 01:49 PM
It seem like almost everyday I get asked the same question- "Do you handle short sales?" or "What is a short sale" Short sales seem to be growing by leaps and bounds. In the past 2 weeks I have been involved with about a dozen short sales in one form or another and the volume of calls regarding this area is growing. Simply put, a short sale occurs when a home is sold for a price that doesn't leave enough money to pay off the mortgage. The deal is subject to "third party approval" which means basically the bank needs to agree … (0 comments)

albany ny short sales: Avoiding Albany NY foreclosure with Albany NY short sales - 02/25/08 02:31 PM
Ouch! The last four listing presentations I have done have been for sellers that are upside down and will need a short sale to sell their homes. In addition, on a recent Sunday 3 of 5 homes I showed in the $250,000 range in nice suburban areas were in or facing foreclosure. These are sellers that have refinanced in some cases multiple times taking cash out of their homes each time.  Now the only way to get out is to call the bank and negotiate a deal with them and try to convince them a small "hair cut" now is better then a big loss later at … (0 comments)