mortgages: Price is important, but it shouldn’t be everything - 06/22/10 02:54 AM
Living room of $660,000 one-bedroom co-op on Manhattan's Upper West Side.
This is one of four apartments that I took the opportunity of broker open houses to visit last week on the Upper West Side of Manhattan.
The price of $660,000 for perhaps an 800-sf co-op may or may not seem too steep in the eyes of a prospective buyer.  However, less important than the value of the place is the way that the savvy listing broker talked about  price by putting it into intelligent perspective.
His is a lesson often lost on other brokers and, even more frequently, on consumers … (1 comments)

mortgages: Sellers can tempt buyers with attractive financing - 06/21/10 10:44 AM
In a difficult selling environment, there  is one surefire way for a property owner to lure buyers.  That approach, which is not without risks, is seller financing.
Any risks can be minimized, and the strategy can prove to be win-win for buyer and seller alike: The seller gets to unload a property and obtain a higher rate of interest than with most other options, while the buyer avoids the hassle and uncertainty of borrowing from a conventional lender.
As Rockville lawyer Harvey S. Jacobs has pointed out in the Washington Post, it is essential for the seller to insist on a … (0 comments)

mortgages: Maybe tax benefits of homeownership should end - 06/16/10 01:44 AM
Abolishing the mortgage-interest deduction would replenish the nation's coffers. (Flickr photo by hto2008)
If anything I have posted so far hasn’t made me a pariah among my professional peers, this piece may well do that.
A column I read in the New York Times on Saturday got me thinking, again, about the question of U.S. government policy of supporting home ownership (which has fallen a couple of points to around 67 percent since the housing bust) by allow a tax deduction for mortgage interest.
In his provocative article, Joe Nocera quotes several economists and questions the policy.  Why does the policy … (1 comments)

mortgages: There is nothing like a closing. Thankfully. - 06/08/10 11:06 AM
The truth is I hate closings, which are as ritualized as a religious service. They never start on time. A key individual always is late. The amount of paperwork is oppressive, and the time taken for lawyerly explanations and writing signatures drags as slowly as a dial-up connection.
Photo by Orin Zebest on Flickr
What brings up this topic is the closing I attended in a stuffy office in lower Manhattan not long ago. I always go to see a transaction through to its conclusion and provide whatever comfort I can to invariably anxious clients.
Along with the buyer, whom I … (13 comments)

mortgages: New Good Faith Estimate has unintended effects - 06/01/10 02:55 AM

The new Good Faith Estimate (GFE) went into effect at the beginning of the year.
Its aim is to protect the consumer against hidden fees and enable borrowers without advanced degrees in accounting or law to compare apples and oranges.  Previously, GFEs had a way of departing from reality at the closing table.
As mortgage broker Bruce Maasbach and others have written, from which I am shamelessly quoting without little additional attribution, the new GFE rules require lenders to disclose and estimate all the closing costs outside of their own fees accurately.
The clincher is this: The lender … (3 comments)

 
Malcolm Carter (Charles Rutenberg Realty LLC)

Malcolm Carter

Manhattan, NY

More about me…

Charles Rutenberg Realty LLC

Address: 127 E. 56th St., New York, NY, 10025

Office: 212(688) 100-0355

Mobile: (347) 886-0248

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