Short Sales Explained in the New York Times

When you link to your little self-promotional marketing blog, instead of directly to the NYT article, it creates ill-will that will backfire against your strategy.

That goes for the other two real estate agents who do the same thing here on SE ... post the direct link, unless the entirety of what's on your blog is original content.

I disagree. I think it was harmless.

alan seems very disagreeable with people who actually work for a living.

alan, I think it's ok as long as she's not spamming the board and only include info most people would be interested in. I don't expect to get anything for free, and that includes filtered info.

Interesting to see how many short sales end up closing in the next two years in this area.

"it creates ill-will that will backfire against your strategy."

Haven't you stated that you dislike ALL brokers?

I can see the value of linking to the NYT article. Not to the blog. No added value that couldn't be put directly into the post here. Doing that makes it spam, so she IS spamming the board.

I like MY brokers just fine; thank you for inquiring.

brokers? how many do you need?

Thanks, Riversider.

Getting back to the short sale issue, last week alone I spoke with several people seeking short sales in New York City. What I learned from the Times article, that I did not previously appreciate, is that not only can these deals take many months--that's well known--but sometimes, after many months where everything seems to be working out, slowly, at the very end the bank, for reasons undisclosed, nixes the deal. That is just very sobering.

It seems to me that the purchase price needs to reflect the months that must be lost to make the deal go through, but apparently banks don't always see it that way.

this has been extensively covered in the national press for months. why should it be any different in nyc?

Well since by definition a short sale is for less than the amount owed on the property. The critical issue is getting the lender to agree that the price is represents true market value, and since we're from New York that the owner of the property does not have other assets of value, since New York does allow for deficiency judgments. And as rare as they are deficiency judgments are permitted by law so must be considered.

Karla, you sound new to real estate. Best success

dnfcc

/agree self promotion is not needed here

In this world, who are you kidding. And I thought her site really makes her stand out

http://www.karlaharby.com/video.php

Lots of potential for fraud in short sales. Jim the realtor has talked about this with regards to California market.

And good luck trying to find a broker to do a short-sale for you.

A broker friend of mine said she flat-out refuses to do them, because 90% of the time, during closing, it's "determined" that to cut the bank's losses, the broker fee gets cut. God forbid that, say, the LAWYERS' fees get cut, of course. But it's apparently always the broker whose fee is the low-hanging fruit that's the first on the chopping block.

Not to mention the fact that it's a hell of a lot more work on the broker's end, having to deal with a non-human "seller" that's a monolith like CitiMortgage; there's never the "right person" to call (I believe someone in that article said it quite well, that the "right person" to deal with at the bank during a short sale "hasn't been born yet"), and for every little thing it might take as many as ten telephone calls before you even get someone on the phone to talk with you. Then, of course, you're dealing with some corporate bureaucrat in one of those square states who has no clue about New York City real estate, has never even BEEN to New York, and thinks "co-op" and "condo" are interchangeable terms. "Board package? Huh?? Oh sorry, that's not my department. *click*."

The process can take months longer than a normal sale, three times as much work, and in the end either no sale or your fee gets cut.