The decision to sell short is an important one. But for underwater homeowners in financial distress, it can sometimes be the best option. In a short sale, the seller remains in control of the transaction, and no legal proceedings are necessary. Unlike a foreclosure or bankruptcy, which are court proceedings and become a matter of …READ MORE >>
Tag Archives: real estate legal tips
2011 was a tricky year, and closing deals this year required a much different mind and skill set than in the past. I think 2012 will be even more robust, and with consumer confidence posting record increases, we’re poised for a banner year. As we start the year, I want to share some trends that …READ MORE >>
To Inspect or Not to Inspect: That Is the Question
What you need to know when evaluating whether to hire an inspector
Among the most frequently asked questions of buyers of cooperative and condominium apartments is whether they should engage a professional engineer to inspect the apartment before buying. Like many issues in New York real estate, the answer is not always straight-forward. When evaluating whether to hire an engineer, or professional home inspector, let’s first re-examine …READ MORE >>
Selling Short: Debunking Some Myths about the Process
Real Estate #102 for struggling homeowners
Homeowners thinking about selling short – asking mortgage lien holders to release their lien against the property for less than what is owed, in order to facilitate a sale to a bona fide buyer – are faced with some difficult decisions. A short sale can impact credit for years, so the decision should not be …READ MORE >>
Selling Short: A Beginner’s Guide to Avoiding Foreclosure and Bankruptcy
Real Estate 101 for struggling homeowners
Struggling homeowners who cannot keep up with mortgage payments have few choices when faced with the realities of job loss or other financial hardships which make it difficult or even impossible to pay their mortgage. Generally, there are three options: (1) Bankruptcy, (2) Foreclosure or (3) Short Selling. All three options have negative effects on a …READ MORE >>
I had a client call me in tears a few years ago relating the following story. She and her husband decided to adopt a dog from a shelter. Her building had a policy that permitted dogs, but restricted them to a 30 lb. weight limit. Not entirely uncommon in our region to have such a …READ MORE >>
Can I Borrow Your Sculptor?
A phenomenon unique to our New York real estate market
In the land of the bizarre (New York real estate), some phenomena unique to our market raise eyebrows for even the most jaded of real estate experts. Explaining these to potential buyers can be a challenge, so we begin here a series on these unusual issues with a brief primer on each. Can I Borrow …READ MORE >>
Is My Building Really Worth Less Than my Apartment?
Understanding Building Financials
Building financial statements have taken on a new found prominence in the age of tough bank underwriting, as institutional lenders are now scrutinizing these reports to determine whether the collateral – the apartment being financed – as opposed to the borrower, are worthy of extending a loan. But to the non-CPAs in the crowd, these …READ MORE >>
Ten Rules for Successful Real Estate Deals in 2011
What separates those deals that are successful, from those that fail?
Having successfully closed well over a thousand real estate deals, trends develop that separate those deals that are successful, from those that fail. And in the new reality of post-Lehman markets, the rules of the game are different – sometimes markedly so. Looking forward to a successful 2011, I offer the following insights that might …READ MORE >>
The Emotional Component of Real Estate
Change is a part of all industries. And real estate is no different.
In 1978 Sony invented a device that enabled people to carry their music with them, and play cassettes (that’s what we called them then) without being tied to their home. The Walkman revolutionized the music industry, and paved the way to mobile music. They were first, and the innovator. Why then do I have an …READ MORE >>