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 transactions
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 >>
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 >>
The Bright Side of Tighter Underwriting Standards
Tougher standards are leading to a more stable lending environment
When I first started practicing real estate law many years ago, I remember getting a call from a mortgage broker who was representing my client, the buyer, to give me an update on how the financing was going. “Well,” he started, “we pulled his credit and it was around 620, and this is a …READ MORE >>
But You Said … !
Four common seller misrepresentations, and how to avoid getting stuck.
The buyers were assured that a lovely roof deck would be theirs alone. “Private,” the web listing said. But it wasn’t until the board interview—post–contract signing, post–six-figure deposit—that they learned the truth: Only a sliver of the roof was theirs. The rest, including a section that abutted the master bedroom, was common space. It’s an …READ MORE >>
Negotiating to Win?: Be Careful
What it is you really want when you are negotiating?
I spend a good part of my day negotiating real estate transactions, contract terms and resolving disputes that arise in the course of a deal. It’s one of the few good things that came out of the financial collapse of a few years ago: it allowed me to dust off my negotiating skills and begin …READ MORE >>