Tuesday, May 12, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Social distancing and unessential businesses aside, it is still possible to sell or buy a house in the Hudson Valley. Even though we are restricted in how we go about it, we have transacted real property throughout the pandemic shutdown within the parameters of viral quarantine. You can still buy or sell a house.
People are listing their homes for sale every day. Lawrence Yun, chief economist for the National Association of Realtors estimated this spring would see a 10% drop in home sales. Ten percent is a big number nationally. But the Hudson Valley is uniquely positioned to be highly sought after by New York City buyers looking for a way out of the city, either temporarily or permanently.
Besides that, a 10% loss means that 90% of transactions which would have happened without the shutdown will still happen. Why? Because the real estate industry is adapting to the new normal. More agenci ...
Tuesday, May 5, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
The Coronavirus outbreak has left many Americans dealing with reduced income or unemployment. In response, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES), which in part directs lenders to provide mortgage relief options to affected homeowners. But some lenders are mishandling the program and innocent borrowers are suffering the consequences.
The CARES Act requires lenders to offer borrowers up to 180 days’ forbearance, with the option for borrowers to request an additional 180 days’ forbearance or to stop the forbearance at any time. You can be directly or indirectly affected by the COVID-19 outbreak to qualify for forbearance, and you do not have to be delinquent on your mortgage. You can apply before you’ve missed a payment.
Under the terms of the CARES Act, lenders won’t report forbearance to the credit bureaus. ...
Tuesday, April 28, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate
April 28, 2020.
As a real estate brokerage in the state of New York, my team of agents and I have been told by Governor Cuomo and the New York State Association of Realtors that we cannot have any face to face interactions with other agents, our clients and our service providers. Since much of traditional real estate has been conducted at a personal level, this has made it difficult, if not impossible to operate as we have in the past. We’ve been turned upside down.
You may be surprised to find out that I think this is a good thing.
Sometimes it takes a shake-up to stimulate change. In the 19 years that I’ve been in real estate, I’ve been talking with people in and out of the industry about digitally transforming the closing process. For a long time it’s been “We’ll do it someday.” Thanks to the quarantine, that day has come.
Remote online notarization ...
Friday, April 10, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
The financial crisis coming out of the COVID-19 pandemic is causing a great deal of pain for many home owners unable to afford their monthly mortgage payments. Many lenders and financial institutions are offering forbearance programs to relieve some of the pressure.
Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments.
It is possible to defer a payment during your mortgage term, but you'll need your lender's cooperation. If you are dealing with a temporary financial hardship, ask your lender for forbearance. To help you avoid foreclosure, a lender may let you defer a payment or two.
Under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue d ...
Thursday, April 9, 2020 / by Vanessa Saunders
April 9, 2020
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
We’ve been watching as real estate brokerages up and down the Hudson Valley and across the nation are ramping up their technology to offer virtual real estate transactions. They’re figuring out how to take clients through the entire process of buying and selling real estate as a way of practicing social distancing, especially since the state has designated real estate as “Essential”, yet forbidden us to conduct face to face transactions. Try working that one out!
Pardon me, but here at Global Property Systems, we’ve been conducting virtual real estate transactions for years.
As a real estate brokerage with a focus on international business, we learned very early how to do business without a physical handshake at every stage of the process. All our agents work in home offices located in regions where they are local area experts. Clients can consult with them virtual ...