Wednesday, January 6, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
A leading economist is warning that this year’s booming housing market will soon give way to a rising tide of foreclosures that will submerge many Hudson Valley homeowners in 2021. Michael R. Strain, the John G. Searle Scholar and the director of economic policy studies at the American Enterprise Institute (AEI) wrote in Bloomberg News in December 6, 2020 that while federal forbearance policies put a temporary freeze on foreclosures—only 352 foreclosures were started in August, 2020, compared with 10,438 in February—that policy would not remain in place next year and would cause a cascade of foreclosures in 2021.
“The CARE Act, the economic recovery law passed in March included forbearance provisions that allowed borrowers with government-backed mortgages to postpone (or reduce) payments for up to 12 months if they suffered COVID-related financial hardship. When these forbear; ...
Read More
hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home owners, home equity, forbearance, forclosure, stimulus package, short sale
Friday, February 7, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
The wheels of banking grind exceedingly slow, and purchasing a foreclosure home is no exception. The start of a buyer's long road to owning a distressed property starts with making an offer, and proceeds through negotiations to closing. Most lenders with properties to get rid of are accustomed to low-ball offers. Buyers making offers that are at least 20% below the current market price are normal. A lender might agree to offers even lower than that if the particular property has been on their books for a long time. Lenders will also discount properties in an area with a high incidence of foreclosures.
Many times, the winning offer will be all cash, including enough for the property and any necessary renovations. This is why buyers will often team up with outside investors who can help them cover up-front costs, then share any profits when the home is sold.
Financing an REO.
Lenders don't particular; ...
Read More
hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, 'urb to 'burb, orange county ny, westchester county, rockland county, ulster county, sullivan county, hudson valley house, manhattan, dutchess, financing, first time home buyer, lending, short sale, fha, fabulous renovations
Thursday, February 6, 2020 / by Vanessa Saunders
While below market prices on foreclosure homes offer a big payday to investors, they also come with potentially significant risk. Anyone tempted by windfall profits should be aware that buying a distressed property isn't a guarantee they'll make money, or even get their investment money back.
Foreclosure homes are attractive to investors and buyers because they can be had at a significant discount off their market value. Distressed properties are always sold below other non-distressed comparable properties in similar areas. Lenders anxious to off-load an asset sometimes give enticements to buyers like lower interest rates and downpayments, and cutting out certain fees and closing costs.
Buyers know that the sellers of a short sale or a home in pre-foreclosure are having financial problems and aren't in a position to be tough negotiators. They are also in a time crunch to sell the property themselves before the lend takes it over. If they can't unload it, they're faced with losi) ...
Read More
hudson valley real estate, hudson valley home, buying a home, home investment, orange county ny, 'urb to 'burb, westchester county, rockland county, ulster county, sullivan county, hudson valley house, mortgage, bidding war, short sale, seller concessions
Wednesday, February 5, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Buying a foreclosure home (known to the industry as a "Distressed Property) in the Hudson Valley has never been easier. Finding and acquiring a property in foreclosure used to be a difficult, drawn-out process. Real estate bargain-hunters had to sift through reams of legal filings to find lists of auctions at the county clerk's office, attend Sheriff's auctions, and scan newspaper legal notices. It took a lot of patience because the process was so cumbersome.
Prior to the sub-prime real estate meltdown in late 2007, foreclosures were rare. When the real estate bubble burst, many borrowers were unable to make payments on their subprime mortgages. The foreclosure rate soared and lenders were forced to streamline the foreclosure process to handle the high volume of loan defaults.
Today, the process for finding distressed properties is much like shopping for any other kind of home. Even though the vast bulk of ...
Read More
hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, orange county ny, 'urb to 'burb, westchester county, rockland county, ulster county, sullivan county, dutchess, manhattan, why work with a realtor, making an offer on a house, mortgage, short sale, delaware county, hudson valley short sales
Wednesday, January 22, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Even though unemployment is down for now, loss of income is still affecting millions of American families. But foreclosure doesn't mean a home owner's situation is hopeless. Finding a foreclosure attorney and going through the steps of foreclosure together can ease the strain in this troubling time. Critical to fighting a foreclosure is to get started as soon as possible, to set the process in motion. Knowing the steps in the foreclosure process will help borrowers understand how it works, and how they can protect their right and options.
Step One: The owner stops making payments.
After three or four (or more depending on the lender), the lender will begin mortgage foreclosure procedures. Although foreclosure procedures differ from state to state, those in New York are substantially the same as elsewhere.
Step Two:
The Bank Issues an Acceleration Letter
The lender will sell the borrower notice called ...
Read More
hudson valley real estate, hudson valley home, hudson valley home owners, orange county ny, 'urb to 'burb, westchester county, rockland county, ulster county, sullivan county, hudson valley house, dutchess, mortgage rates, mortgage process, credit scores, short sale
