NY Houses 4 Sale

Local Queens Realtor Plays with the "Big Boys"

When I started to blog over a year and a half ago, I really had no direction, no idea what I was doing or where this would take me.  I have never declared to be the authoritative blog.  I don't go heavy into the politics of Real Estate and I steer clear of the heated discussions about Zillow, Redfin or any new technology.  I have never quoted anything Latin on my blog and I certainly do not air out my laundry on my blog. 

But I still blog.

I blog about my local area.  I stick to what I know and I know Queens Real Estate.  Sure there are agents who sell more and some that list more than I do.  But none of them blog.  I am almost the only Realtor that even has a blog, let alone blogs the way that I do.  There are blogs that talk about their listings and blogs that repeat what articles say word for word, like snipping them out of the newspaper.  But I feel that I have stood out. I am doing what no other Realtor or Company is doing.  So for right now, I shine. 

This past August, Ralph Roberts published a book "Foreclosures for Dummies" and believe it or not,  he added me as a contributor!  I was very flattered and so thrilled to get my complimentary book and I have read it from front to back.  My take?  Anyone who is looking to buy foreclosures should read this book.  Right now you can buy it in your local Barnes and Nobles book store or you can click right here to go directly to Amazon.com. 

More News:  Tomorrow , er Today, I will sitting on a panel for the LIBOR MLS TECH FAIR.  How cool is that?  I will be speaking at the sold out event with the "Big Boys".   Sitting with me will be Blog Tour Boys, Sellsius, Dan Green from The Mortgage Reports and Linda Davis from Eastern CT Real Estate Blog. 

Hopefully, after tomorrow I will begin breathing again and I will update you on the skinny about blogging, but for right now I am feel all hyped up and nervous.   

I Love PropertyShark!

One of my habits that I have formed within the last few months is to search on PropertySharks.com for new foreclosures,  I like to see the properties that are going to be sold at auction and see the ones that have sold at the last auction (which is every Friday).  The information that PropertySharks gives is by far the most comprehensive.   Plus, Tina is the best with her stats...

But one of the BEST features is the Q and A section that changes every few months.  Like this months question was:

Q. What if the bank buys the property at auction?

A. The bank just wants to get rid of it. Corner the bank's representative and give him or her a letter saying you want to buy the property. You can offer less than the bank paid for it since obviously nobody bid more than the bank. Generally speaking, banks only buy those properties which are "underwater", meaning that these properties have liens/debt in excess of the properties value. However a lot of this debt is "interest, penalties, and fees" imposed by the bank. If you buy from the bank after the auction, not only are they likely to waive their interest in these extra amounts, they may even discount the property slightly off the outstanding principal in order to get it off their books. Be sure to get the bank's attention before they pass the property off to a broker to sell. By that time, it's generally too late to get a good deal.

Check out thier FAQ section.

Oh, and since we are talking about foreclosures and what nots, are you curious to know whatever happened to Casey Serin from Iamfacingforeclosure.com ?  Well he is back, still in mounds of debt, getting divorced and hanging out with....*ahem*  Dr. Phil?   Check out his new blog Foreclosure Help Book — Stop Foreclosure or at Least Make It Out Alive (slogan is a work in progress…) by Casey Serin and Damion Lupo.   

Third Quarter Foreclosure Stats...

Today PropertySharks sent me the stats for 3rd quarter.  I am mostly looking at the stats for Queens and clearly you can see from this graph  that the 3rd quarter almost doubled in the amount of foreclosures from the third quarter last year(2006).  But, looking at the graph - While it is still scarey in comparison from last year, Queens has been holding steady with little increase. 

   

           

Yes, it is true that Queens has had the most foreclosures on record, but take into consideration that Queens is bunched together and contains alot of zip codes.  So, it is easy to think Queens as in; Bayside, Whitestone, Beechhurst, Flushing and Flushing North but it is not.  You will see the top foreclosure areas by Zip code in my next graph. 

Take a look at the top twenty areas by zip code graph, I hope that the graph can put things into a bit more perspective.   

                                 

Tina Mattow from PropertySharks sent me this quote:

" New York City Boroughs: Staten Island had the largest percentage jump in foreclosures (64.81%)
since last quarter, but Queens and Brooklyn again comprised the highest number of new foreclosure auctions in New York City".

The next graph shows the actual acutions that were scheduled:

   

                                 

                                              

                                      That my friends, is what I find disturbing! 

(Click on graphs to enlarge)

Foreclosure Rescue... NOT SO!

These companies are not new, they are just getting better. 

If you find yourself in trouble the first thing to do  is to pick up the phone and call your lender and TALK to them.   

Read the NYDailyNews for today's article:  "Foreclosure 'rescuer' is your best pal - and then he cons you out of home"

Future Auctions!

Here are a few auctions that are scheduled for August 17, 2007. 

18-34 126 Street, College Point, NY 11356

Mortgage Foreclosure - $548,116.00

This is obviously a new construction home that just never made it to the construction part.  It is, of course a two family home (R4) on a  50x100 lot.  Construction started in 2006.

 

Auction Location:

Queens County Supreme Court, 88-11 Sutphin Blvd., Jamaica, New York In Courtroom

221-53 Horace Harding Expressway, Bayside NY 11364

Mortgage Foreclosure - $644,733.00

This is actually one of the most popular style of two family homes.  The set up is a duplex three bedroom over a triplex four bedroom apartment.  The foreclosure amount is way less than what the home could be sold for, so if you are looking for a bargin this one is it!

Auction Location:

Queens County Courthouse, 88-11 Sutphin Blvd., Jamaica, New York, In Courtroom 25.

Photos courtesy of PropertySharks.com

Are you smarter than a .... Foreclosure?

This morning when I was going through my emails, I was greeted with this foreclosure quiz from the Realtor Magazine.    I am not going to boast or anything but I scored 11 out of 11, Take the True or False test yourself and see what you get.   

1.	As a general rule, foreclosed homes sell for less than their market value.
2.	If you bid on a foreclosed property at an auction, you also may be bidding on tax liens and other debt accrued by the prior home owners.
3.	The housing boom masked the high number of home owners who’ve struggled with paying their subprime loans — and these home owners may now be at high risk of foreclosure.
4.	Home owners who always pay their mortgage on time don’t need to worry about foreclosed homes in their neighborhood.
5.	Home owners can sidestep foreclosure by transferring the title of their home to a foreclosure rescue company for a year or two.
6 .	To purchase a HUD home (a home that’s in possession of the U.S. Department of Housing and Urban Development) you do not need to hold any special licenses or qualifications.
7 .	Reading the public notices at your local county courthouse — including bankruptcy claims and death certificates — is not an effective method of locating foreclosed properties.
8 .	Once home owners default on three mortgage payments, the home automatically goes into foreclosure.
9 .	In many states, owners of foreclosed homes can reclaim their property — even after someone else has already bought it — by paying off the loan along with any interest, taxes, and penalties.
10.	Lenders stand to benefit when home owners foreclose on properties.
11.	Once a bank takes possession of a foreclosed home, the previous owner is free of all financial obligations.
	Check your score here.

Ryan Slack talks about foreclosures

Ryan Slack from PropertySharks.com talks about the foreclosures in all five Boro's.  He explains that while all areas of NY have seen an increase - he is mostly worried with Queens and the rate that homes are coming up on the foreclosure list.  I will admit it - I have seen a large incline in the number of homes that are pending or are in foreclosure, but keep in mind - when the analysts speak of Queens, it is not the Bayside, Whitestone, Flushing, Malba or Beechhurst area.  They are talking more of Kew Gardens, Forest Hills, Rego Park, Woodhaven, Jamaica, Rockaway, Elmhurst and surrounding areas.

Tina Mattow the Marketing Communications Coordinator from PropertyShark.com sent me the final 2nd Quarter Foreclosure Report plus a couple quick screen shots of the data that they have collected. 

      

Just by looking at the chart (I am only talking about the Queens 2nd quarter 2006 and the 2nd quarter 2007).  You can clearly see that the foreclosures noted have just about doubled! 

I think that the third quarter will be the most important to this graph.  If you look at the fourth quarter of 2006 it was one of the lowest in two years, so with that being said I think the third quarter for '07 will set the marker and will really give us a sense of where this market is going.  Hopefully we see some correcting itself here.

Fact: More one family homes foreclose than a multi-family home.

Let me clarify that the term "multi-family" consists of two or more units.   

True or False: More one family homes foreclose than a multi-family homes? 

Could be true. Micheal Sexton from  Trumpblog posted an article today that stated more one family homes foreclose than multi-unit homes.   An investor friend said to Micheal “Virtually all the foreclosed properties out there are single-family homes or condos,” he said. “If you can find me more than a handful of foreclosed multi-unit properties, I’ll eat my shirt. It’s because people almost always make money in multi-units, so they don't go into foreclosure.”

Interesting - No?

Well, I checked on PropertySharks.com and what I found was that there are some foreclosures of multi-units but they are 10:1 to single family homes and the ones that I did find were in less desirable areas which shows me that rent collected is less, therefore less rent roll means less revenue.

I can totally see it the way Micheal interprets it.  But another way could be that most investors have alot more to lose.  Look at it this way - to invest you need to have some cash at hand and if it is a commercial building than the minimum required down payment would be 30% - allowing finance of 70%.  But also, if an investor is buying property to only create cash flow - they have made the numbers make sense.

Foreclosed IN WHITESTONE, 11357

Last week I posted about a house that was going to be auctioned off. 

Again.. WHY foreclose when you can have ME sell your home and you could walk away with some money and NO foreclosure on your credit report. 

If you are having a hard time paying  your mortgage - don't wait.

Upset price:   $200,000 SOLD for $500,000

Foreclosure Auction!

What will be auctioned off tomorrow?   163-39 25 Dr., Flushing, NY 11358

Auction Location

Supreme Court, 88-11 Sutphin Boulevard, Court Room 25, Jamaica, N.Y.

This property is on the auction menu for tomorrow with an undisclosed amount for the judgment.

The Colonial house is sitting on a lot size of  35x100 with a one family zoning.

I am thinking that the banks will be buying this one if the owner does not stop the foreclosure.  (Oh yes, there are ways to stop it.) 

Photo courtesy of PropertyShark.com