NY Houses 4 Sale

American Home Mortgage - no clever title here.

This is not good. 

Yesterday, American Home Mortgage was forced to stop any closing that were scheduled.  Today, same thing.  There has not been a closing since Friday due to lack of money.  I have ran across article after article about why and how this has happened but to be honest - I have no clue as to why this happened.  American Home Mortgage is was huge and to put it simply there is just no money to fund any closings right now.  So does this mean that they are filing a bankruptcy or are they being bought out? 

I have no answers.

"American Home said its financial backers will not float any more money, so the company failed to provide $300 million in mortgages promised to home buyers on Monday. The company said it expects not to be able to finance $450 million to $500 million in mortgages more Tuesday".  Long Island Business News - Breaking News

American Home Mortgage Investment Corp. Provides Update on Liquidity: Financial News - Yahoo! Finance

Mortgage Mania - Part 9 The Capital Markets Strike Back

Oh sure, that will look GREAT there!

The other day I was coming back from an attorney's office and while I was driving, I almost crashed my car into the car in front of me because this huge giaNORmous temple thing almost jumped out into the street and swallowed up my car. 

This temple threw me for a loop.  The structure is located at 145-20 Bayside Ave.  You know what, just drive down Bayside Ave towards College Point Blvd and I will guarantee that YOU will NOT miss this! 

QueensCrap will love this.  This morning I went past the structure again just to snap some shots and to pull up some information about it.  I know that there has been about 14 complaints and 3 violations to date.  But what has me totally baffled is that somewhere down the line - I don't know when the zoning got changed from an R2 (Single family) to a M1, Church zone.   

What is even more crazy is that the neighbor across the street just paid 1.8 million for his home (huge lot, so he is probably knocking down too).  But this temple is right out in front of his house, tantalizing isn't it? 

Sometimes you just have to laugh....

Athol does it.

MLS Trash does it.

Now.. I have to do it.

Everyday I look at homes that come on the market and the agents (some good and some - well, I plead the fifth), take pictures and enter all the information required into the MLS.  But I, like Athol and other bloggers sometimes we just don't get it. 

WHY, enter horrible, ugly, unjustly pictures into the MLS for the consumer to see?  Agents - you are aware that not only agents are looking at your listing, but serious home buyers are too (or atleast you HOPE that they are). 

So without any further ado -

Crappy Pictures (Hey, let me know if any of these are your home).

Agents:  If ya land a FSBO you should maybe ask the homeowner to remove the "FOR SALE BY OWNER" sign before you snap the picture.

Good Idea - no? 

If the house would have stood still - this would have been a great shot (all 4 that the agent entered into the MLS).

This agent put two pictures on MLS.  One heading East and the other - well, heading West.  No House, just street shots.  But now you know as a buyer that there are trees, cars and blacktop.  Whew!

Ok, Seriously - THIS is the picture the agent picked to sell this owners home?

Are you baffled?   

New Yorkers ABCNews.com wants YOU..

This just in.  ABCNews.com wants any person trying to sell their home - for like forever to contact them, because they are going to talk about how bad the market is right now and not that it has anything to do with the PRICE of the home - its purely market or <gasp> your agent. 

"Having trouble selling your home? If you live in the New York metropolitan area and have spent months trying to sell your home, we want to hear from you!"  ABCNews.com

Sounds like fun, right?

Community Reading!

• Locals cry foul to college plans - NY Daily News
• Queens prices down in 2nd quarter -  The Real Deal
• Baysiders Continue Pursuing Landmarking -  Queens Chronicle
• Tax Breaks Sought Amid Boom -  The New York Sun
• HARSH REALTY IN QUEENS - New York Post News
• Yard Sale Decorating - Budget Decorator Ideas

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.

Whitestone Ny - Its the best place to live!

AM New York had a great write up about Whitestone NY, 11357 this morning.  The article highlights some great resturants, bars and shopping areas and commenters have even added their input to some of their favorite hot spots as well as some must see pictures.

George Isaakidis, the owner of Harpell Chemist asnwers:

What do you like best about Whitestone?

What would you change if you could?

What are some pros about living in Whitestone?

What's one neighborhood gem?

Hurry - go read the article!

Yup, I am sure that I hate this apartment. Can I have my money back?

A few months ago I had a situation with one of my experienced agents and a tenant who rented an apartment through us.  When the tenant originally presented herself in my office, it was made clear from the very start that finding her an apartment was not going to be an easy task for my agent, Carl.  (Names have been changed, really no reason why - but I have always wanted to do that). 

After my agent showed her about 7-10 apartments she fell in love with one, she wanted the apartment and did not care what it took to get it.   But yet, my agent negotiated for her with the landlord and was able to get her rent decreased a few dollars, the tenants got the washer and dryer and a brand new air conditioner.  This apartment was a brand new apartment in the exact area that she requested on the floor that she desired and within the rental range that she wanted to spend.  ALL IS GOOD!

After 7 months of the tenant living in the apartment, she decided that she did not like the apartment anymore because of various little reasons - like the new tenants above her had a small child and she hated the noise.  She complained that the washer made a rattling noise and she told the landlord - but yet he has not come to fix it.  She complained that she can smell the cooking from the restaurant down the block and she also complained that the floors creaked and yada yada yada...

So she wanted out of the lease.  After speaking with the landlord he was more than happy to release her from her lease.  (So you can clearly see that the landlord and tenant just did not love each other).  But this happens - so it was a win win situation for both of them.  He returned her security, she paid the last of her rent and *poof *- they were rid of each other. 

But I was not.

Two days later she calls me and wants her commission back.  See, not that I disagree with her, but I don't agree with her.  My agent did his job.  He found her an apartment that she wanted, in the area that she wanted, for the price she you wanted.  It was impossible for him to know that the tenant and the landlord would come to this agreement 7 months into the lease.  None the less - the job was done and he deserves to get paid. 

In any other profession I have never heard of a boss asking his employee to reimburse him for work that was completed 7 months ago, because the boss now decides that he did not like what was completed.  In every other profession, career or job - this just does not happen so why are people inclined to demand money back for a service that was provided, completed and paid for

So I had to explain to her that there were no returns on a service that was provided - We would be happy to help her find another apartment but I will not reissue the commission that was justly paid.  She declined.      

   

LeHavre On the Water

LeHavre On The Water, is sitting on 28 acres of land that is located in Northeast Queens or more commonly know as Beechhurst, New York.  This co-operative development was originally built in 1958 by Mr. Miller and Alfred Levitt (He also built Levittown as well).  Le Havre was originally being used as a luxury rental but then converted to co-operative in 1984. 

Currently, if my records are correct, there are over  1,024 apartments which consist of  280 one bedrooms, 461 two bedrooms and 280 three bedrooms.  This Co-operative building is mainly owner occupied (841 units currently owner occupied), which trust me - makes a difference! 

Some Requirements and things that buyers should know:

• Is there a Flip Tax? - Well.... see stock transfer fee.
• Are all buyers to be approved by the board? - No, Not if you are buying a sponsored apartment.
• Is there a stock transfer fee? - Yes.  $1.00 per share (could be called a flip tax).
• Is the maintenance tax deductible?  Yes.  34%!
• Pet policy? - No Dogs.
• Can I sublet?  - From my understanding - No.
• Good Credit, DTI ratio not to exceed 36% and minimum down payment 20%.   

You won't win...

• You won't win if you ignore the letters.
• You won't win if you dodge the phone calls.
• You won't win if you refuse to pay.

The banks will always win! 

If you are faced with a possible foreclosure on your hands then there are things that you can do to fix your situation, but ignoring, refusing and dodging are not on the list. 

First, lets just for arguments sake that you are the very beginning of your long road.  Let's say that you have missed a few payments and you are just starting to get the "not so nice" reminders.  What should you do? 

CALL!

Call your bank.  Find out if they are offering any programs that will allow you to catch up on late payments as well as continue to pay the current month mortgage.  Banks are offering late payers up to 18 months to rectify their situations.  This is like resigning a promissory note  and should not be taken lightly because  you are agreeing to new terms and by defaulting again could mean losing your home faster.

A Forbearance Agreement - This is an agreement that the lender could or might  reduce or even suspend payments for a specific period of time.  Don't get excited yet - these payments are usually only suspended for about three months possibly a bit more.   This is a way for people who have experienced a natural disaster, short-term illness, short-term unemployment, or a pending sale of the property.   The lack of payments are not forgotten - in actuality the the suspended payments are added on to the back end of the loan.  The only way I would recommend this is if you are selling the property and you know you will be able to pay off the loan.  This is not in my opinion a way to catch up - I only see it as digging you deeper.

Sell - I can not be more blunt than that.  Sell your property and possibly make a few dollars back and save your credit.

By ignoring or dodging you are not helping your situation, I don't think that I have ever heard a bank say "oh, we can't foreclose, the homeowner won't return my calls, Darn!"