Nov

29

Long Island Short Sales: Announcing New Website

Filed Under Foreclosure Info, Sellers | Leave a Comment


The number of Long Island short sales is increasing much like the rest of the country. Homeowners are finding themselves stuck behind a mortgage payment they cannot afford and we are seeing these homes coming to the market for sale - when the home is worth less than what is owed on the mortgage.
In my travels all across Long Island, I continue to meet with homeowners who have either just bought at the height of the market or many who have refinanced their home or taken out multiple home equity loans and now find themselves with a home that isn’t worth what they “pulled out” in equity. This isn’t a problem in and of itself.
The problem is now these homeowners are getting a divorce, in poor health, currently unemployed, lost a business, and on and on. Some who bought homes just a few years ago in 2004-05-06, are deciding they don’t want a home anymore for whatever reasons, but most are people who should never have purchased a home to begin with. Enter subprime lending.
Those that purchased in say, 2001 - 2005 are now facing resets on their adjustable rate mortgages (ARM). An ARM is a mortgage that offers a low-interest mortgage up front, but follows the market and adjusts after a certain period to whatever interest rates are at the current time. Luckily, the interest rates are still low. However, even a homeowner who purchased with a 4% ARM in 2004, is now paying for sake of argument, 5.5%; that’s a whopping 1.5% increase on a mortgage, not a car loan!
With all this, I am introducing www.longislandshortsales.org. It is a website dedicated to the cause of helping homeowners who need professional real estate agents, attorneys, and reputable mortgage consultants to assist them with their options.
For every home that I help avoid foreclosure, the stability of the real estate market remains intact. If all the homeowners who are in trouble on this very day, November 29, 2008, with paying their mortgage were to be foreclosed on, homeowners all across the island, would see the bottom drop out from under their home values. We’re talking 50% loss of equity from today (we’ve already lost over 20% during the past 30 months or so).
A boarded-up home next door to you is bad for everyone - the family that was there, the investor who tried to make something out of his/her life, the neighbors, the bank holding the note. In these situations, everyone loses.
My point in announcing this website on tommcgiveron.com, is to create awareness for my visitors and subscribers, that if you know of anyone who is in trouble, call me. Visit longislandshortsales.org and just read the home page.
One of the main reasons I am creating this website and forging ahead into the direction of short sales is because time and time again, I, and many of my colleagues, are running into real estate agents who are not managing these types of sales correctly. They are time consuming and delicate listings that must have a solid real estate professional with the experience and tools to analyze all of the homeowner options.
Many homeowners are listing their homes with agents and not disclosing that they’re a month or two behind on the mortgage payment. They list the home too high because they’re listing with real estate agents who are not fully vested in this business. The home is sitting on the market. The homeowners are not making their mortgage payments. And worst of all, after 6 months of falling behind, the homeowners find themselves in a haze of misinformation coming from a real estate agent who doesn’t know what they’re talking about.
These times call for professionals in the legal field and real estate industry to pull together to make sure homeowners are not taken advantage of by businesses proclaiming to perfrom miracle “loan modifications” for $1000’s of dollars. Their are reputable companies and attornies that handle this, but homeowners have to be careful.
Longislandshortsales.org is a place where homeowners can come and get a trustworthy company, Coldwell Banker and a real estate agent, me, who is experienced with helping homeowners fully evaluate their circumstances. I am not a lawyer, but I have teamed with the best. I am not a loan modification specialist, but I know the best. I am a real estate professional who knows the market, has extensive experience with short sales and can help homeowners actually avoid foreclosure. Whether it’s through short selling their home fast so as to maximize the lenders return so that they accept the short sale or it’s a referral to a qualified attorney to help them get out of a bad situation, I am available at 1-877-765-3123, ext. 51.

(c) Copyright, 2008 www.tommcgiveron.com

By Thomas McGiveron, Licensed Salesperson


Nov

16

Closing Cost Assistance for First Time Homebuyers

Filed Under Mortgage Matters | Leave a Comment

Closing Cost Assistance for First Time Homebuyers

The State of New York Mortgage Agency (SONYMA) provides safe, low interest fixed rate mortgages, closing cost assistance and other programs specifically designed to help low and moderate income families become homeowners. One of the biggest obstacles to owning a home is the amount of funds an applicant must have for down payment and closing costs.


To help applicants overcome this obstacle, SONYMA offers closing cost assistance, in combination with any currently available SONYMA program. One of the brightest features of the SONYMA product is a maximum assistance of closing costs equal to $5,000 or 3% of the SONYMA mortgage loan amount, whichever is higher. In addition…

Read The Rest Of The Article

Share

Nov

11

Long Island Real Estate Market: Numbers That Add Up To “WOW”

Filed Under Sellers | Leave a Comment

Throughout the Long Island real estate market, sellers are wondering where the market is going. In order to make any prediction, one only has to look at what has happened to the industry during the past year.

According to the Multiple Listing Service of Long Island, in October 2007, there were 2,871 real estate offices throughout Long Island (Queens, Nassau, Suffolk). As of October 2008, there are 2660 real estate offices still in business. That’s a whopping 211 office closings in one year.


According to the Multiple Listing Service of Long Island, $12,787,251,000 worth of real estate was sold during the months of January through October of 2007. Compare this to the $8,755,692,338 of real estate sold during January through October of 2008. That is a tremendous decline of over 4 Billion (with a “B”) dollars.

The average home sold for $456,500 this year in October. October of last year, the average home sold for $521,200. That’s a 12.5% decline in prices from October 2007 to October 2008. And in September of 2008, homes sold throughout Long Island for an average $478,100. Comparing that to October of this year, that’s over 4% decline in prices on one month!

So if an owner asks me where I think the market is going, the answer is simple - down. Period. No one has a crystal ball, but I can safely say that and not think twice about it. Sure there are some bright spots which have been discussed in previous articles, but ultimately, if you have plans to move on in life, holding on until next Spring or even Spring, 2010, you’ll be faced with a significant loss of equity.

prices-2003-november-slide.jpg
Click the image to enlarge.

If your current real estate agent is not keeping you up to date with these facts, tell them you want the information you need to make the best decision for you and your family. If you’re in the midst of deciding whether or not you want to sell, it is imperative that you call a qualified real estate agent in your area. Since I already have the information at my fingertips, why not call me right now at 631.831.9048 and let’s discuss how I will sell your property fast, with no hassles while your neighbors sit on the market, watching their equity fly out the window.

(c) Copyright 2008, www.tommcgiveron.com

By Thomas McGiveron, Licensed Real Estate Salesperson