Archive for the ‘Investment Property’ Category

Nassau County Long Island Foreclosure results 11/10/2009

Thursday, November 19th, 2009 by admin

Nassau County Long Island Foreclosure results 11/10/2009

This weeks results of the public auction held each Tuesday at 11:30 AM in the Calender Control Part (CCP) Courtroom of the Supreme Court, 100 Supreme Court Drive, Mineola, NY was as follows:

Nassau County Long Island Foreclosure results 11/10/2009

Plaintiff Street Address Town Upset price Opening bid Final bid Winner
Accredited Home 2836 E Alder Rd Bellmore $285,000 $285,000 $285,000 Bank
Deutch 71 13th Street Locust Valley $300,803 $500 $500 Bank
Countrywide 77 W Choir Ln. Westbury $387,257 $500.00 $500 Bank
HSBC 1039 Smith St. Uniondale $223,615 $221,000 $240,000 Investor George
HSBC 9 Gusto Ln. Roosevelt $225,250 SB $225,250 Bank
US Bank 723 William St. Baldwin $159,339 SB $225,000 Investor George
US Bank 11 Tower Ct. Hempstead $209,806 $204,000 $204,000 Bank
Wachovia 543 S. Bayview Freeport $57,565 $57,565 $128,000 Investor Albert
Wells Fargo 79 Sobro Ave. Valley Stream $308,695 $500 $500 Bank
Deutch 34 Gunther Ave. Valley Stream $329,273 $325,000 $325,000 Bank
US Bank 18 Webb Ave Hempstead $245,636 $500 $500 Bank
IndyMac 620 E. Hudson Long Beach $573,750 SB $573,750 Bank
US Bank 690 Kildare Crest Seaford $413,001 $408,000 $408,000 Bank
IndyMac 145 E. Clinton Ave Roosevelt $152,000 $1,000 $1,000 Bank
IndyMac 139 Margarite Ave Elmont $360,000 $500 $500 Bank
IndyMac 362 Maple Ave Uniondale $507,246 $500 $507,246 Bank
Deutch 101 Indiana Ave Long Beach $415,000 $415,000 $415,000 Bank
Alaska Seaborrower 1512 Kenneth Ave. Baldwin $228,800 $100,000 $100,00 Bank
American Home 1508 Meadowbrook N. Merrick $294,917 $100 $100 Bank
Citi Group 109 Club House Rd Bellmore $255,222 $100 $264,000 Investor Alex
Aurora 595 Park Ave W. Hempstead $398,819 $500 $500 Bank
Citi 99 Stevens St Freeport $337,126 $337,126 $337,126 Bank
US Bank 202 Hopper St Westbury $258,550 $258,550 $258,550 Bank
UBS RE 160 E Roosevelt Ave Roosevelt $135,406 $135,406 $135,406 Bank
Countrywide 136 Fieldmere St Elmont $496,681 $496,681 $496,681 Bank
Deutch 32 Dorlain St Hempstead $101,250 $1,000 $120,000 Investor Eddie
Aurora 28 Valentine Ave Glen Cove $191,503 $1,000 $280,000 Inv Georgette
92 Scheduled 27 Auctioned

Posted in Foreclosure, Investment Property | No Comments »

Buying a Long Island short sale

Thursday, October 29th, 2009 by erik.reilly

I recently had someone inquire about buying a Long Island short sale property, and he wanted some tips and advice. For those who don’t know what a short sale is, it is when the seller of the property anticipates that the property will sell for less than the mortgage notes being held against it. Short sales started popping up in the Long Island marketplace with regularity in 2008 because of the decline in market values, and since then, have spread like a cancer. With the beating the real estate market has taken recently, it’s a fairly common situation now.

Since the short sale is now so prevalent, I figured I’d share my experience with everyone, since it could benefit a lot of people. Here are my short sale purchase tips, in no specific order:

  • In a short sale the deal is still negotiated with the homeowner with his or her agent. The listing agent or sellers attorney is really the key to the transaction. If the paperwork in a short sale package is incomplete the entire process will go no where. I am finding that there are a lot of Realtors trying to do short sales with no real experience.However, once you come to terms in your negotiation, the signed offer is sent to the bank holding the note to get their approval. They, the bank may take months to accept, reject or counter the offer already agreed upon. A strong offer in a short sale has NO CONTINGENCIES, offers a significant amount in down payment (LTV), preferably cash deal, quick close, and accept in as is conditions.
  • The asking prices Realtors offer Long Island short sales for are somewhat based on comparable sales. However the home is worth less than the mortgage note the homeowner is on the hook for, and, as I mentioned previously, it’s the bank that’s calling the shots now, not the home owner. The fact that the homeowner has no equity at stake gives them the freedom to advertise a price that is very aggressive, in order to get a great deal of interest and multiple offers.
  • Back in the mid 2000s, if you brought a fully qualified offer at list price for a home with no contingencies on the contract, and there were no competing bids, that house was pretty much yours. Now, since the list price is very aggressive, and the person who is selling the house doesn’t call the shots on the deal, a fully qualified offer at list price doen’t means a thing. It’s all up to the bank whether your offer will be accepted.
  • Despite the fact that your fully qualified, no contingency offer doesn’t mean what it once used to, you pretty much have to bring one anyway. The bank is going to do its best to force the buyer into an ultimate “caveat emptor” situation with no wiggle room to get off the hook.

Understanding the points above, it behooves the buyer of a property that is being sold short to plan ahead and expect a drawn out process. Consider the following…

  • If you are looking to buy a Long Island home and have a short contract-to-closing timeframe in mind, the short sale might not be for you. The bank probably has a huge backlog of short sales to work through, and as I mentioned above, they’re just not set up to handle these transactions expeditiously.
  • If you have need to sell a property in order to buy the short sale, sell your property before even considering the short sale purchase, since the bank isn’t interested in your home sale or home close contingency.
  • Once you’re ready to submit a contract on a Long Island short sale property, have a thorough home inspection done by a trusted, qualified, and licensed home inspector. Since you’re probably going to have to come up with a no contingency offer, you have to get your inspection done up-front.

And finally…

  • Make sure you have a real estate attorney who has experience handling Long Island short sales. The process can be very intensive, and the contract is most likely not going to be a standard real estate contract a Realtor is accustomed to dealing with.
  • Understand that you are going to contract subject to a 3rd party (the bank, investor and often a mortgage insurance company) approving the short sale
  • If you have a Realtor assisting you with purchasing a home on a short sale basis, and they aren’t providing you with the kind of tips and insights in this article, IMO, perhaps it’s time to find a new Realtor.
  • If you think you might owe more than your home is worth and need to sell, make sure the Realtor you hire has lots of experience with Long Island short sales.
  • There are opportunities for buyers in the Long Island short sale inventory, although it takes patience.

Posted in Buyer Information, Investment Property, Seller Information, Short sales | 2 Comments »

Nassau County Long Island Foreclosure results 9/22/2009

Tuesday, September 22nd, 2009 by erik.reilly

Nassau County Long Island Foreclosure results 9/22/2009
This weeks results of the public auction held each Tuesday at 11:30 AM in the Calender Control Part (CCP) Courtroom of the Supreme Court, 100 Supreme Court Drive, Mineola, NY was as follows:

Plaintiff (Bank)          Address                     Town             Upset price               Result

Option One                 10 Downs Rd               Hempstead    $202K  investor $108,000

Citi Mortgagae  529-3B W. Broadway     Long Beach     investor*   $225,000

Indy Mac               80 Rockaway Ave          Rockville Centre      investor $380,000

JP Morgan            57 Claflin Blvd                  Franklin Square        $315,000 Bank

Perla?           500 Nassau Rd Roosevelt $650,000 Bank

Indy Mac           5 Welsley St                     Hempstead          $128,840 investor $156K

Lasalle           22 Lorraine Dr               Island Park          $171,500  investor $172K

HSBC                    207 Randall Ave             Freeport                 $366,686 Bank

Emigrant               33 Ave A                          Inwood                  $155,186  Bank

American Home 83 Fairview Blvd        Hempstead        $225,000 investor $258K

Fundex?     142 Cherry Valley  Ave       Garden City          $1,201,650  (2nd) Bank

Wamu         349-351 Central Ave              Lawrence             $997,778   Bank

BS Re?          390 Emerson Pl                       Uniondale           $195,000    Bank

Deutch        477 Sterling Ave                     Uniondale            $178,500 Bank

Citi Mort     54 Sycamore Ave                   Floral Park           $348,000     Bank

HSBC          19 S Cottage St                       Valley Stream     $259.237     Bank

Notes;

68 Scheduled, 16 auctioned, Plaintiffs (Banks) took back 10, investors bought 5, *Bank of America bid on the Long Beach unit, up to the winning bid of $225,000 and won the bid. (I have only seen that once before in the last 2 years of attending the auction) My thinking is that it was a first lien protecting it’s position over the foreclosing second lien holder, or vice versa.

The Garden City auction was interesting as the upset price was stated as over $1.2 million. One of the investors asked the Referee if it was a first lien that was being auctioned. The referee responded that it was not and that it was a second lien. The investor asked further how much the first was for and he responded that the first was for $800k with negative amortization to $1.3 million.

Tags: ,
Posted in Foreclosure, Investment Property, Long Beach, Long Island | 1 Comment »

First-Time Homebuyers Tax Credit

Thursday, September 11th, 2008 by erik.reilly


Homebuyers Tax Credit

An opportunity like this does not come around too often. With the recent
signing of a major housing stimulus bill, it’s now a great time to close on
your first home. On July 30, 2008, the Housing and Economic Recovery Act of
2008* was passed, which includes a new, temporary tax credit as an incentive
for first-time homebuyers. With this bill, first-time homebuyers may qualify
for a tax credit of up to $7,500* for the purchase of a principal residence.

  • The National Association of
    Realtors First-Time Homebuyer®
  • The National Association of
    Realtors®

Before you decide to use the first-time homebuyer tax
credit, please remember to consult with a tax professional.

*Housing and Economic Recovery Act of
2008. Consult a tax professional for details. Credit expires June 30, 2009.

Posted in Investment Property | No Comments »