J. Philip's Westchester Real Estate Blog

One of the things we as licensees often take for granted is that people are like us when it comes to emails, voicemails, texts and cell phones. They aren't. Most people, at the end of the day, don't take work home. We are on call 24/7/365. Clients aren't agents and don't live in our world. However, if you are buying or selling a home, it would be wise to nudge over a smidge and take a few pages from our book for your own benefit. 

A house available right now may be gone tomorrow. A counter offer may be withdrawn if they don't hear from you by 5pm. Anything can happen anytime, which is why agents live with a blue tooth in their ear and are always checking email on their phone. If we miss a call, counter offer or email, it could sink a deal. The same goes for clients, whom we are beholden to. If the client is on the same page with the agent, more can get done better.  

Here are a few things clients can do that agents should do when buying or selling a house to maximise opportunities in this industry where anything can happen anytime:

• Check your email 3 times per day or more. I've gotten calls from clients asking where a lease or addendum is they needed 2 days prior when it was in their inbox for 2 days. They just never checked their email. You have hundreds of thousands of dollars on the line. You need to be on top of the information. 
• Identify yourself on your voice mail greeting. I get between 30-50 phone calls a day. If I call you to update you on negotiations and get one of those impersonal "You have reached 914-555-1212" you force me to do forensics.  I may have to take time from other clients to make sure I don't leave sensitive details on the wrong voice mail.
• Unblock your phone number. Blocked numbers are the phone version of darkly tinted windows in driving. It helps no one, and gives the caller/driver anonymity. Caller ID can tell me if I need to put someone on hold and take a call, or ignore a telemarketer. 
• Clear your voice mail often. It is all about communication and being on top of updates. What f I never got your message because I didn't clear my voice mail? 
• If you don't own or have access to a fax machine, find a Kinko's near you. When I started in real estate in 1996, faxes worked with long rolls of paper and were considered high tech. Now we scan and email documents. It shouldn't be difficult to get a signature back from you for an addendum, price change or other time sensitive matter imperative to your file. 
• Check your text messages. Same principle as email and voicemail. 

It is culture shock when you are in the real estate market when compared to regular life. I have often had clients ask me "how I do it," because they are exhausted with their own deal, let alone 40-plus listings. You get used to it. The fact is that agents are held to a high standard of follow up, responsiveness and being on top of updates, but we need our clients' right there with us to leverage such a frantic pace. It is all worth it in the end. Be like your agent in the communication department (translation: adhere to the same standards you have for me) and you'll be in a better position to make a deal work. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

This photo was taken at dusk on June 18, 2010 from a boat in New York Harbor. The soft light from the torch, crown and base set against the sunset in person was powerful. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

Did you know that sometimes, despite our best efforts, lenders in a short sale will want the borrower to pay some money back? For example, if you have a $300,000 house with $315,000 on the first mortgage and $75,000 on the second, that the second mortgage might only release in the lien in exchange for a promissory note, unsecured terms, or cash settlement? We've had this happen to clients before, and while it is unfortunate, sometimes we can't get the lender to change their mind. They might feel there isn't adequate hardship. They might play "hardball." It doesn't matter. Some lenders want more money. 

If you have an approved short sale on the table with terms that require cash or a payment plan of money after the closing, and you have an auction date set for 3 weeks away, and the numbers resemble the above example, you have to choose your poison. You can close and have payments of $180 per month for another 15 years, or you can play hardball yourself and get foreclosed on, with your rear end out the window for $315,000, all back payments and interest, and legal fees. 

Let's see: A choice between a $30,000 unsecured loan (which you might be able to renegotiate) or a foreclosure for an estimated $350,000. What makes more sense? Hmmm. Which would you choose...

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

Westchester County is sought after because it is the suburbs of New York City. You have the best of both worlds- proximity to Manhattan and the Boroughs, and a suburban (and sometimes downright rural) lifestyle. It is for this reason that Manhattan Folk choose Westchester as their home. Goodbye apartment, goodbye storage rental space, goodbye subway. Hello yard, hello basement and attic, and hello driveway and garage. It is little wonder, then why city dwellers are so hung up on kitchens. After dealing with a tiny apartment kitchen with no pantry or counter space, they want a good kitchen. Kitchens matter in Westchester as much or more more than anyplace else in the USA. 

Does this mean that every Westchester home seller has to undertake a $30,000 renovation and install a Viking stove and subzero refrigerator with a Swedish storage system in the pantry? No, it doesn't. But buyers do want to see the potential for better things when they do their own work. Remember that apartment dwellers might see your kitchen as appealing because it is bigger than theirs; so you must maximize its appeal even if it isn't super modern. 

Ironically, while Westchester is a popular place to live, a gigantic percentage of homes are pre war homes and don't have big kitchens. It is therefore imperative for home sellers to make do with what they have. One piece of self sabotage I often see in Westchester kitchens is  the preponderance of chotzkies, coffee makers, dish racks, and other  of what we New Yorkers call crap on an otherwise serviceable counter.You would not believe the difference it makes when a counter is cleaned off and freed of gnomes, knife racks, spices, gadgets, gizmos and other counter crap. 

This is especially the case in kitchens that are not super updated. The one thing they might have going for them is counter space, which buyers see as potential. This is to say nothing of the fact that your dishrags, choice of cuisine, dirty dishes, dish soap, and other paraphernalia aren't exactly fulfilling the function of Vanna White as a sales aid. It might be inconvenient to have to open a cabinet to make coffee or get pepper, but if I offered you full price for your house would it be worth it? I'd stand on my head and yodel the Yankees theme song in downtown Boston dressed as Snow White if it sold a listing. So deal. 

It takes 5 minutes to clear a counter, and it will save you time and money. Clean off that counter and you'll avoid putting anyone off and you might just make a sale. 

PS- It goes the same for bathrooms too, unless you think that your toothbrush is a selling point. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

In 2007, we moved our family about a mile, one neighborhood over. Even though it was a short move, it took us across the line from the Village of Ossining to the Village of Briarcliff Manor. When you're me, you don't really expect to have many experiences with the police, aside from civic or social events. You don't expect them to be on the job on your property, but once not long after we moved here, they did. 

My home office has a window on the side and rear of my home. If someone jumps my fence, I can see it. A few months after we moved here, I saw a pair of legs walk by the side window. Strange. The fence was locked. Then, another pair. I only saw legs, which had my mind racing. Who was swarming my yard with my kids playing back there? I was outside in a heartbeat, and to my relief, it was not an interloper or kidnapper, it was a pair of police officers. They both had their hands on their hips, looking perplexed, as my 2 oldest children excitedly talked to them (real police officers right in our yard! exclaimed Luke, then 6). 

I was perplexed also. It got put together quickly Evidently, the department had received a call from someone out of state who had called my number by accident. Our 3 year old was screaming at the top of his lungs when the call came in, and somehow the party at the other end heard the screaming and called the police for fear that they had witnessed some sort of abuse over the phone. Since ringing the bell would have only given a criminal or kidnapper warning, they jumped the fence anticipating the worst. The screamer, Gregory, then ambled up to me and put his arms up to be picked up. 

Assured that it was all an innocent thing, they thanked me and left. 

I was struck by their professionalism. I appreciated their approach, because, even in this idyllic suburb, if there was foul play, they wanted to be ready. Three years later, that day sticks with me. They were ready for criminals, and they ended up patting my kids on the head. Briarcliff Manor has great police. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

It took 13 months, but we finally closed on a short sale in Poughkeepsie that I originally listed in April of 2009. It took 4 months to get an offer, but there was a nightmare process getting assigned a negotiator and then a title issue was discovered that took another 3 months to clear.

At one point, the buyers, who were paying cash, asked for their money back. All deadlines wee past, so we had to comply. But we kept in touch, and when the title issue was resolved, we  told them. And they agreed to come back to the closing table. 

Throughout the process, my client was a mensch. A widower, he wasn't the tidiest guy going. But he was always cooperative with showings, and if we needed a document or signature, he was on the case. He was a real pleasure to work with, and that is important to note because most sellers in a short sale are stressed to the max and often get frayed edges after a few months. Not so my client. 

On July 12, we closed. It took over a year. We never had an auction date set because we kept in close touch with the lender, we kept the buyer and buyer's attorney in the loop, ( and that factored in to the buyer's returning to the deal after they walked), and we had to be tenacious. It took some serious teamwork. 

I love it when hard work pays off. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

The HUD-1 is the official closing statement required by law that documents all money exchanged in a real estate transaction involving a mortgage. In general terms, any money exchanged not mentioned on the HUD-1 is considered a side deal and in all likelihood, illegitimate. I'm not speaking of the separate sale of furniture or a lawn tractor; I'm talking about under the table money. 

The HUD-1 is required in all transactions where there is a bank mortgage. They aren't involved in cash transactions or owner financing. But they are required if you have a mortgage involved. And they have to be issued at closing. In other words, if you walk out of a closing without a HUD-1 someone is in trouble, and in Westchester County that someone would include the lender, lawyers for buyer and seller, title company, or all of the above. It is signed by the buyer and seller. It is approved by the attorney for buyer and seller, bank attorney, and title company. It is serious business, and I have been at many a closing where everything was done except for the HUD-1 and everyone was working overtime to reconcile the numbers so the figures would be 100% correct. 

Often, as a courtesy, I am furnished with a copy of the HUD-1 as a broker. It makes sense- my fee is a line item on the form and it is a documentation for calculating referral fees if one is involved. 

It is unacceptable for a buyer to be told by their attorney at they'll be mailed the HUD-1 later on or that it is OK to leave and get the HUD-1 later at a closing. It should be given to them before they leave. Why? Because there is no reason for it to not be completed, and that is the rule. It's not an "I'll catch you later" thing, it is an "at closing" thing. To not be furnished with the HUD-1 at closing invites problems later on. If there is a mistake that 3 lawyers and a title company all miss, it can be revised with the imprimatur of the lawyers and title at a later time. That is rare. 

Don't leave the closing without your HUD-1. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

I love White Plains and White Plains loves me. 

Closed July 14: 16 Manor Ave, White Plains, NY. I have blogged about this one before. I was the selling agent. I sold my clients' White Plains Co op apartment last year in Bryant Gardens and we lost 2 other bids before landing this beautiful ranch in the Rosedale section off Mamaroneck Avenue. It was a process that took from February 2009 until July 2010. What a trip! 

Closed July 20: 11 Woodbrook Rd, White Plains, NY. This was a For Sale by Owner I contacted and listed within a week. The sellers are terrific people who took every piece of advice I gave them, and kept the place in showable condition every waking moment. No showings were denied, no issues with walking through, and we got a buyer in April. There were challenges with getting the buyers to the closing table, but close it did. $630,000. 

Accepted Offer, July 21: 19 Old Mamaroneck Road 5k, White Plains. This co op apartment in Overlook Towers was a listing referral from another client whose house I sold in Port Chester not long ago. It was only 45 days on market and contracts have gone out. White Plains has lots of co op complexes but not all are pet friendly. 19 Old Mamaroneck is pet friendly, and that must have helped. 

I've done plenty of other business in White Plains but that was July's activity so far. How does a broker up in Briarcliff Manor sell so many homes in White Plains? I don't have an office in White Plains and I don't live there. But my cyber presence in White Plains is pretty good, and the neighborhood where people window shop is online. That's how I am in White Plains, and that's why I'll continue to sell there. 

My previous postings on White Plains can all be found here. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission

Valhalla isn't just where Vikings go when they die; it is where smart central Westchester residents live. Valhalla, NY is a hamlet in the town of Mount Pleasant which is served by the Valhalla School District and punctuated by a quaint downtown, a scenic train station and Kensico Dam. Kensico is one of the largest dams in New York State and is adjacent to downtown Valhalla. Valhalla does indeed have a connection with many great people who have departed, as Kensico Cemetery is the final resting place of such notables as Ayn Rand, Lou Gehrig, Tommy Dorsey, Danny Kaye, and Billie Burke, the Good Witch of the North. 

The downtown is very charming and has been for as long as I can remember. There is plenty of food and window shopping, and you can even eat al fresco. Up the Hill from downtown is the old Columbus school, which is no longer a public school school and owned by Easter Seals. My daughter attended there for early intervention for 2 years and we are grateful for the outstanding job they did. 

Kensico Dam is named for the village that is now under the water of the Kensico reservoir that the dam helped create! Every year they have fireworks on the great lawn of Kensico Plaza, and it is a popular recreation and picnic area. It is walking distance to the train station and Taconic Parkway. This makes Valhalla one of the most unique places in New York. How many towns have a huge dam in their downtown? 

The real estate market in Valhalla had a far better June in 2010 than it had in 2009, with sales more than doubling and the median price increasing almost 50%. With 12 homes currently under contract, this small hamlet is showing no signs of losing momentum. This isn't luck; the quality of life in Valhalla is very, very good. 

All information is derived from the Westchester Putnam Multiple Listing Service and is for the Valhalla school district, which also encompasses parts of the towns of North Castle and Greenburgh. 

• We Are Westchester County, NY Real Estate. Reach Phil at (914) 723-8900.
• J. Philip Faranda, Broker-owner, J. Philip Real Estate, LLC. 2010 Vice President, Westchester-Putnam Multiple Listing Service. 
• I am one of New York's premier short sale REALTORS. 
• J. Philip Serves Briarcliff Manor, Ossining, Croton, the River Towns, Westchester County, and the bedroom counties of New York City.
• Free MLS Search! Register for a Free Listingbook account and search the MLS like an agent. 
• I am hiring agents. 

All content/images, unless noted, are the property of J. Philip Faranda & may not be used without permission