J. Philip's Westchester Real Estate Blog: New York: Mount Vernon

In 1955, Dwight Eisenhower was president, the Dodgers were in Brooklyn, and there were 48 states in the Union. My parents were married only 5 years, and just 2 of their 4 sons were born. I wasn't on the scene until 1967. 

In 2009, Dwight Eisenhower is gone 40 years. The Dodgers have been out of Brooklyn for over 50. Ann and I just celebrated our 8th anniversary on what would have been my parents' 59th, and we've had 50 states in the USA for 51 years.  

One of my listings pending sale had a closing delayed recently because the title report indicated an open permit...this does happen sometimes. But what us unique is that the open permit is from 1955. Yes, in 1955 the then-owner of this house had work done requiring a permit around the time my father was still trying to figure out Mom (he never really did).  

The current owner bought the house in the 80's, so there was at least one transaction where this obscure, open permit slipped through the cracks. Until now. Evidently, in 1955, the then owner of this home had the heating system re-done, and even that furnace is long since gone. The process here is that the work on an open permit has to be reinspected by the building department so the permit can be closed and the title declared ship shape. My client wisely decided to have a heating specialist take a look at the heating system prior to the building inspector, and the contractor did see one small thing that needed to be done to close the issue. 

It would have already been done and the deal closed by now, but there was one small delay, and you can't make this stuff up. He couldn't make the repair right away. It required a permit!

• 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

Most of my postings on short sales have a happy ending. This is not one of those postings. 

In late 2008 my office brought in an offer on a distressed, vacant property I had listed as a short sale in Mount Vernon. We did yeoman's work. I listed it and one of my agents brought a string buyer. The client, a victim of predatory lending, was desperately trying to avoid a foreclosure. The home was listed at $219,000 after several price reductions. We were listening to the market. We had hardship. We had a buyer. The short sale package was sent to the lender, who summarily rejected the short sale. Their reason: The loss was too large. 

Now, sellers who don't like the bottom line are a proverb. But the market is ambivalent about those issues. The value is the value. The offer the lender rejected was $180,000. 

The seller contacted the lender herself and was misled: The offer was $120,000, she was told. Yes and no. The net to the lender was 120k. The offer was 180. Back-payments, back taxes and other expenses eroded their bottom line. 

When the listing expired in January, she re-listed it with another company. I spoke with the other agent briefly about getting him the keys. He was a newer agent, enthusiastic and eager. He wasn't fooling around, he told me. He was going to get this thing sold. I wished him better luck than I had. 

306 days later, after the price had been reduced to $170,000, I saw that the listing had been cancelled. It was relisted as an REO for $169,900. When the lender denied our short sale in 2008, we warned them that they would never get an offer as good as the one on the table. We were right. 

The bank will now be lucky to get $120,000, which will yield them utterly nothing now that they have kept a non-performing loan an additional year, paid the legal fees to repossess, and the property has been vacant & deteriorated another year.  A nice lady's finances have been ruined, 2 listing agents have put blood sweat and tears into the vacuum of an ungrateful lender's middle management purgatory, and the neighborhood still has a blighted property. Nobody wins. 

This kind of ineptitude is funded by our TARP tax money. Someone should lose their job over this. Mr. Negotiator, I told you so in 2008. 

Search the MLS like an agent here. New York's Premier Short Sale REALTOR. Read my short sale bog here. See the New York Photo blog here. J. Philip Serves Briarcliff Manor, Ossining, the River Towns, Westchester County, and the bedroom counties of New York City.

• 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

Well cared for colonial on a quiet street and close to everything - shopping, the Hutchinson Parkway and more. Boasts a den, formal dining room, half bath, kitchen and spacious living room on the first floor. Has both a carport and 2 car garage, plus patio in the rear yard, perfect for barbequeing or social time. Aggressively priced, with lots of character - leaded & stained glass windows, nice woodwork and great curb appeal. Click on the photo for more information.

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You can search the MLS like an agent at http://jphilip.listingbook.com.

J. Philip Faranda ranks among New York's premier short sale REALTORS specializing in short sales in Westchester, Rockland, Putnam & Dutchess Counties. www.NYShortSaleTeam.com. Read Phil's short sale blog at http://NewYorkShortSaleBlog.wordpress.com.

J. Philip Serves Briarcliff Manor, Ossining, Croton on Hudson, Pleasantville, Sleepy Hollow, White Plains, Yonkers, Peekskill, Cortlandt, Tarrytown, Yorktown, Montrose, Hawthorne, Thornwood, Valhalla, Hartsdale & all of Westchester County, New York.

• 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