According to the NY Times, foreclosure filings in New York State for 2009 are up 17 percent from 2008, with just over 48,000 cases. Not all filings automatically become bank repossessions- many will become short sales, loan modifications or get pulled back by the homeowners through other means (like paying the arrearage if at all possible). Even with those options, the sheer raw volume of filings will end up with more REO properties hitting the market.
Archive for December, 2009
Posted in Foreclosures, Short sales, The Market, tagged New York foreclosures, New York loan modifications, New York real estate market, New York Realtor, New York short sales on December 29, 2009| 1 Comment »
This article in the Sunday Times sparked the typical debate between people who use agents, hate agents, and are agents. A few in particular prompted me to write a 2nd comment (my first can be read here). Comments may close before it gets posted, so rather than lose it, here you go.
My experience with people who express such vitriol toward brokers is that their bad experiences were preceded by putting more effort into buying their MP-3 than choosing a broker. For them, I have little sympathy.
To Attorney @ #45: Brokers are paid what the market bears, period. Creating commerce (not rubber stamping it, mind you, but making it) and causing vast amounts of money to change hands is not easy or more people would do it. I don’t besmirch the importance of an attorney in a transaction, but lawyers typically can’t sell. Reminding us how high you are on the food chain doesn’t change that fact.
10% of brokers do 90% of the business. List with an agent with a verifiable track record and happy references and you’ll get value for your money. Better yet, to those who think we sip martinis while we do so little work for such a fat cut of the action, go get licensed. Work nights and weekends on straight commission and then tell me how little work we do for so much money.
All the comments are telling. Stories like these bring out the haters, and they have utterly no clue what a good agent can do in the sale of a home.