A local lender has informed me that the the minimum FICO score for an FHA mortgage is now 620. I remember vividly getting people approved in the 90’s with scores barely above 500. It didn’t happen routinely, but 580 did. I find this ironic: rates are fantastic and prices are down, but if someone gets caught in […]

Inman News has been running stories this month about the supposed controversy and big changes coming to how real estate professionals are paid. Here are some of the headlines: The industry debate over compensation 6 percent is dead A fee-for-service future End of the independent contractor ‘Offer of compensation’ must go Did I not get […]

Many who grew up in Ossining, NY like I did will remember an old, overgrown algae-covered man-made pond near the Chilmark Shopping Center known simply as The Reservoir. It was the Village’s water supply for much of the pre-World War II era, was then was replaced by water towers, and in subsequent decades became a derelict mess. […]

J. Philip Faranda | J. Philip Real Estate LLC | 914-762-2500 185 Broadway, Verplanck, NY Charming Brick 2-Family in Verplanck! 5BR/2BA Multi-Family, 2 units offered at $449,900 Year Built 1925 Sq Footage 1,800 Bedrooms 5 Bathrooms 2 full, 0 partial Floors 2 Parking 4+ Uncovered spaces Lot Size .23 acres HOA/Maint $0 per month DESCRIPTION […]

     

J. Philip Faranda | J. Philip Real Estate LLC | 914-762-2500 116 Washburns Ln, Stony Point, NY Charming Stony Point Colonial with 2-Car Garage 3BR/2BA Single Family House offered at $324,900 Year Built 1940 Sq Footage 1,178 Bedrooms 3 Bathrooms 2 full, 0 partial Floors Unspecified Parking Unspecified Lot Size 16,988 sqft HOA/Maint $0 per […]

Did you know we can all get rich because of the down market? Today I probably passed the thousand per week mark in email solicitations for websites I have never heard of, who will immediately Send me short sale leads Send me loan modification leads Get me REO business Send me fully qualified, “ready to buy now” buyers […]

Some buyers are reticent to work with one agent exclusively. They think it wise to use more than one agent, perhaps because they think it helps them shop around. Maybe they distrust agents. But that philosophy is tough to manage and it backfires.  We got a call from one such buyer who turned out to be […]

There continues to be a series of article at Inman News about the compensation of real estate agents. The latest article, entitled “6 Percent is Dead,” the owner of a web-based company chimes in with his view. A version of my response is below: I have not read every article in this series, but the […]

J. Philip Faranda | J. Philip Real Estate LLC | 914-762-2500 136 Foltim Way, Congers, NY Congers End Unit Townhome! 2BR/2.5BA Townhouse offered at $389,900 Year Built 1999 Sq Footage 1,600 Bedrooms 2 Bathrooms 2 full, 1 partial Floors 3 Parking None Lot Size Unspecified HOA/Maint $120 per month DESCRIPTION Move right in to this […]

Debbie Clifton wrote a thoughtful piece on how friends listed their house with someone else. I can relate. About two months ago I got an email from a dear family friend. She was my 82 year old mother’s college roommate, her life-long friend, and my oldest brother’s Godmother. She sat with us when we said our […]

Why can’t the hundreds of thousands of NAR members who have to pay for our health insurance as individuals pool our buying power together and get group coverage? I pay $1200 per month for my family’s coverage. We are on our 5th or so insurance company since were were married in 2001 and this is […]

I am home tonight, alone & playing Mr. Mom with the Little Begotten, while Mommy is in Queens cleaning the in-law’s apartment to prepare it for the market. Her parents have been in Seoul, Korea for the past year and unfortunately my father in law’s health precludes him from returning to the States. Sad. Given our […]

My BA is in English. I am far more of a man of letters than of numbers.  I’ve always sort of disliked math, unless it was related to money or baseball stats.  But there are times when numbers are clearly more imprtant than letters. Take for example a recent conversation I had with an agent on one of my […]

Just a random thought, and I’ll feel better after saying it:  the next agent who asks me how I got all my listings (especially the ones in “their town”) will be told the following: I prospect at funeral homes. I attend all wakes in my area, and I hand out my business card to all the […]

Remaining in touch is the best way to generate referrals and repeat business. You don’t need lame excuses to remain in touch with old clients. Here are 5 things I’ve done in recent months for people I’ve done business with: Help them grieve their taxes. Unless you sell in an area where prices are rising, […]

I sold my first short sale in the 90’s. I have over 10 in my pipeline. I am known in my marketplace for the specialty. Buyers are justifiably interested in the savings a short sale can offer. However, few buyers are prepared for the process, often because it is new terrain for their agent as […]

One of the biggest thorns in my side is how Zillow offers to estimate home values for consumers. It never fails to amaze me how I can walk through a home, sit with the owner, apply my 13 years of experience to a detailed market analysis, quote the owner my best price opinion, and then be […]

There is some debate going on in some Inman News stories as to whether or not agents ought to be on salary in order to improve the industry. The author, Buz Hurley, is actually an Active Rain member and has a few blog entries. I don’t see it. It wouldn’t improve the quality of service, […]