Blog - J. Philip Faranda

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It will be a Merry Christmas

Two closings scheduled this week. How tough is the market? The one Thursday is a co op purchase that we have been working on since the Summer. It should have closed last month but problems arose between the lender and the co op board that have finally been resolved. Friday’s closing is a short sale […]
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Living Beyond Our Means

Perhaps I am a little jaded by the large number of short sales I am doing, but is anyone living within their means? I run into too many people who put granite counter tops ahead of saving for retirement, or new bathrooms ahead of college funds. When the creek ran high they had no reserves. […]
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Two Magic Words

There are two magic words every consumer should know when considering a real estate agent and I almost never hear them. The two words form a question rarely if ever asked; in 2008 only one client of mine (I have 40+ listings) made the inquiry. I was only to happy to answer, because it gave me the segue […]
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Fannie Mae to Tenants: Don’t Move

Item: Fannie Mae will allow the tenants of foreclosed homes to remain instead of evicting them, effectively making the organization a landlord. I was afraid of what would happen when the government essentially nationalized the mortgage industry. This is the law of unintended consequences at it’s worst. Doesn’t Fannie Mae have enough headaches? Is the […]

Active Rain It will be a Merry Christmas Two closings scheduled this week. How tough is the market? The one Thursday is a co op purchase that we have been working on since the Summer. It should have closed last month but problems arose between the lender and the co op board that have finally been resolved. Friday’s closing is a short sale […]

Active Rain Living Beyond Our Means Perhaps I am a little jaded by the large number of short sales I am doing, but is anyone living within their means? I run into too many people who put granite counter tops ahead of saving for retirement, or new bathrooms ahead of college funds. When the creek ran high they had no reserves. […]

Active Rain Two Magic Words There are two magic words every consumer should know when considering a real estate agent and I almost never hear them. The two words form a question rarely if ever asked; in 2008 only one client of mine (I have 40+ listings) made the inquiry. I was only to happy to answer, because it gave me the segue […]

Active Rain Fannie Mae to Tenants: Don’t Move Item: Fannie Mae will allow the tenants of foreclosed homes to remain instead of evicting them, effectively making the organization a landlord. I was afraid of what would happen when the government essentially nationalized the mortgage industry. This is the law of unintended consequences at it’s worst. Doesn’t Fannie Mae have enough headaches? Is the […]

Active Rain Short Sales: Loss Mitigation or Loss Enhancement? I cannot speak to the Wall Street side of the matter, but it was bad loans that started the dominoes rolling in the current down cycle we are all working through. I therefore have little confidence in the lenders’ judgment, especially where it concerns working out a short sale. I have done dozens of short […]

Active Rain “Exclusive Right to Sell” is just that Our MLS listing agreements have a clause in them stipulating that no matter who finds the buyer that the listing broker is protected for their commission. There is an additional part stating that all offers must go directly through the broker. For the first time in 13 years I have found someone who cannot grasp this. […]

Active Rain Top 10 Ways to Endear Yourself to Other Agents 10. Abbreviate. This is especially useful when you have the room to write more in your remarks but you still feel the need to call a living room an LR and a master suite a mstr ste. It really makes for easy reading when each sntce has mltple abbrvtns. Way to sell! 9. Misspell.Nothing builds […]

Active Rain Lawyer Vs. Relo As those of you who have done a relo deal know, relocation companies can be a pain in the rear with due diligence that resembles a colonoscopy. In addition MiniPC to paperwork that releases them from even a whisper cheap NFL jerseys of liability or risk, they always want to see the mortgage commitment and contract […]

Commentary New Deal to Rescue 2008 With the problems facing the real estate and mortgage industries, I look to the Oval Office to be the catalyst in the recovery of the nation going forward. I am not referring to President Bush, nor am I referring to the hypothetical Presidents McCain, Obama, or Clinton. The president who will make the biggest difference […]