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I am a proud member of the Villanova class of 1989. Few places can turn a New York-born, Giant and Yankee rooting, Eagle and 76er hating guy like me into a dedicated cheesesteak muncher like that rolling campus on the Main Line. I was on pins and needles yesterday watching that game. It was vintage Wildcat teamwork: no superstar, stingy defense, and smiles at the end.

The best my era’s teams did was advance to the final 8 in my junior year. The campus went bananas after they beat Illinois to advance to the Sweet 16. I’ll never forget it. They won the whole thing in an upset for the ages in 1985, the year right before I attended. I was a senior in high school here in New York, so I was rooting for St. John’s. When I arrived on campus that autumn as a freshman, the place was electric.

If my Facebook page is any indication, my fellow alumni are just as happy as the kids on campus.

White Plains is the county seat of Westchester and is, in many ways, the hub of commerce for the area as well. It is home to the county government offices, numerous malls, the local Westchester Board of REALTORS, and some fantastic food and libation along Mamaroneck Avenue.  You don’t go to White Plains to hide- you go there to get things done. It is a great commuting point with appealing neighborhoods and proximity to everything. There are many co ops and condominiums near downtown. The mix works. There is very little not to like about White Plains.

This data is for the city of White Plains only and is taken from the Westchester-Putnam Multiple Listing Service. It compares the sales of single family homes from the first quarter of 2006 , 2007, 2008 and 2009. I cut the data off at March 27 of each year so the numbers would be consistent.

Clearly, White Plains exhibits the “soft landing” people spoke of before the financial crisis hit. The number of transactions did go down from 2007 to 2008 but prices didn’t drop very much. Transaction totals stabilized in the face of lower prices in 2009. In short, White Plains was not immune to the downturn but was not as adversely affected as some other parts of the county. This speaks well of White Plains- even though the economy is down, people are still buying there. I just sold a listing in the Battle Hill section this past week.

Don’t think for a minute that it isn’t still a buyers market in White Plains, however. Inventory is still quite high- 131 active single family homes remain for sale here, and only 21 are under contract with buyers.

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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.

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.

I am from Ossining. I grew up here and no place is closer to my heart. The village lies on the banks of the Hudson River and is an amalgam of densely populated somewhat urban sections as well as more bucolic subdivisions as you go inland. Ossining is a hilly place, with streams, brooks and a nice mix of pre war homes and newer baby boom era housing.

This data is for the village of Ossining only and is taken from the Westchester-Putnam Multiple Listing Service. It compares the sales of single family homes from the first quarter of 2006 through to the first quarter of 2009. I cut the data off at March 27 of each year so the numbers would be consistent.

There was a downward trend from the high point of 2006 until the wheels came off in 2009. Nothing new here; the pool of borrowers is tiny, prices are down, and the number of sales is down more than 50%. The thing that comes to mind for me is not just the market. There are 9 real estate firms in the 10562 (Ossining) zip code with 80 licensees ostensibly serving the area. There are also more agents from numerous firms in nearby Briarcliff that also service the village which probably doubles the number of agents. That is an awful lot of agents to split up 8 sales. I work all of Westchester and neighboring areas, so my wagon isn’t hooked up to one marketplace.

Ossining will certainly bounce back, but  money needs to circulate again for more people to take advantage of the lower prices. There are 62 active listings for single family homes alone in the village, making now an exceptional opportunity to buy.

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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.

Yorktown is a town in northern Westchester County that is very suburban in character. The housing is dominated by post baby boom ranches, splits and raised ranches in quiet subdivisions as well as larger colonials in the newer developments. It is served primarily by the Yorktown and Lakeland school districts, and it has abundant shopping and parks. The area has always been a popular place to land for southern Westchester and Bronx ex-patriots seeking more elbow room and a quieter lifestyle. Downtown Yorktown Heights is located at the intersections of routes 202 and 118 and is home to the Triangle shopping Center, the iconic Friendly’s, and plenty of other commerce.

This data is for the Yorktown school district only and is taken from the Westchester-Putnam Multiple Listing Service. It compares the sales of single family homes from the first quarter of 2008 to the first quarter of 2009. I cut the data off at March 27 so the numbers would be consistent.

The numbers are down enormously. The number of sales is down 40%. The average sales price is also down 39%. Yorktown remains the place to go for mid-priced housing for sure, but it appears to be the poster child for the economic downturn. In 2008, the most expensive single family home sold was $2,000,000. In 2009, the high price maxed out at $529,000. When the maximum price one year is exceeded by the average price of the prior year, you know things have changed. Given the commensurate price drops in points of southern Westchester, it may not have been as compelling an option in 2009.

Given it’s close proximity to my office, I have sold homes in Yorktown, and the biggest beef homeowners have is with the ever-rising property taxes. Commercial development is limited in Yorktown, and since commercial and business properties often defray residential taxes the powers that be may be looking into ways to attract more development in that sector.

You can’t keep a good place down, however, and when the correction is over and the market adjusts new home buyers will return. It is just too nice a place to live for people to stay away.

Catalog this as one of those phone calls you don’t get every day.  

“Call this woman,” my wife roared on my cell phone. “She wants to put you on TV!”

Skeptical at first, but not wanting to ignore possibility, I called the lady. It was legit. She was a producer for one of the major network news programs and they wanted to interview an agent and a buyer who closed in February of 2009. Evidently, the number of homes sold last month was up, and an anchor you all know was going to ask the buyer and agent a few questions for that evening’s national broadcast. 

I actually had the perfect buyer. I called him and explained the opportunity, and within minutes everything was set up. A news van with reporter and camera crew was leaving Manhattan for his home and I headed up myself. It was a huge opportunity for exposure for my company, and even on a day when I had 2 closings scheduled for that afternoon, the place to be was on my client’s lawn in front of a camera and mic. 

Until, en route, my client called me back. He apologized profusely, but he had to call the producer and cancel. He explained that layoffs were coming to his company and that going on TV might not be a good idea. I was surprised and disappointed, but I couldn’t twist his arm. I called the producer back to apologize myself, and she asked if I had anyone else. Encouraged that she hadn’t given up, I told her I’d call her back in 5. We’d have to widen our criteria, but I could hook her up with a recent buyer or seller. She was game.  

While driving back to closing number 1, I called the agent for a buyer that closed on one of my listings last week. They couldn’t leave work early. At the closing, my seller’s attorney advised her not to go in front of a camera (another reason to hate attorneys). It was an emotional closing for her, but she was a grown woman and could handle herself. I couldn’t argue, though. The purpose of closings is to close, not recruit.  

Down the list I went, calling the producer between each call as 4pm approached. My last shot was at closing number 2, a seller client I have blogged about before who was still moving out of his home in the hour before title transferred. A veteran of the 2nd World War, he’d make a great interview. Unfortunately, he had to meet someone to arrange for his new home as soon as the last box was packed and he wouldn’t be available until 4:30. 

All in all, 5 possible interviews, and 5 declinations. The peculiar thing was that with the exception of my last ex-marine, the others either flatly declined or stood by reasons that a more eager person might overcome. People either don’t want to discuss their business on air, buck the trend, or both. And this was supposed to be a positive piece of news! 

I am disappointed, but not discouraged. The producer told me she’d found me on the Internet after doing a common search term for an agent. Given that I am in New York of all places and that I came up first in her Google search, I am gratified. She’ll keep me in mind if she needs a real estate source again, which is also very good. 

Lastly, and perhaps most importantly, there is good news out there, and the media does want to report on it. It is hard when you can’t get someone to interview, but clearly they aren’t just leading with the bleeding. People do not want to put their own faces on the good news for various reasons, perhaps because they might seem unfeeling toward their less fortunate friends, co-workers or neighbors and you can’t force them. The report went on, albeit without an interview, and that is to the network’s credit. 

So, if you wonder where the good news is, it might be because it wants to stay quiet. 

Keep blogging, folks. It might just restore confidence in this economy and speed the recovery. 

Croton on Hudson is a small village just north of Ossining located in the neighboring town of Cortlandt. I spent a great deal of my youth there. As a scout I camped at Croton Point Park many times, and my high school youth group was based at Holy Name of Mary on Grand Street. It has a charming downtown, multiple riverfront parks, and lots of classic pre-war architecture. My brother and his family have lived there since the early 80’s. Here’s the weirdest thing about Croton. There are (count ’em) THREE attorneys there that I actually like and refer. If you knew me, you’d agree that is quite the anomaly.

Comparing the first quarter of 2009 to the same time period in 2008 tells a great deal about how the market has changed for single family home sales in the past year. All data is from the Westchester-Putnam MLS; I cut the time off at March 23 because today is March 23. I limited the search to the Croton-Harmon school district, so there are some data with a Croton mailing address that is not included.

The transaction number is way down from the prior year. And things were pretty consistent until 2009 in Croton. Consider 2006 and 2007:

What can we learn from this? Transaction totals have always been in the double figures, for one. And the median price has been roughly half a million dollar rather consistently. But thus far in 2009, it is out of whack. A few more expensive homes have sold in the district, and the lower priced part of the spectrum is en absentia.

There are 7 homes either under contract or pending sale, which doesn’t bode well for a strong spring either, especially when you consider that a whopping 54 homes are actively for sale. If another 15 or 20 go on the market in the spring (a distinct possibility in the traditional cycle) and only 7 sell in the next 90 days, inventory will be even more out of balance. It will be out of balance if 20 sell, and that won’t happen.

It will take some time for this to even out. And that isn’t good news for anyone except someone planning on buying. Buyers, what few of them are, have their pick this Spring in Croton.

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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.

Clarktown is a sought-after town in Rockland that comprises New City, Congers and some other small hamlets. I have 2 listings in Congers, which could be considered unusual for a Westchester-based agent. However, my clients understand that I am where the most likely buyer is going to come from. Rockland has always been an attractive alternative for Westchester residents seeking lower prices.

These statistics are taken from the Greater Hudson Valley Multiple Listing Service. Since we still have 9 more days in the first quarter of 2009 I cut off the data at March 22 of each year.

The number of transactions is higher, but the sales prices are down by about $100,000 no matter what metric you use.

The most dramatic price decline is among 4 bedroom homes:

The average sales price for a home a year later is a whopping $125,000 lower. Are there still buyers? Absolutely. But what they are buying, and how much they are willing to pay, are both shrinking. If you are in Congers, New City or anywhere else in Rockland and you want to sell this Spring, this is valuable 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.

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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.

This is inspired by Jack Feldmann’s excellent piece on a home inspection he made recently. The posting has photos of some pretty amazing termite mud tubes in a crawlspace. Pretty compelling stuff.

I think most home inspectors are fine but there are still some outfits that issue pretty bad reports- chicken scratch, really.

A few years ago, while on a home inspection in Orange County, about 45 minutes north of my home, I encountered a home inspector who brought with him a laptop, small printer, and digital camera. He was a retired grandfather- no Generation X tekkie. Yet we left the inspection with published reports with color pictures. The deal died because of foundation issues, yet we were at peace with it because there was no argument. The photos were scary.

Westchester County is not Orange County, nor is it Podunk. It is among the nation’s most affluent counties and is the first county north of New York City, bordering the Bronx directly to the south. Yet, I know of very few home inspectors here who take a digital camera with them to document findings. In matters that are in dark corners, attics and other hard to see places like crawlspaces, this reduces inspection reports to a matter of taking an inspector at their word.

Photos save time and energy because they remove doubt. As we enter a world where technology is making life move faster and faster, home inspectors who don’t use photos to their advantage need to catch up. More agents will use them, and they’ll leave the chicken scratch report guys in the dustbin.

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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.

I have voiced my displeasure at the antics and poor professionalism of certain REO agents in the past. Some REO brokers in my area are fantastic. Some flat out suck. And I don’t for a second think that REO agents have it easy. Evictions, trash outs, overseeing vacant property and the demands of asset managers are not for the feint of heart.

Yet I have to remind everyone that we are in sales. Selling in real estate requires diplomacy, collegiality, and sometimes, even charm. If you act like a DMV clerk, you’ll find that your children will get very, very skinny. That is unless, of course, you are an REO broker and you’ll do fine no matter how much of a schmuck you act like. Here is part of an email I received this morning from an REO broker on a deal we have going where the buyer is being difficult (Imagine that!):

However you have been non compliant with us which shows that you have not been acting in good faith and your client will loose there down payment if this file does not close by the deadline.

This was sent to myself as broker, my agent representing the buyer, and the buyer’s attorney. Let’s ignore the spelling errors, etc and get to the message. Accusing us of acting in bad faith is, in my view, so over the top that it is beyond absurd. It is like calling a jaywalker a felon. And we aren’t even jaywalking! The issue is a mortgage extension, which is understandable for the type of loan in our locale.

In New York especially, closings take far too long. In a 203(k) mortgage, you introduce red tape and administrative delays. Apparently, following up with our buyer client and her lender daily, and the listing agent frequently is bad faith. Amazing. Here’s the kicker: On examination of title, we found that the referee didn’t file the deed properly, so the agent is technically not even representing a legitimate seller.

God help agents like this when the market changes again and they have to relate to people again for a living instead of getting away with being abrasive and miserable for a few years. Getting listings from an out of state entity that the public buys no matter how miserable you act is not the real world, and when that pipeline dries up these agents will be in bad shape. They’ll have a reputation for being jerks, and if they can somehow redevelop the ability to behave, it will be seen as duplicitous.

I have a position open for a buyer agent to work with a growing number of buyers in Queens. If you have a license in good standing,  high professional standards and a knack for working with buyers this might be perfect for you. You HAVE to be good at following up, staying with people and getting their questions answered.

Unfortunately this is not for inexperienced licensees, those without a reliable car or anyone who doesn’t show homes on weekends. I need an agent who can hit the ground running.

The benefits of associating with my company are numerous-mentorship from me, a constant supply of quality buyer leads, coaching, support, a good split and a positive environment.

Right now I have 12 Queens buyers who are ready to go- pre approved, motivated and eager to find something. More are coming.  I won’t hire just anyone- all my agents are very good. I believe quality trumps quantity. If you are interested, call or email me for a confidential interview.

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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.

When you drive past a car with windows tinted so dark that you can’t see the driver, do you get a slightly unsettled feeling? Does that feeling get worse when they drive aggressively or erratically? You get the very real feeling that their anonymity emboldens them. I see it on the Internet as well, especially when screen names supplant real names. It is just far easier to tell me I’m all wet when your name is SuperDude99 and not Seymour or Denise.

By far, the most troublesome case of anonymity to me is the phone call from “restricted” or “blocked.” “Well,” you might say, “just another real estate guy ducking my call.” If I know it is you, presuming you are a client, I wouldn’t duck you. I don’t bite the hand that feeds me. What I can’t take time for is the police chief guild’s business directory, the serial number of my copier, the guy halfway across the world who’ll make me the top google result, and the neophyte investor calling me for the 4th time about flipping a stale MLS listing he can’t seem to grasp is not a good deal. This is not a sometimes thing. It is a daily barrage.

Real estate brokers have bullseyes painted on our backs for soliciters. If I run an ad in the paper or Craigslist, I can set my watch by the people who “call about the ad” only to try and sell me another ad in their paper or website. Of course, I do get the blocked calls from consumers, who feel that if I see their number that their privacy is invaded, ask a few questions about a listing, and then hang up. Those are not what I’d call hot prospects. These are not rare events, they are chronic and persistent. If you consider your time valuable, mine is too.

At any given moment, I could be in the basement of a winterized house shivering through an inspection, having a client in pre-foreclosure crying on my shoulder, or a hundred other things that require my full attention. Few things are above interrupting, however, and I do return voicemails, but knowing who is calling helps me decide if I should retrieve a message, ignore a nuisance, or bring my sick child home from school right away.

It isn’t lost on me that calling some agents is like entering voicemail hell. I call them too, and I share the frustration, believe me. I’m not one of those agents. I ask clients unblock their numbers (*67 I think) so I know it is them. If you want to reach me, I hope you’ll understand that your chances are better if, when you knock on my metaphorical door, that I ask who it is before answering. I would afford you the same courtesy.

A question was asked on Trulia earlier today that stated a desire to not use a buyer agent so as to save 3%. Now, aside from the mistaken presumption that all buyer agents are paid 3%, the questioner inadvertently brings up a point that all purchasers should understand:

You don’t bring a knife to a gunfight.

My answer began as follows:

The notion that you are spending an additional 3% if you use a buyer agent is inaccurate. The listing agent already has a contractual commission arrangement with the seller, and they will not cut it in almost all cases just to make the deal work for you. Moreover, you are not represented in the largest transaction of your life. A good buyer agent will save you more than 3%.

Some people think themselves as skilled and savvy enough to deal with the seller’s advocate without assistance. Most of them are sadly mistaken. They’ll get Uncle Lou or someone they don’t know out of the yellow pages to do their home inspection. They’ll hire the cheapest lawyer. The transaction can get stalled at the 11th hour because they didn’t know that there was no Certificate of Occupancy for the finished basement or extra bathroom. They lock their rate too early and end up paying an expensive extension fee (this is especially sad when the fee is unnecessary- if rates have gone down they’ll benefit from the common worst-case-scenario policy from a prudent rate float). They get to closing and find out the property taxes are $2000 higher than advertised. They get left out in the cold a week before closing by a sham Internet mortgage deal. The list goes on, and I’ve seen it all.  

Skills alone won’t make MLS data and comparable sales materialize. Negotiating on a home is unlike any other transaction. If you treat it like a car, PC or ebay you are tempting fate. There may be some lame listing agents, no doubt. But I know agents that, if given the chance to sell their own listing to an unrepresented buyer, will smack them about the head and face & call them Shirley and have the buyer think they just got a foot rub. It has nothing to do with deceit. It has everything to do with knowing the things at the deep end of the pool. This is the biggest transaction of your life and there is no need for machismo. USE A PROFESSIONAL with references, a track record, and local knowledge.  

Now, I haven’t shared the question with you yet. It was as follows:

Can someone send me the details on how to buy a home without hiring a buyers agent? a format of offer letter

Folks, if this is your starting point you need a buyer agent. This guy won’t save 3%.

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J. Philip Faranda is the Broker and Owner of J. Philip Real Estate, LLC in Briarcliff Manor, NY. He is a Top 10 Producer for closed single family transactions out of almost 7000 licensees in the Westchester-Putnam MLS in both 2007 and 2008. You can log onto the company Home Page at www.jphilip.com

You can search the MLS like an agent and find your dream home before other buyers for FREE confidentially & at no obligationat 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.

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J. Philip Faranda is the Broker and Owner of J. Philip Real Estate, LLC in Briarcliff Manor, NY. He is a Top 10 Producer for closed single family transactions out of almost 7000 licensees in the Westchester-Putnam MLS in both 2007 and 2008. You can log onto the company Home Page at www.jphilip.com

You can search the MLS like an agent and find your dream home before other buyers for FREE, confidentially & at no obligation 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.

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J. Philip Faranda is the Broker and Owner of J. Philip Real Estate, LLC in Briarcliff Manor, NY. He is a Top 10 Producer for closed single family transactions out of almost 7000 licensees in the Westchester-Putnam MLS in both 2007 and 2008. You can log onto the company Home Page at www.jphilip.com

You can search the MLS like an agent and find your dream home before other buyers for FREE confidentially & at no obligationat 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.

Unless otherwise indicated, all data in this post is from the Westchester-Putnam Multiple Listing Service.

There are 3,454 single family homes actively for sale in Westchester County. Of those, 148 are disclosing either a short sale or foreclosure proceeding in process. This is about 4.3% of the available single family home inventory.

The actual number is probably far higher than that. That is because on many homes the listing agent has not disclosed, either knowingly or unknowingly, that the house is upside down or delinquent. Also, there are hundreds of overpriced listings which would be short sales if the price were lowered to market value. In other words, there are lots of $450,000 homes listed for $550,000 because the mortgage balance is $500,000.  

The average number of days on market for an active listing is 135 days right now, and the median asking price is $775,000. In January of 2009, the median sales price was only $550,000 in Westchester. There is a $225,000 disparity between median asking price and median sales price. According to Realist, the public data conduit for the WPMLS, only 105 homes sold in January of 2009 compared to 393 the same month in 2008.  Homes are still very overpriced.

People can ask for whatever price they want; what they get is another story. Too many people are upside down and don’t even know it. You can’t price your house based on what you want or need to pay off the mortgage, the bills, or recoup expenses. You can only get what people are willing to pay. Too often, that is not enough to satisfy the mortgage balance.

More people need to realize that if they need to sell and they have no equity,  the only way out is a short sale.

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J. Philip Faranda is the Broker and Owner of J. Philip Real Estate, LLC in Briarcliff Manor, NY. He is a Top 10 Producer for closed single family transactions out of almost 7000 licensees in the Westchester-Putnam MLS in both 2007 and 2008. You can log onto the company Home Page at www.jphilip.com

You can search the MLS like an agent and find your dream home before other buyers for FREE confidentially & at no obligationat 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.

Here in New York attorneys are an integral part of the transaction process. The following occurred this past Monday on a home I listed where an old deal resurfaced from when the home was listed with a prior agent.

I got a call from the attorney’s office of the purchaser of my listing. I was told told that if I could deliver copies of some papers needed that they would give me their deposit check for my client’s attorney to deposit. Due to the fact that this was a transaction that had been canceled by each party once and subsequently reinstated, we would then be able to close as soon as the check cleared. Naturally, I stopped what I was doing and headed straight for White Plains. Trump and Iacocca could wait.

Upon meeting the buyer’s attorney I was pleased to meet a paralegal who struck me as being on her game without being arrogant (a rarity) and a lawyer who was quite down to Earth and eager to make the deal happen after months of drama (another rarity). Since this was the first time we met, I was encouraged that this wasn’t a bait and switch, since real estate agents are cheaper than couriers.

Given the attorney’s desire for expedience, she thought it wise for me to take the check straight to the bank so we could close Friday. We got my client’s attorney on the speaker phone to clear it with her. She was unenthusiastic abut me depositing anything in her account, which I suppose is understandable.

As I watched the buyer’s attorney speak with our lawyer, I witnessed her bury her face in her hands as the conversation deteriorated from an exploration of how to close this sale into a primer on banking in the year 2009. Our lawyer asked what bank the check was drawn on, presumably to ensure it wasn’t an out of state check. “Wachovia!” she squealed. “They take forever to clear.” It became evident in the ensuing, frustrating conversation that this lady was confused between depositing a check from a certain bank and depositing a check to a certain bank. Rather than jump in the deep end of her dementia pool, we agreed to close the next Tuesday the 17th rather than the coming Friday the 13th.

Oh, and one last thing, she said. The closing couldn’t be too late into the afternoon hours. “I have bridge Tuesday.”

Choose your attorney carefully, folks. These are the people who watch your back in the largest transactions of your life.

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J. Philip Faranda is the Broker and Owner of J. Philip Real Estate, LLC in Briarcliff Manor, NY. He is a Top 10 Producer for closed single family transactions out of almost 7000 licensees in the Westchester-Putnam MLS in both 2007 and 2008. You can log onto the company Home Page at www.jphilip.com

You can search the MLS like an agent and find your dream home before other buyers for FREE confidentially & at no obligationat 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.