Yonkers, NY

It was a bizarre phone call this afternoon. The lady on the phone swore that her home had just come off the market with another broker, but I couldn't find it on the MLS. I changed statuses, spellings of the address (1st? First?), and anything else I could think of. Nothing. The home is in Yonkers, so I asked if it could be on a corner and have another address. Nope, middle of the block.

I asked who the broker was, and she didn't know. Her brother and co-owner was handling that. Then, she finally gave me the clue I needed. The broker was in Queens. After a quick check, I had my answer.

The broker listed her Yonkers home on the Long Island MLS. Yonkers is not in the Long Island area. It belongs on the Westchester-Putnam MLS.

No wonder there were no calls. No wonder there were no showings. The house was, for all intents and purposes, not listed, at least not on the local market. It might as well have been on the California MLS.

So, if you are selling your home, I guess you need to add to track record, references and other advisable queries, if the agent will actually put the property on the correct MLS. Not that you want the local brokers and buyers to be aware of it. I mean, if you did that, it might actually sell.

Oh, and here's another little detail. The house doesn't expire on the Long Island MLS until August, 2010!

Next!

"Luck is when Opportunity meets Preparedness"

-Branch Rickey

After one of my more difficult meetings with a seller today, I had an appointment at a Yonkers condominium that had expired previously with another broker. Not long into out interview, the lady's cell phone rang and she informed me that she was not actually the owner.

Strike one.

The real owner was her brother, who was on the phone just then. He asked to speak with me, and I was happy to speak with him. It is always better to speak with the principal, you know? Initially, he wondered who I was and what I was doing over there.

Strike two.

I can't say that I blame him. If I were in his shoes I'd want to know who is trying to list my home with my sister who doesn't own it. I told him that very same thing. I asked, now that I'd seen the unit, if he and I could get together to speak about how I could help. He had more questions for me, and I guess I said the right things. He said he'd be over in 10 minutes. "Prepare the paperwork, we need to sell this thing."

Boom. It is high, it is far, it is gone.

10 minutes later, he was over, we hit it off as well in person as we did on the phone, and the condo was listed at a $25,000 price reduction. Pretty lucky, given other possible outcomes. But things like this don't happen unless you are out there and prepared for curve balls. He got that I wanted to do business, he meant business too, and we clicked. Just like that. Sometimes you get lucky.

Stay tuned.

* Branch Rickey was the GM of the Brooklyn Dodgers who signed Jackie Robinson and broke baseball's color barrier. Also the inventor of the minor league farm system, he is considered one of the most innovative baseball executives ever. Moreover, he changed the world.

Here it is in a nutshell:

The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.

Interest Rate will Go up possible to 7%,

Mortgage Rate are being held down by federal government to help stimulate the market, the government was active in purchase of mortgage-backed-securities over the year.

The goal was to control the interest rate, so home buyers can qualify for a mortgage but to end December 31, 2009 which will extend unit march 2010. So the private sector have to step up and provide mortgage , the government was comfortable lending 5% but the private sector will not see that as attractive.

•· National debt rising dramatically

•· Inflation looming down

•· Doesn't make good business sense to lend money for thirty year at five percent.

** New York Times just this past week said this about this issue:

"One of those things propping up the market has been the Federal Reserve, which has been buying mortgage-backed securities to keep interest rates low. As the Fed begins to wind down its purchases in the next few months, rates will become less enticing. Analysts expect them to rise to at least 6 percent from the current 5 percent."

If interest rate go up even by one percentage point, to six percent, as the New York Times suggests analysts are predicting, that will raise the cost of purchasing a home.

Some buyers are sitting on the fence right now, concerned that prices still might fall.In reality, even if prices fall another ten percent, if interest rates rise one percent, the buyer's monthly mortgage payment will actually be higher.

Call me or email me, I can connect you to the top agent your area.

New York Jumbo Mortgage Rates: Our true jumbo mortgage rates continue to trend downward this week in all counties of New York. Despite the 2009 conforming loan limit remaining at $417,000 to $729,000 in New York, we still are able to offer affordable financing to qualified borrowers for purchases as well as refinances for jumbo loans over the current conforming loan limit in your particular county. My company, First Interstate Financial Corp., currently has established broker relationships with several investors that allow us to offer excellent New York Jumbo Mortgage Rates.

Currently we have the following New York Jumbo Mortgage Rates with 0 points as of business close on 9/21/2009*:

30 Year Fixed 5.75% 5.81% APR (Fixed Program available in Columbia, Dutchess, Nassau, Orange, Putnam, Richmond, Rockland, Suffolk, and Westchester Counties only)

7/1 ARM 4.5% 4.55% APR

5/1 ARM 4.125% 4.18% APR

*Please call for specific quotes*, due to market fluctuation and guidelines and county product availability your New York Jumbo Mortgage Rates can vary depending on your particular scenario. The main take-away is that there are jumbo loan programs available to fit your needs, even in our current lending environment.

Our New York Jumbo Mortgage Rates can vary from the low 4% range to low 6% range, depending on whether you are looking for a higher loan-to-value or a fixed rate or adjustable rate loan.

Typical minimum FICO scores for New York Jumbo Mortgage Rates range from 680 to 720, depending on the loan program and scenario. FICO scores are considered to be more a general indicator for this program, and the overall credit picture is reviewed more so than simply a number. Loans are for Full Doc loans only, and are subject to verification of post closing assets and full underwriting by our investor(s).

Currently with loan to values of up to 80% on purchase money/rate term/cash-out refinances to $800,000, up to 75% on purchase money/rate term/cash-out refinances up to $1,500,000, and up to 70% Financing to $2,000,000. There are also great programs for second home financing. Loan-to-values depend on the specific program you are qualified for and rates can vary above a 65% Loan to value.

We also offer competitive pricing on FHA, VA and Conventional Loans in NY, as well USDA loans in qualified RD areas. Stated Income programs are also slowly making a comeback as well.

* Not a commitment to lend. Other programs available. Jumbo Loans are a brokered product. Equal Housing Lender. Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA. Check for availability within your market area, as some products are restricted in the 5 Boroughs and Upstate NY.

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