Buffalo Niagara Falls Real Estate, Carl DeFranco

Dirty Deeds - Buffalo NY Getting Tough on Bank Owned Foreclosures!

An interesting article popped up in the Realtor Magazine Daily Update about how Buffalo NY is taking an aggressive approach to holding the lenders accountable for the condition of the homes in their control as reported by Michael Orey of BusinessWeek.

Spreading the Pain Michael Orey wrote in this very telling article Dirty Deeds. Those that profited from the sale of these houses at one point are now stuck with the collateral and they don't like it.
In Buffalo there is an estimated 5,000-10,000 abandoned homes. These abandoned homes are a problem, especially when they are not being taken care of. New York State amended the definition of "Owner" in its property maintenance code to include not just the title holders, but others who had "control" over a property in 2004.

Don't think the borrower gets away scott free in Western New York. Many times Cooper sentences the borrowers to community service. This is definitely a hot topic here in Western New York.

Join the debate over at BusinessWeek

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Real Estate in Niagara Falls is not experiencing the negative backlash that the media wants you to believe. There are areas that people want to call home in Western New York and in the Northern most corner of Niagara County. DeVeaux Section of Niagara Falls is a perfect example of this. The first half of 2007 saw 30 of the 49 sales in the DeVeaux Section of Niagara Falls, while the third quarter saw fewer sales, but the homes that sold went an average of 38 days on the market, while the previous quarter saw an average of 107 days on the market. Here is a brief recap of the 2007 Sales in DeVeaux Section of Niagara Falls:

• # Closed Sales: 49
• Average Days on Market: 83
• Average Sold Price $ 80,909.00
• Highest Sold Price: $ 190,000.00
• Lowest Sold Price: $ 20,000.00

To get your complete list of sales for 2007 in DeVeaux or for more information regarding DeVeaux, please call our office at: (716) 990-7384. Visit our website for additional information regarding Real Estate and Mortgages in the Western New York area.

A blast from the past....

• 2007-12-14 Who are Fannie Mae & Freddie Mae and why should this be important to Niagara Falls home owners?
• 2007-12-14 Don't Let Last Minute Showing of Your Buffalo Home Catch You Off Guard!

WNY Teachers::Could You use $100 for a special project?

Western New York Teachers :: Could You use $100 for a special project?

Then we need to talk! If you have a special project that would benefit your Niagara or Erie County classroom we would like to know about the project.

Please send a letter to:

Carl DeFranco DeFranco Real Estate & Mortgage 481 19th Street Niagara Falls, NY 14303
In the letter, please let us know the following information:

• School
• School Principal Name & School Phone number
• Your Name
• What Grade you teach
• And a description of what the money will be used for.

If selected, we will notify your School's Principal and get you a check for $100 to make the project a reality! How easy is that? Each month we are looking to give the money to Western New York Classrooms! All we need is to know about these projects!

Why people use Hard Money?

There is a general misconception that hard money is an opportunity of last resort for people who have, or want to have, an interest in real estate. After all, the rates are higher, terms shorter. That is a truth-but not the whole truth.

Savvy investors use hard money to their great advantage.

Except for the people who can walk into their bank with a deed in their hand, and walk out with a check, bank financing is highly unlikely. There are, however big lenders that advertise how quick, easy and cheap it is to borrow from them. It isn't until you have answered every question (my favorite is "what was your mothers maiden name"), jumped through every hoop (they start out slow-by the time you are done you've submitted 50 pages of forms) and either paid thousands of $'s up front or rolled the costs into your financing (costing you even more). Oh-and time, I've seen it take up to a year.

Look at it from their point of view. They don't know you. You don't have title to the building. You can't prove a history of managing or on time payments for the building (because you don't own it). Trusting you is a big risk for them! You are at a great disadvantage.

Let's look at a Western New York example of Hard Money lending. The Seneca Casino people paid an offshore investor for the $100,000,000 needed to build their first casino? It is rumored at 23+%, short term. Bad move? No-it was brilliant! The Casino was up and running in 100 days!

Hard money makes things happen now. Hard money is often used to purchase property, take title and get the business moving. The new owner usually chooses to refinance into permanent long term financing when they have the advantage. In the mean time the cash register is ringing.

Read the rest of the story at: Why Use Hard Money?

Recently the Buffalo News reported about a potential Fair Housing Violation in Cheektowaga. There are those that believe that the Cheektowaga redevelopment is biased against minorities, families with children and others protected by Fair Housing Laws, state human rights officials say.

Developers already have begun work on the project, which will redevelop more than 900 apartments in Kensington Village and Kensington Homes into upscale apartments targeted at students of Villa Maria College.

Read the rest of the story at: Fair Housing Violation in Cheektowaga?