About New Hyde Park's New Hyde Park

As we all know fannie and freddy are one the biggest companies in the US.

The hold 6 TRILLION DOLLARS, YES THAT NUMBER IS CORRECT according to www.realtor.org .

half of the nation mortgage paper is owned by them!!!!!! and if the government takes over that will mean that the stock value of those companies for the stockholders will be basically wipe out!!!!!

BUT ON MY OPINION if that happens I think that we might get a good rally on interest rate drop because even tough the 10 year treasury note (tnx) has gone down , the spread is over 130% and the interest rates haven't drop as it should.

but when our government starts with the bailout. I would think that it will help us as Real Estate Professional in New york, Long island, California, Everywhere. because if interest rates drop even more and with the decline in home prices , we might see a better real estate market , or better activity report than expected!!!!!'

please let's hear everyone opinion.

Sincerely Remax Imperial
Long island Real estate company!!!!!!

For the judicial states where foreclosures take place, shortsale is the best way to save money to the bank as well to the real estate professionals (Realtor).

On the bank or lenders point of view they don't have to wait one year or more just to able to get to the auction date where 90% of the time that you go an real estate auction in Nassau, Queens or Brooklyn the bank has to take the property back because the LTV (loan to value) is so high that no real estate investor will buy it.( foreclosure attorney)

After that bank gets the property back at the auction , they have to do an eviction procedure(more attorneys) , and this could take 6 month or more!!!

and we are not done yet!!!!!!

the bank after they do the eviction, they have to do the clean up!!!!

And finally is ready to sell with the expertise of an REO BROKER!!!

NOW, IS TIME TO DO THE MATH

EXAMPLE:
INTEREST RATE: 7.5%

ORIGINAL MORTGAGE AMOUNT : $400,000.00
2 YEARS FOR THE BANK TO GET THE PROPERTY BACK $ 67,200.00
Foreclosure Atty $ 8,000.00
Eviction + Clean up to be ready to sell(nyc)8 months mortgage pmt $ 22,400.00
Eviction Atty + Clean up cost $ 6,400.00
3 year of real estate taxes $ 18,000.00
3 year of Force Home Owner Insurance $ 12,,000.00

TOTAL COST for the before it goes an Experience REO BROKER $134,000.00

400,000.00- 134,000.00 $266,000.00

ASSUMING THAT THE BANK SELLS IT AT $400,000.00 , BUT We know that is not true.

WE ARE NOT DONE YET!!!!!!!!!!

now let's talk about Depreciation : 0.5 % per month
36 months (assuming that the original value was 400k) $ 64,365.00

$266,000.00 -64,365.00 = $201,635.00

49% LOST TO THE BANK.

OR TO DO A SHORT SALE

U BE THE JUDGE!!!!!!

Any questions, please don't hesitate to call the Experts at Remax Imperial located in New Hyde Park NY.

RE/MAX IMPERIAL

LONG ISLAND HOMES FOR SALES!!!!!
www.remax-imperial-ny.com

516-355-9000