Second Mortgage Standoffs Stand in Way of Short Sales


Short sales can be difficult enough getting one lender to accept the payoff of less than the amount owed. Add a second mortgage to the mix and the task of obtaining the approval becomes more difficult. Most second mortgage holders should be willing to accept a token payment since they would receive nothing anyway if … More Second Mortgage Standoffs Stand in Way of Short Sales

The Punch List


If you are buying a co-op or condominium unit from a sponsor  in which the unit is being renovated, the details of the renovations, including the materials and fixtures being installed, should be outlined in the contract of sale. This agreement will provide that you have the right to do a pre-closing” walk through” in … More The Punch List

Submitting your co-op application on time.


The standard co-op contract requires the submission of the Board package within 10 business days after the fully executed contract is returned to the buyer. The Board package consists of a number of annoying documents, including personal and business reference letters that sometimes can be difficult to obtain in the required time. Despite the best … More Submitting your co-op application on time.