While this article is geared towards real estate agents, we feel it is helpful for others to be aware of. With the ever-increasing importance of the internet in our day-to-day lives, scams such as the one described below, and other email scams/solicitations, are becoming more and more common. The need to be cautious and confirm the legitimacy of any solicitation is more important than ever.

In this past year alone, HoganWillig has encountered half a dozen fraudulent internet schemes stemming from residential real estate transactions. (more…)

Tags: preventing fraud

Our real estate department handles all types of real estate related matters, including foreclosures.  This might be an unpleasant task, however the local lenders we represent are very understanding and sympathetic to their borrowers’ plights.  I have had our banks agree to postpone actions and sales, and to work out payment plans, or allow a home to be sold for less than the loan amount very often. (more…)

Tags: foreclosure, mortgage, notice of conference, re-financing

At the end of 2010, Governor Patterson signed a new bill into law which set realistic limits on the current levels of exemption values which will reflect today’s values and households and bring New York State into accord with other states exemption statutes. This law will be a welcome face lift to the current Debtor Creditor statutes and the Civil Practice Law and Rules! (more…)

Tags: bankruptcy protection, personal property exemption, real property exemption

Congratulations! You’ve signed a contract to purchase a new home and now you are waiting for your mortgage to be approved and for closing to take place. You are excited to move into your new home and usually preparation and economizing is a responsible thing. (more…)

Tags: credit, Fannie Mae, mortgage

Karen and Anthony Regan purchased 107 Blue Heron Court in 2007 from owners Elaine and Robert Altman. They spent $282,000. It should have been just another residential real estate transaction – completed, recorded and, except for those involved, forgotten. Instead, it may have far-reaching consequences in the local real estate market.

As the Regan family soon found out, the house was one of the “sinking homes” in Amherst with serious foundation issues. The Altmans completed the required property condition disclosure paperwork prior to the sale. The Regans, with a home warranty in place, opted not to spend the money for a home inspection that may have exposed the foundation issues.

The result: The Regans filed suit against the Altmans and both real estate agents involved in the transaction, John Fox of Hunt Real Estate Corp. and Scott Thomas of Keller Williams Realty.

Last month, a jury in state Supreme Court awarded $282,000, the full purchase price of the property, to the Regans.

The jury then divided the liability, finding that the previous owners were 75 percent liable for the verdict, the buyers were 5 percent liable and Fox, who represented the sellers, was 20 percent liable.

It is the 20 percent liability for the real estate agent that has many wondering: Was the verdict fair?

If a real estate agent is given information and he presumes it to be true, how far will he or she now have to go to verify facts? Will agents have to insulate against what could be a flurry of similar lawsuits from homeowners unhappy with their new purchase?

Tags: amherst ny, foundation issues, real estate transaction, sinking homes

Diane R.Tiveron will be presenting.

Date: Tuesday, June 8, 2010
Registration: 8:00 a.m.
Presentations: 8:30 a.m. – 5:00 p.m.
Lunch: (on your own) 12:00 – 1:00 p.m.Location:
Marriott Rochester Airport
1890 West Ridge Road
Rochester, NY 14615

For more information visit Sterling Education Services Inc.

Tags: Event, Landlord, Law, presentation, Tenant

If you are refinancing or borrowing to purchase a home, loan cost is not the only issue to consider.

There has been a lot of publicity lately regarding the changes to the Real Estate Settlements Procedure Act which are designed to make it easier for borrowers to “shop” among lenders in order to obtain the very lowest cost loans.  I would like to point out that cost should not be your only concern.  Clients who have come to me after their loan closing with problems all seem to have their loans with huge national banks.  These banks, perhaps understandably given the volume they face, have problems tracking payments, loan assignments, and other matters.   One client, who had never been late or missed a mortgage payment, was accused by his national lender of missing one month’s payment.  They told him that if he did not pay it immediately or provide proof that it had been paid, they would begin foreclosure proceedings.  He had to do all of the legwork to prove that they received and cashed the payment, and he still had to wait “up to 45 days” for the bank to agree.  He was told that there were other borrowers in the same position regarding the same month, and that the problem may have arisen from the bank’s purchase of a loan portfolio, but nonetheless, the burden was on him to prove that the lender received the payment.  Similar problems arise when there is a need to prove that a mortgage with the national lender has been paid in full.  Again, it is usually up to the borrower to prove to the lender that he made all of the payments, even if it has been years since his final payment.

I have also seen that national banks (by the way, I do not include HSBC or M&T in this category for the purposes of this entry) have not treated our clients, who are experiencing financial difficulties, in an understanding or humane manner.  Most of our clients are content with the way they have been treated by their small, local lender.  It has been my experience that local lenders are very understanding and willing to help resolve foreclosure and payment issues.   I have not spoken with any big bank client who feels they have been well or fairly treated.

So, if you are refinancing or borrowing to purchase a home, give some additional consideration to your smaller local bank.

Tags: borrowing, loan, mortgage, real estate, refinancing