Mortgage Assignments and the CEMA (Consolidation, Extension and Modification Agreement) Homebuyers in NYC have grown accustomed to absurdly high sale prices and an unusually long and oftentimes puzzlingly complicated process to get from contract to closing. They also have to deal with some of the highest closing costs in the country, including the so-called “Mansion Tax,” a 1% tax on the gross...
Digs Update As you know, we, at Digs, do our best to make homeownership more affordable in one of the world's most expensive real estate markets, by sharing our commissions with our buy-side clients and offering reduced commissions to our sell-side clients. This quarter, in the 11 transactions we closed, we saved our clients over $215,000 in rebates and reduced commissions. We also signed...
Important Changes to Streeteasy and Buyer Searches As you may or may not know, Streeteasy has implemented several initiatives this year which have upset the brokerage community, including selling leads and charging for rental listings - this will lead to less complete Streeteasy buyer searches. In the wake of these developments, REBNY, the trade group representing the brokerage community, has begun...
Hey everybody! I hope you’re all doing well. The Market Awakens. A very strange thing happened when 2017 came along – the market woke up. Instead of nursing a new year’s hangover and eating a greasy breakfast, the market started behaving like it not only had a good night’s sleep, but also like it just finished off a couple double espressos. Every Digs client that made a bid or sold an...
2016 was a pretty crazy year! Digs Year in Review $600,000 in Rebates. In 2016, we hit a huge milestone and eclipsed $1,000,000 in gross broker commission rebates and discounts given since we launched Digs full time in 2014 – real money that has helped make home ownership a bit more affordable for our clients and has funded value-adding renovations. 27 Closed Transactions. Our goal was to...
Buyers who require financing can improve their chances to compete with cash buyers by waiving the mortgage contingency. Most of my deals over the past few years have been cash or non-contingent. An increasing number of my deals today are contingent, but it is still a minority. This blog post discusses a bit about the mortgage contingency, what it means to waive it and the ramifications, and how to...