Attention Brokers: A Featured Exclusive Listing!

Attention Brokers: A Featured Exclusive Listing! 

1 Bedroom Located at 96 Christopher Street

Gilman Management has an amazing listing available down in the heart of the West Village, one of Manhattan's most desired areas! With bustling nightlife, plenty of great restaurant options, and tons of shopping, you'll find everything you need and much more.

Contact us today to find out more about this listing, and kindly provide us with an e-mail address to receive monthly blasts of more exclusive listings throughout New York City. 

516-764-0226 | www.facebook.com/GilmanRE | http://www.gilmanmanagement.com/gilman_index.html

The heart of the West Village, Christopher Street & Bleecker Street

Open Listing: Retail Space in LES

We have a Retail Space on Orchard Street in the Lower East Side that we need to rent ASAP!

Gilman Management has a complete list of exclusive properties all throughout the New York City, including some of the hottest, most desirable areas of Manhattan. Some of these listings include a 1 bedroom apartment on Christopher Street, a 1 bedroom apartment on Stanton Street, a 1 bedroom on Lafayette Street, and a 2 bedroom apartment on Henry Street.  The exclusive list also features properties throughout Brooklyn. We have a 2 bedroom apartment on Jefferson Avenue, a 2 bedroom apartment on South 8th Street, and a 1 bedroom apartment on Marion Street, plus many more!  

We would love to share these quality properties with you, so please send us a quick message on Facebook with your e-mail and we will gladly put you on our monthly e-mail blast for an extensive list of hot new listings! Gilman Management Facebook Page

Exclusive Listings Courtesy of Gilman Management

Attention Brokers! We Have Some New Exclusive Listings!

Gilman Management has a complete list of exclusive properties all throughout the New York City, including some of the hottest, most desirable areas of Manhattan. Some of these listings include a 1 bedroom apartment on Christopher Street, a 1 bedroom apartment on Stanton Street, a 1 bedroom on Lafayette Street, and a 2 bedroom apartment on Henry Street.  The exclusive list also features properties throughout Brooklyn. We have a 2 bedroom apartment on Jefferson Avenue, a 2 bedroom apartment on South 8th Street, and a 1 bedroom apartment on Marion Street, plus many more!  

We would love to share these quality properties with you, so please send us a quick message on Facebook with your e-mail and we will gladly put you on our monthly e-mail blast for an extensive list of hot new listings! Gilman Management Facebook Page

Five Easy Steps To Finding The Perfect Short Sale

How to Find a Short Sale

Short sales are not new to the Real Estate front, but most definitely have increased in popularity over foreclosures since the start of the most recent recession. Since the decline of the market, many people, investors, brokers and homeowners alike have all turned to closing a short sale over a foreclosure. But for those who are new to the short sale game and are considering one, we are here to help. While we at Gilman provide as much knowledge and assistance as possible, we still want you to be informed about everything so you know what to expect. We have some tips on finding and securing a short sales.

Step One: Call an experienced real estate agent or agency that is well-versed on short sales and REO properties. It is important to obtain information from a reputable source, such as Gilman Management.

Step Two: Finance appropriately. It is very important to provide the agent with the criteria that best suits your needs. Here at Gilman we work with all types of REO properties and have an extensive collection of listings for everyone. While the agent or agency works on that, make sure you apply for loans if necessary. You want to be prepared when your offer is approved.

Step Three: Make sure you are aware of the market value. While short sales are known to be a bargain deal, make sure you check with your agent or agency to ensure you are getting the best ‘bang for your buck.’ Make sure to ask for a Comparative Marketing Analysis (CMA).

Step Four: Don’t forget the safety net. Check out the property. Have an inspector come in and assess any and all damages to the property ahead of time. Also,  it is imperative that you request an out of the contract for certain circumstances. Such situations include extensive and expensive damage to the property. You wouldn’t want the headache of being tied to a contract for a house that is in shambles, so protect yourself!

Step Five: Don’t settle. Keep your eyes open for the best possible listing. Keep up on your listing research. And if you contact Gilman, we can assure you, we will always be 100% honest with you every step of the way.

These points are essential in the short sale process. Just remember, short sales are the easier route, but it is important to stay on top of finances, the listing you are interested in, other potential listings, and the contracts involved. Good luck and happy short sale hunting!

Benefits of Short Sale vs. Foreclosure

We are firm believers in short sales, and here are some reasons why we are so confident in short sales:

* *Bank Pays All Legal Fees:* There are no legal fees payable by you, the bank that holds your mortgage pays all our fees, and if the short sale is not successful, no fee is charged. In a foreclosure, you must hire your own lawyer to defend you and pay all their fees.

* *Relocation Fees Can Be Paid By The Bank:* Some banks are offering relocation fees to homeowners to assist in your moving expenses

after the short sale is completed

* *It Is Not Necessary That You Empty Your Bank Account In a Short Sale:* You do have to disclose all assets to the bank, but often times a bank will approve a short sale to a homeowner with financial hardship without requiring that all cash be used in the short sale.

* *No Deficiency Judgments:* Unlike a foreclosure, which can sometimes result in you owning a judgment to the bank even after the foreclosure, a successful short sale does not leave the homeowner with a debt owing to the bank.

* *Your Credit Score Recovers Quicker:* * A foreclosure can take 2 years to complete, and once finished can stay on your credit report for another 7! A short sale will impact your credit score, but the damage can often be repaired within 18 months using a qualified credit repair expert.

* *You Maintain Control:* * You continue to own and live in the property during the short sale and maintain control. You make the decision on the broker, and are involved in all aspects of the deal. In a foreclosure, you do not have that control.

Short Sale For the Long Haul

We are all well aware of status of the economy, the ups and downs that have come with these past 7 years, and how it has affected the real estate industry to date. We have witnessed an insurmountable number of foreclosures, unpaid mortgages, and destroyed credit scores. Many people have suffered immensely, have become financially unstable, and have been forced out of their beloved homes. But instead of succumbing to the debilitating world of foreclosing your home, there is another option out there; short sales.

A short sale is when a homeowner cannot, for whatever reason, pay their mortgage in full. They then agree to sell their home for less than their mortgage or for less than their home was originally priced at. Provided the short sale is successful, the proceeds can then be used to pay off the mortgage. This alternative allows for a quicker recovery period for their credit score, the bank will cover all necessary fees, it doesn't require any legal action such as filing for bankruptcy or a foreclosure proceeding, and the homeowner does not walk away from it in further debt with the bank.

Here at Gilman Management we strongly encourage taking this route, and we will be there every step of the way. We can assist in the choosing of an attorney, a broker, and then we’ll take care of submitting the documents to the bank. We know these are tough times, and we only strive to provide you with the most accessible, most efficient “win-win-win” situation possible.

Beware of Deals with Liens Attached: Two Ways to Avoid the Trap

Gilman Management

Most recently, one common trend in the REO/Short Sale sector has been the appearance of non-mortgage type of liens such as IRS and state tax liens. Abstracts of judgment can be a big obstacle in getting a short sale done.  Generally speaking, short sale lenders are unwilling to use any money from the sale proceeds in order to help the short sale seller to pay off these non-institutional liens. You can talk with the lender until you are blue in the face, but there are certain investors and specific lien holders that will refuse to give in and allow any money towards these non-institutional liens.

As a result, some short sales may not be able to close and sellers will have to wait it out until the bank forecloses on the property. What's the best solution?

1.       Always research the title and order a statement of information on the sellers (borrowers) prior to getting involved in the short sale transaction. The preliminary title report will reveal many of the liens connected with the property. The statement of information will allow the title company to research whether there are any additional liens (e.g. child support or tax liens) that are connected with the individual and not the property, per se.

2.       Review those two reports at the beginning of the transaction in order to be sure that all of the lien holders are being dealt with during the short sale transaction. You do not want to find yourself waiting around for short sale approval on a deal that may never close because of the unpaid personal liens.

The good news is that investor buyers (especially those paying cash) may be able to support the seller in liquidating these non-institutional liens. Equity investors, as I have often said, can help to lay a smoother path to economic recovery. Now, if we can just get all parties to cooperate. Therein lies the challenge J