East End of Long Island Short Sale Guide
Authored by: Laurie Mindnich
January 4th, 2009 category: East End LI Foreclosures, Real Estate News
Going into 2009, the following are some scenarios that may be encountered by both buyers of homes on the East End of Long Island, and sellers of homes on the East End of Long Island.
If you’re a homeowner seeking to sell your home via a short sale (if your loan amount exceeds the current market value, and you MUST move), the following are some things that you’ll be expected to provide to your bank in order to get approval for this action:
1. Considered by some the most difficult: a HARDSHIP LETTER . In this communication, you’ll provide to the lender the exact nature of your situation, accompanied with facts to demonstrate an inability to make payments. Sign and date it.
2. A financial statement, detailing your current state of affairs (including, but not limited to, all income generated; all savings account balances; any assets). Sign and date it.
3. A broker price opinion, generated by your listing agent, demonstrating the comparable properties that have sold in your area recently.
4. Last years tax returns or 1040/W-2’s.
5. Your most recent pay stubs
6. All listing activity, provided by your listing agent, showing price adjustments through the course of the listing period.
**SEEK LEGAL COUNSEL FOR ALL RECOMMENDATIONS. THIS IS STRICTLY A HEADS UP- it is very important to have legal guidance for any distressed property scenario, as can only be provided by a lawyer.**
If you’re a buyer interested in making an offer below the total amount owed by a seller, be prepared to offer a qualification letter generated by your bank, with proof of funds, to be submitted with your offer. In order for a bank to view an offer as viable, providing this proof is a non-negotiable requirement expected by most banks. Start early, by visiting a lender BEFORE you look- scrambling with the possibility of other offers could well create a lost attempt to purchase.
Another way ”out” for distressed sellers with one mortgage, no second mortgages, is a deed in-lieu-of foreclosure. One advantage to a deed in lieu of foreclosure is, among other things, a better likelihood that a deficiency judgement on the part of the bank will be reduced or waived, although this is not always the case. Your attorney needs to review all avenues with you, in order to provide you with the legal ramifications of any action that you might take to resolve a situation that is creating HUGE stress. The sample deed in lieu of link is from HUD; check with your bank to see if this is an option for you.
BANKS DON’T WANT PROPERTIES BACK, and both short sales and deed in lieu of foreclosures avoid the cost of a subsequent foreclosure process for the lender, so may well benefit both sellers, banks, and buyers.
Understanding up front requirements when dealing with your lender, or purchasing a short sale, will minimize the frustration that often accompanies any decision in the sale or purchase of a distressed property. There’s a reason for the difficulty- you are most definitely not alone. Loss mitigation departments are swamped, dealing with many,
many sellers and buyers undergoing the same challenge.
North Fork, Long Island Closed Condos / Active Adult / Over 55 for 2008
Authored by: Options Realty
January 3rd, 2009 category: Over 55 / Active Adult, Real Estate News
The following is data obtained from the multi list of Long Island. While deemed accurate, actual figures may differ- consult with your real estate agent for specific retirement/vacation condominiums on the east end of Long Island.
CLOSED NORTH FORK, LONG ISLAND CONDOS- JAN. 01, 2008- DECEMBER 31, 2008 (closed pricing):
Aquebogue, NY:
Silver Village: 2; $337,5k; $340k
Baiting Hollow, NY:
The Bluffs: 3; $279k; $397k; $311k;
The Knolls: 3; $315k; $338k; $340k
Calverton, NY:
Calverton Hills: 6; $110k; $105k; $157,5k; $159k; $160k; $176,3k
Foxwood Village: 7; $144,5k; $155k; $148k; $155k; $180k; $245k; $285k
East Marion, NY:
Cleaves Point: 1; $800k
Greenport, NY:
Driftwood Cove (co-op): 1; $147,5k
Harbor Shores (co-op): 1; $260k
Oyster Point: 2; $695k; $690k
Unknown: 1; $320k
Jamesport, NY:
Maidstone Landing: 1; $780k
Riverhead, NY:
Glenwood Village: 1; $67,5k
Mill Pond: 8; $275k; $280k; $270k; $279k; $275k; $305k; $315k; $325k
Willow Pond: 6; $277,5k; $270k; $324k; $346k; $367k; $405k
Saddle Lakes: 2; $495k; $540k
Southold, NY:
Colonial Village: 1; $160k
Founders Village: 3; $315k; $345k; $344k
COMPARISON 2008 TO 2007:
Total reported North Fork, condos closed, 2008: 55
Total reported North Fork, condos closed, 2007: 81
Median sales price, 2008: $305k
Median sales price, 2007: $350k
Days on market median, 2008: 158
Days on market median, 2007:133.5
% of asking/sold price, 2008: -6.7
% of asking/sold price, 2007: 4.8
To view all over 55 retirement condos, and all condos for sale, click on “North fork condos”, choose your town, and click GO.
Call or email us to view any properties of interest- the east end of Long Island is a great place to retire!
Homes Sold in 2008 North Fork, Long Island - Over $1,000,000
Authored by: Laurie Mindnich
January 2nd, 2009 category: Real Estate News
- The following data was collected from MLSLI*. While deemed reliable, figures are subject to error.
Homes sold $1,000,000 plus (asking price/sold price) on The North Fork Long Island, 2008
Aquebogue, New York homes sold: 1-$2,499M/$2.180M
Baiting Hollow, New York, homes sold: 0
Calverton, New York, homes sold: 0
Cutchogue, New York homes sold: 7- $1.19M/$1.179M; $1.399M/$1.325M; $1.995M/$1.9M; $2.149M/$1.650M; $2.195M/$2.010M; $2.450M/$2.206M; $2.888M/$2.250M
Greenport, New York, homes sold: 0
Jamesport, New York, homes sold: 2- $1.250M/$1.070M; $1.350M/$1.2M
Laurel, New York, homes sold: 3- $1.495M/$1.350M; $2.950M/$2.7M; $3.2M/$3.2M
Mattituck, New York, homes sold: 5- $1.25M/$n/a; $1.295M/$1.088M; $1.850M/$1.625M; $2.350M/$2M
New Suffolk, New York, homes sold: 0
Peconic, New York, homes sold: 4- $1.275M/$1.2M; $2.275M/$1.6M; $3.2M/$2.750M; $22M/$19.5M
Orient, New York, homes sold: 2- $1.45M/$1.35M; $2.395M/$2.075M
East Marion, New York, homes sold: 4- $1.350M/$1.225M; $1.395M/$1.275M; $1.399M/$1.265M; $1.9M/$1.9M
Southold, New York, homes sold: 10- $1.15M/$1.06M; $1.25M/$1.15M; $1.399M/$1.22M; $1.65M/$1.55M; $1.799M/$1.6M; $1.995M/$1.710M; $2.9M/$2.4M; $3.85M/$3.5M; $3.85M/$3.5M; $18.5M/$13.294M
Riverhead, New York, homes sold: 1- $1.1M/$1.
COMPARING 2008 WITH 2007, MILLION PLUS PRICE POINT:
TOTAL HOMES CLOSED WITH PRICING IN EXCESS OF $1 MILLION IN 2008: 39
TOTAL HOMES CLOSED WITH PRICING IN EXCESS OF $1 MILLION IN 2007: 65
Current # of homes for sale, $1 million plus, on the North fork of Long Island: 110
To view homes for sale on the North Fork of Long Island, click on the “north fork homes” tab (top right), enter your towns of interest, and click enter.
Report: Homes Sold in 2008 North Fork, Long Island
Authored by: Laurie Mindnich
January 1st, 2009 category: Real Estate News
The following data was collected from MLSLI*. While deemed reliable, figures are subject to error.
Total North Fork Real Estate SALES 2008.
Aquebogue, NY: 23
Baiting Hollow, NY: 23
Calverton, NY: 15
Cutchogue, NY: 42
Greenport, NY: 22
Jamesport, NY: 22
Mattituck, NY: 27
New Suffolk, NY: 2
Peconic, NY: 8
Orient, NY: 16
East Marion, NY: 20
Southold, NY: 66
Riverhead, NY: 98
COMPARING 2008 WITH 2007:
MEDIAN DAYS ON MARKET FOR NORTH FORK, LONG ISLAND HOMES IN 2008: 126
MEDIAN DAYS ON MARKET FOR NORTH FORK, LONG ISLAND HOMES IN 2007: 111.5
MEDIAN SALES PRICE CLOSED FOR NORTH FORK, LONG ISLAND PROPERTIES IN 2008: $460,000
MEDIAN SALES PRICE CLOSED FOR NORTH FORK, LONG ISLAND PROPERTIES IN 2007: $490,000
MEDIAN PERCENT DIFFERENTIAL FROM ASKING PRICE TO SOLD PRICE 2008: -6.7%
MEDIAN PERCENT DIFFERENTIAL FROM ASKING PRICE TO SOLD PRICE 2007: -4.9%
TOTAL CLOSED PROPERTIES, ALL TOWNS ABOVE 2008: 398
TOTAL CLOSED PROPERTIES, ALL TOWNS ABOVE 2007: 510
*INCLUDED IN THE 2008 AND 2007 TOTALS ARE MOBILE HOMES CLOSED, WHICH TOTALED 42 IN 2008.
TO VIEW AVAILABLE PROPERTIES ON THE NORTH FORK OF LONG ISLAND MLSLI, CLICK ON THE TOP RIGHT “NORTH FORK HOMES”, CLICK YOUR TOWN (S), ADD ENTER, AND CLICK GO. *Multi-list Long Island
East End Long Island Short Sales and Foreclosures
Authored by: Laurie Mindnich
December 28th, 2008 category: East End LI Foreclosures
What can you expect when you make an offer for a “short sale”?
You can expect it to be anything but short.
A short sale is an offer to a lender in which the amount offered is below the amount owed to the bank by a seller. With declining market conditions, a seller who may have bought at “peak” (2005-6) on the east end of Long Island
may now find themselves with a loan that exceeds the current value of the property. Add to this homeowners who improved a property by obtaining a second mortgage that is now “too much” to keep the property in line with current values, but forced to sell for whatever reason, and you’ll find yourself in the current bank abyss.
As the market becomes more focused, with the need to eliminate an excess of properties held by banks (with accompanying foreclosure costs attached) at the forefront, the hope is that banks will respond more quickly to a market that is in flux.
IF YOU ARE A SELLER on the North fork of Long Island FACING A SHORT SALE:
You’ll need to provide the bank with documentation. Here are typical requirements that will need to be provided to the bank before proceeding with a short sale request.
IF YOU ARE A BUYER on the North fork of Long Island THINKING OF ENGAGING IN A SHORT SALE OFFER:
You’ll need to provide to the bank your ability to qualify, and will be expected to WAIT. And wait some more
IT ABSOLUTELY SHOULDN’T BE LIKE THIS…BUT IT IS, FOR THE MOMENT.
For those willing to offer patience, short sales can result in closings, but anticipate a bumpy road. Often, a green light will be afforded, without mention of additional provisions/funds that will pop up before closing. Awareness that it isn’t smooth sailing is imperative- if you don’t like surprises, you might want to look at properties that have already foreclosed, or are market ready.
If you’re thinking of selling, and wondering about short sale opportunities, we’re happy to offer the answers that we have, and help you through the process.
If you’re thinking of buying a short sale, we’ll make sure that your understanding is complete.
If your interest is in bank owned properties, we stay on top of the market, and are happy to locate properties for you.
Foreclosures and Short Sales on the East End of Long Island
Authored by: Laurie Mindnich
December 18th, 2008 category: East End LI Foreclosures, Real Estate News
Thinking about buying a foreclosed property (REO) on the east end of Long Island?
Here’s some food for thought:
Bank owned properties have the potential to offer an amazing opportunity. A recent example is that of a home located in Cutchogue, New York. Originally listed in 2006 at $650k, and dropped to $520k, the home received an offer while in the foreclosure process for $505k in 2007.
The bank, the now defunct Fremont Investment decided, in it’s “wisdom”, to hold out, and attempt a break even vs. accepting a short sale situation, letting a well qualified buyer fall to the wayside.
The end result: in 2008, this same property sold for $398k.
While winterization was not accomplished, creating much in the way of repair for the new owners, the significant price drop, to the buyers, more than made up for the costs that will be incurred to get it operational.
If there is a “hidden agenda” with bank owned properties, this type of costly “as is” offering needs to be fully understood by any buyer of a bank owned property, whether it is located on the North fork,Hamptons, or anywhere else.
Buyers seeking REO’s need, also, to be fully prepared to act- “pre” qualification is no longer an accepted level of ability to 
buy. A conditional loan approval subject to an appraisal is advised- agents listing bank owned properties are not interested in offering deals to banks in which the buyer is ultimately unable, financially, to make a purchase.
There is a long list of paperwork required of a real estate agent and their buyer in order to make a purchase on a bank owned property: proof of funds, loan approval, and a long list of bank requirements including “as is” stipulations are among the differences between a “normal” sale, and a bank owned property.
While “short sales” (getting the bank to accept an amount less than the loan amount) are getting their day in the sun, the reality is that a large majority of these efforts fail, with properties ultimately going back to the bank.
Reasons are varied, but typically involve an anxious buyer being kept on the sidelines in a frustrating tug of war with the banks- paperwork submitted (and re-submitted, and RE submitted to a changing array of loss mitigation individuals, BURIED with requests) who end up giving up, and walking away. Months of effort go unrewarded for these buyers and sellers.
Understandable- short sales, while touted by some as a viable solution, offer NO GUARANTEES of a good outcome for either seller or buyer. A bandied about estimate of success is a rough one in ten.
While there is evidence that the banks are no longer seeking to hide their potential “assets” by delaying the transfer of a property into a bank owned liability, the process remains complicated.
As we find ourselves more involved with properties that have reached the “foreclosed” status, and into “bank owned”, there is an awareness that, on the east end of Long Island, many more properties are in a “lis pendens” position, offering a red flag that suggests that there is much more to come.
If you are seeking a distressed property on the east end of Long island, email us with your request, and we’ll provide a list of expectations that must be met by banks before an offer is considered.
Additionally, as we become aware of bank owned properties, we’re happy to share this knowledge.
Holiday Dog Tips Redux
Authored by: Laurie Mindnich
December 11th, 2008 category: Real Estate News
Here’s a blast from Holidays past worth re-posting again this year.
North Fork Holiday Decorating Tips for Your Home
November 30th, 2007 category: Real Estate News
We are currently wondering how to erect a tree, decorate it, and find it in one piece when we return home.
Our bulldog, Oliver, is fascinated with “shiny” objects- and the notion of a big, object laden opportunity may well be more than he can handle- restraint is NOT among his admirable qualities.
While we may fore-go a standard sized tree for something smaller (and higher up) there are other holiday dangers for pets that are worth noting.
No more chocolates on the table for guests (wrapped or unwrapped)- chocolate in large enough doses can be very toxic to animals. As “one piece” is never enough, perhaps we’ll pass altogether on this treat of the season- my scale will thank me in January!
While candles are lovely at this time of year, the hot wax (not to mention singed whiskers from the flame) will bear watching- placing them on out of reach surfaces will eliminate the curiosity, at best; at worst, Oliver will simply have to observe without touching!
Tinsel is a life threatening “toy” for either a cat or a dog. The shiny, light strings can easily wrap themselves around the intestines of your pet, creating the need for surgery- not a way to spend the holidays for you or your pet!
Holiday plants, such as poinsettias, holly, and mistletoe contain toxic chemicals that can create serious illness for your pet. Out of reach locations are imperative.
AAAAhhhh…LEFTOVERS! How difficult it is to deny Oliver a treat, however the change in menu can create sickness if they are unaccustomed to the treat. Vomiting and diarrhea are the result of gastrointestinal problems. Not on the menu for the holidays!
If your home is like our own, you may have “little people” visiting over the course of the holiday season. Educating your family about the dangers will help in eliminating them, and kids love the responsibility of taking care of animals. Let them help by offering simple guidelines to follow.
These tips are courtesy of the North Fork Animal Hospital. If you find your pet in an emergency, call them at: 631-765-2400.
If you’re thinking of buying or selling a home on the North Fork of Long Island, give us a call- we love pets!
Hampton Jitney North Fork Holiday Sale and Schedule
Authored by: Options Realty
December 7th, 2008 category: Real Estate News
For those of you that may be using the Hampton Jitney this month, you may want to stop by Hampton Jitney’s web site.
Hampton Jitney has announced the arrival of their 2008 Value Pack Sale. The HJ site says, “Use North Fork Value Pack tickets and travel to or from the North Fork for only $17.50.”
The sale ends Christmas Eve.
For the Hampton Jitney North Fork Fall Schedule, click below.
East Marion Spa Plans in Trouble
Authored by: Laurie Mindnich
December 7th, 2008 category: North Fork Neighborhoods, Real Estate News
Having made the (short) drive from Southold to East Marion a few years ago on a daily basis, it’s hard to imagine the presence of the planned Shizen structure at the end of Shipyard Lane.
As reported here, at Long Island Business News, homeowners on the North Fork of Long Island are horrified at the prospect of a mega sized spa- ironically designed to offer a peaceful and relaxing experience.
“Shizen is more than 100,000 square feet of development in 28 buildings, including 114 guest rooms, plus tennis courts, a pool and a marina, all targeted for the 18.3-acre site of the former Long Island Oyster Farm on the bay in East Marion.” - Jeff Miller, LIBN
Visitors will need it, after finding themselves tied up in non-negotiable traffic in order to reach their destination. One way in…one way out.
What are they thinking??
Mortgage Interest Rates
Authored by: Options Realty
December 7th, 2008 category: Real Estate News
http://www.bankrate.com/brm/publ/30yrmolg.asp
Click on the link above, offered by bankrate,
to keep current on mortgage interest rates.
Graph courtesy of Bankrate.com
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