2009 August | North Fork, Long Island, NY Real Estate Blog OptionsRealty.com

Archive for August, 2009

Scrabble, Anyone?

August 30th, 2009 category: Real Estate PhilosophyNo Comments »

Options Scrabble With the downturn providing ample opportunity to rediscover some simple pleasures (or simply eliminate that pesky habit so many engaged in- overspending), we found the following article of interest- click here.

Whether it’s a cursory (and cursing) glance at the envelope containing investment balances, or simply a peek at recent home sales figures, few are immune from the downturn- but the bright side is that a choice to take control is always available!

The North fork/east end of Long Island, NY offers many opportunities to spend time (and little money) on quality endeavors, from bird watching groups, to walking groups, to library groups- there is much in the way of choice. A friend recently joined a Scrabble group, and I found myself getting reacquainted with the game (who knew za was a word)?

When things settle back into an environment of positive financial momentum (and they will, as surely as cycles exist) perhaps the re-emergence of more simple endeavors (and saving endeavors) will remain a part of the landscape for all of us.

For now, frequenting local businesses in support of their sustenance when we do find ourselves with the need to spend (need, with an occasional want) provides a great way to give back, while we learn how to live sensibly.

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If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.

To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

As Pre-Foreclosures Rise, Options are Available

August 24th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

While our real estate blog is targeted to North Fork / East End / Hamptons of Long Island, New York home buyers and home sellers, the national epidemic of rising pre-foreclosures (those missing mortgage payments) prompts a reminder to many that help is available- but requires action!

The following website provides direction for those in a financial abyss: http://www.makinghomeaffordable.gov/

With all discussion of bail out money, how it’s going to be paid back, who received it, who didn’t, aside, the bottom line for those having difficulty in the current real estate venue is that there are programs set up to address the problem. The worst solution is to do nothing; proactive searches for an answer might assist, and permit you to keep your home.

DO NOT assume that bad credit precludes assistance; it doesn’t.

Know, if you reach out for assistance, that there are many, many people in exactly your situation.

While the east end of Long Island might see less need for such programs, the figures for Long Island lis pendens is rising. For those on the North Fork / East End / Hamptons that meet the criteria detailed on the site above, take the help being offered- it might keep you in your home.

If you are looking for a home or bank owned foreclosure for sale on the North Fork / East End / Hamptons of Long Island, please fill out the form below.

New Homebuyer Incentives for New Yorkers

August 16th, 2009 category: Real Estate NewsNo Comments »

Adding incentives to the pot for first time home buyers in New York, with the hope of fueling new purchases, is the following program.

First time buyers may use this incentive in conjunction with the existing federal tax credit program.

For those seeking a home to buy on the North Fork / East End of Long Island, review all current offerings for parameters, and keep on top of expiration dates. While we hope to see an extension of the first time home buyer credit, at this point there has not been anything indicated that an extension is assured.

Homes for sale on the North Fork / East End of Long Island qualify, provided that they are being used as a primary residence- both sites offered provide frequently asked questions, and we’re happy to address any of your questions, as well.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

Looking for an East End, Long Island Foreclosure / REO Home?

August 9th, 2009 category: Buyers, East End LI Foreclosures4 Comments »

If you are a potential buyer of a North fork / Hamptons / East End of Long Island foreclosure (REO) home, there are some nuances that differ from a traditional transaction that might be worth reviewing BEFORE you set out to locate a property:

Offers have required paperwork. Under these requirements, those that are sent in absent ANY of the following may be returned, delaying receipt of your offer by the bank Representatives:

1. Have with you a preapproval letter from your bank. Because “preapproval” letters vary somewhat, make sure that your own references in some way that your credit/income has been reviewed, and found satisfactory. Absent this information, there is no way for an offer to demonstrate the assurance that you’ve done more than offer verbal numbers to a loan officer, without having provided them with what they need for reasonable certainty that you do, indeed, qualify.

2. Have with you “proof of funds.” This can be accomplished by providing recent bank statements that verify that available to you are funds for the planned down payment, or enough cash on hand for a cash purchase offer.

3. Have your offer prepared on a state-approved offer form. As this is required by many banks, anything outside of the required forms are a gamble- timing is everything on offers, and absent one requirement could potentially delay the review of your offer. The Long Island Board of Realtors/MLSLI offers a standard form called the Sales Agreement form.

4. Have a check ready, in order to provide a copy to the listing company. A copy is sent in with your offer; your real estate agent/Realtor holds the original until your offer is accepted by the bank. Instructions as to how much will be provided by the listing company.

5. If you have a Real Estate buyer’s agent helping you, have your Realtor/real estate agent explain, and fill out, the NYDOS standard agency disclosure form, to be submitted with the offer. The MLSLI listing will provide those agency representations that are offering compensation to your Realtor.

PART TWO: THE AS IS ADDENDUM

If your offer to purchase is being considered by the bank, they will forward to the listing company their “as is” addendum, explaining exactly what the expectations are with respect to their “as is” property. This is not a negotiable form; this is a form in which your lawyer will provide full explanation, in order to establish if an “as is” property is acceptable to you.

If it is not acceptable, your offer is canceled; if it is acceptable, the process then moves into the contract stage.

THE CONTRACT STAGE

The majority of bank transactions will be using a contract that differs somewhat from the contracts generated in NY; your lawyer will receive this contract for your review. Because the seller of a bank owned property is not a “local” entity, expect to review their contract, as opposed to the standard NYS contract forms.

Having a lawyer that is well versed with REO properties is essential in both the “as is” review, and the contract review, as delays/issues may jeopardize your purchase.

Plan on following the time frame for the processing of your offer TO THE LETTER. Any variance from what the seller expects may create a “canceled” offer. Once canceled, the next offer in line is provided the “as is” addendum, and the process begins anew.

Knowing what to expect, and how to proceed, is essential to a smooth transaction.

Imagine a seller with hundreds of files on their desk, working through each- those that proceed smoothly have an increased chance of closing; those that slow down the process are in jeopardy of not closing at all.

It’s nothing personal; the objective of the seller is to work through each REO offer/property with efficiency and speed.

Know that the bank representative is the decision maker; listing agents have no impact (short of their own responsibility to provide offers that are submitted in a complete package). If you’re aware of how to do it, and what to provide, you increase your odds of a successful closing, provided your offered amount is in line with what the bank is seeking. The listing agent is your contact person; they’ll provide any information that you or your Realtor / lawyer seek. BE AWARE: due to the volume of interest in bank owned properties, EMAIL is often the method used for communication.

Depending on the bank, if there are enough acceptable offers on the table, they may well halt the submission of additional offers and showings. Get yours in first!

Your Realtor and your lawyer will help you through the process; they will be unable, without your cooperation, to provide the best possible service/outcome.

**THIS IS NOT BEING OFFERED AS “LEGAL ADVICE.” This offering is based on a few recent experiences, in the hope of offering insight to those buyers (and their Realtors) looking for an east end foreclosure. CurrentREO offerings are a new game, due to the volume being encountered by banks and their employees- understanding the expectations puts you a step ahead!

Lower Pricing Spurring Home Sales

August 7th, 2009 category: Real Estate NewsNo Comments »

While this article, like most, is cautious in nature, any market improvement is certainly good to hear on a beautiful summer day. Courtesy of Bloomberg News, an update on the market can be found here.

As for the rest of the day, the beauty of the North fork (and its critters) can be found below…

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

Homes Sold/Under Contract North Fork LI for July

August 2nd, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Wow- maybe it’s been the sun coming out, but the summer is passing FAR too quickly! Feels like the June report was provided only yesterday…

The following figures are obtained from the MLSLI, and deemed reliable, but no guarantees. First up, reported sales figures- we’ve provided 2009 first, with 2008 offered as a comparison:

Closed Homes, North Fork, Long Island, July 1- July 31, 2009: 30
Leading the pack: Greenport, 6; Riverhead, 5; Southold, 4
Median Closed Price: $357,500.

Closed Homes, North Fork, Long Island, July 1- July 20, 2008: 40
Leading the pack: Riverhead, 9; Baiting Hollow, 5; Southold/Mattituck, 4 each.
Median Closed Price: $445,000.

Under Contract homes, North Fork, Long Island, July 1-July 31, 2009: 34
Leading the pack: Riverhead, 8; Southold, 5; Baiting Hollow, 4
Median u/c price at time of contract- no closed median available yet: $427,000.

Under Contract homes, North Fork, Long Island July 1- July 31, 2008: 21
Leading the pack: Southold, 6; South Jamesport, 3; 5 towns with 2
Median CLOSED pricing: $675k

While closed homes are 25% below figures for 2008, and closed pricing reflects a decline reflecting a similar figure, under contract homes offer some hope.

The increase over 2008 for under contract properties jumped from 21 in 2008, to 34 in 2009, suggesting that current pricing is accomodating the buying contingent- they’re finding a comfort level with current pricing.

This report, unlike others, does NOT include manufactured housing. We’ll be providing a condo/manufactured report shortly.
Towns on the report include: Aquebogue, Baiting Hollow, Calverton, Cutchogue, E. Marion, Greenport, Jamesport, S. Jamesport, Laurel, New Suffolk, Peconic, Mattituck, Southold, E. Marion, Orient, Orient Point, Riverhead- Long Island, New York.

NOW FOR SOME SOBERING NEWS:

Pre-foreclosure filings (lis pendens, which are public record) have increased year over year, suggesting that our “mess” is far from over.

There were 91 lis pendens filed on the east end of Long Island in July. Here are the stats:
Amagansett, NY: 1
Aquebogue, NY: 2
Bridgehampton, NY: 2
East Quogue, NY: 7
Flanders, NY: 5
East Hampton, NY: 12
Orient, NY: 1
Peconic, NY: 1
Jamesport, NY: 1
Mattituck, NY: 2
Montauk, NY: 4
Sag Harbor, NY: 2
Southampton, NY: 10
Southold, NY: 5
Westhampton, NY: 2
Westhampton Beach, NY: 1
Watermill, NY: 2
Hampton Bays, NY: 12
Riverhead, NY: 8
Wading River, NY: 10
Wainscott, NY:2

Once again, leading the pack are: East Hampton, Southampton, Hampton Bays, Wading River, and Riverhead, NY.

This figure eclipses the 2008 total of 72 filings, suggesting that our real estate problems have yet to turn a corner with respect to a market compromised by potential foreclosure activity (and the resulting price drops possible for comparable sales). In this market, absent a cash buyer, appraisals are the keyword- values must be substantiated in order for banks to approve loans.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.