Archive for the 'Buyers' Category

An Update on Buyer Agency in New York

July 3rd, 2008 category: Buyers, Real Estate PhilosophyNo Comments »

As buyer agency becomes more common in New York, myths and misunderstandings abound.

A consumer misunderstanding involves seller perception. While the term “buyers agent” might strike fear in the heart of a seller accustomed to both parties working with a buyer on behalf of the seller, it’s actually clarification for both parties in the transaction that tends to afford the process an ethical and smooth conclusion.

Working on behalf of a buyer does not eliminate required “fairness to the seller” intrinsic to all transactions.

The idea is NOT to create issues for the seller, or offers without merit. Rather, it is to clearly define the parameters of a fair price, fair terms, and in all likelihood, required pricing commensurate with value that will ultimately be determined by an appraiser.

Another myth that appears to be perpetuated by some Realtors on Long Island is that a buyer agency contract is required in order for a buyer to obtain representation. Realtors on Long Island tend to concern themselves with a “liability” issue which, so far, I’m simply not seeing as an issue at all. It is no different than liability present when Realtors represent (with fiduciary) a seller.

Confused, many agents feel that a contract guarantees THE BROKER payment, eliminating the possibility of a buyer locating a property after a Realtor has presented properties to a buyer. Indeed, it is from our view a “hostage” situation.

Our philosophy is that if we haven’t established the necessary trust between ourselves and a buyer, we haven’t established the right to compensation. While some might consider this perception risky, we have found that buyers with loyalty earned by us are more than willing to keep us as their agent, irrespective of the possibility of a property located without our involvement (i.e., open house, fsbo , etc.).

In the event that a buyer does locate and consummate a transaction despite our involvement, we are inclined to look to ourselves for the problem- surely, had we operated with an acceptable level of integrity and trust, we would be included in the transaction.

Another problem with a signed agreement from the buyer (outside of the NYDOS disclosure) is that there are many Long Island Realtors that intentionally, or out of ignorance, either counsel sellers to discourage buyer agency compensation (but include, in the price of the house, a fee to be paid to an agent that brings a buyer, representing the seller), or don’t alert sellers that this compensation is not included in their listing agreement.

For this reason, holding a buyer hostage via a contract that may well require payment out of the pocket of the buyer is a violation of the fundamental practice of buyer agency on Long Island, and the accompanying fiduciary incumbent upon the Realtor- causing an unnecessary expense is a violation of fiduciary, and therefore unacceptable.

If we can’t convey to the listing agent and seller that payment is to come out of the proceeds included in the price of the house via a fee that OUR BUYER is paying in the price of the house, we aren’t doing our job. Period.

Until listing agents reduce their fee to include ONLY the listing “side” (typically, a total seller fee is 6%, with 3% going to the buyer’s agent) it is incumbent upon all of those seeking to represent buyers to comprehend FIDUCIARY to the buyer through a full understanding of what the buyer is paying in the price of the house for representation.

It is appalling to imagine that a buyer’s agent would require payment from a buyer, knowing that the fee for the buyer is IN THE PRICE OF THE PROPERTY, AS WELL.

Long Island is tricky. Were it like most areas that are full of seasoned and competent Realtors accustomed to buyer agency as the only way to conduct real estate, there would be no concern that a buyer would be compensating their agent once through the listing fee in the house, and again out of pocket to the agent. It simply isn’t a problem in many areas, as ALL listings fully anticipate, and offer payment to, a buyer’s agent in the MLS system.

Until this is true in New York, and specifically on Long Island, it is dicey, and unacceptable to demand a contract from a buyer seeking representation.

We don’t do things the way that Long Island “does things”, because it has been far too unethical in our opinion, for BOTH parties in the transaction. The resultant disdain that most consumers have toward the real estate industry in general on Long Island is a deserved assumption.

Working to become an integral part of a fair transaction does not seem an unreasonable request on the part of consumers. Hey, it has to start somewhere.

If you are seeking a property on the North Fork of Long Island, or would like a review of our consumer friendly rates to list your home with the utmost care, please contact us. We are happy to answer any questions that you may have. Our goal is your goal- a transaction that is clear, defined, and puts integrity ahead of self-gain.

photos: iStockPhoto

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Great News for Home Buyers on the North Fork of Long Island, New York

May 19th, 2008 category: Buyers, Real Estate News3 Comments »

FINALLY- and end to “declining market status”, which forced an additional 5% down from home buyers.

That this policy was enacted at all is really troublesome, in this writer’s opinion- since when, in any downswing, has it been OK for Fannie Mae to jeopardize the abilities of the buying public by “hedging bets” on how the real estate market will perform?

For those seeking to sell a home on the North Fork of Long Island, know that the elimination of this policy will create new opportunities for buyers that (but for that pesky additional percentage down) would have considered a purchase, but found themselves short on cash.

Additionally, the requirement that appraisers maintain awareness of the declining market being eliminated takes away some of the unease that sellers faced with respect to the appraisal itself coming in low.

This move, in conjunction with the increased limits offered with FHA loans (good through Dec. ‘08) will create a nice opportunity for buyers to re-consider the benefits of this particular loan, once widely used, but abandoned when pricing exceeded the typical FHA limits imposed on home buyers. With a bit more latitude offered, I’m guessing that FHA loans are preparing for a resurgence, another positive for home sellers and buyers.

There are currently entities lobbying to make the increased limit permanent- we’ll offer an update if that occurs.

FINALLY, SOME GOOD NEWS.

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Buyer Agency In New York Is The Only Way To Go

April 21st, 2008 category: Buyers1 Comment »

 

I’ve been asked before why I hate sub agency in real estate, and why I appreciate buyer agency.

When my real estate addiction began, it was a time of certainty for me- 24 years old, a two year old, and a mortgage. There was no question, at that age, that this was it- the “job” that worked for me. I realized that combining a genuine interest in houses with a genuine interest in sharing the “pride of ownership” with my prospective home owners was exactly where passions intertwined- I got my real estate license.

Because buyer agency was not yet available to the real estate community in Denver at that time (1980’s), it was with no existence of an alternative that I presented my ” agency status” to my first buyers- they were clear that I represented the seller in any home purchase that I might locate for them- disclosure was required.

We looked at many homes, laughed a lot, and developed rapport, culminating in a view (from their eyes) that was exactly in tandem with how I viewed my contribution: home locator, advisor, participant in a very important mission. We connected, these buyers and I.

Out of the blue, they called me to let me know that they had attended an open house, and it was “the one.” They followed this news up with: “But you’re our Realtor, so we told the guy that we want to buy it with you- we would never leave you out, Laurie.” The listing agent, being an agent of integrity, honored their request to have “their Realtor” involved. As “their Realtor”, I had never crossed paths with the seller or the listing agent, but the listing agent knew that he had a sale for his sellers, and wasn’t going to screw it up in an effort to get paid the full listing commission as opposed to splitting it with me.

He demonstrated ethical fiduciary to his seller; now it was my turn to provide my fiduciary duty to the seller.

Except, I’d never met them. I was, in the eyes of the buyers, “their Realtor.”

The market was good- the buyers offered the full price of $90,000. Upon the inspection, items of substance (if not expensive, annoying repairs) arose, and very cognizant of the fact that “fairness” to the buyers was also a requirement, I added an addendum to the contract stipulating very specifically what was to be repaired before closing (people didn’t, and generally still don’t, use attorneys for closings or advice or paperwork in Denver, Co. or the majority of States).

The items were not completed at the walk through, but the buyers wanted to move in (they knew that they had the items agreed to by the seller, in writing) so proceeded to close. A week later, nothing repaired.

When the sellers ultimately refused to do the agreed to repairs, the buyers called me, and let me know that they had a small claims court date- could I make it? I had, after all, facilitated the addendum.

I was horrified (really) when my broker reminded me that no, attending was not possible, because my fiduciary responsibility was to the seller, not the buyers.

 

While my awareness of my status with the sellers had compelled me to get advice from the broker (ultimately liable were I to appear in court on behalf of the buyers, at least, in his estimation) it took that murky, convoluted term “seller agency” to a level that was, bottom line, unfair to the buyers.

Because the items had been recorded and signed off by the sellers, the buyers won monetary compensation from the court, and all ended up even for them. They called to let me know, saying with legitimate sarcasm,

“We won the case, NO THANKS TO YOU.” We didn’t speak at all after that call.

Even in a situation in which it was possible to support the notion of “seller agency” when working with buyers, STUFF HAPPENS. Clearly, there was enough confusion in Denver to eliminate seller agency altogether- buyer agency permitted, for BOTH parties, a defined line by which their expectations could be met- it started very shortly thereafter (late ’80’s) and continues today as the way to conduct real estate.

Sellers, by the very nature of their listing agreement, receive full fiduciary out of the gate from their listing broker in NY (and elsewhere). When a seller of a home in NY commits to a real estate individual (and brokerage), they choose that person for many reasons, among them a awareness that they’re receiving fiduciary representation (and they are, or should be).

Sellers don’t NEED two agents, one who has listed the home, and one bringing a buyer, in order to receive double fiduciary. If a home seller feels that the listing agent isn’t enough protection, they picked the wrong agent.

Buyers, on the other hand, are equal participants, and when confusion about who represents whom disturbs the purchase, the feeling of getting “taken” or “lied to” is a possible (and unacceptable) result when they are without a buyers agent. Both the buyer and the seller (by extension- they’re dealing with an uncertain buyer) pay the piper in aggravation, if not money. Just ask any seller who has struggled with “concessions” from a wary buyer.

BUYERS: You Are Better Off Going It Alone Than Accepting Sub Agency (or broker agency) from “Your” Realtor. Anything that you disclose to your sub agency Realtor that benefits the seller will be relayed to the seller, as required. If you aren’t clear on this, your transaction will likely be sour for both you and the seller.

So, with an ongoing agenda of promoting buyer agency for sellers and buyers, just a cautionary tale to Realtors that might (as I did) find themselves wondering if real estate works from an ethical perspective- being called “their Realtor” and having it rescinded is a devastatingly AVOIDABLE event with buyers or sellers of real estate. It wasn’t avoidable in the 1980’s; IT IS AVOIDABLE NOW, New York.

Buyers agents, you are welcome to view our listings- we have our sellers covered. If your buyer wants to buy, we have sellers that want to sell. We’ll make certain that we watch every move; you do the same for your buyer. Getting houses sold with happy clients reaps rewards for all.

*A footnote: buyer agency is established via the NYDOS required disclosure at the time of your first substantive meeting with any Realtor. It is NOT required that you sign a contract. Call if you have any questions.

We also refuse to engage in “dual agency”, but that’s another blog…

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Working with Buyers on the North Fork of Long Island

April 11th, 2008 category: Buyers, SellersNo Comments »

SELLERS OF HOMES ON THE NORTH FORK OF LONG ISLAND: YOUR BUYER IS OUT THERE.

 

While frustration has been, of late, the order of the day for home sellers in general, there are homes going under contract, and there are buyers looking for properties.

The homes that go “quickly” are priced in such a way as to get the buyer to land, with a bit of negotiating on occasion, and a willingness on the part of both buyers and sellers to compromise.

Nationally, we are in a precarious place- with the recent down payment increases becoming common, buyers are educating themselves in impressive numbers, as they decide if things are close to “hitting bottom” in a declining market.

Presentation of your home on the Internet is critical- a single photo on Realtor.com (a spin off of the MLSLI) doesn’t cut it with today’s home buying contingent. Additionally, while exposure on numerous websites has gained ground, there are still hold outs that are not maximizing the exposure needed for your home.

Pricing is tantamount to success- with buyers deciding that a fence upon which to sit is a safe route, offering a home that is accurately priced is still the best formula. Determining this can be tricky, but there are several ways in which to approach the dilemma- not the least of which is to take a hard look at your competition.

While ignoring the headlines in favor of local results is difficult for both sellers and buyers, the fact remains that real estate is LOCAL, and our area appeals to many outside of the North Fork. A home priced within the range of recently closed properties is far more practical than pulling up properties that closed more than a few months ago- while we haven’t seen NEARLY the disastrous market in evidence in other states, there is a knowledge among buyers that things have dropped from the highs of a few years ago.

Viewing the entire process as one in which cooperation is essential will provide sellers with able buyers, and buyers with properties that don’t run the risk of being “under” appraised- starting out with accuracy is, and always has been, a key component.

CALL US FOR AN ACCURATE ESTIMATION OF THE VALUE OF YOUR HOME. GETTING BUYERS TO LAND ON YOUR HOME IS OUR PRIORITY.

(PHOTO OF OSPREY AND A VISITOR- Options Realty)

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A NON Vacation Home on the North fork of Long Island

April 7th, 2008 category: Buyers, North Fork Neighborhoods1 Comment »

The North Fork of Long Island- Vacation Homes for the Non-Vacation Home Minded…

Let’s face it- the thought of a retreat is appealing to everyone. I’ve visited friends at their “retreats” in Connecticut, or upstate NY, and the homes are made for relaxation- woods, lakes, deer…the whole serene dream.

Until it’s time to pick up the milk that was forgotten on the way up- how far back was that little grocery store??

On the North Fork of Long Island, amidst the beaches, woods, deer and open spaces, the grocery stores are conveniently close.

While this may seem trivial when making up a checklist of second home requirements, it only takes one absent carton of milk to interrupt a day designed for sleeping in, exploring, and relaxing.

Especially if, like me, you have a child that has one absolute requirement of their own: a bowl of Cap’n Crunch in the morning. Ok- I like Lucky Charms in the morning.

Southold, in addition to a new Starbucks, is also home to the IGA on Main Street- while we live in a “house in the woods”, the store is five driving minutes away. As a “guest-ination”, summer provokes visitors, and trips to the store are a daily routine.

Cutchogue and Mattituck, NY, also have their own grocery stores within a few miles of the furthest homes- both Waldbaums (Mattituck) and King Kullen (Cutchogue) provide all that is needed for a weekend retreat.

A vacation/second home does not have to mean complete isolation, and one visit to the North Fork of Long Island will have you thinking about additional trips. Call to find out more about real estate on the North Fork- the milk’s on us.

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Buying Power on the North Fork

March 26th, 2008 category: Buyers, East End LI Foreclosures, Real Estate PhilosophyNo Comments »

Recently, we’ve received several inquiries from people interested in vacation/second/retirement homes on the North Fork of Long Island, New York.

While the majority of people are in the early stages, there is confusion- take the plunge, or wait?

Statistics are offering a clear indication that we are in a buyer-friendly market. As buyers, you control the market- a welcomed change from the days of frantic bidding wars, and disappointment.

Do buyers truly understand the power that they wield? I don’t think so- at least, not in New York.

And certainly, not on the North Fork. Here’s why:

The North Fork is a “last bastion” of seller-friendly real estate agents (one in which both agents operate on behalf of the seller, leaving the buyer unrepresented). While many are willing to go “out on a limb” in order to represent buyers with a broker agency capacity, few are willing to offer fiduciary (and the accompanying “liability”) to the current MVP- the BUYER.

Buyers have been forced to participate in the buying process in a two-on-one game- with both real estate agents representing the best interests of the seller. That this creates vicarious liability (not good) for sellers has gone unnoticed- or is simply misunderstood.

The resounding word used by local agents that eschew buyer agency is “liability”. Hmmm. Fear of a buyer suing an agent for violating the required fiduciary spelled out in a BUYER AGENCY AGREEMENT.

The question that I would pose is: WHAT IS TO FEAR? The notion that there is more to fear from the buyer (as opposed to the seller) is confounding to a company with buyer agency experience. Taking the same cautious steps and performing due diligence is what we are PAID FOR.

Anything contrary to what has been represented by a seller is something that a buyer is entitled to, irrespective of agency- inherent fairness is a requirement of representation for both parties. A buyer is also entitled, as the “boss”, to make an offer commensurate with their comfort level- and with the input of a Realtor that provides a comprehensive view of market conditions as a basis for that offer.

Buyers, until very recently, have been unable to secure a real estate representative that is “on their side“- and make no mistake- there are very defined lines.

Proponents of buyer agency are not the enemy of sellers. To the contrary, buyers with representation are better informed, and are working within parameters that are still set by the seller- they are simply represented. This commitment on the part of a buyers agent does, indeed, remove vicarious liability for the seller- liability falls to the buyers agent.

A real estate agent comfortable with the information provided to their buyer is as immune from legal ramifications as the agent representing the seller is- it’s all about providing ethical service, and achieving the “best possible price” for the buyer. Again: buyers control the market right now. If sellers want to sell, representation is moot. Offers are the name of the game.

PROSPECTIVE BUYERS OF HOMES ON THE NORTH FORK: You deserve- no- are ENTITLED to representation from a real estate agent that has the goal of your “best possible price” at the forefront. No games; no nonsense- just ethical, focused representation.

Call us to explore your buyer agency opportunity. Experienced with buyer agency, we view “liability” as a non-issue. I’d rather participate in a “fair” transaction than one in which a buyer is making an offer based on the input of real estate agents that have promised the seller the “best possible price.”

And that, folks, is what happens with every transaction that does not include buyer representation.

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Before You Buy or Sell a Home on The North Fork of Long Island

March 17th, 2008 category: Buyers, Real Estate News, Real Estate Philosophy, SellersNo Comments »

Before you buy or sell a home in New York, you might want to read the article The practice of Sub-Agency is Dead. For Gosh Sakes, Let’s Bury It!
by Avery Yarbrough located here.

While we strive to provide updated market information, the above article does a better job than many others of explaining the practice of agency relationships, as presented to consumers in New York. If your listing agent is offering compensation for a “sub” agent, vicarious liability is present in the purchase. Something to think about.

Read the article Vicarious Liability
From James Kimmons here.

If you are considering a home on the North Fork of Long Island, check this out before you list your home, or purchase a home. Engaging in “dual agency” is a bad plan; better for all simply to have your real estate agent represent you, and allow the buyer’s agent to have their own representation (for whom you carry no vicarious liability).

We operate with the knowledge, having practiced Real Estate in other areas of the country, that is offered in the above article. Long Island, New York is one of only a few areas having difficulty with a transition that took place in many areas over ten years ago- don’t be behind the times!

images: Tory Byrne - stock.xchng.com

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North Fork -Long Island Real Estate Market Update

February 5th, 2008 category: Buyers, Real Estate News, SellersNo Comments »

What has gone under contract so far in 2008 on the North Fork of Long Island?

The following report, using figures from mlsli, indicates properties that (while some are not closed) have enjoyed a contract in 2008. These transactions occurred from Jan.01, 2008- February 5, 2008.

The towns included in the search are: Aquebogue, Baiting Hollow, Calverton, East Marion, Jamesport, Laurel, Mattituck, Riverhead, and Southold, New York. Included in the search, but showing no contracts, are Greenport and Orient/Orient Point, New York. *Always check figures with MLSLI for the most up-to-date numbers.

Aquebogue: 2 U/C. One was priced at $339k, the other at $375k. The days on market average is:231.5
Baiting Hollow: 1 U/C. This home was priced at $599,750. The days on market average : 59
Calverton: 2 U/C. One was priced at $369k, the other at $649,999. The days on market average:168.5
East Marion: 1 U/C. This home was priced at $865k. The days on market average:92
Jamesport: 3 U/C. One was priced at $479,846, one at $544k, one at 599k. The days on market average:183
Laurel: 1 U/C. This home was priced at $469k. Days on market was:259
Mattituck: 3 U/C. One was priced at $470k, one at $525k, one at $799k. Days on market average:303. This figure is skewed by a home that spent 772 DOM.
Riverhead (excluding mobile home sales): 8 U/C. Pricing: $150k; 225k; 290k; 428k; 450k; 469k; 599k; 649k. Days on market average: 196.
Southold: 2 U/C. One was priced at $525k; the other at $699k. Average days on the market:81

This snapshot provides activity (buyers) making their presence known (performing a contract) from Jan.01, 2008 to Feb.7, 2008.

It does NOT include buyers that may have entered into a contract prior to Jan 01.

The following is a report on available homes on the North Fork, Long Island.

Aquebogue (excluding mobile homes/seasonal cottages): 60
Baiting Hollow (excluding mobile homes/seasonal cottages): 50
Calverton (excluding mobile homes/seasonal cottages):19
Cutchogue: 46
East Marion: 25
Greenport: 35
Jamesport: 27
Laurel: 17
Mattituck: 47
Nassau Point: 3 (likely located under Cutchogue)
Orient: 16
Riverhead (excluding mobile homes/seasonal cottages): 145
South Jamesport: 8
Southold: 104

TOTAL PROPERTIES AVAILABLE: 487
TOTAL HOMES U/C IN THE FIRST MONTH OF 2008: 23

To sellers of homes on the North Fork of Long Island: competition is accumulating. While selling your home is always a possibility, it is critical (in a market that shows no indication of immediate improvement) to determine whether the need to sell is paramount. If not, based on reports of a challenging year, it might be better to hold off, and sell when things begin to improve. Patrick McGeehan at The NY Times, recently quoted Jeffrey Otteau about this in his article entitled Home Prices Start to Dip, Recalling ’90s Slump.

Homeowners who are waiting for the market to rebound to sell their houses will regret that decision, Mr. Otteau said.

“For those sellers who’ve decided to wait until spring to get what they think their house is worth, the spring they’re waiting for is a very long time off,” Mr. Otteau said. “Unless you have the ability to wait this out for five years, waiting is a losing game.”

While it is very early in the year, we are in a “buyers market”- and as those buyers consider properties, pricing appropriately is paramount to success. Choices are plentiful, but the reason behind the choice is clear: we’ve lost many of our “first time” buyers. Lenders have tightened the grip, preventing many from purchasing. This impairs the “move up” buyer- and so on. We haven’t seen the impact of foreclosed properties yet- while they are present (often the result of those that purchased in the last few years, and are now upside-down) the impact has not been fully recognized in this area- YET.

There are occasions in real estate that make it sensible to “test the waters”. In our opinion, we are not experiencing one of those times- to the contrary, less is (for the market as a whole) a better alternative- properties that are languishing with reluctant sellers are impacting the area negatively. Buyers are making their ability/interest clear: if it’s not priced appropriately to the current buying climate, it isn’t going to sell.

If you NEED to sell your home, get a current, accurate market analysis. Don’t gamble in a downward market by shutting out buyers that may have an interest, but are waiting. Accommodate buyers by pricing correctly.

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Buyer Agency on The North Fork of Long Island

February 1st, 2008 category: Buyers, Real Estate PhilosophyNo Comments »

BUYER AGENCY ON THE NORTH FORK OF LONG ISLAND: DON’T LEAVE HOME WITHOUT IT!

We have posted for your review a disclosure that you will be required to acknowledge when you choose to work with a real estate agent/Realtor in the state of New York.� Please see previous blog.

At Options Realty, we offer as company policy two choices:� have us represent you as a buyer, or have us represent you as a seller, or in the event of our own internal listing, on behalf of the seller. If you care for a listing that we offer, we will offer only SELLER AGENCY representation- meaning that you’d be wise to obtain your own buyer broker to look out for your best interests. Dual agency, to us, is a very bad plan, and it undermines the integrity that we’d like to see all parties exit the transaction with, including ourselves. Many local companies do not feel as we do; that choice belongs to them. We operate on our own level of integrity, not local practice.

FREQUENTLY ASKED QUESTIONS ABOUT BUYER REPRESENTATION:

“Who pays the commission?” is a common question. Know that, if a home is presented in the MLSLI (Multi List of Long Island) the seller has indicated payment to the cooperating broker. It’s in the PRICE of the home. So- the reality is, as a buyer offering full price for a house, you pay it (from our perspective), but the listing agent compensates Options Realty OUT of the advertised fee. Offering less than full price does not negate the agreement of the seller- it simply means that they will net less due to a lower accepted offer.

“Do I have to sign a buyer agency contract in order to be represented?”- the answer is NO. The contract, if you sign it, stipulates that your will be responsible for “x” amount for the payment to your buyer agent if they locate a property that works within your parameters. At Options Realty, we choose to represent those that demonstrate a loyalty to us that matches our own loyalty to our buyer. The contract will be offered for your review; if you would prefer not to sign it, we will continue to represent you in any purchase that occurs, assuming that the relationship is working for you.

“Will I get a better price if I just call the person on the sign?” This is dangerous territory for you. What you will be relying on is that the agent on the sign, despite agreeing to represent the seller, will provide you with the “best possible price”- clearly, a HUGE CONFLICT OF INTEREST for both you and the seller. In fact, that person on the sign has likely promised the “best possible price” to the seller- it doesn’t work both ways, because it can’t. A real estate purchase is two sided: thae selling side, and the buying side. Each should have their own representation, with a promise to them alone and separately to provide the integrity needed for each to look out for the best interests of each.

“What do I do if I’ve already contacted the listing agent on the sign?” Not to worry. If you have not presented an offer that has culminated into a signed contract, simply let them know that you will be represented by a buyers agent (keep in mind their fiduciary to the seller at this point- if you encounter a problem with them, ignore it).

“What if the person on the sign tells me that they don’t offer compensation for a buyers agent?” Again, IGNORE IT. It is illegal to deny entry into a property when a buyer is represented. It is considered discriminatory to you, the buyer. While some sellers might offer “0″ to a buyers agent, payment of the fee will be presented in the offer, for the seller to decide with respect to compensation. Sellers in the MLSLI are already offering payment to cooperating brokers; it is highly unlikely that they would decline a contract based on agency representation (they are going to spend the money either way, via their listing agent).

Just as we take the notion of representing you with full fiduciary as a buyer, we also consider fiduciary a non-negotiable aspect of representing the seller. This is why, with our own listings, we encourage you to locate your own representation- and NOT within our own company. The conflict that arises here is obvious- the only way for either sellers or buyers of homes on the North Fork of Long Island to achieve fairness in the transaction, in our opinion, is to have clearly defined lines of representation.

Call us if you are seeking BUYER AGENCY on the North Fork of Long Island. It’s long overdue, and we are certain of the benefits that it will offer you. Our buyer agency is available in Riverhead, Jamesport, East Jamesport, Calverton, Baiting Hollow, Aquebogue, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, New York.

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Condos for Sale on the North Fork of Long Island

January 30th, 2008 category: Buyers, Real Estate NewsNo Comments »

Thinking of retiring to a condo on the North Fork of Long Island? Below, as of 01/29/07, the following communities have opportunities available:

BAITING HOLLOW, New York:
The Bluffs: 2 bedroom/2 bath. *HOA/Maintenance fee: $300-330. Amenities: Y; # of properties available: 5; price range: $299k-455k.

The Knolls: 2-3 bedroom/2-2.5 bath. HOA/Maintenance fee:$260-440. Amenities: Y; # of properties available: 5; price range:$369k-649k.

CALVERTON, New York:
Windcrest East: 3 bedroom/3 bath. HOA/Maintenance fee: $220-270. Amenities: Y; # of properties available: 2; price range:$589k-629k.

EAST MARION, NEW YORK:
Cleaves Point: 2 bedroom/2.5 bath. HOA/Maintenance fee: $568. Amenities: Y; # of properties for available: 1; price range: $865k.

JAMESPORT, NEW YORK:
Maidstone Landing: 2-3 bedroom/2.5-3.5 bath. HOA/Maintenance fee: $482-500. Amenities:Y; # of properties available:6; price range: $835k-1,275,000.

RIVERHEAD, NEW YORK:
Mill Pond: 2 bedroom/1.5-2 bath. HOA/Maintenance fee: $187-200. Amenities: Y; # of properties available:6; price range: $285k-349k.

Willow Ponds: 2 bedroom/2-2.5 bath. HOA/Maintenance fee:$200. Amenities: Y; # of properties available:10; price range: $285k-525k.

Sunken Ponds: 2 bedroom/2 bath. HOA/Maintenance fee:$248-280. Amenities: Y; # of properties available:5; price range:$350k-410k.

Saddle Lakes:2 bedroom/2 bath. HOA/Maintenance fee:$350. Amenities: Y; # of properties available: 1; price range: $395k.

Stoneleigh Woods: 2 bedroom/2.5 bath. HOA/Maintenance fee:$251. Amenities: Y; # of properties available: 2; price range:$358k-369k.

SOUTHOLD, NEW YORK:

Founders Village: 2 bedroom/2 bath. HOA/Maintenance fee:$240. Amenities: Y; # of properties available: 3; price range: $345k-349k.

Amenities vary- while some offer a clubhouse and pool, others include tennis courts. To get a full rundown and current availability, call or email us for a market report. Please include those amenities that are important to you (proximity to bus-lines and town, available clubhouse, 55 and better, pets accepted, etc).

All info obtained from mlsli, so while the information is deemed reliable, confirmation is recommended- as things change daily, call or email for updates: 631-727-2227 or laurie@optionsrealty.com

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