Archive for the 'East End LI Foreclosures' Category

Pre Foreclosure Filings East End, Long Island

January 23rd, 2010 category: East End LI Foreclosures, Real Estate NewsNo Comments »

With east end, Long Island lis pendens reports that have conflicting data, we thought we’d present both for the purpose of deciding just how much trouble the east end of Long Island faces with respect to a potential increase in REO properties, and short sales.

This is need-to-know for sellers of homes on the east end, and equally important information for those considering the purchase of a home in the Hamptons, NY area.

Property Shark has provided a report which can be located here.

The Long Island Real Estate Report had provided a report that can be found here.

Because we’re aware of the moratoriums presented in the LI Real Estate Report, their reported (less dramatic) increase makes sense, creating a much lower increase in activity when viewing the months in which lis pendens were prohibited.

One thing’s for sure: there has been a significant uptick in pre foreclosure activity in the Hamptons. While it’s quite possible that some will find a way to maintain ownership of their property, some will elect to walk away, while others are forced. Not pretty, but this market has not pretended to be more than that over the last few years.

Interest rates for mortgages, on the other hand, continue to provide a compelling reason to explore home ownership. The bright spot!

Time will tell. In the meantime, Suffolk Research has provided year over year figures for the east end of Long Island- comparisons are month over month for 2009, as well as a five year look back.

All of the data can be found by clicking here.

*Single Family Homes*
*All Five Towns* 4^th Qtr Market Comparisons - 5 years *Single Family Residences* (Land Use: 210)
Year 4^th Qtr	Median Price $	Dollar Sales ($Millions)	Unit Sales	Percent Increase in Med Price	Percent Increase in $ Sales
2005	664,000	1,103	1,036	-	-
2006	700,000	862	692	5.4	-21.8
2007	750,000	952	642	7.1	10.4
2008	665,000	511	423	-11.3	-46.3
2009	630,700	790	618	-5.2	54.7

If you’d like more information on REO listings, we’re here to help. If you’d simply like to check out what’s available, it’s right there for you- just click the blue tab “north fork homes”.

If you are looking for a home for sale on the North Fork / East End 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.

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Foreclosure / REO / Bank Owned in Westhampton Beach, Long Island NY

November 13th, 2009 category: East End LI Foreclosures2 Comments »

Foreclosure opportunity in the Hamptons, Long Island, NY! Seeking offers for this home located close to area attractions, summer activities, and the HAMPTONS!

Bedrooms:5
Baths:2
Recorded square feet:1695
Full finished basement, large private yard.

To see East End, North fork, Hamptons REO/ Bank Owned, click here, and select “foreclosures.”

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 see East End, North fork, Hamptons REO/ Bank Owned, click here, and select “foreclosures.”

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Home Sales Volume on the North Fork of Long Island DOUBLES in Oct. 2009 over Oct. 2008

November 3rd, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

The following statistics were taken from MLSLI (the Multiple listing service of Long Island). While imperfect, an obvious improvement has emerged over October 2008 in purchase activity for 2009:

Under contract properties on the North fork of Long Island, October 2008: 25

Median closed pricing: $424,450.

The median listed price in 2008 was $439,000.

Under contract properties on the North fork of Long Island, October 2009: 50

Median list price at time of contract: $424,990.*

*until properties close, contracted pricing is unavailable.

Towns included for this activity, and sold activity found below: Riverhead, Baiting Hollow, Calverton, Jamesport, S. Jamesport, Laurel, New Suffolk, Mattituck, Cutchogue, Southold, Peconic, Greenport, E. Marion, Orient.

That is double the number of contracts written over 2008. Before a celebration, however, it must be noted that October of 2008 (along with it’s September preface) was a “frozen” market- the true measure of how dire the banking industry had become was in evidence, with buyers scurrying to the sidelines in hopes of waiting things out to see exactly how the real estate market was going to react (or, COULD react) under such dire circumstances. So, the fantastic news is that we are no longer in that dreadful, shell shocked time, and buyers are responding to the resultant price drops afforded by forward thinking sellers. May we NEVER (at least, in our lifetimes) see such a truly horrific banking month…

Closed properties on the North fork of Long Island, October 2008: 46

Median closed pricing: $514,950.

Closed properties on the North fork of Long Island, October 2009: 39

Median closed pricing: $387,000.

Corey Creek Reality check: buyers are completing transactions, but they are seeking lower pricing. Sellers providing this bit of realistic pricing are seeing a sale come to fruition. Prices remain in a declining position, but buyers are willing to purchase if the price is right!

Congratulations to all sellers/ new homeowners on the North fork of Long island in October, 2009!

**while deemed a great gauge of trends, please consult your Realtor for a full market analysis.

To search available homes for sale, foreclosures, bank owned, REO 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.

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East End LI Foreclosures/REO’s Found Easily

October 25th, 2009 category: East End LI Foreclosures, Real Estate News2 Comments »

For those unfamiliar with a MULTIPLE LISTING service, it’s a real estate listing website normally inclusive of all area listings, provided by all local MLSLI member real estate agents. On Long Island, the multi list is called MLSLI (Multiple Listing Service of Long Island).

Part of membership is the ability to provide all homes for sale for those seeking real estate information, with those listings entered into the MLSLI by cooperating companies. This is called an IDX feed, and allows a property to find exposure on ALL MLSLI member real estate websites, as well as on the MLSLI and listing company website. The idea behind this cooperation is that it will increase exposure for sellers, and provide multiple venues for buyers.

BANKS WANT THEIR REO’S ON AN MLS.

When bank owned properties began appearing with more quantity on the East end of Long Island (Hamptons, North fork), these listings were entered into the MLSLI. As a company that is involved in listing REO’s, it’s not negotiable: BANKS WANT FULL EXPOSURE FOR THEIR PROPERTIES, and listing agreements with their broker of choice requires input into the MLSLI system.

While it’s been possible for us, as a real estate company, to locate bank owned and REO properties for potential clients, it has NOT been possible for those interested in bank owned to view them all in one place, at one location, absent a real estate agent providing the data. The IDX systems are set up to show ALL properties, but not specifically bank owned, or short sales.

AS OF MONDAY, Oct. 26, 2009, OUR IDX PROVIDER IS CHANGING OUR SEARCH OPTIONS. Included in the search will now be an option to seek out foreclosures ONLY, without having to search through all listings to locate an reo. These will include not only our REO listings, but ALL listings.

It will work like this: when you go to the blue button for “north fork homes” (BLUE TAB ON THE RIGHT) you’ll be brought to the regular MLSLI IDX feed. What will be different is that when you view property “type”, the additional choice of “foreclosures” will be available to click on. This will bring you ALL currently listed REO properties on the east end of Long Island.

At this juncture, we are uncertain as to whether or not it will have the capability to search outside of the east end, but we hope so- a simple choice of towns will bring to you all of the foreclosures available in that town.

Give it a try. Signing up is easy, and free- no hassles, and no phone calls. You can even have REO’s delivered to you as they appear on the MLSLI.

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

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Is Your East End, Long Island Rental in Lis Pendens?

October 12th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Having seen firsthand the devastation that an unsuspecting renter faces when being served eviction papers at their rental home, we thought that the site found here at RentalForeclosures.com might provide a heads up.

While it remains possible that a Hamptons / North fork rental property owner is behind in payments, but not yet on file with a lis pendens (preforeclosure) notice, the ability to look up properties that you’re considering for a rental might head future problems off at the pass.

The large majority of rental opportunities have no issues, but peace of mind is worth a look.

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.

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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.

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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!

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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.

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NY Foreclosures to Double…

July 29th, 2009 category: East End LI ForeclosuresNo Comments »

As always, offering the latest in updates. The following article by Aaron Elstein found at Crain’s New York Business has us shuddering.

Prepare for more foreclosures … many more

Sellers: awareness is key.
Buyers: awareness is key.

Click here for an interesting article.

Whether you’re thinking of selling, or considering a purchase, awareness of things to come from all sources is key.

Our last post included an indication of an uptick; other sources differ.

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

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East End, Long Island Home Sales Articles of Interest

July 15th, 2009 category: East End LI Foreclosures, Real Estate News, SellersNo Comments »

Erasing the thought that we’re experiencing a market “blip”, and encountering a situation that requires diligent attention on the part of real estate agents, home sellers and home buyers, is a recent Wall Street Journal update on East End, Long Island home sales that we found interesting:

Hamptons Home Sales Plunge as Wall Street Cuts Jobs

Wishful thinking won’t sell homes; correctly priced properties are the only solution.

Now, for some GOOD news from a source that provides real numbers, specific to East End Long Island Real Estate, with a realistic approach to data: