Archive for the 'East End LI Foreclosures' Category

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.

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.

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!

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.

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.

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:

Long Island Home Sales Median Price Rises by 3.29% in Second Quarter

News, and more news…we tend to be data-oriented, so hope that assimilating provided sources offers some insight into a very perplexing market!

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

Loan Mods East End / North Fork, Long Island

June 18th, 2009 category: East End LI Foreclosures, Real Estate News1 Comment »

If you’re a homeowner seeking assistance with your mortgage due to hardship, we found the following article of interest.

http://www.nytimes.com/2009/06/14/realestate/mortgages/14cov.html?_r=1

While there are agencies available to offer help, we’d like to reiterate the advice from article sources, which make clear: DON’T PAY FOR A LOAN MODIFICATION SERVICE. IT’S FREE.

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

Pre-Foreclosure Activity East End, Long Island

June 7th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

This weeks report from the LI Real Estate Report was a bit of a jolt. Where we’ve come to expect pre-foreclosure / lis pendens numbers to be in the high teens/low 20’s weekly; the first five days of June demonstrate that as the market remains stagnant, home owners unable to make payments are rising. This week presented 31 lis pendens.

Bridgehampton, NY: 2
$850k; $500k*

East Hampton, NY: 4
$581,250.; $433k; $427k; $405k

East Quogue, NY: 1
$438,360k

Eastport, NY: 1
$800k

Flanders, NY: 1
$268k

Greenport, NY: 1
$340k

Jamesport, NY: 2
$387k; $367,5k

Montauk, NY: 1
$540k

North Haven, NY: 1
$1.3m

Riverhead, NY: 1
$385,840k

Sag Harbor, NY: 2
$1.84m; $890k

Sagaponack: 1
$457,5k

Southampton, NY: 5
$980k; $575k; $500k; $376k; $62k; $1.8m

Southold, NY: 1
$875k

Wading River: 2
$495k; $370,8k

Watermill: 1
$95k

Westhampton: 1
$474k

Westhampton Beach: 1
$664k

As it has been in the past, Southampton and East Hampton lead the pack, with 5 and 4 filings respectively.

*figures represent a balance that is sometimes without second mortgages/bank fees included

The LI Real Estate Report provided us with the following press release, pertaining to Long Island as a whole:

West Islip, New York, June 4, 2009

The number of weekly closings on private homes and condos on Long Island has fallen by 39.5% during the 28 month period beginning January 1, 2007. During the same period, the number of weekly foreclosure auction sales has risen by 161%.

In January 2007, the average number of closings per week was 643, as opposed to 389 in April 2009. The average number of foreclosure auction sales per week was 17, rising to 43 in April 2009.

Over 88% of the foreclosure homes were taken over by the holders of the mortgage, indicating that the amount due on the mortgage was greater than the value of the property.

For more information and details on the individual counties, visit
The Long Island Real Estate Report
at www.lirealestatereport.com.

Click on the individual graphs below (provided by the LI Real Esate Report) for a larger version.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

How Can There Be Foreclosures on the East End of Long Island?

May 22nd, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

There has been much in the way of sandbagging done by banks as we navigate a market rife with distress- the less we know the better? The less the entities forcing stress tests are aware of, the better? Conjecture, of course, but an increasingly obvious question.

The east end of Long Island (particularly the Hamptons) have been sitting in a la-la land of misinformation- while the community shudders at the slowing of sales, often, nothing is provided to sellers that explains the “how” and “why” of the current mess.

The following article is perhaps the finest that I’ve read with respect to explanation, and how it is that well educated, articulate and respected people find themselves in a financial abyss right now- no one is immune.

Maintaining awareness that second homes are going to be surrendered before a primary residence is quite important for those selling homes on the east end of Long Island, wondering, “What the hell happened?”- this article is provided for the purpose of insight.

http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=1&pagewanted=1&em

As an articulate potential seller on the east end mentioned, this, too, shall pass- but for now, awareness is key to an outcome that is absent a lack of current information, and thus, a total surprise, for some considering selling their property on the East end.

The following article provides additional ammunition for those that have homes on the market, but don’t need to sell:

http://www.businessinsider.com/henry-blodget-new-york-city-real-estate-prices-to-fall-at-least-another-35-2009-5

Buyers will buy; sellers will sell, but when the very banks carrying a significant bank owned properties state potential outcomes, ignoring this insight is not advantageous to sellers entering this unusual market.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re a qualified buyer looking for a foreclosure on any part of Long Island, we’ll help you find it.

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.

East End and Hamptons Real Estate Trouble

May 7th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

We received our east end of Long Island Real Estate Report.

The drop in sales volume has been noted in many publications, so is no surprise.

What’s a bit sobering is the fact that in the first quarter of 2009, Southampton had lis pendens filings that surpassed the sales- while 98 properties in the first quarter received a notice of default, there were only 87 buyers willing to make a purchase.

The lis pendens have been active for a few years now, and there are sellers reaching the end of the line, with foreclosure a near certainty.

Clearly, it’s time to get serious in the Hamptons- most notably, Southampton and East Hampton.

Buyers are not willing to pay exorbitant prices; sellers are missing payments.

To sellers that don’t need to move, take your house off of the market- save yourself the aggravation. Your real estate agent should be implementing reductions; if that isn’t happening, you don’t need to sell.

Pricing that artificially inflates the market from a buyer perspective isn’t going to offer any tangible benefit- signs dangling from houses unsold are not a promising signal.

“Sold” signs work- if the only homes selling are those of motivated sellers, the sooner a successful direction can be met, the better.

If you don’t need to sell, ask your real estate agent to come pick up the sign, and enjoy your summer without interruptions- there are too many sellers that need to move right now, and muddying the landscape is a huge detriment to the market as a whole.

Pre foreclosure, Lis Pendens Report April 2009 East end, Long Island

May 1st, 2009 category: East End LI ForeclosuresNo Comments »

The following data was collected from The Real Estate Report, and offers a glimpse into potential distressed properties that may be upcoming:

Amagansett, NY: 1; $1.610M
Aquebogue, NY: 1; $225k
Baiting Hollow, NY: 1; $348k
Bridgehampton, NY: 4; $1M; $2.128M; $555k; $130,953k
Calverton, NY: 1; $322k
East Hampton: 13; $1.3M; $512k; $400k; $1.95M; $900k; $873,750k; $580,880k; $423.5k; $185k; $ 2.2M; $600k; $480k; $300k
East Quogue: 3; $417k; $325.6k; $$999,999k
Eastport: 1; $145k
Flanders: 5; $359,305k; $132k; $505k; $300.5k; $54.5k
Hampton Bays, NY: 8; $556.2k; $440k; $300k; $750k; $560k; $431,259k; $392.7k; $300k
Jamesport, NY: 1; $840k
Mattituck, NY: 1; $750k
North Sea: 2; $450k; $100k
Remsenberg: 2; $297.5k; $290k
Riverhead: 6; $244k; $254.6k; $95k; $336k; $296k; $417k
Sag Harbor: 4; $543.7k; $2.713M; $501k; $657.8k
Southampton: 9; $724k; $669.9k; $692k; $396k; $970k; $650k; $568k; $200k; 470k
Southold, NY: 3; $384k; $500k; $1.4M
Speonk, NY: 1; $325k
Wading River: 3; $405k; $86.4k, $350k
Westhampton Beach/Westhampton: 4; $227.5k; $739.9k; $1.657M; $663k
Watermill: 1; $150k