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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

TOTAL LIS PENDENS REPORTED for the East End of Long Island (Hamptons, North Fork) APRIL 1- APRIL 30, 2009: 74

The highest lis pendens activity occurred in East Hampton (13) followed by Southampton (9) and Riverhead (6).

To view east end properties, click here.

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, NY.

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.

Short Sale or Foreclosure on the East End, North Fork Long Island

April 28th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Zach Fox at North County Times writes that foreclosure may be a better option for some struggling homeowners.

http://nctimes.com/articles/2009/04/25/business/z096c1b1a5c67baac8825759a00757a6f.txt?ref=patrick.net

Short Sale? Selling with a loan balance that is above market value? Get a lawyer.

Real estate agents that have taken a vested interest in short sales are few and far between, because short sales offer a minor return to participants (sellers, buyers, real estate agents) if the facts are laid out in way that’s thorough andknowledgeable – some home sellers will read the fine print, and make their decision based on a lawyers recommendation (and fiduciary responsibility). It’s so new that it’s not a science, and shouldn’t be in an area without clinical real estate trials, be considered one.

Your credit will be dinged. Find out by how much- if it’s equal to foreclosures, as suggested above, you need legal advice. There is no link that has been located that will provide a definitive answer.

Optimism? Banks are going to have to provide some kind of credit score “credit” to those engaging in a distressed sale; it might not have the negative “cache” in downturns past.

Mainstream real estate has eclipsed (at least, in NY) the ability of real estate agents to offer simple advice; get a lawyer for any distressed situation before engaging.

And, in NY (we operate on the east end of Long Island- North fork, Hamptons) make sure that your lawyer understands short sales, and the ramifications, so that you’re aware- there’s too much uncertainty occurring that could jeopardize a “clean break”, as promised, without future hassles. Who needs ‘em.

East End North Fork Long Island Loan Modification Programs

April 21st, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

As a relocated real estate person who arrived from a state (Colorado) that did NOT utilize lawyers in a real estate transaction (real estate agents took it from start to closing with few incidents), the current environment with loan modifications/short sales/foreclosures has me eating my words.

In the current venue, particularly with loan modifications: GET A LAWYER! FACILITATE YOUR MODIFICATION WITH A LAWYER ASSISTING YOU!

There- it’s been said.

As is no surprise, loan modification companies are sprouting up all over, requesting an “up front” fee in order to facilitate/oversee your process. As is an unfortunate non surprise in a predatory environment, many of these companies seek one thing: the up front fee. Upon receipt of your trust (and your check), enough of these companies are abandoning the effort to instigate the following reports worth perusing:
http://www.chs-law.com/2009/03/avoiding-loan-modification-scams.html

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/06/AR2009040601725.html

http://www.msnbc.msn.com/id/30070197/

After reading some of these stories, I contacted a loan modification company, and input pretend info. The company got back to me immediately via email (wrong home phone provided; cell to take messages) and when I got the email response, I politely told them, “thanks, but no thanks.”

There were EIGHT messages left on the cell phone that isn’t used. EIGHT IN FOUR HOURS, after having told them, ‘NO THANKS.”

This appears to be a thriving, and highly aggressive, opportunity for some companies.

Talk with your own attorney before considering any assistance that originates from anyone outside of your own lender- and even then, your lawyer will likely have more to offer in the way of solutions.

Opinion, hoping that those in a bind aren’t projected further into the current abyss.

Pre Foreclosure Report North Fork, Hamptons and East End, Long Island NY

April 12th, 2009 category: East End LI ForeclosuresNo Comments »

The following report, obtained from The Real Estate Report , offers lis pendens filings (pre-foreclosure) for the East end (Hamptons, North Fork) of Long Island from April 1, 2009 through April 8, 2009. We are showing mortgage amounts recorded, which do not include second mortgages or fees attached to the property.

By Town:

Aquebogue: 1; $225k
Baiting Hollow: 1; $348k
Bridgehampton: 3; $2.182 million; $1 million; $555k
Calverton: 1; $322k
East Hampton: 7; $1.95 million; $900k; $873k; $580k; $423k; $185k; $2.2 million;
East Quogue: 1; $999k
Flanders: 1; $359k
Hampton Bays: 5; $750k; $560k; $431k; $392k; $300k
Mattituck: 1; $750k
North Sea: 2; $650k; $100k
Remsenburg: 1; $297k
Riverhead: 2; $336k; $296k
Sag Harbor: 2; $2.7 million; $501k
Southampton: 6; $692k; $396k; $970k; $650k; $568k; $470k
Southold: 2; $1.4 million; $500k
Speonk: 1; $325k
Wading River: 2; $405k; $86k
Westhampton: 1; $739k
Westhampton Beach: 1; $227.5k

41 TOTAL LIS PENDENS REPORTED, EAST END LONG ISLAND, 1ST WEEK OF APRIL.

The highest lis pendens (pre-foreclosure) figures are occurring in East Hampton, followed by Southampton, Hampton Bays and Bridgehampton round out the most active areas.

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Lis Pendens Pre Foreclosure East End North Fork March 2009

March 29th, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

Island Packet Rendevous Rigging

The following report contains lis pendens* by towns on the east end of Long Island/North fork, as provided by the Real Estate Report, for March, 2009:

East Hampton, NY: 9

Flanders, NY: 4

Greenport NY: 2

Hampton Bays NY: 3

Laurel, NY: 1

Quiogue, NY: 1

Remsenburg,NY: 4

Riverhead, NY: 8

Southampton, NY: 7

Wading River, NY: 1

Watermill, NY: 2

Shelter Island, NY: 1

Westhampton, NY: 1

Westhampton Beach, NY: 3

E. Quogue, NY: 1

Montauk, NY: 1

Sag Harbor, NY: 6

Wading River, NY: 3

Bridgehampton, NY: 1

Orient, NY: 1

Speonk, NY: 1

Jamesport, NY: 1 TOTAL LIS PENDENS FILED MARCH, 2009: 62

The highest number of recorded preforeclosures were reported in East Hampton, followed by Riverhead and Southampton. *Lis pendens are notification from banks to mortgage holders that foreclosure proceedings are being implemented. They are public record.

To search available condos or 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, and Orient Point, NY.

2009 North Fork East End Real Estate Jargon

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

The onset of a declining real estate market introduces terminology that, thrown around frequently, might be worth revisiting.

Some terms for 2009 that seem to appear frequently:

Lis Pendens. A lis pendens is an initial action of foreclosure by the lender with notification. A lis pendens generally occurs when a homeowner has missed three months of mortgage payments. Lis Pendens are reported, becoming public record, and afford future glimpse at what may be a trend worth watching in areas of interest.

Broker Price Opinion (BPO). A Broker Price Opinion is a valuation often requested by banks, and performed by a local broker, to establish market pricing for potential bank owned homes (those that have foreclosed). BPO’s are also used in short sale decisions made by the bank. While not an appraisal, BPO’s are a valuation tool used for distressed properties.* Local brokers called upon to perform BPO’s watch trends with these, as well.

“As Is”. This one needs legal input. While “as is” can be generally defined as “what you see is what you get”, building code violations and other complications (liens, for example) demonstrate the need for a good lawyer reviewing the terms of your agreement.

REO’s. REO’s are bank owned properties. Often sold “as is”, pricing is often aggressive. Selling quickly requires lower pricing.

Consumer Tax Credit. This is a tax credit offered by the government to first time home buyers. The current tax credit is $8,000., with no repayment. With…no…repayment. Depending on the purchase price and buyers income, if the full amount isn’t used, the government may refund the difference. The tax credit is implemented when you do your taxes. More here.

Loan Mods. Loan modifications are an attempt by banks to mitigate their losses by keeping another losing asset off of the books. With so many mortgages in a precarious place, banks offer varying methods of assistance, from deferral of payments, to a temporary break in the payment amount. More here.

Short Sale. A short sale is the result of a seller owing more on the house than it will sell for, and requesting that the bank accept the potential shortage, were a buyer to make a purchase at an amount lower than the mortgage. Short sale pricing is not always reflective of the banks willingness, so unlike an REO where the maximum price is set (assuming no bidding wars), short sales involve a negotiating process between the sellers and their bank.

Pre-Qual. A Pre qualification is a buyer assessment by a bank establishing parameters for a purchase based on credit score, income, job history. A typical pre qualification, offered to sellers when a property is located by the buyer, assists the seller in establishing the credibility of the buyer. Unfortunately, the issuing bank doesn’t provide its own prequal…but that’s another subject. A typical pre qualification involves pulling a credit report, and reviewing buyer data- previous years income tax, pay stubs, debt ratios.

Mortgage Contingency. A mortgage contingency is a stated “out” for a buyer, usually with time frames that must be adhered to. If the buyer is unable to obtain a mortgage commitment by x date through no fault of their own, absent a mutual extension, with timely written notification to the seller, the contract is null and void, with deposits returned. In NY, lawyers implement contingency clauses for contracts.

If you have any questions about the changing market on the East End / North fork of Long Island, we’re happy to help.

To get more specific local North Fork or East End 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.

Tax Credit Explanation for First Time Home Buyers on The East End & North Fork

March 23rd, 2009 category: Buyers, East End LI Foreclosures, Real Estate NewsNo Comments »

While much has been offered in the way of explanation for the first time home buyer tax credit, we thought we’d bring you right to the link that makes the program clear.

A “first time buyer” is a homeowner seeking a primary residence, and one who has not owned a home within the last three years.

http://www.guarantee.com/taxcredit/taxcredit_faq.pdf *

*courtesy of Susan- thank you!

Short Sale and Foreclosure Home Search on the North Fork and East End of Long Island, NY

March 15th, 2009 category: East End LI ForeclosuresNo Comments »

It was with relief that a new search feature on the MLSLI (multi list service of Long Island) was discovered- it’s an REO (bank owned) and short sale search.

It’s now possible to sort properties with these buyer parameters, but is also helpful for sellers.

Knowing what’s out there, and being able to access it, is a function needed in a distressed market, and MLSLI has heeded the call.

Unfortunately, this search feature is not yet available for consumers on the MLS feed, but we’re happy to perform the search, and send properties of interest until it becomes integrated into the consumer search feed.

We’ll need parameters: towns, preferred home style, price range; once entered, we are able to implement the search, and deliver the results to your email.

Sellers, if you’re considering putting your home on the market, this is need-to-know information that we are happy to provide.

Searching for MLSLI listed properties that are foreclosures, REO, bank owned, and short sale offerings has never been easier on the North fork/East end/Hamptons, NY area, and the large majority of offerings are present in both areas- we’re happy to help!

Check back soon- we’ll be launching eastendreo.com, and well as eastendforeclosures.com. Both sites will include properties on the mls feed, making your search simple in less than simple times.

How To Get Bail Out Incentives

February 23rd, 2009 category: East End LI Foreclosures, Real Estate NewsNo Comments »

peconic river The following link was of interest- if you’ve been wondering just what the upcoming programs are and how they affect your situation, the explanation found here might assist.

The post comes from the Wall Street Journal in the Investing section. The Housing Bailout: Do You Qualify? $8,000 home-buying credit? Refi assistance? How to know whether the Obama administration’s initiatives will help you.

Start by contacting your bank, along with your accountant- there may be offerings that will make owning your home less worrisome, and more easily managed.

Pre-Foreclosure Report for the East End of Long Island

February 23rd, 2009 category: East End LI Foreclosures, Real Estate News2 Comments »

The following data was collected from the Real Estate Report.

The information includes all lis pendens filed on the east end of Long Island from January 1, 2009 through February 22, 2009:

AMAGANSETT, NY: 4

BAITING HOLLOW, NY: 2

BRIDGEHAMPTON, NY: 4

GREENPORT, NY: 4

HAMPTON BAYS, NY: 6

JAMESPORT, NY: 2

MATTITUCK, NY: 1

MONTAUK, NY: 3

RIVERHEAD, NY: 5

SOUTHAMPTON, NY: 4

SOUTHOLD, NY: 3

WESTHAMPTON BEACH, NY: 3

CUTCHOGUE, NY: 1

EAST HAMPTON, NY: 7

EASTPORT, NY: 1

EAST QUOGUE, NY: 3

QUOGUE, NY: 2

REMSENBURG, NY: 1

WESTHAMPTON, NY: 7

CALVERTON, NY: 2

EAST MARION, NY: 1

SAG HARBOR, NY: 5

FLANDERS, NY: 2

WADING RIVER, NY: 3

MEDIAN LIS PENDENS MORTGAGE: $530,500*

AVERAGE LIS PENDENS MORTGAGE: $702,339*

*FOR THE WEEK OF FEBRUARY 20

Year-to-date figures indicate trouble brewing in the Hamptons, with those townships exceeding lis pendens over the North fork. East Hampton and Westhampton have the highest figures, followed by Hampton Bays, Sag Harbor, and Riverhead. If you are selling a property in any of these areas, be sure to check with your listing company to make sure that your home is in the MLSLI- full exposure is essential.

A recent Bloomberg article appears here, offering some insight as to trends to expect either as a high end home seller, or buyer.

If you are considering selling your home (and must), call us for a reality check- you’ll need the most current information available.

If you are considering buying a home on the east end of Long Island, click on “north fork homes.” While the majority of Hamptons listings are inexplicably missing from the MLSLI, distressed properties appear to warrant the exposure, so you’ll find some of the more interesting offerings there, with the North fork showing the lions share of available properties.

Hmmm…maybe the mlsli (multi list service of Long Island) offers a better venue for sellers than existing alternatives that are in areas with the highest number of pre-foreclosures…

Something for east end brokers to think about.

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