Selling a Home on the North Fork of Long Island

Authored by: Laurie Mindnich
September 10th, 2008 category: Sellers

To home sellers on the North Fork of Long Island: Agency Choices Matter!

You’ve decided to sell your home; you’ve located the perfect listing company. Pricing is established. A question remains: WHO TO COOPERATE WITH? When your agent opens up exposure by utilizing the MLSLI on your behalf, you have choices to make.

When you list your home, the agency that you “hire” will likely be signing up to be a “sellers agent.” The primary function of your listing company is to offer a transaction that covers you, the seller, in a required fiduciary capacity. You will agree to a fee for this service.

You will be making a decision  with whom to cooperate, or split the fee that you are paying to the listing company. As most properties are now in the mlsli, a “co-broke” is likely. This simply means that of the total amount that you are being charged by the listing company, a percentage (generally one half) will go the the agent that brings the buyer.

You have choices.
1. You can permit agents to view, bring buyers, and make offers on your home as your “employee.” The result of this arrangement is that while the cooperating broker has loyalty to you (seller), YOU can be held vicariously liable for anything misrepresented to the buyer by the cooperating real estate salesperson. For this reason, “sub agency” offers a gamble for you, the seller. This is shown as “seller agency” on your disclosure.

2. You can permit agents to view, bring buyers, and make offers on your home under a second agreement: broker agency. Under broker agency, the listing broker  could be held liable for the misrepresentations by the cooperating broker, to the buyer. For the same reason that sub agency is a poor choice for you, so it is for your listing company under “broker agency.”  It isn’t possible to be present for every dialogue between a real estate salesperson and their buyer. For this reason, this agency is a less preferred method of cooperation.

3. You can permit agents to view, bring buyers, and make offers on your home under a third agreement: buyer agency. Under buyer agency, neither the seller, nor the listing company is held liable for the actions of the cooperating salesperson to the buyer. While normal disclosure and ethics, as well as legal ramifications remain, you are NOT responsible for any misinformation (intentional or not) from the cooperating salesperson to the buyer, when unbeknownst to you or your listing company.

Fairness is owed the buyer from the listing company, assuring that disclosures are properly handled, and that integrity is present. That’s why you chose your listing agent- fiduciary to you; fairness to the party entering into an agreement to purchase your home.

A large majority of real estate salespeople representing buyers will do a perfectly seamless job.

In the event, however, that YOUR buyer is unfortunate enough to be misinformed by THEIR agent, let liability fall where it should: to the buyers agent.

The last thing that you, as a seller, need  is an issue after closing that is outside of your control, and perpetuated by the party receiving payment from you, that ends up in YOUR lap, or that of your listing broker. Cooperating with a buyers agent is money well spent, relative to the other two options available, if it avoids a liability issue later on. Your fee provides an absence of vicarious liability for you, as a seller, in this agency. Additionally, by the nature of the diligence required, you better the odds of your cooperating salesperson providing accurate information to your buyer.

Yet another discussion that you may well have with your listing agent (and we suggest that you do) is dual agency. This scenario occurs when the listing company procures a buyer for your property. Some companies still utilize this method; many avoid this choice due to inherent conflicts of interest. If the company that you choose does not participate in the multi list service, the odds are greater that you’ll encounter this type of agency. As the NYS disclosure indicates, consider this agency carefully before engaging.

For a copy of the New York Department of State disclosure form, click here.
**AS IS REQUIRED IN THE STATE OF NEW YORK, IN MATTERS OF LEGALESE, CHECKING WITH YOUR LAWYER TO CONFIRM THE SUGGESTION ABOVE IS ENCOURAGED. THIS IS NOT TO BE CONSTRUED AS LEGAL ADVICE.

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Pumpkin Search on the North Fork of Long Island

Authored by: Laurie Mindnich
September 5th, 2008 category: People and Places

As reluctant as many of us are to let go of summer months on the North fork of Long Island, fall brings activities that offer fun that appeal to any age level.

Not initially believing in the challenge of the corn maze (it’s tough to imagine that our corn season is coming to an end already…), last season, we took it upon ourselves to indulge the kids in the family by visiting the Harbes Family Farm.

I still laugh out loud when the memory is revisited- and going again this year with or without the kids is simply a North fork experience that is as required (by us) as hitting the beach on a gorgeous day.

In addition to the corn maze, which in and of itself provides the hokiest, most charming experience (think: friendly outdoor haunted house), hay rides on a bumpy old trailer with a host encouraging a “sing along” is a riot. Kids love it, and adults may well not get through it without one of those really healthy belly laughs.

The following link provides much in the way of resources for North fork, Long Island fall activities. See you there!

http://www.northfork.org/calendar/index.php

Options Realty: your source for buying and selling condos and homes on the North Fork of Long Island.

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Homes For Sale, North Fork Long Island

Authored by: Options Realty
September 5th, 2008 category: Real Estate News

The following is an update on condominium/retirement/vacation homes for sale on the North Fork of Long Island. The towns include Aquebogue, Baiting Hollow, Calverton, Greenport, Jamesport, Riverhead and Southold, New York. To view available condos, click on the North fork Condos tab, and you’ll have access to all properties in detail.

AQUEBOGUE, NEW YORK
Silver Village: 2; $389,999, $449k.
HOA DUES (RANGE): $220/mo
TAXES (RANGE): $4300-6300/YR

BAITING HOLLOW, NEW YORK
The Knolls: 6; $375k; $380k;$385k;$390k; $399k;$439k
HOA DUES (RANGE):$257-$297/mo
TAXES (RANGE): $3880.-$4700/YR

The Bluffs: 3; $469k; $498,9k; 549k
HOA DUES (RANGE): $326-$330/MO
TAXES: $5200-5400/YR

CALVERTON, NEW YORK
Calverton Hills: 9; $144,9k; $165k; $169k; $170k; $174,9k, $179,9k;195k;$195k, $195k
HOA DUES (RANGE): $275/MO
TAXES (RANGE): $1722-2050/YR

Foxwood Village: 15;$179,9k;165k;$164,1k; $199,5k;$219,9k;$220k;$225k;$229,9k;$239,9k; $240k;$265k;$270k;$310k;$319k;$349,9k
HOA DUES (RANGE): $435-468/MO
TAXES (RANGE):$3500-$6800/YR

Windcrest East: 2; $589,9k;$589,9k
HOA DUES (RANGE): $272/MO
TAXES (RANGE): $4946-$5143/YR

GREENPORT, NEW YORK
Driftwood Cove (co-op): 2; $180k; $199k
HOA DUES (RANGE): $270-303/MO
TAXES (RANGE): CALL US

Breezy Shores (co-op): 2 $369k; $369k
HOA DUES (RANGE): $300/MO
TAXES (RANGE): $1261

Pheasant Run Estates: 1 $459k
HOA DUES (RANGE): $350
TAXES (RANGE): 3100/YR

Sterling Harbor (co-op) 1 $695k
HOA DUES (RANGE): CALL US
TAXES (RANGE): $3990/YR

JAMESPORT, NEW YORK
Maidstone Landing: 8; $799k;$845k;$849k;$850k;$879k;$895k;$947,9k;$1,275m
HOA DUES (RANGE): $455-500/MO
TAXES (RANGE):$6000-7500/YR

RIVERHEAD, NEW YORK
Mill Ponds: 3 $278k; $295k;$298,8k
HOA DUES (RANGE): $187-200/MO
TAXES (RANGE): $3072-3669/YR

Willow Ponds: 9; $298,8K;$299K;$314K;$319K;$334K;$389,9K; $395K;432,5K;$485K
HOA DUES (RANGE):$273-291/MO
TAXES: (RANGE): $4397-4700/YR

Sunken Ponds: 8; $329k; $335k;$375k;$382k;$390k;$399,9k;$399,99k;$429k
HOA DUES (RANGE): $265-300/MO
TAXES (RANGE): $3731-6392/YR

Stoneleigh Woods: 2; $365k; $375k
HOA DUES (RANGE): $251
TAXES (RANGE): 4100/YR

Saddle Lakes: 2; $349k; $399K
HOA DUES (RANGE): $288- $295/MO
TAXES (RANGE): $3554-4035/YR

The Highlands: 1; $574,9k
HOA DUES (RANGE): $395/MO
TAXES (RANGE): $9919/YR

SOUTHOLD, NEW YORK
Founders Village: none available at this time

Colonial Village (co-op): 1 $279,750
HOA DUES (RANGE): 430/MO
TAXES (RANGE): CALL US

The Cove: 1; $899k
HOA DUES (RANGE): $425/MO
TAXES (RANGE): $3300/YR

All figures above are obtained from outside sources. The purpose is to provide seekers or sellers of retirement/vacation condominiums a range of costs/availability.

In order to receive the most accurate and up-to-date information, please give Options Realty a call for clarification- these figures, while deemed accurate, are subject to revision or confirmation, and should not be relied upon as a sole indicator. Please view as estimates.

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I Bought this House- Now, Who is Going to Pay for the Pool?

Authored by: Laurie Mindnich
September 3rd, 2008 category: Real Estate News, Real Estate Philosophy

Perhaps it’s because I’m a partner in a real estate company; perhaps it’s because I relocated.

Either way, the practice of a real estate agent showing our listings under “seller agency” has created issues. We just don’t permit it, and our sellers know why. Permission from them case by case.

“I’ve been selling real estate here for fifteen years, and THAT’S THE WAY WE DO THINGS!” was one response from a very successful local agent wanting to bring buyers to the listing.

In an effort to quickly and (hopefully) efficiently dispel the notion that changes are for the purpose of rocking a boat, the following scenario occurred with a recent showing:

A brand new agent enthusiastically presented our listing to her buyers. Mentioning that the front yard was huge, the response to her buyer’s query about the possibility of a pool in the front yard was met with, “SURE! There’s plenty of room!”.

Coming in as a sub-agent (or, with a buyer having the “seller agency” box neatly checked on the NYDOS disclosure- same thing) creates this problem for our seller (owed fiduciary, per NYS).

New York State added to the menu of offerings “BROKER AGENCY”. While somewhat difficult to decipher, it does include the following :”  THE BUYER AND SELLER THEREFORE DO NOT HAVE VICARIOUS LIABILITY

FOR THE ACTS OF THE BROKERS AGENT”. Good for our seller.

Problematic for ourselves, as owners of a real estate company, is the last line in that agency agreement:

“THE LISTING AGENT OR BUYERS AGENT DO PROVIDE DIRECTION AND INSTRUCTION TO THE BROKERS AGENT AND THEREFORE THE LISTING AGENT OR BUYERS AGENT WILL HAVE LIABILITY FOR THE ACTS OF THE BROKERS AGENT”.

I REALLY don’t want to pay for a pool that was represented. Under either of the above scenarios, the possibility exists that either our seller, or ourselves, will be out with shovels after closing.

Bring your buyers- please. That we want to sell the house is in evidence with the integrity that we’ll bring to the table, respecting both you, and your buyers. But, let’s start the process accepting our respective responsibilities, for which your buyer is paying part of the fee that our seller is offering.

Keeping our seller “off the hook” with respect to inadvertent misrepresentations is what we agreed to do for them when we listed the house.

I’ve never been good at digging holes, and I don’t want to learn this late in the real estate game- besides, the cute shoes that the selling agent was wearing would be ruined, when I pick her up at 1 a.m and hand her a shovel! * after dark- the town will not accept this front yard pool, due to setback requirements.

To see industry comments on this blog post, please visit Active Rain Real Estate Network.

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Lis Pendens Report North Fork and East End of Long Island

Authored by: Options Realty
August 31st, 2008 category: East End LI Foreclosures, Real Estate News

If you’re thinking of selling or buying a property on the east end of Long Island, awareness of the undercurrent in distressed properties is provided in order to offer a realistic picture of the prevalence of the pre-foreclosure impact possible.

LIS PENDENS FILED IN AUGUST 2008, EAST END OF LONG ISLAND

TOTAL: 57

East Hampton, NY: 9

Cutchogue, NY: 1

Bridgehampton, NY: 3

East Quogue, NY: 3

Flanders, NY: 4

Calverton, NY: 1

Eastport, NY: 1

Hampton Bays, NY: 5

Sag Harbor: 3

Southampton: 5

Westhampton: 6

Quogue: 2

Southold: 4

Riverhead: 7

Montauk: 1

Speonk: 1

Watermill: 1

Information provided by third parties (the Real Estate Report). Options Realty makes no representation to accuracy of data reported.

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HOMES FOR SALE. HOMES SOLD. NORTH FORK LONG ISLAND.

Authored by: Options Realty
August 31st, 2008 category: Real Estate News

The following information, obtained from the MLSLI, is provided to offer insight into homes sold during the month of August, 2008, on the North Fork of Long Island (towns included: Riverhead, Jamesport, Aquebogue, Baiting Hollow, Calverton, Laurel, Peconic, Cutchogue, Mattituck, Southold, Greenport, East Marion, Orient, and Orient Point, New York). Pricing below is listed pricing, not contract pricing, unless indicated with *.

AQUEBOGUE, NY
Sold: 4
$238,5k, $275k, $379k, $2,499m

BAITING HOLLOW, NY
Sold: 2
$549,9k, $549,9k*

CALVERTON, NY
Sold: 2
$25k (mobile home), $310k

CUTCHOGUE, NY
Sold: 6
$349k, $499,9k, $595k, $799k, $2,450m, $2,250m*

EAST MARION, NY
Sold: 3
$395k, $479k, $729k

GREENPORT, NY
Sold: 3
$399k, $459k, $709k

JAMESPORT, NY
Sold: 4
$525k, $529k, $725k, $995k

LAUREL, NY
Sold: 2
$529k; $2,950m

MATTITUCK, NY
Sold: 2
$379k, $1,850m

ORIENT, NY
Sold: 2
$929k, $1,250m

PECONIC, NY
Sold: 2
$799k, $2,275m

RIVERHEAD, NY
Sold: 7
$31k (mobile home), $239k, $275k, $319k, $399k, $599k, $1.1m

SOUTHOLD, NY
Sold: 11
$399k, $435, $457k, $535k, $575k*, $785K, $849K, $924K, $959K, $999,9K, $1,995K

Options Realty deems figures reliable, but accepts no responsibility for the numbers provided from an outside source. These figures do not include for sale by owner properties; all info gathered from the mlsli.

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Home Sellers and Home Buyers on the North Fork of Long Island…Read This

Authored by: Laurie Mindnich
August 23rd, 2008 category: Buyers, Sellers

For those interested in purchasing a home on the North Fork of Long Island, but unsure about eligibility for a loan, a great place to begin is at the New York State Mortgage Agency.

As prices come down, reaching levels of attainability for more buyers, awareness of state sponsored mortgage loan programs bear watching.

For example: For VA purchasers, up to $5000.00 is available toward closing cost assistance .

That’s a nice incentive for VA qualified purchasers.

If you are selling a home on the North Fork of Long Island, and have a prospective buyer that might fall into the parameters of any NYSMA program, understand it to develop a selling strategy.

The website www.nyhomes.org provides time frames for buyer qualification. Knowing how long a program takes might offer a bit more clarity for a move in date. And a move out date. Having a good feel for a closing date works for all involved.

If you are buying a home on the North Fork of Long Island, awareness of loan programs provides an edge, and possibly more buying power.

For example: For a first time buyer seeking a “fix up” property, check out the Remodel New York term sheet.

 

The site provides all income level requirements, purchase price requirements, and parameters, as well as all lenders that are participants.

As many eye a fix up property as an opportunity, a loan program like the above might be interesting.

Options Realty. Your Source for a North Fork Buyers Agent. Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, New York.

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North Fork Long Island Home Buyer/Seller Agency

Authored by: Laurie Mindnich
August 18th, 2008 category: Buyers, Real Estate News, Sellers

7 biggest home price negotiation blunders

Emotion. Ego. Not doing your homework. Don’t let these or other bogeymen derail your chance at your favorite home. Here’s how to keep them at bay.
By Luke Mullins, U.S. News & World Report

This is a very interesting article for home buyers on Long Island.

This is a more interesting article for sellers of homes on Long Island.

This is the BEST article for those home buyers or sellers that don’t believe that, if your home is for sale with a real estate agent, there is negotiation involved that would make representation (either a buyers agent, or a listing agent representing the seller) the only way to go.

This is most definitely NOT the market for dual agency.

If you are buying or selling a home on Long Island, New York, please make certain that you’ve read the disclosure.

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North Fork, Long Island Home Sellers Paying Less?

Authored by: Laurie Mindnich
August 14th, 2008 category: Real Estate News, Sellers

“Home sellers can haggle over commissions

Consumer Reports study showed 71 percent who bargained got lower rates”

Read the article by clicking the link below.

http://www.msnbc.msn.com/id/26014600/

As proponents of flexibility in the marketplace with regard to real estate commissions for consumers, we found this article of interest. DISCLAIMER: I’m biased; I’ve never purchased a car or appliance without input from Consumer Reports- getting info from other consumers is an impartial way to gather information that is based on consumer experience, and has kept me from making a purchase that while on the surface, offers value, doesn’t delve quite deeply enough to offer the value that hindsight from an experienced consumer does.

Photos: Copyright 2008 - OptionsRealty

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Looking To Buy a Retirement Condo on the North Fork of Long Island? Go Jump in a Lake!

Authored by: Laurie Mindnich
August 7th, 2008 category: Buyers

OK, not literally jump in a lake, but perhaps a toe dip in the community pool.

The decision to leave a long term family home is tough enough; the notion of “starting fresh” often adds stress to those seeking a retirement condominium. Often termed “active adult” and “55-plus” communities, the premise is to offer a home surrounded with people of like-age and life stage for those no longer in need of a larger home.

There are any number of opportunities on the North Fork of Long Island, from Riverhead to East Marion.

When looking at properties offering a “lifestyle” agenda, it’s important to look beyond the actual condo or townhome unit, or community. The majority of communities offer amenities that include a pool, tennis, bocce, and a clubhouse, which all LOOK great.

Touring these amenities (and timing the tour when residents are enjoying the benefits) is a great way to ease the anxiety of moving.

The best people to offer reassurance and guidance are those that have made the jump. It never ceases to amaze me, when viewing communities with prospective buyers, the ease with which those in the community are able to connect with those looking. Pleasantries that begin with, “we’re just looking around” turn into conversations about the angst of the move, and the resultant satisfaction with the decision-and often any downside to the move.

The best guidance a prospective homeowner can receive is generated by a homeowner who has “been there”- and arrived at the other side with hindsight often unavailable those making the decision. What’s great about the communities that I’ve visited is that the life stage shared by the residents translates into a value that can’t be matched- from recommendations of movers, to great parties that were recently enjoyed, to the pool man that should be fired because he doesn’t get ALL of the bugs out with the skimmer.

It is info that neither a real estate agent or non-resident can convey with the confidence that a resident is able to.

Next time we’re out and about with someone seeking such a change, we’ll be sure to arrive when the most important element of the community is available for consultation- the homeowner contingent.

If you’re interested in a vacation/retirement/active adult condominium on the east end of Long Island, give us a call. The choices are many, and the goal to get the best possible fit for you is the only agenda- nothing matters more in a transaction than the right outcome for you.

There are a number of available opportunities on the North Fork of Long Island- come take a look!

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