Cooome on now, just give us the house back, keep it occupied, and you'll have plenty of time to find new digs. Oh- and your rent will be reasonable.

I can't come to a conclusion on this new program. In a nutshell, Fannie Mae accepts a deed in lieu of (read article for limitations) and the homeowner-now-renter is able to remain in the home for a period of a year, subject to a month-to-month following that agreement.

Of course, it won't work for the unemployed or under employed, because "market rent" may well eclipse their means.

The plusses: those with children in school may qualify, preventing the shock of a forced move. Those that do love their homes will have the opportunity to remain for a longer period of time. Neighborhoods that might get a blighted appearance will (presumably) remain less so, with occupants in the house.

The "asset" will be better preserved.

The downside: the seller is accepting a deed-in-lieu of foreclosure, and the credit ramifications of such create a near-equal ding as a foreclosure might. There might be less incentive to work toward a short sale solution, with it's potential for less of a credit hit (along with a personal sense on the part of some sellers that they did, indeed, inject some integrity into a bad situation. Subjective, but surely many sellers walk away with a better self perception). It would appear that the program is not applicable to those with second mortgages/liens on the property, knocking out huge numbers of people that are in trouble for exactly that reason. A deed-in-lieu of has no guarantee that there won't be some kind of shortage expected of the homeowner upon surrender. 

It's common sense to presume that all homeowners should have at their disposal every avenue available to them, and the current arsenal appears to provide yet another outlet for consideration. Will it be a well-run resource that improves the experience of those losing their homes?

Guess time will tell.

An "OPEN LISTING" is a listing in which a seller decides to list/ cooperate with several real estate companies, maintaining the ability to locate their own buyer, thus paying a lesser fee, or avoiding fees altogether in the event that they locate their own buyer.

Fine. Our location is a vacation area for second homes- NYC people.

Except, I find myself in an "OPEN LISTING" environment that proffers the following to sellers silly enough to engage: provide your property listing agreement to multiple real estate companies (they all enter listing data, non MLS, but site wide), AND  IF AN AGENT FINDS A BUYER, THE FEE IS FULL. X percent- whatever that may be- for both the listing and selling sides.

Huh?

Wasn't an understanding of that double end about when FSBO sites entered the picture: sellers, disliking real estate companies (READ: FEES) deciding to go it alone, but saying, "here- if you bring me a buyer, I save half?" Successful on occasion, FSBO has been, for some time, an understanding by sellers that the fee paid would include a selling agent. NOT full fee.

Is any other area in the United States familiar with "open listings", in which a FSBO accepts an offer from a local real estate company representing the buyer, but collecting a fee representing both sides, or is the East end of Long Island (HAMPTONS) selling contingent just not getting it?

I love retro, but this retro is perplexing.  A real estate agent with a buyer approaches a seller with an offer. That offer includes a fee for representing the buyer. Except, I want the cost of listing side, too.

Why would sellers accept a LISTING fee, as well, in the Hamptons?

This has been one of those weeks.

A simple run to the local pizza joint for pick up (and a slight delay on the order) turned into a missing Garmin from an unlocked car- small towns are not immune from crime. The car was in view of the front door- not used to locking, or looking.

Closings that were already late, but surely couldn't exceed yet another week...DID.

The annoyances seemed unrelenting.

I don't know if over-reaction has more to do with a seemingly unending assault on us, the public, from arms length entities- be they credit card companies ("Yes, we have the right to raise your interest rate to 29%, irrespective of timely payments") to a missing Garmin (HEY- I'M GETTING RIPPED OFF ENOUGH) to the delays inherent in ANY bank transaction, or buyer...or seller...or dentist with no other patients while I wait for an hour...

But enough already- not with the current environment, but with how it's managed. By me.

Recollections of selling an entire building of condominiums a few years back that were delayed, delayed, delayed (to the tune of nine months) should have prepared me well for current events. I missed other things as I worried- should have learned something.

To panic then was OK- to panic or over react now is just compromising life.

Time spent to criticize government programs (OK- fish in a barrel) or time indulged in lamenting our extraordinary transformation from a civil real estate environment (at least, sometimes) to a brutal challenge, or time spent making an effort to galvanize an assortment of causes (how can one not) is FINE.

But this environment is also an open invitation to experience life being anything BUT such endeavors. And frankly, my dog still needs me to toss his ball (rather than heave it), and my mother needs to hear more than, "I'll call you back" (regardless of how tempting). I miss talking with my sister.

My sister has an adorable teen aged son, and we ROARED over his experimented-got-caught-love-him-but-how-could-he-be-so-stupid* teenaged exploits. On Monday, I'd have been too immersed to get this much needed laugh. On Saturday, it was my salvation.

Hope you find yours this week!

*except, who leaves a car open with a Garmin on the dash?

I had occasion tonight to send to a client summer photos of her home- she's the new owner, but out of the area, so not yet "moved in". The photo was taken at a preview, and the sun hit the gleaming floors juuust so- beautiful.  The property was vacant, freshly painted, and wonderful.

When I was going through possible other summer photos to send (she missed the season, and there are NO better photos than summer photos on the North fork), in the event I'd missed one or two in the first batch (sent just after we'd left the preview), I came upon photos from property 2, also scheduled for that day.

We knew that our client was going to purchase one of the two, barring any pricing issues.

At the time of the photos on property 2, things felt cluttered (having just come from the empty gleaming hardwood floor home). It wasn't unpleasant, just...full. Wallpaper from the '80's, magazines on the bathroom counter, STUFF. Some doilies. I didn't notice ANY of that until I inadvertently visited pictures of the roll taken that day- just knew, after seeing the two, that our client would love the first property.

I don't know that all sellers are prepared beyond the "make it perfect" intial photo session. If the photos that I took of property B that day were indicative of the presentation I'd put in an MLS, well...I'd have done some serious picking up. We had a SCHEDULED APPOINTMENT to view the home.

Sometimes when we (ALL of us) live in homes for a period of time, our own perception is comfortable.

Selling a home, frankly, isn't.

Even if sellers aren't staging fans (I have to admit- stagers are gods/goddesses to me), awareness that every single showing leaves an impression of import would be good. It's great for US, as their Realtor, to oversee public photos presented in the best possible light, but it needs to look like that when it's shown...

*I'm not putting the pictures up because while the photos of others make me lmao sometimes, when the people presenting the home end up charming (if unaware of presentation issues) it's just hard to make it personal. But maybe we should sometimes, right out of the gate.

Wow. When we bought our house just a few short years ago, we were amazed at how easy it was! No credit, but so what- that high interest rate that you provided could be refinanced when we established more credit- you explained well that kids in their 20's would have no problem GAINING credit when we were homeowners.

You were right- in fact, our first credit card was issued by you! That was thoughtful, because you probably understood that 20-somethings would want lots of new home furnishings- we were so proud of our home. When the other cards came, it was a bit hard to resist- yes, we were tight, but so what? Our house was increasing in value...and the decision to bundle all those cards into a simple equity line of credit made perfect sense! And, we didn't even have to cut up the cards!

By the time we realized that the market had turned for the worse, it never occurred to either of us that this might impact our jobs- what does the housing market have to do with employment? Good thing we kept those cards to get us through, after I lost my job unexpectedly!

 Oh, well- at least our lender is offering  a loan modification program. We've trashed our credit- those cards just kept getting rate increases, and when it came to making our mortgage payment vs. paying off the cards, well...what other choice is there, but to let them go for a period of time?

"Hello? Loan mod person? We can't make our payments, but understand that you might be able to help."

"What? Why do you need our total debt? We're not paying the debt, because we're trying to keep the house!"

"No, I'm not sure that a one month respite is going to do it- you see, my job was taken from me due to layoffs, and while I've finally found another, it's going to take at least three months to get the back payments caught up, as well as catching up my credit cards. What? There's a Making Home Affordable Program? Let me check with them- thank you!"

"Hello, Loan mod person? The Making Home Affordable program tells me that we have too much debt to qualify for their program, so it's just you and me!"

"No, we haven't tried to sell the house. You see, our wrecked credit is going to make it very difficult to find a rental, and besides- rents are not much lower than our payment (were our payment reflective of the value that the house is worth now). Aren't loan modifications available to reduce the principle and refinance based on value? I've been talking to people, and doing some reading...and we love our house."

"Oh, I see. So what you do is let us skip one payment, then divide it up into 12 months of HIGHER payments. Hmmm. I'm not sure that this is going to help us get back on our feet- what happened to all the money that I read about that was set aside to assist homeowners with true hardship?"

"Ok, so this is all that you're willing to do, even after I've explained that three months is the time I'll need to figure our way out of this mess...yes, I know we created it...yes, I know we should have refinanced when we could...yes, I know we should have cut up our cards after we paid them off...yes, I know we should have been more educated...but NO, I don't think that your "modification" plan will work for us." Click.

"Honey? I've been thinking. If it takes a year for them to take the house back, why don't we just save the money that we're not spending on a house payment, bank it, and then at least we'll be able to provide an up front amount of rent for a landlord that will likely require us to jump through hoops in order to rent from them...cash speaks loudly...and since this is all our fault, we need to be prepared for the consequences."

"What, honey? Pursue other avenues? I'm so depressed at this point that I'm DONE dealing with our lender- or anyone else- let's just live here until they kick us out."*

*fictional young characters/lender

X (selling side) + X (listing side) = fee established to sell a home.

It's always been this way (at least, as far back as I can recall), and it just IS- sellers "pay" the fees in order to relieve buyers of cash out of pocket; the fee is in the published price of the home, so the reality is, the buyer is picking up the tab. To be equitable, lets just presume that each "side" pays.

On Long Island, grasping the concept of buyer agency has forced absurdity for many real estate agents, and short of the DOS stepping in and providing easy to understand agency representation disclosures (and eliminating two that make no sense), will remain so.

Those agents understanding the inherent fairness of buyer agency are met with listing companies that refuse the offering (they usually blame the seller). "GET THE BUYER TO PAY YOU- YOU'RE REPRESENTING THEM." Except, were I to come in under one of the other two offerings, either the SELLER is vicariously liable (yes! NY still offers sub agency) or the LISTING COMPANY is vicariously liable, should I intentionally misrepresent something. Not my problem! Except, no thanks- I'll work with my buyer and afford them the representation that they're entitled to- I'll also be their go-to if there's intentional misrepresentation.

Who, working with a buyer, wants to "represent" the seller, anyway??? That's the listing companies job, and they're being paid for it.

X (selling side) + X (listing side)= fee established to sell a home.

The forward thinking agents (ok- it's new here) have ready, willing and able buyers, yet on MANY listings, the only way to present the house is to force the buyer to pay them out-of-pocket for the representation. Some buyers agents do this without a thought- not fully grasping that fiduciary (in our verbiage, so required) would stipulate that we REALLY take care with our buyers financial postition.

X (selling side) + X (listing side) = fee established to sell a home. Except, buyer, YOU get to pay a new formula: X(selling side with no selling agent) + X (listing side) + X (buyer agency fee)= the fee established to sell a home the Long Island way. Our transactions should earn more, right?

Now, the problem could certainly be solved by reducing the offer to include the phantom selling side fee (that they're paying out of pocket). Except, now the SELLERS formula is: X (selling fee) + X (listing fee)- and their net is lowered- see, the buyer is not going to pay ia "selling fee" twice- it was taken into account when our offer was written.

If listing companies on Long Island don't start to understand the SIMPLE FORMULA of a transaction, and simply offer buyer agency because it's what NY is clearly dictating is best for all involved, we are going to continue to remain among the most backward (OK- we're in second place) real estate venues in the country. Transactions here are not about a meeting of the minds between a buyer and a seller; too many transactions are about a non- meeting of the minds between a listing company and a simple bit of math:

X (selling side) + X (listing side)= fee established to sell a home.

READ the disclosure; understand it, and my guess is that having me, or anyone, come in "representing" your seller is going to fall by the wayside. Here's another calculation:

My error as a sub or broker agent + 1 pi&*#d off buyer = potential lawsuit for either the seller, the listing company, or BOTH.

 Me? If I came in hired by you, I'm off the hook! Oh- and don't call me about it, because I don't remember anything that I discussed with the buyer- I was too busy trying to sell them "our" sellers house!

(facetious above, but any broker willing to assume liability for a selling agent that they've never met could well end up with that conversation). Just an OPINION, having seen too much nonsense over a simple equation, a state putting into action consumer protection, and some Realtors on Long Island digging their heels in quicksand, and looking very, very foolish in front of those to whom they owe fiduciary.

**The New York Agency Disclosure Form can be found here. Note that broker agency doesn't reference "selling agent", and if there's no buyers agent...

I'm not saying that people that are personality challenged should neccesarily engage consumers in the lending arena.

When I called a lender recently, requesting a copy of our buyers good faith estimate, the response was shocking: "Get it from the buyer. I don't give those out (small talk) BYE." NO attempt to schmooze.

It seemed in better times that personality was key in the lending arena- great customer service usurped the need for solid competence, because everyone seemed to know that loans were a snap. Keeping a buyer updated, providing a degree of comfort (so that they didn't deflect with a better rate elsewhere) and providing updates to the Realtor contingent (hand raised) was a business-getter.

That this buyer was purchasing a bank owned property was the instigator of my introduction to a guy, known in the REO world as a great go to with a large bank name behind him, as a sure thing.

The buyer, after the initial meeting, was somewhat rattled- we encouraged a lender switch when his intial loan officer had the unfortunate happenstance of his company being reported in papers as engaging in a bit of recent fraud at a far-away branch, by a few undesirables. Not our guy, but his company. Better to move along, and use him next time around when he locates a better place to conduct business. Poor guy, but he'll be fine when he makes a change. When did this stuff start hitting so close to home anyway??

With respected mortgage companies? In this environment, expect the unexpected.

Our buyer went from an immediate connection with loan officer one to an experience with the second that provided, in his eyes, a cold encounter - but the buyer plugged onward while we wondered what this guy has that would make him come so highly recommended. A bit scary.

The transaction was flawless. Not a glitch; no issue other than me taking on the task of explaining points, rates, etc. to a buyer whose questions needed response- I can deal with that comfortably if it's a loan that as so many assured me, would close without a hitch, due to the capability of this guy, and his competence with bank owned issues from a lending side.

The final analysis was this, by another real estate agent that has worked with this person, doing many transactions: "THIS ISN'T A GUY THAT YOU'D WANT TO HAVE A BEER WITH, BUT HE GETS LOANS CLOSED."

It closed early- as promised, exactly when this guy told the buyer it would.

On time, no issues...I'll take it. But, what a market for those loan officers that can combine competence and personality...

We have a friend who happens to be, along with his band partner, an excellent musician, performing as the Earthtones on the North fork/East end of Long Island.

Armed with this information, we decided to visit one of the local vineyards on a Sunday afternoon, just to see what the  Earthtones experience was about.

Weekends offer several "live music" signs in front of the numerous vineyards; we have a musical preference, and had been told that theEarthtones might fit the bill. For those seeking out an afternoon sipping wine and listening to live music, you won't be disappointed.
We aren't wine "tasters"- our interests might be cultivated in that direction at some point, but frankly, the notion of being very unclear as to what we were tasting (in the presence of experts) remains been a bit intimidating.

No worries- wine tasting (other than enjoying a fabulous glass offered by Raphaels) wasn't on the menu!

Listening to classics from Bob Dylan or John Prine was a perfect complement to a great glass of wine- no comments on the texture of the vino solicited!

A few suggestions for those that haven't yet enjoyed the vineyard experience:

Our friends Glenn and Rick are fantastic- we like classic rock, and their offerings were just perfect. The Earthtones offer really, really good listening. The local offerings vary; check ahead to see if the music being offered is in your area of preference.

One doesn't have to be ANY kind of wine expert to enjoy the ambiance of the local vineyards- Raphaels has an interior full of tables, with a bar in the center- no reason to feel intimidated for simply purchasing a glass of wine with which to enjoy the music!

Some of the vineyards  are venues in which it's a "bring your snacks" environment. We entered the area to see a long table, with a group of people enjoying the fabulous music, the local wine, and a huge array of snacks that were brought by them. Call ahead to check their weekend schedule of events.

There was an outside area, along with several tables inside.

I don't know about you, but the vineyards this year may usurp a few days out on the boat. While we love sailing, and bringing a picnic, this experience will remain a "keeper"- full enjoyment of local flavor, absent the time consuming task of getting the boat ready (and, sans our bulldog and min-pin, who force a real sense of guilt on our part if we don't bring them along). Sorry- no dogs allowed at the vineyards!

Live music from the Earthtones, and a great glass of wine in a relaxed, fun environment were exactly what we'd hoped for.

Thanks, Glenn and Rick of the Earthtones, and Raphaels - we loved the music, the wine was wonderful, and we now have a weekend plan for guests that will most certainly include vineyard visiting.

For those interested in a fabulous afternoon, the schedule for the Earthtones can be found below.

Looks like we'll be doing some more wine tasting!

Look for the Earthtones at the following times/locations in June and July:

Sunwaters Restaurant, Dune Road, Westhampton Beach June 20th, 7-10

Route 48 Vineyards, Cutchogue June 28, 2-6

Laurel Lakes Vineyards, Laurel, July 4, 1-5

Clovis Point Vineyards, July 5, 2-5

Laurel Lakes Vineyards, July 18, 1-5

Bedells Vineyards, Cutchogue July 19, 1-5

Will post August as the summer unwinds. Great music from Glenn and Rick of the Earthtones, and a wonderful atmosphere provided by a Raphaels- thank goodness summer is here!

To view Glenn Jochums website go to www.glennjochum.com- lots of "stuff" for music aficionados.

As someone watching the REO side of this real estate market as their partner works through it, I have this observation to make, and solution to offer to renters of foreclosed properties in NY:

Dear Renter,

I watched recently as my partner knocked on your door, and advised you that the home for which you've been paying rent, does not belong to the person COLLECTING your rent. That person quit making payments, and is no longer the home's owner- the bank owns it now.

By the way, your little kids are adorable- what a horror to put them through a move in this circumstance. Here is the bank offer of assistance. They are seeking that you vacate within x days.

WHEN (not if) you call your "landlord" to advise them of our visit, expect them to deny, deny- after all, how else to continue collecting your rent, absent your false belief that there is no bank- "don't worry- my lawyer is working on this. Just send the rent- I'll take care of it."

Their lawyer failed (if they even had one). The bank now owns the house. The former landlord is inviting you into their personal scam to eek out the last bucks from the house that they walked away from.

But, as all successful scammers tend to lie well, don't fault yourself for confusion. Think it through, and when you turn down an offer from the bank to assist your move, understand that your former landlord is GOOD at scamming. Don't let them be good enough to force an eviction at your expense.

If you decide to believe your former landlord, also understand this: there will be hearings. There will be strangers coming by, taking photos of the property for future marketing. There will be a disruption, from the time of your intial notice, to the time that the sheriff shows up to supervise a locksmith who will change the locks- RIGHT THEN AND THERE.

I wonder what your little kids thought, when they were picked up from school and taken to a friend or relatives house. It must have been very shocking never to return "home", but thank goodness they didn't witness the lock change.

Hopefully, you've found an alternative living arrangement. With no "cash for keys" (that offer went away as soon as you declined it), it must be difficult coming up with deposits, etc.

There is no good side to your position in  the landlord/foreclosure scam. There is no good side to taking 20 days to vacate and move, other than the $ assistance offered by the bank- it's never enough.

There is  a worse "not good" side, however, to believing a con artist, and remaining 'til the end.

 Just ask your kids.

Authored by: Laurie Mindnich
May 31st, 2009

The following information was obtained from MLSLI- while deemed accurate, no guarantees.

In order to gain a sense of the market, we bring you monthly sold/closed homes on the North fork/east end of Long Island. For sellers, it’s an opportunity to see what direction things are going; for buyers, if you’re considering a property out this way, it’s need-to-know information.

MAY, 2009 UNDER CONTRACT PROPERTIES:

Total u/c: 38

Median Listing Price: $399k (listed- does not reflect sold price)

Riverhead had the most active sales activity, with 12 contracts. This is in part because this report includes manufactured homes; Cutchogue had a total of 7 properties under contract, followed by Southold (4); Mattituck (3), and Baiting Hollow (3).

MAY, 2008 UNDER CONTRACT PROPERTIES:

Total u/c: 34

Median Listing Price: $469,450 (closed figure)

Riverhead lead the pack last year, as well, followed by Southold, Orient, and Baiting Hollow.

THE GOOD NEWS? While median pricing is lower, activity is keeping pace with last year.

MAY, 2009 CLOSED PROPERTIES:

Total closed: 31

Median Closed Pricing: 350k

Riverhead showed the highest # of closings with 9, followed by Mattituck with 4; Baiting Hollow with 4.

MAY, 2008 CLOSED PROPERTIES:

Total closed: 40

Median Closed Pricing: $475k

A lower figure with closings is reflecting the very quiet Jan/Feb/March on the east end of Long Island.  These figures should see some improvement in volume (not pricing) when activity this month closes over the course of the next few months.

Clearly, prices have dropped, and the forecast doesn’t indicate that we’ll see an increase any time soon. We’ve noticed that waterfront is becoming more obtainable- with continued price drops, it will be interesting to watch the market over the coming months.

If you’re seeking property on the east end of Long Island, we represent the buying side, and will provide all data needed to make an informed decision. Do NOT buy from a listing company (or any real estate agent) representing the seller if your agenda is to uncover the best possible price- you won’t find it.

Call us if you’d like help locating a North fork/East end of Long Island home.

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.

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.