North Fork, Long Island Real Estate

HERE COMES THE FRIENDSHIP BALL- CATCH!!

Options Realty — Sat, 11 Oct 2008 08:53:31 -0500

This friendship ball was passed to me by my buddy, Joan Mirantz. Always somewhat athletic, I've caught it, and am hoping that those to whom I toss it will catch it, as well!

MIRIAM BERNSTEIN, WESTCHESTER NEW YORK REAL ESTATE

Miriam and I began at the relative beginning of AR, finding similar posts of interest and thus commenting. While we didn't always agree on some issues, Miriam has been the voice of reason in an environment that, to an outsider, seemed quite "unreasonable." What began as a dialogue of minor tension has evolved into a dialogue of support- even when viewing things from different perspectives. How to demonstrate my appreciation? I'll HAND Miriam the ball, instead of lobbing it at her. Thanks, Miriam, for the ongoing friendship- your value to me has been, at times, a lifeline, offering a perspective that originates from a REALLY smart real estate agent, often undergoing the same struggles that are encountered by me (just handled "better" by YOU)!

http://www.westchestercountynyrealestateonline.com/

http://www.mariepmeyer.com/

Marie Meyer is a brand new buddy. When she wrote a blog pertaining to a lack of seating for herself and her clients at a recent closing, it made me laugh- sort of! Marie, here's to an ongoing dialogue about missing chairs, and the nuances of a New York real estate market that gives us much to discuss! I just love running into people with whom a connection simply happens, and am grateful for a brand new friend! Pass it along...you'll probably be a whole lot better with the links than I am.

Eugene Jones

http://www.yournjhousehunter.com/

Eugene and I have been back and forth on various blogs for some time now- one of those great commentors/bloggers with whom a connection just exists. Perhaps it's the NJ in me- but it's always a pleasure to hear from Eugene, and continuing with our dialogue (and viewing pics of his wonderful family) is something that is always a pleasure. It's wonderful to connect with people that have an ease about them, and pride in family that is sometimes part of the blog (I'm thinking of the vacation post). Thank you, Eugene, for the dialogue- now....CATCH!

Hamptons Real Estate Companies...What is UP??

Options Realty — Sat, 11 Oct 2008 07:34:58 -0500

Due to market conditions, some sellers in the Hamptons, New York market are struggling.

For this reason, we find ourselves called upon to perform broker price opinions.

Anyone endeavoring to do this likely sees the value of the mls- in our case, the MLSLI.

Some of the bpo's are for short sale purposes, yet many properties offered by LARGE companies are not in the mlsli (despite the fact that these companies- Prudential, Corcoran, Century 21, et al. are part of the mlsli in other areas). It is a hassle to help sellers get a short sale accomplished.

Among the reasons for NOT putting properties in the mls provided are "seller privacy"- some sellers, the agents say, don't WANT the exposure.

If one is to buy into that notion, why on EARTH, then, are these properties shown in abundance on Zillow?? Not only is the house there (address not disclosed) but a MAP shows the exact location of the house. Yet, somehow, the reasoning for the mlsli is that the sellers DON'T WANT THE EXPOSURE?

Please. If an $18 million dollar home is on Zillow, with a map, but not in the MLSLI, where is the "privacy" for the seller??

Appraisers DETEST operating on the south fork- at least those with whom I've commiserated- because the property values are made so difficult to obtain, unlike areas in close proximity that follow the mlsli guidelines by offering properties to the rest of the real estate community- presumably, for the purpose of exposure, and getting the house shown and hopefully sold. Additionally, there is an ease present in being able to access comps.

Real estate companies in the Hamptons are providing an opportunity for some serious questions, and the answers are, so far, completely unacceptable to many working in the industry, not to mention sellers and buyers. It's one or the other: either the seller wants total privacy, or they don't. Zillow isn't "private."

I think it's time to come up with a better excuse for limiting properties before sellers catch on to an agenda that, without a reasonable explanation, looks pretty self-serving. I could be cynical, and missing some key component here- any insight would help.

New York Agency Laws Ad Nauseum

Options Realty — Sat, 04 Oct 2008 08:28:17 -0500

Ad nauseum...

Listing a house in New York- how are you presenting agency choices to a potential seller?

"Seller, we want a cooperative effort from our mlsli insertion. For that reason, let's go over the choices of cooperation available to you, so that you UNDERSTAND.

SA: Seller (or sub) agency- under this offering, the agent bringing a buyer will represent YOU with fiduciary. No, we've likely never met this agent, nor do we have a grip on their ethics, but many still seek to represent you, the seller, as opposed to their buyer. Sound good? Except...know that with this offering, if they misrepresent aspects of your property to their buyer, you as the seller may be held vicariously liable for any errors presented to the buyer.

Don't like that?

BrA: Broker agency- under this offering, the selling agent may still come in representing you, the seller, and we, as the listing broker, accept liability for anything construed as an error on the part of this agent. Many real estate agents are jumping to this agency, and why not? Errors become the problem of our listing company- getting you off the hook for vicarious liability, but we REALLY don't feel comfortable with this, in much the same way that you feel discomfort assuming this liability.

Thank you for understanding.

BA: Buyer agency- under this offering, the selling agent will come in looking after the best interest of the buyer. Increased due diligence is required, as their own company is liable for any misrepresetations to the buyer. The agenda is to get the buyer the "best possible price", which is ultimately determined by you, as a seller- and we remain staunchly in "your corner", seeking to get the best price for you.

We like this "gamble", because it's not a gamble at all. Because there is no assurance of quality with a cooperating broker, or assurance that the buyer of your home will be treated with integrity, forcing the issue with clear cut lines of representation by insisting that the selling broker stand behind the transaction for their buyer makes sense- leaving both yourselves and ourselves out of any issues that may arise later due to a selling brokers incompetence.

Will it come down to who represents whom with more strength? Perhaps. Not to worry, though. When we commit to listing your property, there is no question but that seeking an amount for your house that is the best that we can locate is the bottom line- we're quite confident in that endeavor.

It is, after all, why you hired us."

www.optionsrealty.com

Buyer Agency on the North Fork, Long Island

Options Realty — Mon, 29 Sep 2008 08:44:50 -0500

WOW!

I was delighted to see another company opening on the North Fork of Long Island that understands the simplistic nature of buyer agency: defined lines of representation, to the benefit of BOTH sellers and buyers.

Could it be that we will soon, as real estate professionals, be waving good-bye to that absurd notion that both real estate participants in a real estate transaction need to "represent" (at the sellers peril- vicarious liability) a home seller?

Dare I think it- do we have a growing contingent of real estate professionals that not only understand the benefit of full disclosure in a method that benefits all consumers (rather than simply broker/owners) but also PRACTICE such an endeavor???

The answer is YES.

A new company with experienced North Fork, Long Island agents has recently opened.

Buyers Connections Realty, located at 95 Love Lane, Mattituck, NY has opened their doors. At the helm are Mr. Nicholas Planamento, and Mr. Joan H. van Heemskerck, seasoned North Fork Realtors.

Gentlemen, we look very forward to doing business with very forward thinking agents- integrity in real estate is not only an option, but an expectation- thank you for making it possible!

Making it happen for consumers makes it happen for ALL of us- best wishes in your new endeavor, and we look very forward to working with you!

www.optionsrealty.com

Integrity in Hamptons, NY Real Estate- Arriving NOW!

Options Realty — Thu, 25 Sep 2008 17:14:25 -0500

Authored by: Laurie Mindnich
September 25th, 2008

Great news for the Hamptons, New York Home Buyer: INTEGRITY HAS ARRIVED!

It was with enthusiasm that I read the recent news offered by Michael Daly, owner of True North Realty Associates in the Hamptons- buyers are now going to be able to navigate the Hamptons and North Fork market with a TRUE ADVOCATE, coming in the form of an exclusive buyers agent.

While Options Realty has been a loud-mouthed proponent of a practice that covers both buyers and sellers on the North Fork, the advent of a long-time (and highly respected)Hamptons broker entering this arena is truly great news.

While this news may be less than exciting for large brokerages focused on scooping up listings (buyer agency is not possible when a buyer purchases a property “in house”- limiting that sought after “double end” for large brokers that choose the buyer agency opportunity), it is, for consumers, a HUGE change in the Hamptons that will likely change the way that business is conducted.

That buyers now have an alternative to sub agency and dual agency in the Hamptons is overdue.

Quite simply, it presents an opportunity for buyers and sellers to proceed in a purchase without that “muddy” who-represents-ME scenario. In the past, it has been as clear as, well, MUD.

To Michael Daly of True North Realty Associates, congratulations on a decision that might (FINALLY) add some consistent clarity and integrity to a transaction on the east end, usurping the often confusing transaction in which a buyer, in hindsight, understands that that “really nice agent” in fact represented the seller all along…leaving the buyer with a sense of unease (and a purchase price dictated by both the listing AND selling agent).

While we may well find ourselves with regret that competition in the form of an exceptional company with experience has nudged into (understatement) a territory in which we’ve found ourselves quite alone in promoting, the end result is a benefit to ALL real estate companies on the east end of Long Island- when consumers are treated with professionalism and honesty, real estate agents benefit. Inherent integrity.

CONGRATULATIONS, MICHAEL, ON YOUR DECISION TO INTRODUCE INTEGRITY TO HAMPTONS AND NORTH FORK REAL ESTATE TRANSACTIONS!

Thank you for recognizing that consumers on the east end have, for too long, encountered too often a “ME, FIRST” attitude from many brokers operating on both the North and South forks of Long Island, when with consumers buying or selling a home.

If you are looking for a home on the North Fork of Long Island, and seeking buyer agency in its least complicated form (no in-house listing issues), call either Options Realty or True North Realty Associates for information:

Options Realty: 631-727-2227 (hey- it’s my blog. I go first) serving the North Fork of Long Island
OR
True North Realty Associates- Michael Daly: 631-725-0554, serving both the Hamptons and North Fork of Long Island

www.beachamptons.com

LATE BREAKING NEWS:

WELCOME, ALSO, BUYERS CONNECTIONS REALTY CORP. of Mattituck, NY. Both Joan H. Bischoff van Heemskerck, and Nicholas J. Planamento are also on board with serving buyers on the North Fork with representation! With much experience in real estate, both gentleman agree that a transaction of integrity includes defined lines of representation. We look forward to working with you on the North Fork of Long Island! Joan and Nicholas can be reached at: www.BuyersConnections.com

HEY- WHERE'S MY MAIL???

Options Realty — Wed, 24 Sep 2008 08:42:16 -0500

Just a quick reminder: if you're cutting back on mailing costs, and hand delivering flyers or promotional materials, STEER CLEAR of mailboxes.

Yesterday, I went to check my mail, only to discover one lonely little landscaping service business card- for the first time in all of the years that I've been at this address, NO OTHER MAIL- not so much as a junk flyer.

I'll be asking Jeff, our mailman, if he passed our house for the first time EVER, with nary an offer for credit, a bill, or just plain JUNK- and he'd better say, "yes." Maybe it was a holiday, and my calendar forgot to mention it.

The point: because of the lonely little business card inside the box (it wouldn't have mattered where it was, if it was in some way attached to the mailbox)- THAT is the individual that will be the go-to if I have missing mail.

While I have no reason whatsoever to imagine that someone would be foolish enough to leave a calling card for stolen mail, there is no other go-to for the question that is now on my mind.

Pumpkin Search on the North Fork of Long Island

Options Realty — Fri, 05 Sep 2008 14:12:19 -0500

Authored by: Laurie Mindnich
September 5th, 2008

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.

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

Options Realty — Wed, 03 Sep 2008 07:34:04 -0500

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. Seller permission, case by case, required.

"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.

*Posted in real estate law group. Curious for responses about what goes on BEFORE a lawyer is introduced to the process in NY.

North Fork, Long Island Homes for Sale. Exclusively, but...NOT.

Options Realty — Tue, 26 Aug 2008 00:20:57 -0500

In my little area of Long Island, New York, we are finding ourselves, as real estate agents/Realtors, behind the times. I noticed it tonight, when reading some sort of blog about the Iphone, Trulia, Zillow- and all I could think was, "I hate my Iphone. It's too complicated. The internet and gadgets are way ahead of my thought process." To boot...it doesn't interest me, this gadget stuff.

To the extent that the MLSli was added three years ago on the North Fork of Long Island (I've been relocated here for seven), we're doing well. Really well. Some buyers can now enter our territory, see a house with a local agent, and expect a disclosure of agency that is of value. Sometimes, the buyer agency box is checked.

Those that don't provide agency disclosure when appropriate are dealing with more informed buyers. A very good thing.

Buyer agency has been accepted at several different local agencies. In hindsight, adding both the MLSLI (with the requisite play-fair-in-the-sandbox expectation) and acceptance by not enough...but JUST enough smart local real estate companies makes operating here good- a few agents can make a difference. An ethical bent is a good thing. A bit of fresh air for those seeking it.

It gets polluted, that air, when I drive by MLSli listings, and see an "EXCLUSIVE" sign rider representing a property for sale- but a second later, the pollution has passed. Until the next one, different broker. It's more sad than abnoxious. Behind the times...

All I can think is, "Poor seller. Uninformed by their real estate broker."

This is the same seller whose listing agent pays a Realtor bringing a buyer to forsake the buyer, but refuses, or makes smaller, the amount paid to a fiduciary of the buyer. Chicken.

Probably done because dual agency is the preferred method.

Baby steps. MLSIli, and the benefits now explained to seller who would have "gotten it" all along, had it been offered...Buyer agency available (albeit, sparingly) to balance out and ethically serve BOTH parties in a New York real estate transaction (providing both, in our state of NY, with separate and defined fiduciary- not to mention uncompromised buyers and sellers).

Which brings me back to the excitingly forward nature of a local real estate agent who has put together a focused tour of certain properties for the benefit of all local lookers and Realtors...all together, now...until I consider my buyer who, having been included because it might help them find a home, may turn to me when the bus pulls into the first property, and says, "What's that EXCLUSIVE thing on the sign mean?" as I suddenly notice that in addition to the sign, this is "one of those companies" that isn't offering compensation to a buyers agent...

Baby steps are fine, but sometimes I'd prefer a steel toed workboot.

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

Options Realty — Thu, 07 Aug 2008 13:18:17 -0500

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!

Monthly Blast From the Past…North Fork, Long Island

Options Realty — Mon, 04 Aug 2008 14:07:27 -0500

Authored by: Laurie Mindnich
August 4th, 2008

I read with interest the following article, published by The New York Times on June 18, 1989.

The author was Barbara Klaus. Link to the article below.

The Talk of the North Fork; Past Riverhead, Suburbia Looms Ever Closer

"At the Hargrave Vineyard here, Abigail Bakker is packaging newly bottled wine. As on other weekdays on Long Island's North Fork, it's quiet. The grapes are swelling on the vines and the roads are all but empty. Now in her 20's, she remembers how it was when she moved here as a child."

While there has certainly been growth in the years between 1989 and 2008, the North Fork of Long Island retains much of the charm that was present when the "locals" expressed a bit of dismay over the changing landscape.

"On Saturdays between Memorial Day and Labor Day long lines of luxury cars pull in and out at the Briermere Farms stand in Riverhead. Customers are drawn by the 18 varieties of fruit pies and fresh produce."

Thanks to the 2% Peconic Tax, (Community Preservation Fund) many of the open farms that so many consider intrinsic to the area remain "open". There was a recent Southold purchase that involved woods near Cedar Beach in Southold- the land will remain Evergreen woods. The Peconic Land Trust has this quote published on it's web site -

"The 2% real estate transfer fee paid by buyers goes directly to the Town in which the property purchased is located."

It takes living here to comprehend the importance of retaining the value in an area such as the North Fork- while the Hamptons offer their own recipe for summer living, North Fork residents have their own interpretation of "quality of life".

"Yard sales are something that draws both local residents and the people with second homes. They rush from sale to sale, pouring over the contents of attics and basements from Riverhead to Greenport. People scoop up such treasures as wigs, circa 1962, rusted potato mashers, mosaic ashtrays and plastic Mr. Peanuts."

For many, and I've come to agree, there's nothing wrong with disliking change in the landscape of this little piece of island, and much to be said for preventing it.

If you are interested in buying or selling a home on the North Fork of Long Island, pricing has come down, and inventory is as plentiful as the sweet corn found fresh at the farmstands!

On the North fork of Long Island, It Gets Me Every Time…

Options Realty — Tue, 29 Jul 2008 17:51:09 -0500

Authored by: Laurie Mindnich
July 29th, 2008

We were heading to the annual Clambake courtesy of the Flanders Men’s Club. While there were a few errands to run, the day was interrupted when that magnet sucked my car into a parked position.

As happens so often on the North Fork of Long Island in the summer, locals and vendors pick a sunny day, and the race is on for those looking for that SOMETHING. Or ten. Below are a few photos of the ultimate tag sale experience on the North Fork of Long Island. Until next weekend.

The coke machine worked perfectly, and was priced at 20.00. Had the seller not offered to plug it in and demonstrate, he’d have missed out on the quarters that ejected en masse. And we left without them.

Satisfied that all had been viewed, considered, and explored, it was off to the clambake.

The wonderful thing about living on the North Fork of Long Island is that the unexpected events provide the most memorable experiences. Whether it’s corn that has a sweetness that defies qualities inherent in a vegetable, or a coke machine that dumps a small fortune into the lap of a surprised seller, it’s just, well…FUN. And next weekend is just around the corner…

If you’re unaware of our beautiful area, the tag sale map below offers a view: we’re on the top fork. The other “fork” at the tip of Long Island is the Hamptons. Visit www.optionsrealty.com for more North fork “stuff”.

Foreclosures on Long Island- Are They Legal?

Options Realty — Sun, 27 Jul 2008 12:16:39 -0500

I read with interest this article published in the New York Times today.

With many of us (particularly in the Northeast) getting our heads wrapped around the foreclosure issue, this article appears timely- not only is it essential, when dealing with clients in the foreclosure process, for us to get all documentation up front, but it would also appear that establishing the legality of the foreclosure is another issue altogether. Hope for some sellers, with more time to sell?

It just doesn't get more challenging, does it?

At least there appears to be a judge willing to do the right thing- what a breath of fresh air for NY.

New York Consumers Taking the Hit for Bank Foreclosures

Options Realty — Mon, 21 Jul 2008 18:59:53 -0500

I haven't owned a home since my last one sold a few years ago. Me, personally.

Before that, I'd owned three, refi'd a few times, sold at a profit (albeit, small) and just decided to wait in NY. If the right one came along, I'd look, but to date, have only been tempted by one. And, I would have gladly overpaid (a little) for it.

As soon as my creditors discovered (I'M ASSUMING) that I was house payment NOT poor, an offer now and then for credit would trickle in, offering a transfer balance/interest-fee, blah, blah, with a great rate as the final advertised and pre-approved amount. As a relative conservative with respect to credit in good times, I did occasionally open them, but mostly not.

Then, it simply wasn't part of my lifestyle- I had enough to live comfortably within my means.

FAST FORWARD THREE YEARS (2007)- NOW, the preapproved cards are merciless in their volume, and REALLY overcrowding my paper shredder. The thing is, these aren't "little" credit amounts offered. What a difference in "offers" over the past two years. Maybe I have a minor "ding" on my credit, but it was there two years ago. Things haven't changed as quickly as the INCREASED amounts offered, if at all , but the accompanying interest rates have.

EXAMPLE: I went to the Gap, and found a sale beyond sales (OK- GapKids). Upon hitting the register with a truckload of sale baby things, the person at the register told me that if I got a Gap Card, on TOP of the current savings, I'd get an additional 10% off (in my head, that's $15.00- one of the baby outfits is now "free").

Except, I didn't receive a "GAP" store credit card- in my haste to get the additional discount as well as the baby closer to her bottle, it was sign-and-go. What I received, as read later in the agreement, was that I would also be tossed into the VISA pile. A limit that would prove impossible to spend in it's "generosity" at the Gap, but...can be used anywhere! At 20%!

That occurred at retail store- MY ERROR.

Now, one would surmise that if a lending institution is going to send something pre-approved IN THE MAIL, the accompanying interest rate would be really good- if not, who's going to take it? THOSE were the credit offers that I received a few years ago- the trickling credit offers.

With the fresh assault, the rates are HUGE. Were each to be accepted at the credit amount offered, I could probably pay "CASH" for a nice McMansion that's been stripped. To its foundation (I'm in NY).

It's just interesting to me that the banks are aggressively seeking to up-chuck credit offers to those of us that, without it, would have a MUCH better opportunity at buying a house in its absence. You know- US, THE POTENTIAL HOME BUYERS. Being a real estate agent irrespective.

I don't think that she cares that the socks match the hat.

Buying Homes- Agency Representation Limited in New York?

Options Realty — Fri, 18 Jul 2008 03:49:54 -0500

I read something today in which a buyer wondered if they would have the ability, after viewing a house with a listing agent, to get their own representation for the purchase.

A response from some in the real estate contingent brought up "procuring cause", "ethics to the agent", and wasted time and gas on the part of the agent, at the behest of the buyer.

Additionally, there were responses indicating that, without fail, the listing agents ALWAYS ask of buyers if they "have a Realtor", or if they're "working with anyone."

For consumers, THAT'S NOT SPECIFIC ENOUGH. At least in New York, and a number of other states that permit dual agency- not by a long shot.

The question isn't "are you working with someone." If a real estate agent has made it to the appointment with the buyer, the conversation should go more like this:

(after niceties): "I am obligated by law to disclose to you that I, and all in my firm, are working at this point for the seller in this transaction- this home is represented by xyz firm. What that means is that it is my responsibility to watch out for the interests of the SELLER. Anything that you share with me, if it advances the end result for the seller, will be shared with them.

If you would like to move forward with an offer at any time, it might be possible to offer you a dual agency situation, in which I can facilitate the transaction. I am available to do that at your discretion, subject to seller approval. Just initial here- the one that reads: enter into this agency with caution.

In the event that you'd like your own representation, it will not be possible if you make the purchase through our firm, however that option is available to you under buyer agency."

Sometimes, as happened to us, a buyer will say, "I like the house, and don't need a Realtor. I'm offering x amount, and if your seller won't take it, I'm not taking the house." In this case, we represented the seller only, advocating for the seller only.

Sometimes, too, a blank stare with silence will follow your explanation. This is not good, because it means that despite looking at potentially numerous houses, they have not once had the required NYDOS disclosure explained to them.

When I worked on site for a builder, I routinely asked customers that came in if they "had a Realtor". I did this because I wanted to protect the real estate agent that had likely taken the prospects to numerous places, and I wanted to see them get paid- often, trips to a model home were impromptu. Consumers didn't "get it."

The NYDOS "spiel" is not about real estate agents getting paid. It's about following a law enacted to protect consumers that are entitled to a fair transaction out of the gate. They are entitled to "get it".

If you are a consumer seeking to purchase a home, and the real estate agent that you've selected has collected any information from you without having the NYDOS disclosure explained and signed by you at your first "substantive" contact (read: ANY info collected from you), it would behoove you to request it.

The exception to this requirement (in New York) is a home that is a fourplex or more.

If you are a Realtor meeting a prospective customer at a home listed by you or your company in a dual agency state, do NOT complain about the gas and time unless the person with whom you are showing your listing has reviewed (to full comprehension) the agency disclosure.

Just What Long Island Real Estate Consumers Need…More Junk Fees

Options Realty — Fri, 11 Jul 2008 23:05:12 -0500

Bob Sullivan from MSNBC's Red Tape Chronicles posted this today. We thought it was valuable enough to show it to you here, at least the opening paragraph. Click here to read his entire post over at the Red Tape Chronicles.

"Traditionally, buying a home has been "free," at least with regard to real estate agents. Sellers pay steep commissions -- usually around 6 percent – which are split with the shoppers’ agent. That allows home buyers to focus their energy on hunting for hidden fees from their mortgage provider."

To home sellers and buyers on the North Fork of Long Island: Please click here to read the entire article.

While I had heard of vague "administrative fees" becoming common, it was something that seemed minor relative to the rest of certain real estate issues that occur on Long Island, in addition to an ever changing market.

Deciding, as a broker, to add fees that (if they are explained as competently as the agency disclosure often is...NOT...you will likely view this inserted creative "fee" at closing) is unacceptable, whether in a slow market or not.

Not because there are certain administrative tasks associated with a real estate transaction, but because fees charged to consumers is for the purpose of a completed transaction. Isn't that what "commission" is supposed to cover?

Hopefully, awareness of what we concur is a sneaky and unacceptable "fee" (what- paying a real estate agent along with an attorney isn't enough for Long Island consumers??) will eliminate it. Awareness is everything, and administrative fees coming from a real estate broker/owner are completely ridiculous. Opinion, of course...

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Buyer Agency on Long Island, and in New York for Home Sellers/Buyers

Options Realty — Thu, 03 Jul 2008 01:40:59 -0500

Authored by: Laurie Mindnich
July 3rd, 2008

As buyer agency becomes more common in New York, myths and misunderstandings abound.

A consumer misunderstanding involves seller perception. While the term "buyers agent" might strike fear in the heart of a seller accustomed to both parties working with a buyer on behalf of the seller, it's actually clarification for both parties in the transaction that tends to afford the process an ethical and smooth conclusion.

Working on behalf of a buyer does not eliminate required "fairness to the seller" intrinsic to all transactions.

The idea is NOT to create issues for the seller, or offers without merit. Rather, it is to clearly define the parameters of a fair price, fair terms, and in all likelihood, required pricing commensurate with value that will ultimately be determined by an appraiser.

Another myth that appears to be perpetuated by some Realtors on Long Island is that a buyer agency contract is required in order for a buyer to obtain representation. Realtors on Long Island tend to concern themselves with a "liability" issue which, so far, I'm simply not seeing as an issue at all. It is no different than liability present when Realtors represent (with fiduciary) a seller.

Confused, many agents feel that a contract guarantees THE BROKER payment, eliminating the possibility of a buyer locating a property after a Realtor has presented properties to a buyer. Indeed, it is from our view a "hostage" situation.

Our philosophy is that if we haven't established the necessary trust between ourselves and a buyer, we haven't established the right to compensation. While some might consider this perception risky, we have found that buyers with loyalty earned by us are more than willing to keep us as their agent, irrespective of the possibility of a property located without our involvement (i.e., open house, fsbo , etc.).

In the event that a buyer does locate and consummate a transaction despite our involvement, we are inclined to look to ourselves for the problem- surely, had we operated with an acceptable level of integrity and trust, we would be included in the transaction.

Another problem with a signed agreement from the buyer (outside of the NYDOS disclosure) is that there are many Long Island Realtors that either counsel sellers to discourage buyer agency compensation (but include, in the price of the house, a fee to be paid to an agent that brings a buyer, representing the seller), or don't alert sellers that this compensation is not included in their listing agreement.

For this reason, holding a buyer hostage via a contract that may well require payment out of the pocket of the buyer is a violation of the fundamental practice of buyer agency on Long Island, and the accompanying fiduciary incumbent upon the Realtor- causing an unnecessary expense is a violation of fiduciary, and therefore unacceptable.

If we can't convey to the listing agent and seller that payment is to come out of the proceeds included in the price of the house via a fee that OUR BUYER is paying in the price of the house, we aren't doing our job. Period.

Until listing agents reduce their fee to include ONLY the listing "side" (typically, a total seller fee is 6%, with 3% going to the buyer's agent) it is incumbent upon all of those seeking to represent buyers to comprehend FIDUCIARY to the buyer through a full understanding of what the buyer is paying in the price of the house for representation.

It is of concern to imagine that a buyer's agent would require payment from a buyer, knowing that the fee for the buyer is IN THE PRICE OF THE PROPERTY, AS WELL.

Long Island is tricky. Were it like most areas that are full of Realtors accustomed to buyer agency as the only way to conduct real estate, there would be no concern that a buyer would be compensating their agent once through the listing fee in the house, and again out of pocket to the agent. It simply isn't a problem in many areas, as ALL listings fully anticipate, and offer payment to, a buyer's agent in the MLS system.

Until this is true in New York, and specifically on Long Island, it is dicey, and unacceptable to demand a contract from a buyer seeking representation.

We don't do things the way that Long Island "does things", because it has been far too confusing, in our opinion, for BOTH parties in the transaction. The resultant disdain that most consumers have toward the real estate industry in general on Long Island is a result of confusion.

Working to become an integral part of a fair transaction does not seem an unreasonable request on the part of consumers. Hey, it has to start somewhere.

If you are seeking a property on the North Fork of Long Island, or would like a review of our consumer friendly rates to list your home with the utmost care, please contact us. We are happy to answer any questions that you may have. Our goal is your goal- a transaction that is clear, defined, and puts integrity ahead of self-gain.

photos: iStockPhoto

Grandma's on the North Fork of Long Island, New York

Options Realty — Sun, 29 Jun 2008 22:59:08 -0500

What’s A Grandma To Do?

Authored by: Laurie Mindnich
June 29th, 2008

As a very recent member of the gramma "club", I've been searching out activities for children (grandchildren) on the North Fork of Long Island.

Whether you live on the North Fork, simply vacation here, or are like many, considering retirement here, my new perspective on this area is full of possibilities. Quite frankly, short of owning a property in an amusement park, this is truly a spectacular place in which to enjoy the experiences offered to our beloved "little ones."

As people who love sailing, Callie's first visit (OK- she'll need to be more than the day old that she currently is) will be to the Southold sailing club for kids. Learning to handle a boat, and all of the safety rules, will be imperative for her when she's old enough to participate, and the Southold Yacht Club offers just such an experience.

The Southold Indian Museum, located on Main Bayview recently offered a "crafts for kids" afternoon, and often has events specifically tailored for the younger crowd. 631-765-5577. www.southoldindianmuseum.org will provide details.

Located immediately across the street is a fascinating building offering views of the stars- when events occur at the Custer Institute, parking gets crazy, so arrive early. For star gazers, this is a top notch experience for all ages. www.custerobservatory.org will provide you with scheduled events.

If the kids are a bit older, the water park located in Calverton called Splish Splash provides the "juice" that some kids crave- the website provides details at www.splishsplashlongisland.com. I hope, when Callie reaches an age that permits a trip to the park, that I'm still nimble enough to make it up (and down) that HUGE water slide!

This is a very small offering of activities for kids on the North Fork- the bustling farm stands, with offers of strawberry picking, roasted corn, and the occasional quartet fill many afternoons for our visitors. Once corn season is really here, you'll find that the crowds are full of little faces, with butter dripping, enjoying the magic of the North Fork.

Really- as a Gramma now, living here is exactly the type of location that I relish sharing with my new little granddaughter- what a fantastic place to be!

Now, if I can just convince my daughter and her husband to MOVE HERE...

Since When Are Buyers Entitled to Commission on Long Island, New York?

Options Realty — Sun, 15 Jun 2008 11:58:21 -0500

With my entrance into the NY market offering a vastly different perspective from "whence I came" (out of state), it has been confounding to me, particularly after reading this featured post: http://activerain.com/blogsview/549893/Educating-consumers-on-how to understand how it is that NY consumers seem so confused over the commission concept, and who gets what.

In my real estate history, there was the sellers agent, and the buyers agent. Something like 95% of sold homes were co-ops, with the commission being split and designated. They're called "co-brokes" here.

In Long Island, however, I've come to understand the there is a large contingent of the real estate community that views the commission this way: an agreement between the seller and the listing agent.

The result of this thought process is problematic to the consumer for the following reason: buyers are becoming aware in New York that there is commission "built in the price" for a buyer's agent on mls listed properties. Sellers don't care who gets the money in a "split" situation, as long as the house is competently closed.

If listing appointments were handled with this assumption (a split fee) by the listing Realtors (more importantly, by their Long Island brokers), it would loosen up the atmosphere. I am certain that this is not the comprehension here, because there are still signs that go up regularly, not put into the mls for a week-or month- after the sign is up. If a seller understood that the objective is a sale, from whomever may bring a buyer, they would surely eschew a "pocket" listing.

To hang on to an outdated notion that permits exclusivity and limited exposure for sellers who receive NO BENEFIT from this practice seems dicey in a market of properties sitting. It's unethical in a good market- pick your poison.

If a Long Island agent who is involved in this type of listing effort would explain the benefit, perhaps it would clarify this issue for other agents that are part of the MLSLI, in addition to buyers who believe that the agreed to commission in the form of the advertised mls rate is "theirs"- to the extent that it pays for their representation (and is funded by them, as it's in the price of the house as an expense to sell).

Until then, I'm sticking with the philosophy that commission offered in the MLS to the buyers "side" is money well spent by BOTH seller and buyer as it offers a "fair" transaction. Whether it's good for the li$ting broker, from where I stand, is irrelevant.

Mom, WHAT ARE YOU TALKING ABOUT??

Options Realty — Fri, 30 May 2008 22:19:06 -0500

My mother called tonight, but I was busy with a client, so let the caller i.d. do its thing.

When I returned the call, which I try to do the majority of the time, Mom wanted to share the "real estate news"- that which she'd seen on TV. I requested specifics; she said "the news- 7 or something." God love mom, but I want the source.

Curious, I listened as she explained to me that now, if a person wants to conduct real estate online and save commission, they can. When I asked her, as a consumer, what her "take" on this news was, she responded that "saving commission" would be the priority.

Evidently, the "news" has determined that the DOJ/NAR issue is newsworthy. I haven't seen any reports here, but don't always watch the news on TV when it's online. I wonder if I should start.

Pay-Per-Click- Do Consumers See Desperation?

Options Realty — Mon, 26 May 2008 19:20:34 -0500

OK- this isn't about anything more than the following:

Now that the internet is achieving levels beyond some expectations in the real estate arena, shouldn't advertisers with Google (or whomever) have their top of the page (I'm-clicking-keywords-advertise-my-company-at-the-top-even-though-others-are-here-without-that-internet-interference") perspective-ized (not a word) in real estate?

Put the "I have to pay to get google juice" at the bottom of the initial search page. If you can't get on page one, seekers should view what you're offering as a bit less than those that offer enough to arrive on page one- really. In real estate, this capability of appearing in various places, often on page one, is essential.

To have to pay for it would, as a consumer, speak volumes to me.

A Home Buyer Saga On Long Island, New York

Options Realty — Thu, 15 May 2008 13:34:12 -0500

My last post involved "open listings", and my feeling that they may be opportunities for promotion.

One of the assumptions that I had about "open listings" was that the seller would pay one agent (likely a buyer's agent) an amount LESS than a full listing dollar amount- negotiable, as we all know. I'm not from this area, so have absolutely no experience with "open" listings- they simply aren't done in most areas.

Seems simple, though: no listing "fee", just payment to the buyer broker.

AMAZINGLY, I received the following call from an astute, frustrated homebuyer literally on the heels of the other post (ok- a day later) regarding an agency question- specifically, BUYER AGENCY. The coincidence was that it was one of those "open" listings, complicating the scenario a bit. The following occurred:

Seeking a property in the "high end" arena, this prospective purchaser on Long Island located the perfect house, suitable for all of his needs. We'll call him...Mike.

Mike, having engaged with a local Realtor, made the decision that buyer agency was a good plan for him, and they diligently sought out appropriate properties.

One of the properties happened to be an "open" listing, so when the decision was made that "this is it", this astute buyer, understanding the importance of having representation with this purchase, signed a buyer agency contract. In New York, this agreement includes the "fiduciary" requirement on the part of the buyers agent in much the same way that the listing agent (were there one in this case) offers up diligence for the seller.

While not a "perfect" transaction, Mike was happy about the purchase in so much as he paid what he felt was the correct amount based on the input of his agent; operated with the benefit of someone watching out for his interests, and assumed, as all clients of buyer agents should, that his best interest were being diligently overseen.

48 HOURS BEFORE CLOSING, he received a call from his attorney. His attorney (they are often used in NY, for those in other states that don't have lawyers involved) told Mike that he had received a disclosure statement via fax from his buyers agent that, per the real estate broker, needed to be signed prior to closing.

THE DISCLOSURE READ THAT IN FACT, MIKE'S AGENT REPRESENTED THE SELLER.

Evidently, this transaction included no representation for Mike. All along. Despite the signed buyer agency agreement, and Mike's willingness to participate in payment to the buyer broker.

Without getting into how the attorney should have done this or that (really- with most states not needing the legal contingent, it's moot) Mike, as suggested, called his agent. The Realtor indicated that, because there was an agreement with the seller all along, Mike needed to acknowledge that there was, despite payment FROM Mike to the agent, in addition to the buyer agency contract, no representation after all.

While I am assuming that the "buyers agent" likely provided (as a result of having located a buyer) some form of commitment for payment from the seller, I am guessing that what was presented to the seller was a "listing" agreement, which instigates seller agency from the listing broker.

Except, because the agent working with Mike didn't define or disclose that there was some kind of agreement with the seller that compromised the agreed-to-in-writing buyer agency, Mike feels justifiably screwed (sorry, but it's the most appropriate word that I can think of).

In the inimitable words of that good lookin' Broker Bryant, "what say you"? Any help is greatly appreciated from anyone that has ever experienced something like this- or just has 2 cents to contribute.

Know that Mike closed a few days ago on the property; 48 hours was simply not enough time for him to digest the full implication of this scenario, and there was a need to close.

It is understood that any responses are opinion, not legal advice. I found myself speechless.

"There's No Such Thing as Debtors Prison..."

Options Realty — Sat, 03 May 2008 21:06:56 -0500

Like most of you, I've experienced a good market, and a horrible market.

A good market involves diligence with a guaranteed outcome; a bad market involves diligence with odds of 60-40 to close, and a horrible market involves weekday visits to church, or a daily visit with incantations in front of a mirror with scented candles (which I don't do).

A "bad" market also provides a bit of perspective.

Having engaged in an attempted "short sale" with prospective sellers that seemed eager, we persevered. No return calls from the lender, an attorney that "checked in occasionally" with a request for updates (HUH? We thought that you were helping with this nightmare) and ultimately...FAILURE.

The sellers, in addition to having made the decision to put their house on the market as soon as financial issues enveloped them, had two sons headed to Iraq.

By the time we met, their sons had been deployed.

While we received a viable offer of $510k, the bank hired an out of location appraiser, whose results compelled the lender to "go ahead and foreclose- there's plenty of equity."

The sellers relocated to a southern state, where another of their children lived. The sellers attitude?
'expletive YOU. We've tried to sell the house, can't, so...best wishes."

The house, having failed to sell at auction, is now on the market for $449k. with an REO company.

I returned from an open house last weekend, and who was on our front porch, but the SELLERS?

They looked AMAZING. Relaxed, happy, and full of stories about how their life in the Southern town is working out beautifully- the properties are so much less expensive there, the people are friendly, and their kids own a townhome that's gorgeous, occupied by our sellers (talk about a fabulous renter).

For these people, I can only say CONGRATULATIONS. You survived a situation that no one anticipated, and came out generous, healthy, and always respected. That you made it through this lending debacle is a testament to the reality that everything is "cyclical", and restoring your "good name" was not neccessary. It was never lost.

Designated "Declining Market" Status in Suffolk/Nassau Counties?

Options Realty — Sat, 09 Feb 2008 19:50:46 -0600

I was fortunate to attend a LIBOR sponsored class entitled, "The Not So Basic Basics of Mortgage Financing". In it, we learned about qualifying ratios (for too much time). We received worksheets in order to demonstrate to the buyer, how, after the tax benefit, home ownership is valid. The numbers were, imo, inaccurate.

We learned, due to an attendee that happens to be a mortgage broker, that March 15th is the "increased loan limits" date to target, that will be a huge help to NY real estate, with FHA potentially becoming available in the (gasp) 700's. This was a good short interjection from an attendee.

This same attendee mentioned that, from a lender (and appraiser) perspective, Nassau and Suffolk counties in Long Island are considered "declining" markets. What I gleaned from the class attendee is that as such, appraisals will have to include potential short term price drops when appraising a property, in addition to the normal appraisal procedures.

What this appears to "mean", and I make no claim to full comprehension, just alarm at a potential problem, is that the selling price of our overpriced listings (or any listing) may have the compromise of a bank that will appraise the property for current market value, MINUS anticipated market decline. WHAT?

I wanted the lender to go on, but he was not the instructor. As an attendee, he apologized a few times for "hijacking" (my word) the class.

When the instructor said, "Hey, Colorado, what did you learn today", I had to respond with nothing, nada, zilch. I explained that the course had left me "uninspired", and she moved along quickly (this is a NY class). I wasn't mean about it- the truth is, I was blank (other than info provided by the attendee, not instructor).

Are any NY agents experiencing this "declining market" situation with lenders?

Addressed to: New York Buyers and Sellers and Realtors...

Options Realty — Wed, 30 Jan 2008 11:37:30 -0600

This morning, we received a call from a recent party to a closing that we had represented (the seller).

He encouraged us to send him a recommendation that he would sign for us, as he was thrilled with our service. While he was complimentary with our presence, he was equally excited about the following: we were able to successfully close his home WITHOUT AN ATTORNEY ON THE SELLING SIDE.

The letter that we are going to have him acknowledge is this:

"As a seller, I absolutely did not want to pay for an attorney to be involved in process- it was an expense that we were not willing to undertake. "x" company (us) facilitated the transaction for our "side", assisting with obtaining the deed, writing up the contract for our buyer (who was willing to accept that our company represented us, as sellers, which was disclosed to him very clearly by our listing company). Our Realtors "filled-in-the-blanks", and as a seller, I took it upon myself to review the contract contents, which I believe is unfair to me- surely, having the assistance of our Realtor would have been of benefit to me, but is not permitted in New York). After submitting the contract to the buyer's attorney to "review" for the buyer, the contract was signed without incident. We made it to closing with no issues, and the closing costs provided by our Realtor were within dollars of the actual costs, which was a pleasant surprise to us. The title company was efficient in perfoming the settlement sheet, and we were completely satisfied with the process."

TO NEW YORK REALTORS: IT CAN BE DONE WITHOUT A LAWYER. All states require atty review; most consumers decline (37 states). Here is the question that I would post to NY Realtors: if the BUYER in this true transaction had been equally adamant about not paying an additional fee for the use of an attorney, WHERE DOES THIS LEAVE CONSUMERS? I would merely respectfully suggest to all NY agents that this be considered, and if there is agreement that forcing consumers into the atty contingent when a buyer/seller cannot, or will not, add the expense leaves them without common sense advice. Now, not to be abnoxious, but another question is: why on earth didn't the "legal advice" from the buying side insist that the buyer get representation, as opposed to accepting "seller representation"? It's a mess here, and the NYDOJ is complicit in forcing decisions that consumers may or may not agree with, AT THE EXPENSE OF THE CONSUMER.

THIS IS LIKELY THE MOST SATISFYING RECOMMENDATION THAT WE WILL RECEIVE.

**edit: states require that consumers are advised to have an atty review- not required to DO it, including New York.