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New law that will hit sellers in the pocket book

By Jennifer Fivelsdal

Real Estate Broker/Owner with JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 10491201242

July 16, 2007 12:50 AM

Back in January I wrote a post informing Dutchess County homeowners that the County Legislature was trying to pass a water testing bill. This would have passed except for Bill Stienhaus the County Executive veto. At that time several towns promised to go ahead and pass their own water testing bill.

This week while reading the Poughkeepsie Journal I found out that both the towns of Fishkill and Wappingers Fall have successful pass the water testing bill.

This will be a comprehensive test which will involve testing 25-28 different item with a minimum cost of about $500. This test will have to be performed prior to passing title.

The question is, what will be the outcome if the test comes back positive for some of these substances? could the property become stigmatized? And most of all what will it cost to re-mediate?

I expect other towns in Dutch County will also go this route.

Jennifer Fivelsdal - JFIVE HOMES REALTY LLC - 845-758-6842- jennifer@jfivehomes.com

www.jfivehomes.com or www.midhudsonhomevalue.com

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Laurie Mindnich

Centennial, CO

Oh, boy- another hitch in the process. I'm sure we'll all figure it out, after the intitial mediation occurs when the test comes back awry, but keep us posted, and thanks for the info!

Jul 16, 2007 01:05 AM

Brian Schulman

Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA

Lancaster County PA RealEstate Expert 717-951-5552

Jennifer, these new laws always have a good-hearted reason for being passed. And they always have the unintended consequence of making it more difficult and more expensive to buy or sell a home.

Jul 16, 2007 01:10 AM

Wayne McMullan

Royal LePage ProAlliance Realty - Belleville, ON

Quinte Real Estate

Jennifer, now it's testing. Next they will come up with the idea to start taxing all rural residential wells. Scary stuff.

Jul 16, 2007 01:11 AM

Tina Howell

RE/MAX DFW Associates VI - Little Elm, TX

Little Elm & Frisco Area Real Estate

Wow - those mediation costs could be high. What started this trend? Were there cases of bad well water?

Jul 16, 2007 03:39 AM

Jennifer Fivelsdal

JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY

Mid Hudson Valley real estate connection

Laurie - I too would like to see what the mediation cost will be. I will certainly keep you posted.

Brian - You are so right, these laws do have good intention and we all want to have safe water for our family and neighbors.

Wayne - Taxing all residential wells could be a windfall, you see most of the residential homes have private wells.

Tina - Yes the cost could add up. there was incident of contamination in a certain area link to a large company.

Jul 16, 2007 04:48 AM

Paula Henry

Home to Indy Team @ HomeSmart Realty Group - Avon, IN

Realtor - Indianapolis Real Estate - 317-605-4174

I had lunch today with a previous client and was talking about how there always seems to be something new in the real estate process. We have tax issues here and you have water testing. How does a FSBO stay on top of these changes? Just a thought!

Jul 16, 2007 07:21 AM

George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Jennifer, I am not one for new laws. This should be treated much like a Home Inspection, advise the Buyer to get one. It is then their decision on whether to spend the money or not, and if something is found then it would be up to the Buyer and Seller to negotiate how to take care of it just like a Home Inspection.

Jul 16, 2007 11:17 AM

Diana Corcoran

Berkshire Hathaway Home Services Hudson Valley Properties - Rhinebeck, NY

Rhinebeck Real Estate

Jennifer: Yikes! This could be a nightmare. Now if Red Hook, NY adds that to the new transfer tax they just passed for the seller to pay will we ever sell another house in Red Hook? It seems the achieving the American Dream gets harder every day. PS> Where is that Mother of the Bride picture?

Jul 16, 2007 11:42 AM

Paula - It must be hard for a FSBO. In my area not only do we have the water issue but we also have the tax issues and that's another story.

George - I think the County Executive thoughts were similar to yours.

Diana - I am waiting to see the impact of the transfer tax on the real estate market, who really will pay it? will it become a negotiating item?

Only time will tell if Red Hook will enact the water bill. Maybe they will wait to see how it play out in the other towns.

Jul 16, 2007 03:08 PM

New law that will hit sellers in the pocket book

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