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Meeting your Legislators can make a difference

By
Real Estate Broker/Owner with Turn Key Real Estate 31RA0874656
Many Realtors went up to Albany on March 27-28.  This was our yearly pilgrimage and ritual to discuss and have a dialogue concerning proposals for new laws and regulations and their effect on real estate.  It was also the chance to explore current laws and ways to enhance and upgrade
them for the current business environment in New York State.

Their effect can be dramatic and costly for consumers and purchasers.  Laws that are enacted sometimes harm Realtors involved in the real estate industry in New York State.

One of the major topics was the power that co-op boards have over purchasers, especially having to fill out an immense amount of paperwork providing a large amount of personal information. This is not a requirement when buying a condominium, townhouse, or HOA.

As many as 1,500 pages are sometimes required and created by the purchaser. There is a lot of time involved in compiling and putting together some board packages that must be organized, tabbed by sections, and set in hard-cover presentation folders.  However, some management companies today are using online applications.  This has made the process much more seamless and has truly simplified the process.

Paying the mandatory application fees isn’t a guarantee that you will pass the co-op board review and there are no refunds.  I did convey in last week’s column that it is understood that managements earn a portion of their income from their board application fees.  In addition, since the COVID-19 pandemic, a NYS law was enacted that said buyers were only required to pay a maximum of $20 per credit check inquiry.  Previously I experienced fees ranging from $50-$125 per applicant! Some gouging was happening and that new law saved buyers a lot of money.  This showed me that the new regulations, enacted by our NYS Legislature, were working for the purchasers.

The boards in Nassau County, are not required to let a buyer know why he or she failed to pass a board review.  We explained that this is unjust and unfair, especially without a partial refund.

I brought up the idea of having a buyer of residential homes who was approved for a grant of $39,000 to be able to do a full inspection, as is normally done when purchasing a home.  However, when receiving a grant, it is currently mandatory to have a complete inspection.  If it is a foreclosure, then 99.9% of the time the houses are winterized all year long.

I proposed that the buyer put up $500 to turn on all the utilities, and then be able to have their home inspector do a proper, thorough, and complete inspection.  Then the individual or company that turned all the utilities back on can now winterize the home again.  So in the event the buyer changes their mind, at least the home is now protected once again, from potentially frigid weather and having to contend with broken pipes.

This would enable more buyers of foreclosures, being end users to purchase and then over the years build roots, friends, and connections in the community where as investors do nothing but buy, fix, and flip or buy and hold and rent.  They are not necessarily building roots or friendships. Building a community is more important in the short and long run than earning money and not assisting in truly benefiting the communities being served.

As of March 20, we now have a new NYS law that requires the homeowner to fill out the 55-question Seller Property Condition Disclosure form if they aren’t in contract by that date.  Also, the $500 fee previously required to be paid to the buyer by the seller, when the questionnaire wasn’t filled out, has now been rescinded.  However, I am pushing for the requirement to be waived if someone is impaired with dementia, Alzheimer’s disease, or a mental disability.  There are 14 exemptions to the law that you can find here:casetext.com under the N.Y. Real Prop. Law § 463. 

I was able to have several varied discussions with state Sen. Jack M.Martins (7th District); Jennifer Slagen, legislative director for Assemblymember Gina L.Sillitti (16th District); Assemblymember Amy R. Paulin (88th District, Westchester); Michael J. Kelly, director of Government Affairs for New York State Association of Realtors; and Marlo Paeventi, chief lobbyist for Long Island Board of Realtors, who presided with others, over one of our meetings.

RPAC (Realtors Political Action Committee) is our local LIBOR committee that raises funds yearly enabling our local LIBOR to lobby and fight against specific rules and regulations, brought to the Legislative floor in consideration of creating a new law or updating others. Some of the laws could make it more difficult and burdensome for those in real estate and purchasers and sellers, too.

So going to Lobby Day yearly is a crucial date for all Realtors to consider showing up and attending.  We have more power in numbers. So if you are a Realtor or are licensed, watch for our next Lobby Day, most likely in February 2025, and participate in having your voice heard by your Legislators.

P.S. Have you entered my contest yet?  7 days left to enter.  Whoever provides the correct answer to how many interest rate reductions or possible increases will occur this year plus the total percentage reduced or increased will be the winner.  Your reward will be a dinner with my wife and me and a special surprise bonus!  The contest was going to end on 3/15/24, but we have extended our contest until 4/15/24 at 11:59 PM as the absolute final date to provide the additional time for all to enter as the final drawing will be on 12/28/24.

Hoping you, your Family, Friends, and Business associates have a Healthier, Safer, Happier, and more Lucrative 2024!

Posted by

Sincerely,

Philip A. Raices, Pres/CEO, 

Graduate Realtor Institute

(What I consider a Masters Degree in Real Estate)
 
C.I.P.S. (Certified International Property Specialist)
 
The National Association of Realtors "Green" designation
(Certified in Eco-Friendly Low Carbon Footprint Construction/3-D Printed Foundations/Geo-Thermal HVAC/Solar Panels/Heat Pumps)

Turn Key Real Estate
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Have you entered my contest yet?  Whoever provides the correct answer in how many interest rate reductions or possible increases plus the total percentage reduced or increased will be the winner.  Your reward will be a dinner with my wife and I and a special surprise bonus!  The contest was going to end on 3/31/24, but due to the overwhelming response, we have extended our contest until 4/15/24 at 11:59 PM as the absolute final date to provide the additional time for all to enter as the final drawing will be on 12/28/24.

Hoping you, your Family, Friends, and business associates have a Healthier, Safer, Happier, and more Lucrative 2024!

https://WWW.Li-RealEstate.Com (Search 1,000,000+ properties from Montauk through the 5 Boros, the U.S.A. & Abroad!)

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We truly and thoroughly enjoy doing business with Matrimonial/Divorce Attorneys as we assist them in helping their clients with the challenging, tumultuous, and stressful process of navigating and guiding them through the potential sale (or showing how the wife or husband) can potentially keep and stay in the home.  If allowed, we will hold their hand(s) and build rapport and a relationship with either 1 or both parties as we traverse through the selling process.  We are also in Part 36 of the NYS Court system in helping those attorneys who need a Professional, Expert, and Qualified Broker with their indigent, disabled, or clients who have passed away with the sale of their properties.
 
If you know of anyone who might be considering selling, investing, purchasing, renting, or leasing any type of residential or commercial property, locally, the 5 Boroughs of NYC, Upstate, around the U.S.A., or Internationally, that isn't already listed with a Broker, consider me your go-to guy!
 
"How to Prepare Your Home Before It Goes On The Market" Q & A   Audio by Philip A. Raices for the Multiple Listing Service of Long Island W/Trisha Chirco (MLSLI.COM)

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Past President of the Rotary Club Of Great Neck 2011-2012

Member of M.L.S. (Multiple Listing Service)

Member of L.I.B.O.R. (Long Island Board of Realtors)

Member of the Budget & Finance Committee

Member of the Technology Committee

Member of the Advertising & Marketing Committee

Member of the International Global Business and Alliance Committee

Member of N.Y.S.A.R. (NYS Association of Realtors)

Former Member of N.Y.S.A.R.'s  The Communications, Marketing & Technology Forum

Former Member of N.Y.S.A.R.'s Co-op Issues Working Group

 

Member of N.A.R. (National Association of Realtors)

Member of N.A.R.'s Global Alliances and Business Committee

Former Member of N.A.R.'s Business Policy & Issues Committee

 

Director of the Great Neck Chamber of Commerce 1995-present

Past Director of the B.I.D. (Business District of the Village of Great Neck Plaza) 2005-2018

Past Whole Blood Platelet Donor for 15 years

Volunteer Driver for the American Cancer Association 1994-2010

 

 

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Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Ohio Realtors are having their day at the capitol in a few days. Excited to join them in bringing our issue to the front of elected officials. I am a State Political Coordinator for one of the State representatives in our district.

Apr 09, 2024 04:15 AM
Philip A. Raices

Hey Sham, our "Lobby Day" was extremely productive.  I spoke to Jack Martins and suggested an idea for a new law concerning Grants and foreclosures, which he thought was excellent.  I can secure grants of up to $50,000 for 1st-time purchasers, in Nassau and Suffolk, that don't have to be paid back if they reside in the home for at least 10 years.  However, the glitch is for the loan to be approved, a full inspection must be performed.  Foreclosures are always winterized up in NY.  I proposed to have the buyer pay, let's say $500 additionally, to have the utilities operational, and then the full inspection could be completed.  Then afterward, everything would be winterized once again.  If for some reason, the purchaser decided not to buy, at least the home would be put back the way it was, before the inspection.  He thought my idea had validity and would bring it up in the NYS Legislature, which is a long and winding process, but at least I was able to get the ball rolling in the right direction.  I think every Active Rain Member, should pursue the same course of action in all the other 49 states, so 1st time buyers (instead of us investors) could buy, secure their grant, and then build roots in the community.  Investors do not build roots in any community as it is always about the ROI and I am about helping people and paying it forward.  So how about everyone else, will you be on board and tell all your legislators to create a law that will assist end users to buy and build their wealth through ownership?

Apr 18, 2024 12:17 PM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Philip. Have no experience with co-ops since they were never a factor in markets I served. And with the horror stories coming out of New York, happy I have not had to deal with them. May your legislature help buyers out. Don'r count on it. Enjoy your day.  

Apr 09, 2024 04:20 AM
Philip A. Raices

Hey Wayne, 

Sorry for the late response, but spring skiing up in Killington, VT was amazing this year.  Coops are fine, as long as their financials are strong and you qualify your clients to have the proper income, excellent credit scores, and low debt/income ratios.  I find it allows those who can not afford a home, townhome, or condo to become an owner and build their wealth overtime.  Without coops, there would be that many more that would be sitting on the sidelines to continue to rent and make their landlords rich, with all the write-offs and the power to not renew their leases when a son/daughter or relative needed the place.

Today, for the majority of people, their home is the greatest wealth creator and the source of most of their future wealth.

Apr 18, 2024 12:24 PM