For whatever reason, I decided to google "no doc home loan".

I knew what was coming. It wasn't "fun", but did offer some hindsight. I did NOT see a bank ad seeking, "pulse only"- rather, nicely written explanations of available loan instruments, with one sentence including, "no income verification for those that cannot properly document income"- dated late 2006.

Having been in a new home arena in 2006-2007, I missed the pulse party, because my customer profile paid cash for retirement condos in NY- never did see an over-55 get a loan (their properties were going wild in the beginning)...

It's got to be a crazy ride for real estate agents that began their careers in such an environment- how on earth is a "new" (2004 and newer) person supposed to have a really good feel for right/wrong when so much was force fed as "acceptable practice" when determining exactly who COULD buy a home?

On the OTHER side of such an odd entry into the market, it would seem that it's time for the NAR and local chapters to initiate, for the uninitiated, the RIGHT* way to conduct a real estate transaction- without a major injection of education for the less seasoned (and not neccessarily unethical by nature) the industry could lose good people unable to figure out this "new" (old) market.

I'm talking less about force-feeding transaction ethics than I am about really familiarizing agents with loan programs that will achieve closings in a market that demands far more than a "pulse".

A good real estate agent having entered the market at a heady time must understand, as we crash land, that unqualified buyers submitting offers (and potentially frustrating a frustrated seller, in addition to the potential of GOOD buyers on the same property) will result in more chaos...and we've all had enough chaos.

BUYERS NEED TO BE AT THE BRINK OF FULL APPROVAL BEFORE SUBMITTING OFFERS.

Take your time, as a real estate agent, gathering what works within your own level of competence- take all the time that you need to establish that what you "have" is, indeed, a buyer for a seller. 

*Right is subjective- whatever the climate dictates is not "wrong", if legal. Ethical is a different cat, where common sense is considered a paramount element.

 

Authored by: Laurie Mindnich
October 19th, 2008

When we first moved to Southold, New York in 2002, there was a structure in our neighborhood called the General Wayne Inn.

Situated oddly, Sean’s father explained that he had in fact dined at this opulent eatery located in the residential area of Bayview- it was a destination spot often navigated on foot, as those in the area were able to combine a nice walk with a fine meal.

The building was abandoned when we viewed it, but still intact- clearly devastated by a fire of some sort, it was destined to deteriorate without immediate intervention.

Below are photos of this once-grand establishment, along with a recent town meeting addressing the uncertain future of this once glorious structure.

http://southoldtown.iqm2.com/citizens/Detail_PublicHearing.aspx?Frame=&MeetingID=1106&MediaPosition=&ID=1150&CssClass=

It has increasingly become an eyesore, due to the lack of maintenance and preservation that the owner was unable to provide for it.

I’d love to see it purchased and restored, but as the years go by, all elements worthy of restoration seemingly grow legs- where a sign once proclaimed it’s identity, there is now simply an empty and rotting post.

Authored by: Laurie Mindnich
October 12th, 2008 

To those seeking either a permanent home or a vacation/retirement home on the North Fork of Long Island…here’s a glimpse of our landscape in the fall.

With so much being generated- legitimately- about the caution needed when entering a declining home market, there is no question but that a focus on pricing (and the deterioration thereof) is a short term issue worthy of serious consideration.  With the possible exception of waterfront (fundamentally limited), there is no telling what will occur with pricing over the next year. Or quite possibly, the year after that.

In the meantime, things go on- this weekend was one of pumpkins and sailing. The weather was extraordinary, and offered an opportunity to enter quiet waters (NO WIND today) and escape the onslaught of bad news, at least for a few hours.

For some, jumping on board and making a decision is fairly easy; buying a “lifestyle” is part of the package. On the North fork of Long Island, the abundance of open space, water and charm beckon those seeking to begin each day in a casual, yet spectacularly beautiful location.

Fall festivals and farm-stands dot the way home, with happy kids in Pumpkin nirvana.

Pricing has returned to levels of attainability, having soared upward only to spiral downward. The question remains: how much lower will they go? Further, is waiting to find out worth missing what can be achieved, at adjusted pricing and low interest rates, right now?

I’m not sure. What is certain, however, is that when you visit the North fork, you may not want to leave. That alone is something, isn’t it?

We’re here to assist you with your dream. Offering buyer agency, we’ll make every effort to get you the best possible price on your home of choice on the North fork, as well as provide you with all of the ammunition you need to determine if “now” is the right time for you, and for your life. Pressure doesn’t fit with the North fork lifestyle, so we’ll leave that at the door.

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!

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.

.

.

.

.

Share This

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.

 

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.

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.

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...

Photo: sxc

 

 

 

Your Local North Fork Real Estate Blog

Get Your own Real Estate Voice! Right NOW - Right Here!

 

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