About Yates County, NY

Beware who you are selling to on Craigslist and Ebay!!!!

I've heard about this happening to people before but this time I've seen it first hand. You list an item for sale on ebay or craigslist and someone contacts you through e-mail saying they will mail you a check today for the full amount. They have a shipping company that will come to pick up the item. They ask you to remove the item imidiately from the site and consider it sold. After you provide them your mailing address they send out at cashiers check (its a bogus check). They then e-mail you and say their secretary accidentally mailed $2500 instead of the $1000 you were asking for the item. They ask you to Western Union them the difference back. Its such a scam! No ones is ever going to pick up your item, the check is a fake and you are out the $1500 plus whatever your bank charges for cashing a bad check.

Watch out for people like this, luckily I was aware of what was happening and didn't fall for their tricks. Only do business with people you can personally talk to either on the phone or at the time of the transaction. Beware these scams

I'd like to introduce myself, my name is Dan Morse and I work full time as a Realtor for Remax Diversified Realty here in Penn Yan. I've been involved in real estate for 10 years now, owning rental property. I have had my License to sell real estate for 2 years and am very successful. I'm great helping with first time home buyers, investment property. I've sold all forms of property. Please feel free to contact me at 315-719-7372 anytime to discuss your real estate questions and needs. You can also check out my website at www.danmorserealestate.com. I'm never to busy to answer any questions or to take a referral.

Thank you

Dan Morse

Associate Broker

315-719-7372

dan.morse@yahoo.com

Since the market has changed I've seen some local house flippers make big mistakes.

The number 1 mistake I've seen them make is asking too much. The hog days of yesterday are gone, there are fewer buyers available and they all are looking for a deal. Banks and buyers both are cautious of what they do with their money. Asking top dollar on a home that is sitting vacant is risky. I've seen homes start out too high its all down hill from there. You are better off asking $140K and getting close to it today than starting at $180k and taking $120k after being on the market a year.

The home is on the market for 30 days, 90 days, 6 months, a year. All this time people are wondering why hasn't this home sold, what is wrong with it, no one wants to be the one who does this flipper a favor and takes the home off his hands. Its market stail and the price falls 10%, 20%, 30% and more. Eventually the flipper takes less than he has into the property, he bought it for $70K, put $60K into it and now he is going to sell the property for $120K.

You think he is losing $10K but after closer examination its more like $24K. The carrying cost of the property roughly $14k yearly. You have opportunity cost on your $130K if its your cash or a line of credit at a minimum of 6% but more like 9-10% that's $7800-13000, you have taxes on the property $4000, insurance $600, and maintenance and utilities of $1600. Its not fun taking a $24K bath on something you have so much involved in but sometimes you just have to take your medicine.

Another Mistake that was made was over development. He put too many high end upgrades into the house that priced it out of the neighborhood that it was in. Rather than putting $60K into the home he would have been better suited putting $5K and selling it 2 weeks later for $95K. $20K profit and only having owned the home for 3 months tops close-to-close.

Offering the home for sale in move in condition under market value is the best way to ensure your money isn't tide up, you can offer someone the best deal going and everyone wins. In this unsure market its no fun speculating and waiting for that top dollar, its costly. I say take you money and run!!!

My advice to Flippers is "Offer the best value at or below market value from day 1!!!" Moving property is the name of the game and if you get stuck with a property or take a bath it can wreck your business. Giving your buyers the best deal allows you to continue to thrive in this tough and changing market.

There was an article recently in the Chronicle Advisor saying Yates County Real Estate sales are on the Rise. Its nice to see our area making positive news. With the beauty of keuka lake, our Wineries and our craft market the windmill its no wonder we are still seeing sales. Our Menonite communitty has really helped us to, they have so many great little shops all around this county that breaths life in little Yates. I'm happy to see our area make the best out of what we have. We truely are a wonderful fingerlakes area gem!