Laurie Mindnich

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.

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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.

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”.

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.

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?