About Babylon's Babylon

First Time Home Buyers - What Do You Mean My Job Is Done?

I am currently working with a wonderful couple who are first time home buyers. They were approved for an FHA mortgage and wanted to purchase a condo in the Ronkonkoma area of Long Island where they are more affordable. But, a 40 minute commute at minimum to both their jobs and that is just one way!

Then I got the bright idea of maybe they can afford a co-op since they are cheaper and there are a lot of co-op developments that are closer to their jobs. Their income is fine and their credit scores are high. Turns out I was right and they can get a conventional mortgage. Yeah!

The downside of co-ops is some co-op boards want 15 to 20% down even though the bank said they can put 10% down. I found one development in Islip, New York called Forest Green. They require 10% down and that is perfect! The co-op board there is easy to deal with and that helps tremendously.

So, my buyers went to an open house without me last weekend. They told the listing agent they are working with me so no problems there. They fell in love with one unit that is absolutely gorgeous! The owner updated the kitchen beautifully and the co-op throughout is so nice. The owner really took care of it.

Their offer of $123,000.00 was accepted, they are happy campers and now the real "fun" begins.

I was on the phone with my buyer after I told them their offer was accepted. He and his wife were so grateful for all the help I had given them especially for being able to see they could get a conventional mortgage which means they had more choices for housing. He then told me, "your job is done". Huh? You mean I get to sit back and wait for closing which is pay day for me? I don't think so scooter!

I said to him, "do you know what needs to be done next?" No was his answer. I told him that is the other part of my job, guiding them towards what needs to be done next. Resolving problems if they arise. Giving them suggestions for home inspectors and real estate attorneys. Faxing paperwork to the listing agent and their attorney. Letting them know when it's time to submit their application to the co-op board. Being there during the home inspection. Going to closing with them. "WOW you do all that?" It's my job and I'm happy to do it.

They are amazed at how much work Realtors truly do. It felt good to hear that for a change.

Long Island For Sale By Owner - Why Go Without Representation?

I speak to 20 For Sale By Owners each week. Most of them say they want to try selling their home on their own for a while. Some want to save on the commission. Others say they bought at the top of the real estate market and truly cannot afford to pay the commission. That I can understand.

Buyers hire Realtors to represent them. Why should you go without representation?

As a homeowner trying to sell your home on your own, you have no representation. No one on your side to protect you. What does representation mean to you, the seller? Here is what representation will do for you:

1. First off, most buyers do not want to deal directly with the homeowner that is why those buyers have a Buyer's Agent to represent them. It's their job to get them the lowest price possible. As a Realtor representing a seller, it's my job to get you the highest price possible.
2. As a Realtor, I know what the market value is on your home. Most For Sale By Owners under-price or overprice. If you under-price, you could be giving away your home without realizing it. It's my job to make sure you do not under-price or over-price your home.
3. Negotiating - Once you have a buyer who wants to make an offer, the Buyer's Agent calls the Listing Agent and the negotiating begins. I go to you with the offer and you say either yes or no or you can counter. If you do this with the buyer directly things can get ugly if they low-ball you. How will you handle that? Most homeowners get upset with low offers and say it upfront to the buyer. That can turn off the buyer and they could walk away. Having a Realtor negotiating for you with the Buyer's Agent will make the negotiating process smoother and to make sure the offer is within market value.
4. Open Houses - Again, buyers do not like to deal with homeowners directly. A Realtor holding an open house for you makes things more professional. The prospective buyers know you are serious about selling your home when they see you have a Realtor representing you. And, you will have more buyers going to the open house than if you hold it yourself.
5. 1 website or over a dozen? When you list your home on the Internet yourself, it's only a few websites and I know one of them is Craigslist. That is free. A few websites is not enough. When you hire a Realtor from a major brokerage you can be sure you will be getting the maximum Internet exposure by having your home placed on over 12 websites. When it comes to buying a house, it's "location, location, location". When it comes to selling your home it's all about, "exposure, exposure, exposure". Why limit your exposure?
6. Guiding You During The Selling Process - As a Realtor, it's my job to guide you through the rest of the process that leads to the closing table. You are emotionally involved, I'm not. So when a problem arises and you can't see a solution, I can. I'm here to guide and remind you what needs to be done next. Most homeowners have no idea what needs to be done and when. For Sale By Owners will just "wing" it and that could cause the deal to end and it's back to the drawing board.
   

Overall, it's my job as your Realtor to keep the deal together, resolve problems and to keep your stress-level as low as possible.

It's really not worth selling your home on your own in the end. Keep this statistic in mind: 93% of For Sale By Owners end up hiring a Realtor. The odds are against you being in the 7%.

It really is in your best interest to have representation.

Make It A Great Day!

To Maintain A Healthy Level Of Insanity

1. At Lunch Time, Sit In Your Parked Car With Sunglasses on and point a Hair Dryer At Passing Cars. See if they Slow Down.

2. Page Yourself Over The Intercom.. Don't Disguise Your Voice!

3. Every Time Someone Asks You To Do Something, ask If They Want Fries with that.

4. Put Decaf In The Coffee Maker For 3 Weeks. Once Everyone has Gotten Over Their Caffeine Addictions, Switch to Espresso.

5. In the Memo Field Of All Your Checks, Write "For Marijuana".

6. Skip down the hall Rather Than Walk and see how many looks you get.

7. Order a Diet Water whenever you go out to eat, with a serious face.

8. Specify That Your Drive-through Order Is 'To Go'.

9. Sing Along At The Opera.

10. Five Days In Advance, Tell Your Friends You Can't Attend Their Party Because You have a headache.

11. When The Money Comes Out The ATM, Scream 'I Won! I Won!'

12. When Leaving the Zoo, Start Running towards the Parking lot, Yelling 'Run For Your Lives! They're Loose!'

13. Tell Your Children Over Dinner, 'Due To The Economy, We Are Going To Have To Let One Of You Go.'

And The Final Way To Keep A Healthy Level Of Insanity

14. PICK UP A BOX OF CONDOMS AT THE PHARMACY, GO TO THE COUNTER AND ASK WHERE THE FITTING ROOM IS..

Gotta have a sense of humor these days! Enjoy your weekend! :)

You Are Never Too Old To Start A New Career

I just had a conversation with a long time friend of over 30 years and she wants to start a new career as an Esthetician. She has been wanting to do this for so long and when you work 40+ hours a week it's difficult to be able to go to school.

She is unemployed due to an eye condition she has that makes her see double so driving is not an option for her right now. She found a new doctor that specializes in this condition and it seems like he might be able to help her.

We had a conversation about that she could get financial aid from the government and she is looking into that. She told me since she can't drive, how does she get there? Our Long Island transportation system is awesome and I'm sure there is a bus stop by her house and even if she has to change buses once, it shouldn't be a problem. She is going to research this as well.

Then she started talking that maybe she's too old to start this new career now? I told her the only person that can stop you from this, is you. She's in her early forties. I said to her it's better to do this than to do nothing. It's like that person who wants to go to college then thinks to themselves, "I'll be 50 by the time I get my degree". Isn't it better to be 50 with a degree than without one? Absolutely!

By having these "I don't know" conversations with yourself, you are holding yourself back. It doesn't matter how old we are, if you want to and are able to do it, then do it. If money is an issue, look into financial aid. Look at all available options before you throw in the towel.

We are never too old to pursue our dreams.

Long Island, Manhattan and New York State Job Resources

I complied a short list of job resources to assist you in your job search. I hope you find it helpful!

Companies on Long Island, Manhattan and New York State

New York Job Source

Long Island's Fastest Growing Careers

Long Island Jobs

New York State Department of Labor

Long Island's Top 50 Private Companies

Make It A Great Day!