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Funny thing about Long Island. People just don't want/like to get proper permits etc. when renovating their homes. I've lived in numerous states and have NEVER seen it to the extent it is on Long Island.
Personally I haven't done it but it might have something to do with some of the highest taxes in the nation.
I also understand if you can't afford to do it right/legal don't do it.
The problem is that while Realtors are technically breaking the law everytime they lie about different things, their is no enforcement mechanism to stop them, it's hard to prove, and who has the time?
Having moved out of state, I have to agree with this. NY is "caveat emptor" - there isn't even a disclosure form (OK OK there is, but the seller has the option to not fill it out and credit the buyer $500, do you think any sellers actually fill it out?).
Working with agents in another state I can see how fearful they are of doing something wrong, missing time constraints, screwing up paperwork, etc etc. In NY, almost everything with most agents is verbal - and then they just pass everything on to attorneys for the dirty work, then show up at closing.
I'm not saying all agents are like this. If you want someone good, look for someone young, who understands how to communicate and use social media, who actually sees the positives in your house (we met with one agent when we were selling who fixated on the one or two negatives in our house - like where LIPA had dug up a 2 foot square area on the side of the lawn to replace gas pipes). Take a look at their current listings - are the photos professional or do they look like the agent's 6 year old took them? Speak with the agent - do they know comps for the area off the top of their head? Can they speak and write intelligently? Good energy? That's who you want involved in your transaction.
If you want someone in western Nassau, let me know.
Personally I haven't done it but it might have something to do with some of the highest taxes in the nation.
I also understand if you can't afford to do it right/legal don't do it.
Thats all well and good, but what bank will give you a mortgage on a property that doesn't have a CO? Thats when you have to pay for your improvements - when you apply to the town/village etc. for the CO so that you can actually sell rather than just put up your home for sale.
Thats all well and good, but what bank will give you a mortgage on a property that doesn't have a CO? Thats when you have to pay for your improvements - when you apply to the town/village etc. for the CO so that you can actually sell rather than just put up your home for sale.
In my case the seller had to pay for all CO's or the mortgage company wouldn't agree. It was a hassle for us for the waiting, for the seller it was not paying the high taxes from the work that was done.
In my case the seller had to pay for all CO's or the mortgage company wouldn't agree. It was a hassle for us for the waiting, for the seller it was not paying the high taxes from the work that was done.
So after the co's were complete, how much did your taxes go up?
I'm an attorney, so I don't like to stereotype or generalize about other people's professions. But, I have been househunting on Long Island for almost a year and I have to say that realtors are the most god-awful people ever. We had to fire two -- one that we kept catching in lies and one that threatened to call NYS on our inspector because he dared to find things wrong with a house that we were interested in buying. He told us that we should use "his" inspector because he will only spend an hour in the house and won't find as much wrong with it. Seriously. He actually told us that. I asked him why we would possibly want that, but I think he was too dumb to get it. The only good advice that we got was from our friends who have recently purchased homes on LI, and not any realtor that we worked with.
We started going on our own, thinking that would be less stressful, but I think that just makes the listing agents think that they can BS us more. Also, because we currently live in the city, realtors assume that I don't know anything about the area (I grew up on LI) and will outright lie about things like walkability and schools. They think that because they're first time homebuyers that we'll just believe anything. One realtor told us that the hot water heater was "new" when we saw on the tag thing that there were service dates dating back to 2001. Another told us that the 45 degree slant in the ground in the basement was normal because "it's a basement." We looked at a condo 1 block from the Long Beach boardwalk, and the listing agent told us that parking is "never" a problem there. ::eyeroll:: We're almost in contract on a house but we found out after the inspection that the listing agent lied to us about the age of the roof, and we found out during contract negotiations that the listing agent lied to us about having c/os for the finished basement and the full bath in the basement. So who knows what will happen.
I'm just so sick of this whole process. I don't know why virtually every real estate agent I've encountered on Long Island is 1) shady, and 2) totally stupid about how shady they are. You'd think that because their job can be done by anyone with a phone and internet connection that they would focus a little more on customer service.
OK. I am finished.
I understand completely. We fired 2 realtors before we found the 3rd. The first one lied about the history of the house and the reason for selling. When we entered the home, I noticed holes the size of softballs in the walls. His response, "Oh, they're just holes. They can be fixed." That's when I told him to "spill it". The 2nd one showed us 2-4 homes, none of which fitted our needs/wants. In every home she told us to "just knock down the wall". NEXT. While speaking to our friend who referred his mortgage broker to us, he mentioned that the broker's wife is an agent. She was out God-send. She didn't show us anything outside of our price range (we didn't max out our approved amount), she was willing to travel from Elmont to Massapequa Park, she offered honest suggestions but did not advise what to do/not to do, etc. If you haven't found an agent, I can PM you her info.
Is that so? So you hired two buyers brokers and "fired" them and then you "found" a 3rd? Did any of these brokers supply you with an agency disclosure form before they showed you properties? Did you sign an agreement with them? If they didn't, they are in violation of NYS law.
Furthermore, the vast majority of real estate agents on LI operate as agents for the seller. Their fiduciary duty is to the SELLER, unless you have specifically hired them as buyer's agents which requires some up front consideration money.
But surely our OP sneakyvegan esquire who is automatically able to operate as a real estate broker knew that, right?
Is that so? So you hired two buyers brokers and "fired" them and then you "found" a 3rd? Did any of these brokers supply you with an agency disclosure form before they showed you properties? Did you sign an agreement with them? If they didn't, they are in violation of NYS law.
Furthermore, the vast majority of real estate agents on LI operate as agents for the seller. Their fiduciary duty is to the SELLER, unless you have specifically hired them as buyer's agents which requires some up front consideration money.
But surely our OP sneakyvegan esquire who is automatically able to operate as a real estate broker knew that, right?
While I generally work as Buyer Agent for my buyer clients (makes the most sense IMHO), I do not, nor do I know any other Realtor who does, ask for "up front consideration money"!
And while I firmly believe that a written, signed, contract is the best way to clarify our relationship and personally use this method, according to NYS rules and regs, the proper filling out of the Agency Disclosure Agreement can suffice. Oh and yes, I'm an "ABR(R)" or Accredited Buyer Representative.
While I generally work as Buyer Agent for my buyer clients (makes the most sense IMHO), I do not, nor do I know any other Realtor who does, ask for "up front consideration money"!
And while I firmly believe that a written, signed, contract is the best way to clarify our relationship and personally use this method, according to NYS rules and regs, the proper filling out of the Agency Disclosure Agreement can suffice. Oh and yes, I'm an "ABR(R)" or Accredited Buyer Representative.
^ looks like that is for brokers. And while the terms are thrown around loosely, isn't there a difference between a broker and agent/representative? Many years ago we were referred to a broker who's job was to find a person to help us - not take us around themself. An unnecessary third layer in the whole process.
We did not have to pay any fee for our buyer agent even though we signed a similar agreement to use them. Maybe this misconception is why people shy away from them? They are paid with the commission the seller is putting up. You as the buyer have very little to lose as long as you find one who has your interests in mind. I've already mentioned the other perks above.
Last edited by ovi8; 07-25-2012 at 06:29 AM..
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