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Home Buying in East Hampton : Real Estate Advice

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  • Local Info1
  • Home Buying14
  • Home Selling0
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Activity 17
Htun Han, Real Estate Pro in Amagansett, NY
Mon Dec 7, 2015
Htun Han asked:
Leilah, Home Buyer in Wickenburg, AZ
Wed Oct 21, 2015
Leilah asked:
From what I understand there are a great deal of homes on the market that are considered Open. Is this the same as FSBO listings?
0 votes 0 Answers Share Flag
mommybeegood…, Home Buyer in East Hampton, NY
Tue May 19, 2015 asked:
czplumbing, Home Owner in East Hampton, NY
Tue Apr 28, 2015
czplumbing answered:
Chris Chapin, Real Estate Pro in Easthampton, MA
Sun Mar 16, 2014
Chris Chapin answered:
The elephant in the room is the Peconic Bay Region Community Preservation Fund transfer tax. Every real estate transaction above certain thresholds generates a tax payment collected from the buyer. The amount is substantial.

The five eastern townships in Suffolk County are Riverhead, Southold, Shelter Island, Southampton, and East Hampton. What they have in common is Peconic Bay. In all of these towns, if any bad stuff gets into the ground, it will eventually wind up in the bay.

The tax goes to acquire land for preservation. Farmland is a priority. So are parcels of special biological interest, that provide habitat for rare plants and animals.

Also extremely important are woodlands. We pump our water from the ground; it does not come from reservoirs. The water beneath the forest is clean. It would not be so if there were lawns above it leaching pesticides, or houses with septic systems leaking waste.

In East Hampton Town, the tax has a $250,000 deductible. However, as the buyer, you must pay 2% of the purchase amount over $250,000 to the Peconic Bay Region Community Preservation Fund.

-- $250,000

= $550,000 (taxable amount)

$550,000 x 2% = $11,000

Therefore, you must pay an additional $11,000 as purchaser of an $800,000 house in East Hampton.
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1 vote 2 answers Share Flag
Anna M Brocco, Real Estate Pro in Williston Park, NY
Sun Mar 16, 2014
Anna M Brocco answered:
Have you considered Google Maps
0 votes 2 answers Share Flag
Chris Chapin, Real Estate Pro in Easthampton, MA
Fri Jan 24, 2014
Chris Chapin answered:
Moran Realty,  in East Hampton, NY
Wed Oct 2, 2013
Moran Realty answered:
The taxes will be averaged in, based on your purchase price at closing. So if you buy a house that has never changed hands in 40 years and never took out a building permit for additions, the new tax bill for that house will be significantly higher taxes then the previous owner. On the other hand if you buy a home that was recently built your tax bill on that house will be similar to previous owner. Springs due to the high cost of school system has the highest tax base.

When chosing a house though, sometimes the obvious, low taxes can come back to bite one as an investor. For while many initially view the complex issues of educating as a burden, many others value it immensely. Personally speaking I think Springs is in a better position to bounce upwards in value. You see back in the day, certain brokers and agents would only steer folks to more expensive regions producing better commissions or selling buddies house first. Those regions have beyond peaked in price. Today however we have this thing called the internet which allows folks to peek and educate themselves as to what's truly out there.

Also you may petition the tax rate based on real current sales and comparables. This has always been an option I've pursued and today more than ever it produces reductions. For a percentage real estate tax reduction firms will contest the taxes on your behalf. Never mind paying my fair share, just don't like getting hosed. Too bad they wont just devise a formula based on acreage and sq footage and have everyone pay the same rate regardless.
Good luck Lori
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0 votes 6 answers Share Flag
Moran Realty,  in East Hampton, NY
Wed Oct 2, 2013
Moran Realty answered:
Best price is often staying with the same insurance company, particularly if the history shows no losses or claims. Best service may be with a local firm. Personally speaking, and I have moved into and out of many homes out east, best buy all around is with the Morley Agency in Southampton. Call Teresa Patterson at 631-204-2255. Very fast and efficient service as well. While other higher end firms were called the quick service and price based on equal coverage is Morley. Also excellent history with them on aquiring flood insurance promptly and efficiently on waterfront property. ... more
0 votes 7 answers Share Flag
John Brady, Real Estate Pro in Water Mill, NY
Sat Jun 22, 2013
John Brady answered:
Yes. I have a listing that is a B & B.

You can call me anytime at 631-294-4216.


John Brady
0 votes 2 answers Share Flag
Melissa Goss,  in Center Moriches, NY
Tue Apr 16, 2013
Melissa Goss answered:
I would suggest working with an agent and make it a point to tell them what you are looking for. There are plenty of homes with garages, I can send you a list if you want, if you like what you see on the list, I can take you out to view them.

Feel free to-Email me
... more
0 votes 3 answers Share Flag
Trulia Custo…, Real Estate Pro in San Francisco, CA
Fri Mar 22, 2013
Trulia Customer Service answered:
Hi Mary!

Carol at Trulia here. You may flag a listing as suspected fraud by clicking on the Flag link toward the top left of the property details page. Once we receive the flag, the listing will be reviewed by our fraud team.

When looking for a rental property, please remember the tips below:

- You should never send money, prior to visiting the actual property with the landlord.
- You should also make sure landlord has key and can access the property.

We are actively working to filter out incorrect or inactive listings from our site and appreciate your patience as we continually refine our process. We hope your experience with Trulia is memorable and thank you for using Trulia for all your real estate needs.
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0 votes 5 answers Share Flag
Chris Chapin, Real Estate Pro in Easthampton, MA
Sun Mar 17, 2013
Chris Chapin answered:

This house was never on the MLS. It appeared as an open listing briefly several years ago, and was still showing up as for sale.

In this case, the agents are easily identified by finding the house on the websites of the firms that had it as an open listing. It is then a simple matter to contact those agents to request that the posting be removed from their systems.

In any case, we have begun to take care of it. It is being taken off our site and off the sites of several other local firms. That is the first step to making sure that no aggregators can pick it up.


Chris Chapin
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1 vote 5 answers Share Flag
Jerry Cibuls…, Real Estate Pro in Southold, NY
Thu Dec 22, 2011
Jerry Cibulski answered:
On the North Fork of Long Island, the 10% is the normal earnest money.
1 vote 13 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Tue Aug 9, 2011
Ron Thomas answered:
Too often the Short Sale falls thru because of the 2nd Lienholder:
They usually have to settle for NOTHING and they can and will make our life miserable.
If you have input with the Bank, you might be able to offer $1000-$2000 out of your pocket to hold the deal together.

Lean on your Buyer's Agent for support.

Good luck and may God bless
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0 votes 2 answers Share Flag
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