THE ART OF SIMULTANEOUS TRANSACTIONS
LAFFEY FINE HOMES & ASIA PACIFIC STRATEGIC PARTNERSHIP
PAGE 2 (CONT.)
LEARNING FROM FOREIGN TRAVEL
HOMES FOR SALE BACK PAGE
Michelle N. Cohen OV E R
S O L I D Y E A R S O F O U T S TA N D I N G S E RV I C E
“The Art of Simultaneous Real Estate Transactions” by David Weiss, Esq. with Michelle N. Cohen My boutique law firm has specialized in residential real estate transactions for over 20 years. We have seen hundreds of transactions , We have come to understand well the contingencies involved in simultaneous transactions. We understand that the simultaneous transaction client would NOT be selling, if it did not have a purchase in mind, and even more critically, the client would NOT be buying, if it did not have a sale assured. But, we also understand that this is like Murphy’s Law, if anything can possibly go wrong, it may very well happen. So, here are some quick rules:
Michelle N. Cohen EXECUTIVE VICE PRESIDENT Licensed Real Estate Broker, SRES
516-384-6648 CHECK OUT MY BIO ONLINE AT WWW.LAFFEY.COM/MCOHEN
Rule # 1. Do not contract to sell your existing home to a buyer who is not clearly qualified to complete the transaction and seriously committed to do so. If the buyer’s commitment is subject to a mortgage contingency, you need to make sure that the buyer has a pre-approval letter from its’
mortgage lender, known to your broker or lawyer as one which regularly participates in this market. If the buyer is an all-cash purchaser, you need to have your lawyer discuss proof of funds with counsel for the buyers. The buyers’ serious commitment to complete the transaction is most easily measured by the size of the down payment. In our market on Long Island, 5 to 10% is considered standard. 10% should always be required by a seller in a simultaneous transaction. Rule # 2. Know your broker well. Both the firm and the individual with whom you have listed your home. That person and her or his firm are going to be your partners in the decision making required for this delicate balancing act. . Rule # 3. Appraised Value. Make sure that your contract
selling price, on the sale side, and contract purchase price, on the buy side, is in line with appraised values for each property. If the appraisal does NOT come in acceptably, the mortgage funds will not be available to complete that transaction, likely causing the other to fail too. Your broker is the best person to give you advice on likely appraised value. Your broker has recent “comps” (comparable transactions) and relationships with the appraisers.
MICHELLE’S RECENT TRANSACTIONS
You can also check out my 2014 SPRNG Edition ONLINE.
East Hills East Hills East Hills East Hills East Hills East Hills East Hills East Hills East Hills East Hills East Hills East Hills Albertson Brookville East Williston Jericho Manhasset Manhasset Melville
55 Chestnut Drive 94 Tara Drive 25 Arbor Road 90 Fir Drive 30 Glenwood Lane 1 Peacock Drive 235 Revere Road 22 Spring Hill Road 182 Village Road 107 Westwoood Circle 65 Birch Drive 14 Woods Drive 121 Croyden Court 2421 Cedar Swamp Road 195 Bengeyfield Drive 55 Ivy drive 7 Yale Drive 229 Estates Terrace 591 Bardini Drive
Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed
Muttontown Muttontown Port Washington Roslyn Roslyn Roslyn Roslyn Roslyn Roslyn Harbor Roslyn Heights Roslyn Heights Roslyn Heights Searingtown Upper Brookville Old Westbury Old Westbury Roslyn Harbor
61 Balsar Court 1862 Muttontown Road 16 W Overlook 17 Hicks Street 17 Hunters Lane 10 Oakwood Circle 21 Pine Drive North 63 Fernwood Lane 90 Dogwood Lane 6 Edwards Street 37 Hill Lane 125 Jefferson Lane 41 Carriage Road 129 Lawn Lane 36 Fox Hollow Lane 19 Campo Circle 40 Spruce Street
Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Under Contract Under Contract
continued on page 2
HOW TO REACH
CALL... Office: 516-625-0944 x111 CLICK... www.laffey.com/mcohen EMAIL... firstname.lastname@example.org or STOP IN... 55 Northern Boulevard Greenvale, NY 11548
“The Art of Simultaneous Transactions” Continued from front cover Rule # 4. Obstacles to Closing. Nobody can be 100% positive about every possible contingency, but a determined effort has to be made to avoid any potential obstacles to closing. Rule # 5. Be Reasonable, Rational, Prepared and Proactive. Simultaneous transactions involve risks. The most important thing you can do for yourself is to stay focused and calm. Things will come up, but in all likelihood, they can be dealt with, and fixed, without destroying either transaction. Be reasonable, rational, prepared and proactive, and not afraid to negotiate, if necessary, modifications in the either transaction to accommodate glitches in the other. Rule # 6. Be Risk Averse. That means, for example, not signing the contract to purchase until you have the contract of sale signed by the buyer of your premises, if possible. It also means not signing the contract of sale until you have at least identified the place you are going to buy, or there are potentially viable properties. Putting the least amount of money down also means that your risks are less. Sellers not involved in simultaneous transactions are in a different position. Rule # 7. The Punch Line. Retain my firm, or any other qualified real estate attorney, who has done many deals like this in the past. Think of your lawyer, your broker, your banker as being members of a team all working for you. You should feel confident that you have a winning team before undertaking a “simultaneous transaction.” David Weiss, Esq., Weiss & Weiss, Attorneys-at-Law, 410 Jericho Turnpike, Jericho, New York 11753, (516) 739 – 1500. Tell us you read this article, or you were referred by someone who did, for a free consultation. Examples used in this article are hypothetical or the facts or names have been changed to protect client confidentiality.
“LAFFEY FINE HOMES STRATEGIC PARTNERSHIP WITH ASIA PACIFIC PROPERTIES” Laffey Fine Homes, Inc. has announced the execution of a strategic partnership agreement with China’s Asia Pacific Properties, a premiere real estate and relocation company based in Hong Kong, Shanghai, Beijing and Guangzhou. The relationship “will allow (both companies) to work together to . . . expand their real estate brands” in the other’s markets, a Laffey announcement stated. For clients on the North Shore of Nassau County, Long Island, that might seem far removed for them. But, it is not. Chinese nationals, both from Hong Kong and the mainland, and Chinese Americans with continued ties to China, are purchasing residential real estate properties in New York, including in the Long Island suburbs. They are welcome additions to our communities and we feel fortunate to have the ability to show our listings to them. Maximizing exposure of the listings to prospective buyers is the realtor’s first responsibility.
MICHELLE N. COHEN, YOUR REALTOR, IS LOCAL AND GLOBAL
ASIA PACIFIC PROPERTIES
“Learning from Foreign Travel” By Michelle N. Cohen
All of life is an exploration. We live, we learn, we gain information and understanding from experiences and if we’re lucky, we have more experiences to help us to understand the world we live in and the people we live with. My husband and I took a very quick 3-country tour of South America in January. We went to Chile, Argentina and Brazil. These are our surface observations from the trip. Each country was different and interesting to see, but two places were special for us, Rio and the Iguazu Falls on the Argentine-Brazil border. Here are some highlights. Iguazu Falls provided the most thrilling natural sights. We’ve been to Niagara Falls, New York, where the falls separating the U.S. and Canada sparkle in a synchronized water dance in a continuous rhythmic pattern. Iguazu Falls are many times larger and wider than Niagara. This was a symphony orchestra of waterfalls, playing their water dance on a unique stage. We literally walked through a forest of greenery in order to emerge with up-front views on the Argentine side, and then we cat walked up a stone trail on the Brazilian side for a landscape perspective of the entire site. Iguazu is fantastic.
Rio also is physically and geographically enthralling. The experience was muted because all along the way, we were warned to watch out for pick pockets and other petty crimes against tourists. We and our group personally encountered none of those difficulties. Our hotel was right along the strand which includes Coca Cobana, and Ipanama Beach. We had a perfect view of the wide sands and the sometimes tall rumbling ocean waves. We also had an easy walk to many fine restaurants which dot the side streets. We took boats to the isles and long walks plus elevators, escalators and ski lifts up to the huge statute of Christ which overlooks Rio’s harbor, and also to the famed Sugarloaf heights. I am not the bravest person when it comes to outdoor heights, but I easily summoned the courage to do this. I also was courageous enough to risk embarrassing myself and my two left feet trying the Tango in Argentina and the Samba in Brazil. We had a special treat in Rio, visiting a factory assembling floats and outfits for Mardi Gras. The people were great in showing us what they were doing and planning. All I can say is it is going to be amazing, as it seems to be every Mardi Gras in Rio, with almost sinful bursts of exurberance in colorfully loud and outlandish displays, clothing, feathers, costume jewelry, and flowers. We were in a resort town in Argentina when the peso was literally collapsing. The official exchange rate was 6.8 pesos to the American Dollar, while people were in the streets soliciting the purchase of our dollars for up to 11 pesos. The next day the official exchange rate was changed to 8, and the stock markets worldwide trembled in a shock, which was entirely predictable. The Argentinians seem to have temporarily lost their way financially. The best evidence of it is the shantytowns which have grown up on the route from the main airport to the City of Buenos Aires. But the Argentinians, the Chileans and the Brazilians do mostly seem to have this in common: a sense of joie de vivre, enjoying life with all of its pleasures Going away is great. Coming home is usually even better. We – all of us - are fortunate to live in these United States. Sometimes, our social and economic pimples fill up the news, but when one has been away, you remember: This is the fabulous U.S.A. I am very fortunate to be a broker and realtor on the North Shore of Nassau County, Long Island, U.S.A.: our little piece of paradise which needs to be appreciated and cultivated in every possible way. I do not take that lightly, as if granted from a higher authority. To keep it great requires work and commitment to our nation, our State, our home towns.
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Every Client is our most important Client! Bart D. Kaplan, Esq. Jared S. Kaplan, Esq. Matthew J. DiTrapani, Esq.
Call us for a free pre qualification or mortgage evaluation. We offer Convential, FHA, Jumbo, VA, Reverse & 203k financing.
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888-792-8484 www.franklinfirstfinancial.com 538 Broadhollow Road suite 401 Melville, N.Y. 11747 Licensed Mortgage Banker NYS Department Of Financial Services. NMLS# 1630. License # B500728. MLO NMLS# 6541
Work with only “The Best of The Best”!
Michelle N. Cohen EXECUTIVE VICE PRESIDENT LICENSED ASSOCIATE BROKER, SRES
Your #1 Realtor On The Gold Coast For Over 30 Years! Email:email@example.com Website: www.laffey.com/mcohen
ROSLYN HEIGHTS - COUNTRY CLUB Spectacular custom NEW construction 5,200sqft home set on half acre of prime East Williston property in the heart of country club. Wheatley/East Williston School District.
ML # *1149233
EAST HILLS - COUNTRY ESTATES
Picturesque 4Brs, 2.5Bth center hall Colonial set on two parklike acres with heated pool, har tru tennis court, and cabanna in exquisite countrified community. Low taxes, Oyster Bay school district. Convenient to the town of Syosset and railroad.
ML # 2634693
ML # 2649116
WOODBURY - THE GATES
EAST HILLS - NORTHERN WOODS
Majestic 5Brs, 4.5Bth center hall Colonial, featuring gracious spacious rooms, elegant bridal staircase, master suite with his/hers baths set on beautifully landscaped one acre property with gunite heated pool. Syosset S.D.
Spacious 5Br, 3.5Bth young center hall Colonial. Open layout, new kitchen, gas heat, set on professionally landscaped property in prime quiet location. Membership at the East Hills Pool & Park. Roslyn S.D.
ML # 2629927
One of a kind custom renovated find. 4/5 Brs, 3Bth, tray ceilings, radiant heat, energy efficient, designer kitchen with Wolf stove, Subzero refrigerator, Miele dishwasher, Bosch appliances and home theatre. Membership in the East Hills Pool & Park. Roslyn S.D.
ML # 2633415
EAST HILLS - NOB HILL
Expanded 5Brs, 2.5Bth center hall Colonial. Open layout, hardwood floors, new siding and new windows. Gas heat, perfectly situated on 1\3 acre of professionally private property. Membership at East Hills Pool & Park. Roslyn S.D.
ML # 2637596
EAST HILLS - COUNTRY ESTATES
EAST HILLS - STRATHMORE
Circular drive leads to custom Colonial 5Brs, 3Bth residence. High ceilings, hardwood floors, set in ideal location in the heart of this prestigious community. Interesting architectural features. Perfect for a user/builder. Membership in East Hills Pool & Park. Roslyn S.D.
Special Opportunity. 4Brs, 2.5Bth, beautifully expanded Colonial with spectacular designer kitchen. French doors lead to deck and private treed property. Fabulous location, turn-key condition. Membership in the East Hills Pool & Park. Roslyn S.D.
Unique, sophisticated, blend of old world charm with the amenities of today’s living. Totally renovated, 3Brs, 2Bth residence. Gourmet kitchen with top of the line appliances, romantic master suite, high ceilings, hardwood floors. Four car garage, pool, set in an estate setting. Locust Valley S.D.
ML # 2637488
ML # 2644830
ML # 2637586
Special opportunity. 4Brs, 2.5Bth beautiful residence with attached four room professional office or guest suite with private entrance. Smartly priced. Convenient Location. Close To Houses Of Worship, Miracle Mile And Public Transportation. Low taxes. Roslyn S.D.
Sprawling 4Brs, 2.5Bth brick Ranch on over one acre of East Williston/Wheatley School District property with gunite pool and free standing Cabana.
Premiere location is the setting for this 3Brs, 2Bth Ranch style home set on 1.22 acres of spectacular flat treed property in a choice residential community. Home is being sold "As Is". Perfect for a builder or a user. An exceptional opportunity to create your dream home.
ML # 2645831
ML # 2619578
If your home is currently listed with another broker, this is not meant as a solicitation of that listing. All figures approximate. All information furnished regarding property for sale, rental or financing is from sources deemed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental, comission or other conditions, prior sale, lease or financing or withdrawal without notice.
Published on Mar 11, 2014