TEN THINGS TO KNOW ABOUT BUYING REAL ESTATE
© Eric J. Weinstein, 2008
 
Congratulations on your decision to purchase a home! Your new home may be your highest-value asset and there are some things you need to consider when embarking on this process. Here are ten things to consider as you involve yourself in this process:
 

  1. Know the different roles the professionals play;
    Some of the different professionals involved are the realtors, mortgage originators or brokers, loan processors, appraisers, surveyors and of course, the lawyers. While most of the mentioned real estate professionals are entirely focused on real estate full time, when choosing an attorney, you should always look for one that spends a lot of time working in real estate, is familiar with the different agreements and is well-versed in real estate issues.
  2. Know your financial limitations and what you can afford;
    A house doesn’t just cost the sales price…that’s only the beginning. When factoring how much you can afford or want to spend, don’t forget to factor in the real estate taxes and other potential escrows, such as homeowners’ insurance and PMI (Private Mortgage Insurance).
  3. Know your lending/borrowing options;
    There are many options for borrowing money and most in your own backyard. Many large local banks and credit unions offer mortgage loans at competitive rates, but there are also mortgage brokers (who “shop” your loan to a certain number of lenders to find a mortgage and get paid a commission from the lender you choose) and some Associations (such as AAA or USAA [for former or active military]) offer loan products.
  4. Know your Realtor;
    When choosing a realtor, do some research, and don’t be afraid to ask questions. Make sure you understand the relationship with the agent (Listing Agent, Selling Agent, Buyer Broker, Exclusive Buyer Agent). Find an agent that knows the area and the marketplace and one that can show you the type of house you’re looking for.
  5. Know who people work for;
    Sometimes the roles of the players can be fuzzy or get blurred during the process. Having an understanding of the relationships makes the system more manageable.

    For the remaining five and other important information, feel free to call Eric at
    508-626-2231

 
 
CALL US!
 
508-626-2231
1253 Worcester Road, Suite 402
Framingham, MA 01701
 
 

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