Eric J. Weinstein
Attorney and Counsellor at Law
Ten things to know about buying real estate
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. I have summarized ten things to consider as you involve yourself in this process.
Before you make your purchase…
Know your financial limitations and what you can afford
A house does not just cost the sales price…that is only the beginning. When factoring how much you can afford or want to spend, do not forget to factor in the real estate taxes and other potential escrows, such as homeowners’ insurance and PMI (Private Mortgage Insurance).
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. Make sure to shop around!
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 real estate professionals are entirely focused on real estate full time, when choosing an attorney, you should always look for one that focuses on real estate, is familiar with the different agreements and is well-versed in real estate issues.
Know your Realtor
When choosing a realtor, do some research, and do not 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 desire.
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, please reach out. I am happy to discuss your situation and answer your questions.
Eric J. Weinstein
Attorney and Counsellor at Law
A law office with extensive experience representing clients in all matters of real estate, including matters for buyers, sellers, landlords and financiers, of both residential and commercial properties.
Real estate transactions, representing buyers, sellers and banks
Handling title issues
Representing and advising residential and commercial landlords
Handling evictions, both residential and commercial, on behalf of landlords
Representing condominium associations
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