A new law signed by Gov. David Patterson requires Real Estate Brokers to disclose to apartment buyers and sellers exactly who they represent in transactions, a long misunderstood issue in residential sales.
Beginning in January, real estate brokers will be required to provide buyers and sellers of co-op and condominiums with written disclosure forms outlining the nature of their relationship-and their fiduciary responsibilities, if any-before any apartments are shown.
In New York, practices can vary from borough to borough, neighborhood to neighborhood, broker to broker and from deal to deal. Brokers legally can represent buyer or sellers and sometimes they represent both.
Even with the wealthy and sophisticated buyers in Manhattan, some apartment hunters are naive about the process, relying on the broker for advice when, in fact, their broker's job is to help the seller get the highest price.
As with everything "Let the Buyer Beware" but at least in Real Estate, they can breath just a bit easier.
Sep 2, 2010
Sep 1, 2010
First Time Buyers Beware!!!
First time home buyers are flooding the market place and are being welcomed with open arms by sellers. After all, they have no house to sell and are generally being helped with the purchase by their parents who will have deeper pockets.
Today's Wall Street Journal published five pitfalls not to land in before buying your first home.
1) Snubbing the Real Estate Agents. There is a world of information available to everyone today and with so much knowledge many buyers believe they can do it on their own. But, keep in mind that finding property, going on the tour and asking some questions is only the start. Managing the nuances of the negotiations, the financing, the attorneys and the contracts is a full time job that you need expert advice on.
2) Guesstimating how much you can really afford. No buyer can really be sure of how much they can spend until they have met with a reputable mortgage professional. Your real estate broker can recommend a few to you.
3) Letting charm cloud your judgement. Charm is a euphemism for old. And generally, old needs a lot of work. Always have a licensed contractor give you a good faith estimate before bidding on the property.
4) Focusing on the house, not the hood. The home is just what you wanted so you buy it. When you move in you realize that its a hike to the train and that the local school is not what you had hoped for. The gym you belong to doesn't have a branch in this part of town and all the deli's close down by 9pm. Where your home is counts just as much as the home itself.
5) Making arbitrary offers. In NYC the days of low-balling are over. If you spend the time to find your dream home, you do your homework, you allow solid professionals to guide you and then when you eventually find the right place you'll need to step up to the plate and make a solid offer. If you don't, someone else will and then its will be gone.
If you or someone you know is thinking about buying a home....call us, let us help you.
Today's Wall Street Journal published five pitfalls not to land in before buying your first home.
1) Snubbing the Real Estate Agents. There is a world of information available to everyone today and with so much knowledge many buyers believe they can do it on their own. But, keep in mind that finding property, going on the tour and asking some questions is only the start. Managing the nuances of the negotiations, the financing, the attorneys and the contracts is a full time job that you need expert advice on.
2) Guesstimating how much you can really afford. No buyer can really be sure of how much they can spend until they have met with a reputable mortgage professional. Your real estate broker can recommend a few to you.
3) Letting charm cloud your judgement. Charm is a euphemism for old. And generally, old needs a lot of work. Always have a licensed contractor give you a good faith estimate before bidding on the property.
4) Focusing on the house, not the hood. The home is just what you wanted so you buy it. When you move in you realize that its a hike to the train and that the local school is not what you had hoped for. The gym you belong to doesn't have a branch in this part of town and all the deli's close down by 9pm. Where your home is counts just as much as the home itself.
5) Making arbitrary offers. In NYC the days of low-balling are over. If you spend the time to find your dream home, you do your homework, you allow solid professionals to guide you and then when you eventually find the right place you'll need to step up to the plate and make a solid offer. If you don't, someone else will and then its will be gone.
If you or someone you know is thinking about buying a home....call us, let us help you.
Aug 30, 2010
Conducting Open Houses.....Correctly
One might think that conducting an open house is as simple as being there on time and opening the door for all the visitors. Well my friends, nothing could be further from the truth.
Conducting an open house....correctly...is an art form. Many experienced agents have their own styles and props. One agent I know always puts an apple pie in the oven at a low flame to fill the home with just the sweetest of aromas. Another always puts small bouquets of flowers through out the home for color and smell. Always have "the game" on the TV; this keeps the husband engaged and gives the wife time to really look around without being rushed.
There are some basic guidelines...always get there 15-20 minutes early. If its a dark apartment turn on all the lights, if its a sunny apartment open all the blinds and curtains. If the apartment is messy clean it up, if the apartment is cluttered move things about. Accent the positives and hide the negatives.
Make sure the owner(s) are not there, no one will speak candidly about the apartment in front of the seller. Make sure your Show Sheets make the apartment look great. Have a sign in sheet and be sure that everyone that signs in does so legibly. Know what the competition is. Buyers are not only looking at your listing, they are looking at lots of others too...how does yours compare in terms of size, renovations, light and price?
An open house is a valuable tool and used correctly will help speed up the sale. Taken for granted it just a way to kill a few hours on a Sunday.
Conducting an open house....correctly...is an art form. Many experienced agents have their own styles and props. One agent I know always puts an apple pie in the oven at a low flame to fill the home with just the sweetest of aromas. Another always puts small bouquets of flowers through out the home for color and smell. Always have "the game" on the TV; this keeps the husband engaged and gives the wife time to really look around without being rushed.
There are some basic guidelines...always get there 15-20 minutes early. If its a dark apartment turn on all the lights, if its a sunny apartment open all the blinds and curtains. If the apartment is messy clean it up, if the apartment is cluttered move things about. Accent the positives and hide the negatives.
Make sure the owner(s) are not there, no one will speak candidly about the apartment in front of the seller. Make sure your Show Sheets make the apartment look great. Have a sign in sheet and be sure that everyone that signs in does so legibly. Know what the competition is. Buyers are not only looking at your listing, they are looking at lots of others too...how does yours compare in terms of size, renovations, light and price?
An open house is a valuable tool and used correctly will help speed up the sale. Taken for granted it just a way to kill a few hours on a Sunday.
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