Deal Makers and Deal Breakers

A real estate attorney that I know and respect recently told me that he can recognize just three minutes into the conversation if the other side is a real estate attorney or not. Its scary to think that despite buying or selling a home being the largest financial transaction most people are involved in, how many of them go for an attorney that does not practice real estate as his main profession. Would these same people visit a Podiatrist if they were having chest pain?

The same can be said for Mortgage Brokers and Real Estate Brokers. Its very important that as you assemble "your team" to help you buy or sell a piece of real estate that you surround yourself with the best professionals you can find. The process, especially here in NYC is confusing enough with out one of the participants deciding to use a personal injury lawyer that got him a few bucks five years ago when he fell on the sidewalk. How about when a buyer uses a mortgage broker from another state to help finance the Coop he wants to buy? Surprise....most other states dont have Coop apartments and this guy wont have a clue.

Last week a deal we had been working on for months died at the last minute because the two lawyers got into an argument about where the closing was going to be. Neither one would budge, the delay caused the buyer's lock in rate to expire and the deal died.

Most people will spend months looking for just the right home to buy for themselves and their family. Please...surround yourself with the best possible team, surround yourself with "Deal Makers not Deal Breakers".