Your Real Estate Representative
A successful purchase starts with the right representative. In fact, once you’ve selected the best Real Estate person to represent you, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders.
A bank is not just a bank. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford. Your lenders may or may not require an independent appraisal, and typically will make arrangements for the appraisal themselves. There are also mortgage brokers that offer different lending options.
Your home purchase is far too important a transaction to skimp on legal representation at the risk of leaving yourself open to costly future issues. Find a real estate lawyer who is willing to take the time to answer your questions and who specializes in real estate law.
Make sure you have the protection for fire and other potential liabilities. Ask questions of your broker and don't be afraid to ask for lower rates. Also don't be afraid to shop around and make sure your possessions and the building are protected. Your Lawyer will need a "Binding Letter" before your closing so don't leave to the last minute. Also, a good real estate representative will put the fact that you need to get insurance as a condition in your offer. One of the conditions usually is financing and will be a requirement by your lender. If you don't get insurance, you may not get your financing and no financing means the risk and high liability of not closing on your purchase!
No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that ‘surprise’ down the road. Ask your Real Estate Representative for a recommendation.
Planning some renovations? You’re not the only one! The home renovation industry is booming, and in some markets, booking a contractor must be done months in advance (that’s a long time to go without a kitchen). Don’t let finding the right contractor slip through the cracks – planning ahead will almost certainly make your renovation smoother, and you contractor will appreciate the advance notice.