Ladies and Gentlemen, Start Your Engines

By
Real Estate Broker Owner with J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

Open houseWe are less than a week into "Spring" but the Spring Market has already begun in Westchester. Things are getting busy, as the cyclical nature of our industry turns to the most active period between now and July 4th. If this is the year you are looking to buy that first home, or even if you are looking to sell and perhaps "move up" you should assemble your dream team of professionals to make sure you have all the resources to make the move a happy one. 

Buying or selling a home is typically the largest business transaction of a person's life. Given the enormous values of property in Wwestrchester and the surrounding areas, there is little room for error. Mistakes can be very expensive. Many of the short sales and pre-foreclosures I have sold in the last 2-3 years had their genesis in early mistakes. Choose your professionals wisely

  1. Your Agent. Ideally, a full time agent with a verifiable track record, references and a plan of action that makes sense to you is where to start. Interview at least 3 agents. Common mistakes to avoid are not verifying the agent's claims, credentials, or experience. 
  2. Mortgage professional. If you are going to buy, the first thing to do is get pre approved. It takes 15 minutes on the phone to start, costs nothing, and will let you know exactly what you can afford. Don't choose an out of town lender or one that sells their wares solely on rate alone. 
  3. Attorney. We are an attorney state, and in Metropolitan New York attorneys also prepare contracts and run title. They are the broker's partner in negotiations and troubleshooting, and they also deal closely with your loan officer. Given that the other side will have an attorney, you want a lawyer that is local, responsive,a dn specializes in real estate. Choosing your union attorney or a friend to same a small fee is flirting with disaster. We recently had a buyer client use an attorney who cost them $15,000 when he did not attend to an issue clearly.
  4. Home inspector. If you are buying a house, get it inspected. Period. You want, ideally, an ASHI member, and one who is thorough, provides photos in their reports, and not an alarmist. It should cost $500 or so for a typical starter home. It is worth 10 times that amount.   
A chain is as strong as its weakest link. Just one goof in the choice of your team and it can affect the rest adversely. Too much is at stake to cut corners! Assembling your dream team of professionals will take you a long way toward making your transaction "bullet proof," save you money, avoid stress, and make the deal go through successfully. 

 

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Topic:
Home Buying
Location:
New York Westchester County
Groups:
Agents who want REFERRALS!
Independent Brokerages
Running a Brokerage
Tags:
buyer agency
mortgages
attorneys
home inspectors
buying a home

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Ambassador
801,210
Dagny Eason
Fairfield County CT, CDPE Homes For Sale and Condo
Dagny's Real Estate

Great post!  And, knowing you, you will have a very very busy season!  Good luck!

March 27, 2011 10:30 AM
Ambassador
780,832
Susan Emo
Kingston and the 1000 Islands Area
Sotheby's International Realty Canada - Brokerage

Kathleen raised the point I was going to make -  the right lawyer makes all the difference and I like that you stressed LOCAL!    We had a deal held up big time because BOTH sides used out of area lawyers.  Good post.

March 27, 2011 10:37 AM
Rainmaker
1,492,946
Debbie Gartner
The Flooring Girl - Westchester hardwood flooring
Floor Coverings International Westchester NY & Stamford CT

Super post and yes, things are rocking & rolling now.  Great advice on your professional team.  and, best to ask the real estate agent for their recommendations.

March 27, 2011 11:22 AM
Rainmaker
250,038
Jack Mossman - The Nines Team in Lodi
The Nines Team in Lodi
The Nines Team at Keller Williams

Phil - Great post and very strong message.  While we are not an attorney state, in California you could add Title Company to the list.  Having a good local Title and escrow office, one that knows the local market, customs and practices ... goes a long way to adding to the closing as well ...

March 27, 2011 01:50 PM
Rainmaker
814,520
J. Philip Faranda
Broker-Owner
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY

Loreena- I relate quite a bit. Very familiar with trains and cars at their age. Heeping everything crossed for Lionel.

Kathleen- "AMEN " on all counts. Well said. 

Dagny- so will you. 

Susan- I've been there and it is the worst when that happens. 

Debbie- Thanks. I try to make sure I look smart when I refer a professional because they reflect on me. 

Jack- I am sure they are very analagous in many ways, and the priciple remains the same, doesn't it. 

 

 

March 27, 2011 06:54 PM
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J. Philip Faranda

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Additional Information

Phil Faranda is broker and owner of J. Philip Real Estate LLC in Briarcliff Manor, NY. Since founding the firm as a sole practitioner in late 2005, the team has grown to over 30 agents & closed 350+ transactions valued at $140 million. He is in his 4th term as Vice President of the HGMLS. This blog commentary is geared toward consumers and industry colleagues alike. You can reach him at (914) 723-8900.
Warning: *Sarcasm and irony advisory at all times.*



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' There is no doubt in my mind that the house would still be on the market if it wasn't for Phil's proactive efforts. '
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' Phil was very responsive to our requests; he was very professional and respectful; he always gave us his honest opinion on the questions we asked. ... more '
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' Phil is a very honorable and respectful realtor. He has gone way above and beyond the call of duty for me not only once, but twice. He helped sell ... more '
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